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Jonna D. Eimer is a health law and corporate attorney and shareholder at Roetzel & Andress in Chicago, Illinois. She represents numerous concierge medicine practices and has extensive experience with other innovative practice models. She also advises her clients – including physicians and physician groups, dentists, behavioral health clinicians, and other health care providers – in forming new practices, selling established practices, and negotiating employment and shareholder agreements, as well as guiding them with respect to regulatory matters. In addition, she counsels clients in forming management services organizations (MSOs) and navigating these sales to private equity. She can be reached at jeimer@ralaw.com. By Jonna D. Eimer, Roetzel & Andress Concierge medicine is on the rise, especially in the “snowbird” states like Florida, as practices and hospitals from Chicago and elsewhere have opened concierge practices to serve their patient populations in these warm locations. As these concierge style medicine practices continue to grow all over the country in primary care, pediatrics, women's health and other specialties, practices need to be particularly mindful of the different legal considerations that affect these new practice models. Because patient membership fees are often paid in advance and the patient agreement usually contemplates a personal relationship with increased access to a certain physician, there are different legal challenges and practice issues that should be addressed at the outset of these practices. Access the Full Interview (iTunes): LISTEN TO THE FULL INTERVIEW WITH JONNA D. EIMER, Roetzel & Andress (Updated May 2025) Connect with Jonna directly: Jonna D. Eimer is a health law and corporate attorney and shareholder at Roetzel & Andress in Chicago, Illinois. Watch Webinar Version (YouTube): Watch the Full Interview (YouTube) ... Transitions, Terminations and Retirement Jonna D. Eimer is a health law and corporate attorney and shareholder at Roetzel & Andress in Chicago, Illinois. © 2024 Roetzel & Andress. Photo Used With Permission. The concierge model generally relies on increased access and time for patients because physicians have typically accepted fewer patients. Because of this, it can be very difficult to figure out the fairest way to negotiate a partner's exit and how these patients and fees paid would transfer in the event of such departure. Does the partner get paid only in a buy-out of the whole practice or will the practice buy-out the individual partner upon his or her termination? Would this be handled differently in the case of a retirement? Would the practice consider a buy-out only if another physician can be substituted and take over the patient panel? How then is the new provider paid if fees have already been collected for a given year? It is possible the patients reject the substitute physician regardless of the departing physician's recommendation. Oftentimes, the agreements governing the practice's operations include long notice provisions prior to any termination or retirement because it is not easy to substitute another concierge doctor if one leaves. Also, the patients have paid for the personal relationship and membership with their own doctor, so they do not always feel that this relationship transfers to another doctor. Another thing to consider is if a doctor terminates or unexpectedly dies or becomes disabled and a new doctor cannot cover their patients, what happens to patient fees that have already been collected? The practice needs to consider whether these fees are returned to patients and then whether a new membership agreement is entered into with the new physician. All these considerations need to be addressed in the initial stages of the company's operations. Cost Sharing/Expenses Another issue confronting concierge practices is cost sharing and how to divide expenses in this type of practice models. Practices must decide if they are allocating costs based on each physician's patient panel size or based on their respective ownership percentages of the practice. Once you allow for different panel sizes, these differences can become quite problematic, and physicians can end up disagreeing on the fair allocation of these costs. Confronting these differences early in the formation of the practice and providing for them in the practice's operating documents can help avoid difficult and costly conflicts later for the partners. Sales to Third Parties Physician owners in a concierge practice also need to consider at the formation of a practice how the profits of the practice will be divided in the case of a sale to a third party. Will profits be divided based on a physician's ownership in the practice or based on an individual physician's production and fee generation? If a practice has providers with vastly different production and patient panel sizes, then this is important to consider because the higher producing partner may want a sale to a third party to take into account these differences. Another partner may feel strongly that profits should be divided based on ownership percentages in the practice entity, which may be equal even if the providers have different numbers of patients. Frequently, the potential buyer has their own considerations for valuing the practices and may ascribe different values to each physician's practice. The buyer may base its valuation of the practice on patient panel size and fees generated by each individual physician. Regulatory Considerations Concierge practices typically charge a fee for membership in their practice, which generally allows patients increased access to the physicians and their services. If the practice is accepting Medicare and/or commercial insurance, the fee cannot be charged for any service already covered by Medicare or insurance. Additionally, if the practice accepts commercial insurance, the fee must be scrutinized to be sure it is allowed under any agreement with a commercial payor of the practice. Some payor agreements may specifically prohibit any patient fee for membership in a practice. Some practices have reached out to their commercial payors directly when converting to a concierge practice and have had these commercial payors review and approve their patient agreements and membership fees. Coverage and Licensing Concerns Because of the unique access provided to concierge patients, some practices have added special coverage when these patients are out of state or on vacation. In light of their patients who winter in warmer climates, like Florida, California and Arizona, some practices have partnered with other concierge practices in these states to offer services to their “snowbird” patients. Health systems are taking advantage of these practice models also. For instance, Chicago-based Northwestern Medicine opened a concierge medicine office in Naples, Florida, and Ohio-based Cleveland Clinic also has opened concierge medicine practices in multiple Florida locations. Doctors, however, need to be aware that they need to be licensed in the state where the patient resides. Due to these licensing considerations, some concierge physicians are also obtaining licenses in other states to cover patients that often spend their winters in these warmer states. Final Thoughts The above issues are just some of the unique considerations facing concierge practices from Chicago to Florida and other states as well. Because each concierge practice has unique patient fee agreements to consider, there is not a “one size fits all” approach to advising these practices. Concierge practices should not overlook the unique legal and practice issues facing them, from patient fee issues to physician departures. These models have a variety of legal challenges that should be addressed at the early stages of the practice, so they do not lead to partner and patient discord later on. Connect with Jonna D. Eimer at Roetzel & Andress in Chicago, Illinois. Jonna D. Eimer is a health law and corporate attorney and shareholder at Roetzel & Andress in Chicago, Illinois. She represents numerous concierge medicine practices and has extensive experience with other innovative practice models. She also advises her clients – including physicians and physician groups, dentists, behavioral health clinicians, and other health care providers – in forming new practices, selling established practices, and negotiating employment and shareholder agreements, as well as guiding them with respect to regulatory matters. In addition, she counsels clients in forming management services organizations (MSOs) and navigating these sales to private equity. She can be reached at jeimer@ralaw.com. Disclaimer: This site does not constitute medical, financial, legal or other professional advice. Please do your due diligence. © 2025 Concierge Medicine Today, LLC. All rights reserved. This site is not without error or omissions. Concierge Medicine Today is the industry's trade publication, est. 2007.
This Med Spa in San Antonio Looks Great—But One Location Might Be Holding It Back...Business Listing - https://www.bizbuysell.com/business-opportunity/leading-multi-site-med-spa-franchise-with-high-margins/2345553/Huge thanks to Connor Groce for bringing this deal to the pod! Always great having you on, and this one was a masterclass. For more information or to connect with Connor head to connorgroce.com.
This Med Spa in San Antonio Looks Great—But One Location Might Be Holding It Back...Business Listing - https://www.bizbuysell.com/business-opportunity/leading-multi-site-med-spa-franchise-with-high-margins/2345553/Huge thanks to Connor Groce for bringing this deal to the pod! Always great having you on, and this one was a masterclass. For more information or to connect with Connor head to connorgroce.com.
Kiera is a guest on the Dentalligenstia Podcast, hosted by Nick Zagar and Remy Isdaner. She talks about the connection between success and knowing your practice's numbers for the following: Production Overhead Collection New patients Case acceptance Kiera also gives tips on streamlining workflow, working through scratch starts, startup versus seasoned practice needs, and more. Episode resources: Sign up for Dental A-Team's Virtual Summit 2025! Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00.16) Hello Dental A Team listeners, this is Kiera and today I am so excited. I did an incredible podcast and I just thought it'd be fun for you guys to hear it, to listen to it. And as always, thanks for listening. I'll catch you next time on the Dental A Team podcast. Welcome to the Dentalligentsia podcast. I'm Nick Zager and we have Remy Isdaner, my partner, and we are Mirlo Real Estate Partners. Today we have a special guest, Kiera Dent from the Dental A Team. Welcome Kiera. Thanks guys. I'm super excited to be here. I love what you guys are doing. I'm just jazz. And I'm glad that I didn't have to say the name of your podcast because I would have totally botched that. So thank you for taking that on for me. I love what you guys are doing. And I'm just super, super excited to be here. I love geeking about dentistry and business and all things. So thank you guys. I'm really honored to be here. We appreciate that. you know, our favorite clients are typically early to mid-career dentists. And we love what you do to support. our mutual clients and really want to know a little bit more about you and why you do what you do. How did you get into this? Yeah, for sure. Well, luckily for both of us, we love the same type of clients. So it's really fun. I actually started my career in dentistry in high school. I was offered an opportunity to either go into nursing or dentistry. And I thought, hmm, I want to wear scrubs. Like that was my end goal. And I thought, learn the whole body or learn the mouth. I'm surely going dental route. So that was honest to goodness. The reason why I got into dentistry. I was a dental assistant for years and then became office manager, treatment coordinator, scheduler, biller, you name it. I have not been a hygienist and I'm not a dentist, but my husband, he went to pharmacy school at Midwestern Arizona. And during that time, I'm a little hustler. I found out if I could work at the college, I'd get a discount on his tuition. And so I knew there was a dental college and so I found out, got a job at the dental college. And I was super blessed, super fortunate. And I worked there for three years with dental students. And one of the students asked me while we were in school, she said, hey, Kiera, do you want to come help me open my practice in Colorado? And I was like, heck yeah. Dental assistant to practice owner. Like, this is a great plan. I never knew how I'd be able to do this. I'm not a dentist. And I'm like, I see what you guys do in dental school. Yes, I want to say yes to this. So I went and helped her open the practice in Colorado. And we took our office from 500,000 to 2.4 million. The Dental A Team (02:25.773) in nine months and opened our second location. And what I found from that was I learned a lot. We built a pretty big group of practices and I learned so much from that of what not to do. My marriage was about in shambles. Her marriage was about in shambles. My health was deteriorating. I was working from 2 a.m. till 10 p.m. trying to make these practices grow and I thought, well, shoot, one, if I could help her grow a practice, I wonder all my other students that I love. Could I help them grow their practices and give them the confidence as well? And two, there's got to be a better way to do this than what I've been doing and what she's been doing. Like, yes, we have success on paper, but behind the scenes, we're deteriorating as human beings. And so that's really what spurred my passion. I never worked with a consulting company. Everything that Dental A Team's consulting is are things that I wish I would have had when I was a practice owner, things that I wish I would have known. things to help all of my dental students. It's fun because it's becoming full circle. A lot of those students are now buying practices and coming and working with me, which is super fun. But really the passion comes from how can I help these dentists live their best lives, get the profitability they want, but also get their team bought in because most consulting companies work with just the dentist or just the team. And I thought, but if I can get the team on board, these dentists lives become a lot easier. And so it's really fun to talk about both sides of the coin. And shoot my last name is Dent. So I think I was destined for this career path. It's not a stage name It's just the third fiance finally like I didn't get married I just took three fiancees to get a better last name So that's kind of my story and how I got into it and truly just love love this industry and love helping dentists Flourish and succeed and help more people But nursing never had a chance Yeah, I mean the scrubs if it would if they would have cuter scrubs than maybe but The fact that I had the short path didn't just the mouth, but it's funny. I don't even get to wear scrubs anymore. like, man, that was a short lived moment. yeah, nursing. don't think I could do rectal trumpets. That's just like, I mean, I'll take the mouth all day long versus that. I don't think I could. I have such a gag reflex. I don't think I could honestly do it. Well, talk to us about some of your favorite client stories. gosh. The Dental A Team (04:39.725) So knowing that like the startup to the mid range are kind of the ideal clients, I was thinking of a couple and one comes to mind. He attended one of our summits. We have one in April every year for doctors and teams. And so he attended it. And I remember he had like a really funny name on his screen because I see all the participants. I really try to make our summits really engaging and active. And I remember it was iPhone. And so I just kept calling this person out. was like, hey, iPhone, how you doing over there? just kept kind of like razz and I had no clue there's no camera on it just says iPhone and lo and behold iPhone decides to sign up with us and he had just bought his practice and paid in full for consulting which I was always like man that's a pretty like gutsy move you just bought a practice but I also like people that are gutsy and this committed to it and what was interesting is we'll call him iPhone if you listen to this you'll know exactly who I'm talking about but over the course it's been about two years now iPhone has gone from Being a practice owner who literally knew nothing about ownership had a pretty seasoned team when they bought their practice And went through all these hard transitions like I'm telling you this was a labor of love on both sides the consulting side and his side from needing to transition out his office manager who was really really causing a lot of like Shakes within the practice and and driving the team in a direction. He didn't want to go So learning how to hire, learning how to lead, learning how to present treatment plans, learning how to put KPIs into the practice. Like you want to talk about a jumpstart to business ownership. And I remember he's like, Kiera, I'm not even taking home a paycheck. And those moments always rock me because this is real life for a lot of dentists. And my goal is to help them get to taking home their paychecks quickly. And so about six months, he was taking a little bit, but we started like at six months, he was able to take his full paycheck and then fast forward to I just saw him actually last weekend and he was sharing that now he's producing over 250,000 a month in his practice, collecting home a paycheck, has a new office manager that was sitting next to him. They've shifted the culture. This office manager said that this doctor like makes for Phil Seen, Heard and appreciated. He understands his KPIs. He's got a profitability margin of 60%, which makes me so proud. The Dental A Team (06:59.629) excuse me, his overhead 60 % profit margin of 40%. He knows his numbers. He knows how to look at it, getting ready to possibly expand his practice. But he said, we were just meeting last week and he said, Kiera, I want to give back because Dental A Team's given me so much. so having him help coach other practices now of things that he's learned really just inspires me. But I think about this man of... like the rocky road he went on to get there. And I think that his journey is not unique. I think this is so common for so many owners who buy practices two, three, four years in, but to be able to have him be an example of what can happen and for him to be going from about 150,000 when he first bought the practice to now doing 250,000 a month, just to give him the confidence, I think as a leader, as a dentist, to get a team bought in and on board. the fact that he knew his numbers and it's been, it'll be two years in April since he bought his practice and joined. And I think that is one of my most favorite stories because to see him excited about life, to see him excited about his practice when there were some dark days, I remember like his name, we'll just say iPhone was on our schedule a lot of times to give more support and to review resumes and to teach him how to hire for culture and to build a culture. That is a magical experience. And there's, like I said, so many things from KPIs to numbers to culture to hiring to diagnosing and getting patients to accept you when the other dentist was still a part of the practice and moving on. He's honestly one of my favorite clients because I think his story is so relatable to how so many other people feel. And to see him now on the other side of it, truly beaming, I think is honestly one of my favorite stories. I have so many favorite stories. But I think he's a really recent telling one that is just a fun success story to share with people. That's super cool. And he's got a great name. I know, right? iPhone. I'm like, it's easy because I was like, who is this? Who shows up? Like, I hate it on meetings. Like, get your name of who you really are because I want to call you. There's another, she's now a client. And I was speaking in person and, you know, front row, was like, hey, what's your name? And she's like, I'm going to be anonymous. The Dental A Team (09:13.803) So we have a running joke now that she's just anonymous, even though she's a client now. And she's like, I'm so glad. But now she's like, secretly optimistic anonymous. So, you know, we've kind of changed that around, but yeah, it's fun to have clients show their personalities. But yeah, if you're on an event, put your dang name on there. Otherwise, maybe you'll be iPhone forever. Fair enough. I'd rather be iPhone than anonymous, but point taken. I've got a serious question. for you based on that great story, but first I'm gonna joke. So it's on record in our company, there's a iPhone, Samsung battle and I'm on the iPhone side and Nick's on the other side. And we have it on record here on this podcast that Nick said something to the effect of, that sounds awesome being iPhone or iPhones are awesome. So just just want to make sure that that we're all in the same page there, you know, Remy I'm happy in our company. It's the same. It's like Apple versus HP I'm diehard Apple everything connects in so seamlessly. So Remy we're on the same. Yep. I phone over here It's definitely definitely for the Samsung. I'm sick of the green bubbles, but they are getting better now I can see that you're writing I can see that it's been read. So I mean, hey, they are making some progress, but that's been like, you know decades in the making speaking the same language Okay, as promised, I'd start with jokes and then, you know, that was a great success story and your passion is clear. Let's talk about those KPIs. So what are some of the KPIs that young dentists, newer dentists should be looking for? And I asked that question and then also add a preface. We talk to doctors all the time who have no, it's clear they have no... connection to what the business side of dentistry is doing in their own practice. And I get it, we get it, that they didn't set out to run a business necessarily. They set out to provide the best oral health to their community. But it is a business after all. And so what are some of the things that those young dentists should be looking for? Remy, I'm so grateful you asked this question. It was not pre-planned. The Dental A Team (11:36.073) My passion came actually from teaching people how to run successful businesses because as a business owner myself, profits seemed elusive. I remember like, what the heck is a freaking KPI? I didn't even know what that meant. And I really love in dental hygiene, there's no judgment. And I just want people to feel safe and confident to ask those questions. And I think dentists really feel this need to know everything because you are a doctor. And I just want to highlight that, guess what? None of them know it. Like 99 % of dentists that we work with don't understand the business, but yet understanding the business and the numbers, I feel is like your treasure map to success. It helps you see where are broken systems in your practice to fix. So rather than just trying to pump a bunch of systems, let's look at the numbers to see which system we really can impact. Also, when you know your numbers, you can make smarter decisions of who to hire, when to hire, things like that. And so for people who don't understand KPIs, like I said, someone told me that I was a Dr. Seuss of systems. So I take that. as a huge compliment to try and make it so simple for people. I believe KPIs are like the vitals of your practice. It's like when you go to the doctor, they always check your like height, weight, your blood pressure, your temperature. They're gonna check those things because if any of those things are out of whack, we're gonna have like an immediate plan. And I feel like that's similar to KPIs within a practice and KPIs can get a little extensive. So if we're talking about a brand new practice, things I start small and then we get bigger. And so like main things that are really going to give you a nice suck on your business, if you're not careful are going to be your cashflow. So that's going to be your overhead. I'm watching your production and your collections because oftentimes the practice is producing enough, but your team's not collecting that money. So we want to make sure we have a 98 % collections ratio. I'm also going to watch your AR. So AR is your accounts receivable, checking from patient portion and insurance portion, because a lot of times practices actually have the money in their practice. but they're not collecting, it's just kind of sitting there in overdue payments that are due to you, whether that's from patient or insurance. If we can look at those, we can figure out where's our collection problem. it we don't have clean claims sending to insurance or we're not collecting from patients and we're sending statements or we're not even calling. So I'm really gonna watch those super, super tight. And then if you want to go, excuse me, further down the line and things that I'll watch are gonna be like your lab costs, your supply costs, marketing can come into place. The Dental A Team (14:00.685) scheduling, we can look at your scheduling and see like number of new patients coming in. That's a big one that I really like to watch because if we're not getting enough new patients or on the flip side, we're attritioning, AKA we're not keeping them in for re-care and reappointment percentages. We can get a leaky bucket and just keep filling with new patients but not retaining the ones that we have. So I like to watch your attrition rate. I also like to look at your case acceptance. So what are you diagnosing and what's being accepted to see is it a diagnosis problem? or is it an acceptance problem? Whatever doctors wanna make, there is a study and a standard of three times what you wanna produce is what you need to be diagnosing. So if you're not watching this diagnosis amount, you might not be diagnosing enough to be able to get what you want on your schedule for your production. So I like to watch that. And I like to watch your case acceptance of dollar for dollar. So if you're presenting a thousand dollar treatment plan, how much of that thousand is actually being accepted? Are we accepting 100 % of that? Are we accepting 50 % of that? and then asking questions of why, because case acceptance is usually one or two words from our exam to our treatment coordinator. And then I like to watch your hygiene percentages. So what's your hygienist producing per hour? I like three times pay for PPO practices, and I like four times pay for fee for service practices, and that's on adjusted production. So let's not go off of gross, let's go off of adjusted. Gross feeds the ego, net feeds the family. So let's not be feeding our egos. I know it feels really good to say you're producing 260, but if you can only collect 150 of that, let's live in real life world. So those would be some zones. And then like, again, if you want to go like next level, you're already doing that. Some things we found over the last year of tracking hundreds of offices were open time in a schedule and your dollar per hour production, because a lot of times just open time in schedules, we found you could actually hit your goal. if we could fill those spaces and then figuring out protocols for your team just to keep that schedule full. So I said a lot of KPIs for you, but really your main ones, you've got to be watching our production, collection, overhead, new patients and case acceptance. If I could only pick five, those would be my top five that I would start with. And I'm going to give six, like your reappointment percentages. Cause if we're not reappointing, that's really going to kick you down later on. And it's going to make a lot more work for you. And I think those are some pretty easy ones to watch pretty quickly. The Dental A Team (16:18.733) but then also hopefully giving a lot of other ones for you to be able to watch in addition to that, that depending upon where you are in the journey of your practice, things to be looking at and doctors, you don't have to track all this. You get your team to track this for you. And then you get this lovely report that comes to your desk every week or every month. You review it, you assess it, and then you make the changes accordingly. How do you help the practices that you're working with refine their systems to streamline their workflows to ultimately maximize their productivity? So Nick, on that, I'm just going to sound like a broken record. I literally look at their numbers, because whatever their numbers are looking at, these KPIs, that's going to tell us where the system's broken in addition to what your team is saying is a problem. So usually it's like communication or it's low case acceptance or overhead or cashflow issues. And so what we're gonna do from there is we're gonna look to see what is the system in place. So if we're having an overhead issue and cashflow issue, well, I'm gonna look at the billing system. Like, let's look there, because that's where the money's at. So let's figure out what is our process, who's doing what, and where is the breakdown, and then we're gonna refine the system. I don't believe teams like to do hard things, and I don't like to do hard things, and so. everything we implement should be easy because teams will gravitate towards ease and also not making someone remember things. So that's a true system. So we'll put in things like we can put automated notes or we can change our note templates if we're consistently missing something on our claims, we're gonna fix and adjust that system. We're also gonna look to see running certain reports that we put on an automated system for them. It's on a sheet for them. That way they don't have to remember to do this. We create handoffs where it's on their route slip. So no one has to remember, like just with your memory, it's already built as a true system. And I think a lot about like McDonald's or Chick-fil-A or some of these companies that are able to mass produce and give you the same experience wherever you go. Well, let's build that and let's make a very simple system that everybody can follow rather than hoping and praying our team members remember and they don't drop the ball. So I'm going to look at those numbers. I'm going to look to see where the gap is and then dig deeper to find The Dental A Team (18:33.461) root problem and then add an automatic system as much as we can to fix that problem forever. Are you dealing, how much of your business are startups, scratch startups versus acquisitions, also new practice owners through acquisition versus, you know, I guess that's the question, those two paths. I tend, and I think it's just due to who I am and the things I did, I tend to attract more acquisitions in our company. So we're probably 75 % acquisitions, 25 % scratch start. We've worked with a lot of scratch starts. We've done a lot of pieces with scratch starts. But for me, I'm of the opinion, it's already there. My job is just to come and be the miracle girl on a practice that's already there. I know that I can successfully add hundreds of thousands to a practice very quickly. adjust their overhead and make them profitable within just a couple of months. Scratch starts, we can do the same thing, but there is more of building that base to get more people in to build it. However, you don't buy someone else's problems when you do a scratch start. So in Dental A team, again, I think it's due to my experience, the things I've done. Like I said, I took a practice from 500,000 to 2.4 million in nine months. I know which systems to quickly shift and adjust. I like to say that we're... We're a miracle girl for practices. You just sprinkle us on and we watch it bloom. Scratch starts, like I said, usually I'm about six months to a year before we're gonna start to see that churn and burn. And it's just due to building that patient base, which doesn't exist in the scratch start typically. But again, we've had several scratch starts. We've had several be a very successful, but that would be the reason I think why. But again, I don't shy away from scratch starts. I've done plenty of scratch starts and I do love that you get to build everything that you want and it's brand new. You get to set the systems up from day one. I just think I like to. It's already in place and now my job's just to optimize and magnify it and make it even stronger for them very quickly. But I'm a fast results person. I like to see results quickly. Scratch starts long term have amazing results. Short term they're a little bit harder to get that churn on. Sure. Are people, are dentists typically onboarding you during the acquisition process so you're already known to them and their, you know, their, The Dental A Team (20:55.281) They're acquiring with you on board versus an acquisition where things are just not, things don't feel right and they're not turning out the way the doctor planned or not as fast as they had hoped and then they're onboarding. So I think the doctors who do the best are the ones who bring us on usually month one or two before they open a practice. And I always say when you open a practice, it's like having a baby. people nest the two months before they have the baby and then baby comes in, it's like screaming mayhem for about six months until you figure this out. And I really do believe that that's how practice ownership is. So the offices who I found do really, really, really well are the ones who bring us in one to two months before they actually add us into their loan of their additional cashflow that they need. So it's part of their purchase. That makes sense. Versus the ones that are like, Hey, I don't have cash, but I need help. because every office does this, literally every single one of them they're in and I call it the six months shakeout. As soon as you buy a practice, it is bananas for six months. Like you have high costs, you have high expenses, nothing shaking out. You're trying to win over all these patients or bring in new patients. Like it's mayhem. And that's actually when you need consulting the most. Like you need someone to pull your head out of the sand, tell you do step one, step two, step three. This is where you actually need to focus rather than just being psycho and trying to like do all the things, but never getting anything done. So I really love when they come. Otherwise, and I'll say, I'm really pro, of course, being a consultant, I'm pro this, I'm really pro hiring a consultant that can actually like put money on your books. So a lot of things people buy when they're buying a startup, they actually don't add revenue for them. So it's just a lot of cost without a lot of adding to it. And so there's lots of great consultants out there, but I'm really pro find someone who's done what you need to do successfully multiple times. and bring them in because a consultant for us, our fee is guaranteed covered every single month. Like I'm never worried about that, but we tend to do two, three, four, five times our fee, adding that in in production and reduction of overhead for a practice very quickly. So I never worry about, I understand the owners do worry about fees because it can feel scary with everything you're adding on, but be intentional with what you're purchasing, what can add money to your books rather than just taking money off of your books. The Dental A Team (23:19.462) Go ahead, Nick. Well, I was going to switch gears into talking about building and developing a strong team, since you just mentioned that. And I wanted to start by actually saying that when we're working with a client and they're looking for, you know, to a relocation option or they're looking to buy a building or just a general lease, mean, these are all super negotiable things inside, you know, inside of their you know their business world but you know the the You know the highest expense that they likely have is payroll and so they can't really That's not something you're not gonna retain high-level talent by you know negotiating like a like like a madman like you would with a landlord for example, and so I wanted to talk to you about what are key qualities that a you know a dental practice owner should look for when hiring key team members. For sure. I'm so glad that you said that rented landlords are negotiable because I think people feel like it's fixed. And I'm like, no, listen, listen, this is why you need Nick and Remy. Talk to them. They'll help me negotiate this down. Agreed teams are a bit trickier to negotiate down here. You're not going to probably get the best people. No one wants to feel like they're being bought on sale to come onto your practice. but as a landlord, yeah, I want the best deal. My labs and my supplies, I want the best deal. But for teams, so I'm gonna kind of give two different answers because I think startup practices versus maybe a little bit more seasoned in their career actually have two different needs typically. As a startup, I'm really pro them hiring basically an office manager that knows how to do a lot of the things that they don't know how to do. So we need someone who's strong with case acceptance, strong with billing, strong with leadership, strong with hiring, and it's going to be an expensive hire. But what that... that expensive hire is going to do is going to exponentially grow your practice for you. While dentists are in the back doing dentistry, you have someone who's really your yin to yang in the front office for you. So I'm really pro and I'm really pro not hiring just one person, but two people in the front office. I've seen a lot of embezzlement in my time. I've seen a lot of just funny things going on in the front office. And also if you only have one person up front, you're literally like SOL, which stands for so out of luck. The Dental A Team (25:38.758) Um, in my opinion, like you really will be S O L if that one person leaves because you know nothing in the front office. So I'm super pro hiring those people and hiring really good talent when you're a startup. Now, if you're a little more seasoned, figure out what's going to be your yin and yang. If you've got a good biller or you can outsource your billing, um, maybe you don't need as high quality of, or as expensive of an hire that way. But what I have found is typically I like to see payroll around 30 % of your collection. So we're collecting a hundred thousand. about is going to be spent for payroll costs, not including doctors. And so for that, that's also your fringe benefits, your 401k. And what I've seen with a lot of doctors is team members are only listening to their dollar per hour, but doctors, you're paying a lot more than just a dollar per hour. So we've actually created a really beautiful form for our offices that's kind of like their total compensation package that we recommend giving like once or twice a year to your team so they actually see what they're producing. Now, hygienists are coming in as a really hot topic, depending upon the area you're in. And a lot of those are like, they're kicking that overhead, the payroll amount really high, but you need a hygienist because they're a producer. And so what's happening, we have a couple of hygienists on our team as consultants. And what they're recommending is let's have a really good base, base plus commission. And then looking back at your hygiene schedule to show this hygienist based on what we've already done. I don't like to live in like theories. because no one wants to live in theories. They want to feel confident. So if I can hire hygienists for X amount that is fair within the market rate, but give them a commission, so anything they produce over that, showing on historical trends of what my practice has been doing, that's gonna help me keep my payroll costs lower, but I'm gonna be able to pay this hygienist more and be able to actually offset my payroll costs because they're producing more, but I can keep my payroll lower. So that's where I do think you can quote unquote negotiate. But I really feel strongly, you've got to show them with confidence that they can do this and you've got to have an incredible culture. Culture and time tend to be the currency of hiring great team members right now. And so if you don't have a great culture, if you're not a great boss, you're not gonna hire great talent. I've seen offices paying their employees less than other people in the market, but they have such a great culture that team members want to stay. And then also looking at this time off, PTO is becoming a really hot topic and I feel like since 2020, The Dental A Team (27:57.872) We're seeing more of this lifestyle that people want to be living more so than like the 401k traditional benefits, depending upon the age of the person you're hiring. Cause I do think there's two different age groups that want two different things. And so being aware of that and cognitive, think you can get creative with what you're doing. So I think that's a lot of great ways to bring it on, but you've also got to be clear on what your culture is and what your tip is. And you've got to be careful not to hold onto those sour apples that are truly destroying your practice. One of the best quotes I heard is, the worst thing you can do to your best employees is tolerate the poor performance of your worst employee. And so really being cognitive, and I know that's hard, but trusting and believing that you can bring these great people in. So we put awesome ads out. I tell people to write to their ideal person, figure out who they want of their ideal person, and then posting those ads consistently and following up can be really good ways to get it. And then like, Great culture does not mean you give everything to your team. It also means that we hold them accountable, that we have structure, that we have systems in place, but giving them the autonomy within that to create what they want to. I think are some hopefully simple pieces based on where you are, of who to hire, how to keep those costs lower. Also, what a good framework of what your payroll should be. And then also realizing the amount of payroll you've got, that should be producing. So make sure that you're. payroll dollars are actually giving you the production that you should be getting from it. And if not, maybe it's time to make a couple of changes that way too. Yeah, one, one always is, is trying to kind of create a culture that promotes accountability and collaboration and continuous improvement. And you can probably, you know, inside the mission statement of the, of the, of the practice kind of address some of those things so that you have some ground rules. But ultimately at the end of the day, it's about the leadership and also needs to live those values as well. Yeah. And on that Nick, am really pro core values. When I first started, I heard a explanation of core values and they said, usually when you start a practice, you have three core things that really were the core of why you started this practice. So think back to what those three, those are like your true core. And when I thought back, I was like, yeah, for me it was do the right thing. The Dental A Team (30:16.272) have a ton of fun and make it easy for clients. So like those are my three. it's do the right thing, fun and ease. And then we have aspirational ones in addition to that, but really truly like our core values go on our job board. So like when we're hiring people, we say these are our core values, this is our company. Every Wednesday we're highlighting out team members that have been exhibiting core values within our company. So each team member shouts someone out about the core values. And I really have found that That's how you build culture. Culture is a slow burn, but it's a consistent burn. And so if you have that and you really live, breathe and bring that in, your culture, it will take a little bit of time. say it's kind of like moving the Titanic, but the consistency piece will start to shift it to where you have that incredible culture. And then if you have someone who's not, have the one-on-one conversations rather than the full team conversation. Get really, really good at having uncomfortable conversations. I love the quote. I've added my own little. sprinkles to it. I say your success and happiness that's care is added is directly proportional to the number of uncomfortable conversations you're willing to have. And I like adding happiness to it because I think like my success is one thing, but my success and my happiness, I want to be happy when I go to work. I want to have a great time. And so just getting really good with those uncomfortable conversations. And I say, it's a conversation. It's not a confrontation. And like, let's get to the root cause. Let's solve the problem rather than the person. and let's move that forward. I think those are some hopeful quick tips for people to start to change that culture because it can be done and it's paramount for bringing in great team members as well. Well, that's a really important piece of the puzzle is communication, especially since everybody has a different communication style. you know, I wonder what your guidance is about how somebody who owns a practice can, you know, can become a better communicator or overcome some of those challenges to be able to kind of understand how to communicate to different members of their staff or what have you. For sure. I'll give a couple of books. I believe there's so much wisdom found in the minds of men and authors. And so The Five Dysfunctions of a Team by Patrick Lanzione I think is a great one to figure out how to build that trust and healthy debate between you and your team members. so encouraging that. The Dental A Team (32:43.974) and digging down deep into that. Also, there's a lot of personality traits, tests that are out there. I really am pro disc. There's also a company called Culture Index, and I think they teach you a lot of how to communicate. And something I learned early in my career that I try to pass on to our clients is hire people who are complimentary to you, not necessarily the same as you. Your biller is going to have a very different personality than your scheduler. I want a bubbly outgoing scheduler who just makes my patients feel incredible. And my biller, do not want them being the party scene. I want them to be the person who's so detailed on every single number. Well, those two personalities are also going to be different communication styles. My biller, can probably be a bit more direct with. My scheduler, might need to have a little more finesse with. The five love languages at work is another great way to see how do people prefer to be communicated with. And then also just asking. I think asking people of, hey, like some people really wanna be direct and just told directly, other people need like the sandwich, the compliment, here's what we need to work on, the compliment, because otherwise they're gonna feel like they're an utter failure. And so I think as leaders learning, I used to always communicate the way I like to be communicated too. And I feel like that was so naive on my part, because that's how I prefer, does not mean that's how other people prefer. we have, when we hire new hires and we recommend this for our offices, We actually have them take a quiz within our practice and it tells me their favorite things for appreciation. What is it? If I was to get them a gift, what would be something very meaningful to them? How do they prefer to be communicated with? Is it direct? Is it collaborative? And then we have them read the same book so that way we can speak in the same communication language with each other. And then coming in to when it's an uncomfortable conversation, owning that and saying, hey, like this is uncomfortable for me to say. We address the root problem and then we ask for feedback of, Remy, how did that land? I want to make sure that what I was trying to convey is actually how you heard it. Then Remy can come back and say, Kiera, I felt like you thought I was a jerk and that I'm not working. And I'm like, my gosh, thank you for saying that. That's not at all how I was saying it. What did you hear? That way I can change this to make sure we're on the same page. That communication takes finesse, takes time, but I will say I would rather invest in that skill than having the constant turnover. The Dental A Team (35:06.96) train that's going on. And if you're in maybe a bad culture right now and you don't know how to fix it, anonymous surveys, we send them out for a lot of our clients when they're in this particular spot and start to ask honest feedback of what does this doctor or team need to do to change? What's causing the turnover? What's causing the breaks in the practice from the team members perspective? And then adjusting our communication styles accordingly to really try and help that communication. But I really love asking for feedback of how that landed. I think that's one of the easiest ways to get that feedback very quickly on communication. So we've talked a bit about communication, I guess, with your own staff, but paramount to any successful dental practice, they need to have strong communication with their patients because enhancing a patient experience, I think, really kind of goes hand in hand with growth and all the other types of things you need to consider to raise the, do better, I guess, for lack of better word. So. I think patient communication, you're right, it's paramount. And learning, I think that's handoffs. I think that's having everybody speaking the same thing, doctors giving good exams on that. But then also finding out what your patient drivers are similar to a team driver. What is ultimately their number one objective? Is it cosmetic? Is it function, is it cost, or is it longevity? I said those in a very important order. believe order matters. Because if I put cost first, I'm highlighting cost. But if I put these in a very strategic way, I've done this with hundreds of offices, and we've asked thousands of patients, I will tell you 99 % the time it's not cost. It's usually function, it's longevity, cosmetic, how it looks. And then of course, figuring out within cost. But if you can figure that out from your patients and learn to communicate with them in their style, utilizing disc profiles as well. You're exactly right, Nick. You'll get higher case acceptance, you'll have a better patient exam. If you have handoffs where everybody's speaking the same language and we're passing the baton off from person to person so that way nothing gets dropped, you will be shocked. We've increased case acceptance. I had a practice, they were getting about 25 to 30 % case acceptance and we literally got 100 % case acceptance that day just by changing a little bit of how we communicate in our handoffs. The Dental A Team (37:27.462) The patients would walk up to the front and say, doctor wants to see me back in two weeks for a crown for an hour, I need to get that scheduled. And if your patient is that clear and your communication is that clear, you can only imagine what that does for your practice and your production and your reviews, because that patient's not confused anymore, they literally know what to do. The Dental A Team (37:50.822) Can you share any practical tips on how dental teams can educate their patients more effectively about their oral health and treatment plans? Yeah. So I'm really pro hygiene. The hygienists have hopefully an hour with them. And so I'm really big on visuals. And so we work with our practices to build kind of like explaining it helping these patients see like on x-rays where you can use, there's a lot of AI softwares out there. I love Pearl. I love Overjet. They can help educate the patients of what's going on in their mouth. And what I found for patients is there's a lot of mistrust. And I know dentists hate this analogy, but it is kind of like a mechanic. And so we're looking under the hood and the patient's like, I see nothing but black and white up on there, but you're telling me to like squint my eyes and there's a little cavity right here. So I think also helping train your patients of like, this is a good tooth. And this is a tooth where there is decay, showing intraoral photos for them, helping them so that way when they're going through their teeth, it's like, okay, tell me what you see on this tooth. the more the patient can actually grasp it and understand it, the more they're going to actually accept that treatment. But in addition to that, one of my hygienists that's a consultant on our team, she gave me some really good advice and she said, never ever, ever use little league words for major league problems. I think oftentimes we don't want to offend the patient or want to make it feel better. And so we're like, well, there's this like little cavity. The tooth is bombed out. Like, why are we saying it's a little cavity rather than telling them like, this is what's going on now. Yes, they're still finessed, so we don't wanna make them feel bad about it, but we also need to help them see the severity. And what I found is when you're confident in your diagnosis, when you're confident in how you're presenting treatment, your patients are actually buying your confidence, they're not buying the treatment. And so you being confident, and I've helped hundreds of them practice, I literally have an office and we've added multiple millions to their five locations by simply helping them present treatment better and stronger and more confidently, because truly the patient is buying your confidence. And so now, never over diagnosing. but getting that patient to see it and truly telling them what's going on. And then I always love to say like, here's a comprehensive exam and the good news is, this is how we're going to get you like great back to great oral health and using the good news is, or the great news is that way the patient feels like there's hope and optimism and then giving them a really clear plan of where you want them to start. That way it doesn't feel overwhelming or daunting. Cause you can teach a patient all these things. The Dental A Team (40:14.448) They just need to know where to start and how you're gonna be able to help them get the success that they're looking for and to get back to oral health. Not all patients have it. And I say that not like these problems did not happen overnight. So it's not gonna get fixed overnight. Our bodies are always decaying. Like we're always like aging is as fun and thrilling as that is. Same thing with our teeth. And the great news is this is how we're gonna get you healthy. We've talked a bit about, you know, communication and creating a strong relationship, I guess, with your patients. Talk to us a little bit about how dental practices can develop a strong presence inside their local community to build trust and attract more patients. Yeah, there's an office that I really love. We were just chatting with them and something that I think this office did so well is they have the goal to be the hometown dentist in their city. That's the vision of their practice. They want all of their patients to feel that way. So it's a very large practice. They have 15 operatories and they've still been able to maintain that hometown feel and they're very connected to their community. Another practice they said that our goal is to change the way people feel about going to the dentist within our community. And so I think the way that you can get this like stamp in your community is one, having that be part of your vision where you want to be that local dentist to your patients where it's that hometown dentist feel in your practice, then your practice, your patient experience will feel that way. But then these offices, the two that I explained, they're very involved in the Chamber of Commerce. They're very involved in the little league sports. They're very involved in giving back and providing for these communities. I have another dentist and she created what's called the Thrive Home, where it's literally being able to give back to the community with all the different specialties like OT. PT, dentistry, to give back within the community. And I really think if that is something that is your MO, treating your patients that way, asking for their referrals and their reviews, and then also being able to have that presence. I know growing up, for me, our chiropractor was so well known, that chiropractor was everywhere. They were at all the football games, they were all the high school events, they were at the town hall, the chamber of commerce, like. The Dental A Team (42:30.106) Everybody knows that Ellison Chiropractic is the number one chiropractor in the area. And I will say it's because this family was so involved in the community. We saw them everywhere. And so I think how can you also do that and giving back to it? But I think my biggest recommendation, if you want to grow patients based on your community, I think it comes from genuine care and genuine authenticity that you actually love this community that you want to give back. If it's just to pull new patients in, there's other ways to do it. But I think really, truly, you want to give back to that community you want to serve. I think patients will feel that when it's true and genuine and authentic. We understand how important marketing is to a practice and how it gets teeth through the door. And it's expensive, and it's money we're spending. But I think you hit the nail on the head. In addition to traditional marketing, there's so much more you can be doing in involvement really is the key. The more involved you can be in your community, the better. Whether you want that hometown feel or you're focusing on productivity and efficiency and I think getting yourself out there and being a part of something is invaluable. That's great advice. When our clients hire us, it's normally because they They feel totally lost. They're beginning the journey of practice ownership or real estate ownership. They have a lot of student debt. They are about to borrow a lot more money. And it's really scary. we try to really hold their hand through that process to kind of give them those tools so that they can ultimately make the right decisions. for their practices real estate. And so it's really cool to hear you and how infectious your energy is and you have really good support systems for your clients to really ensure that they're not missing anything and are really maximizing their potential. And so that's really cool to... The Dental A Team (44:54.078) to hear from you. Switching gears a little bit, I want to talk about the future and industry trends to see if there's anything that you're seeing or anything that you think your clients are going to face in the next five to 10 years that they should be preparing for. Yeah. And Nick, thank you. I just wanted to highlight what you said because you're right, it's terrifying. It's terrifying to go into that much debt. I remember I used to call my dentist 2.5 because we were 2.5 million debt. And I was like, that back straight because you need to keep these hands and that back good. And I would just always say like 2.5, 2.5 because we were 2.5 million debt. And I think that that's where my passion comes from profitability overhead systems because I know how daunting it can be to be an incredible clinician, to be an incredible business, to be an amazing practice, but not to have the cashflow to support what you just went into debt for. And so that's really where I'm pro like know your numbers, use the systems, utilize your team because, and I will say this again and again and again, a dentist who is financially successful and secure is the best boss to have. And health health teams, want your dentist to be successful and profitable because they're more solid, they're more stable and they're not stressed out, which is going to make a better boss for you. And so agreed. It's very daunting. It feels very scary, but I will promise you if you know your numbers, It can feel awful at the beginning, but it can actually make it so much better for you. So thank you for highlighting that Nick, because I think I've just seen so many students so stressed about cash and staying up at night. I've had it myself. And so speaking from real life experience, giving you the tools out of that dark hole, I think is one of the greatest gifts we can give to these dentists who are already giving the gift of smiles and confidence to all their patients. Being able to do that same for dentists is such an amazing thing. And now, Speaking of like what's in the future, shoot, DSOs are on the horizon. I think an AI, like these are two hot conversations. My doctors tell me that they are probably getting a DSO offer at least three to four times a day. And that is ratcheting up. They're getting so many offers constantly from DSOs. They're finding them. And I don't blame them. I think Wall Street is smart. They've realized that dentistry is a great business to invest in. mean, we're hearing 50 % overhead. So we've got exponential profit within. The Dental A Team (47:19.474) Dental practices are profitable, typically speaking. And so I think that these are some things for doctors to be aware of. And I think educating yourself on making sure that you're selling or you're living your life the way you want to, rather than like just getting an offer on a bad day. So I think the DSO offers are dangerous because when you have a bad day in dentistry, it's very easy to look at that EBITDA number and say, I just want to sell. I want to get rid of all my problems, but I want to also caution and advise. to know exactly what you're getting into because I've had some dentists sell. I think DSOs can be great for a lot of practices. I think MSOs can be great. I can see legacy practice and partnerships being great. There's so many amazing things and I don't think there's really a wrong route to go in dentistry. The wrong route I think is when you make an emotional decision that's not going to impact your life the way you want to. And so being very cautious, I think of when do I wanna sell and also what really is a good deal because I had a doctor and their epita, They talked to some DSOs and he's like, cure it. It's going to be great. I'm going to get five mil for this. And I said, we'll call this one hometown. Like he's not the hometown, but like, we'll just call him. I got iPhone anonymous hometown now. So I was like hometown. I just want to point out that next year you're going to produce 5 million based on our block scheduling and also on the expansion of your practice that we just did. You are going to produce 5 million and they did. So I said, you're going to actually get short changed on this DSO deal. If you're like. But if you're done with dentistry, it's a great deal. But also you're going to have to work for this person as an associate when you're going to make five mil next year, just in producing on your own and you don't even need to sell. This hometown does not want to be done with dentistry for about 10 years. So I said, you are shortchanging yourself where you can build this. You can exponentially expand into this, but you've got to make the decision of where you want to go and what you want to do. But the five million sounded so attractive to this doctor. when they didn't realize that their practice was already producing that and would produce that with ease the next year. So I think like being really cautious of that, that you're not making, I feel like I'm so passionate because I feel like your business not only is providing for your life right now, but it's a long-term asset. And like what you guys do with the real estate, these are long-term assets that are building their wealth portfolios. Let's not, let's not do botchy investments, kind of like stocks, right? The stocks we all know just like dropped like, shoot, if you're watching that, you're going to freak out and you're going to want to sell everything. The Dental A Team (49:40.68) but they know be stable through your investments, stay steady and not make those irrational decisions I think is so paramount because the DSO offer seem very appealing right now, especially on those like hard dental days. So that's one that I think dentists really need to be cognitive and aware of and knowing what your end goal is, what your retirement goal is, what you ultimately wanna sell out for. So that way when these offers come through, you can be educated and educating yourself more because I promise you. I do not believe DSOs are going away. think in the next decade to two decades, we will see dentistry become more similar to healthcare. I know I'm like very hated about this. I've had this opinion for several years. My husband works in standard medicine. He works for hospitals and I'm like, gosh, like what was going on in the hospital scene is now what we're starting to see in dentistry. It's not gonna be too long before they're all bought up, but I'm also watching standardized healthcare now trying to shift into private practices and get out of the DSO. like with air quotes around it. So I think just being cognitive of what you want to do and what you want your legacy to be. But also I don't fault you. I mean, a lot of these dentists are going to be able to get incredible retirements that they may never have been able to get similar to people buying homes in COVID. Like they're getting insane value, insane interest rates. it can be a very wise financial investment deal for you, but just do your homework. Cause I've seen some DSOs go under and people have lost pretty much their entire retirement. So that would be something I definitely highlight on. And then also watching AI. The doctors are not into AI, they've got to get into AI. That's where I mentioned Pearl and Overjet, they're helping with diagnosis. I can already see they're riding on the wall that insurance companies, guarantee you, are probably already using AI. And so making sure that you are staying at least up to par with insurance companies, if not further ahead. Utilizing virtual assistance, think staffing costs are going to continue to be skyrocketing. And so for that, what other things can we do? like... Opportunities force innovation. And I think we're in an opportunity zone to force some innovation and to be on the cutting edge of that. I do think right now, doctors who are not online, depending upon where you are in your career, if you're not online, having a presence on social media, if you're not getting involved in AI, I am going to caution that I think those practices very easily could get left behind unintentionally to where it might be hard for them to come back. So just even dabbling in it, getting some team members that could help you with that, I think is super important. And I would say this year, The Dental A Team (52:04.51) I would add some sort of AI to your practice. Whatever you choose to do, just so you start to experience it, use it. There's so many things and I think honest in the next five years, I think AI is going to radically disrupt how practices are operating that I think it's important to like at least be dabbling so you're not completely left behind on accident. You think the AI is, I mean, it's mind blowing and the applications just seem endless and hard to keep up with. you, so are you, if I hear you correctly, you're talking about AI integrations on like the practice management side of things versus patient care, right? Like patient care, so yeah. Yeah. I think patient care is going to be tricky. I think until they get robots who are amazing, do think like the clinical side of dentistry probably will maintain pretty accurate. But I do think your front office and a lot of your systems will get changed. And I'll just highlight, there's a practice that we work with and she has, it's a pediatric practice. She's got incredible- call them? Sorry, what? What are we gonna call them? this one, we're gonna call this one, we'll just say jammin'. so this one's jammin. I do like that we're naming all my offices. right. So jammin jammin has a pediatric practice. She's got an entire amazing team, but she has like eight support virtual assistants behind the scene for this practice. In addition, she has made her own AI bot called Amy and Amy. That's actual name of the AI bots. That one's real. didn't change it. mean, I should have called it like Joker, but like that's not really going to work jammin and Joker. This was actually called Amy. but Amy. responds to to Jammin's practices day in and day out to make sure patients are happy. Now they live in a very affluent area, so it's very fast paced. But what I love about this doctor is she realized in order for me to keep my patients happy and to meet their demands, there's AI and I can create an AI bot that responds exactly how our practice would, but I'm actually not having to pay a team member, an actual human being to do this. And they're able to get all the needs met. That's what I mean by. The Dental A Team (54:13.37) looking to see where can AI integrate. And I think it's going to hit your front office faster. But I think like software is meh, like that one's tricky. Software's are tricky to me, but I'm like billing. I guarantee you AI is going to take that over for sure. Hands down. It's going to take it over. I think answering phones and scheduling phones, I think are, the way we send out claims for sure. Like that's all within your billing realm. there's some softwares that are trying to act as office managers. think reading X-rays are going to definitely be taken over by AI. hands down and I am curious and I don't have an answer for it, but I'm super curious. How is that going to impact diagnosis? I work with some practices in Canada and Australia and they're more streamlined. There's not really a lot of change. Like it is what it is. It's standardized healthcare over there. And I'm curious with AI coming in and I know I'm going to be like, I might get ripped on this. I'm welcoming the reviews because I think it's worthwhile to talk about. I'm curious how AI is going to impact diagnosis. And what can be diagnosed and what can be actually built out which leads me to believe similar to medicine That's why there's bill like they bill out every single possible code that they can't I mean for the gauze for the cotton and I'm super curious that I don't know I think it's worthwhile to look into is that gonna impact our diagnosis and how we're billing should I maybe be looking and knowing those codes more thoroughly? Depending upon how it's gonna be. I don't know. I think that that's huge speculation on my part, but I I can't help but think that AI is going to impact our diagnosis in a big way. We're insurance companies, which then leads me to think companies might be leaving insurance. right, like we might be going more fee for service. So then you got to ramp up your marketing. But I think that's going to be a big spin that's probably going to be hitting us in the next couple of years. The Dental A Team (56:02.27) It's scary and exciting. don't know what else to Scary and exciting. It feels wild, right? But I'm like, don't think dentistry itself is going to change much. I still think we're going to have our craft. It's a very, very humanistic, very crafting. But I'm super intrigued. And I think for me, I'd rather take it on as like, let's be excited about it. Let's get into it. Let's see. How can we dabble? How can we influence it rather than being told like, is what's going to happen now? I would prefer to be a pioneer through it and I think first office is to innovate. I I prefer to be like second, third, like I'm not gonna be like right on the first in case everything botches, but like second, third, get in there because these things, I don't think it's going to go away. I think it will adapt and morph, but I think it's here for a while. I hate that I didn't ask you this way earlier, but are you also, are you working with all different specialties or are you strictly general? That's a great question. We actually work with all. So we have pediatric, GP, oral surgery. The only one we don't dabble in is ortho. I think there are some incredible consultants out there that do ortho. Ortho has its own software. It's its own beast. It's its own animal. I do work with ortho and GP, so we're very familiar with it. But ortho, I just think there's consultants that rock the ortho world, but all other specialties. We have clients within all of those and really love them in all their areas. We tend to specialize GP and pediatric, but we have clients of all. all specialties minus ortho. Yeah, I The reason I asked is that I was speaking to, you know, an endo group who was actually starting to transition to fee for service. And I don't know, maybe that'd be a good introduction. Yeah. The fee for service world is weird. I really, offices want to cut. They want to just cut the insurance right now. And I'm like, hold please, before you do that, realize it's a retention piece for your patients. And if you don't have a great experience and you also don't have great systems in place, and you also don't know how to maintain these patients, I had a practice to do this and they almost lost 50 % of their entire practice. So I'm really pro, like you can drop insurance and I'm not here to say not to, but I want you to be very thorough and educated on it and know worst case scenario, best case scenario. I think fee-for-service is gonna dip in a lot more, but if you're not careful, fee-for-service patients are free agents and never forget that. So they can go anywhere at any time. They're not tethered to you like they are with insurance. So making sure. The Dental A Team (58:25.202) before you start cutting and get all excited about fee-for-service, I'm here to say do it, but do it correctly. Because I think there's a right way and a wrong way to do it. And I've seen it hit practices really hard if they don't do it correctly. Good to know. The time we spend with people like you is meant to help dentists and really end support staff all around. And they all offer different types of great information and fe
What's your exit strategy?For single providers and small fertility practice owners, the difference between a multimillion-dollar sale and walking away with nothing often comes down to timing and preparation.This week on Inside Reproductive Health, I sit down with Bob Goodman, Richard Groberg, and Dr. Brijinder Minhas of MidCap Advisors to discuss:The current state of fertility clinic mergers & acquisitionsWhy many fertility MSOs are preparing to sell their networksWhen it's too late to maximize your practice's valueHow selling with a competitor could radically increase your exit priceThe biggest risks that lower your practice's valuationIf you think you might sell your practice in the next 10-15 years, now is the time to start planning. MidCap's team works with clinic owners to increase their valuation and secure the best possible deal—and they don't charge fees unless you get paid.Don't leave money on the table. Listen now to learn how to secure your financial future.
Today's guest is Eddie Hightower, Senior Vice President of Sustainability & Social Responsibility at Caliber Collision, to discuss the steps Caliber is taking to lead the industry toward a more sustainable future. While sustainability in collision repair often brings to mind environmental efforts, it's much bigger than that. Today, we'll explore Caliber's sustainability initiatives, how they're reducing waste, cutting emissions, and ensuring long-term business viability—all while making a positive impact on the communities they serve. Sustainability isn't just for big MSOs either —independent shops and smaller operators can take meaningful steps toward a more responsible and forward-thinking business model. If you're wondering what sustainability means for your business, this episode is for you! Connect with Eddie: Social: https://www.linkedin.com/in/eddiehightower/ Download: https://www.caliber.com/dA/e0d44f8677/fileAsset/2023+Sustainability+Report+-+Caliber+-+FINAL+-+ADA+(3).pdf This episode is sponsored by: asTech asTech is dedicated to safety, precision, and innovation in vehicle diagnostics. With industry-leading scanning and calibration solutions, asTech ensures every repair meets OEM standards, enhancing safety and customer satisfaction. Continuously testing and scanning new vehicles, asTech refines its technology to stay ahead of modern repair challenges. A tool stack covering 40+ brands and a network of 400+ ASE and I-CAR certified technicians provide fast, accurate diagnostics that maximize efficiency. asTech—driven by precision, powered by safety. Visit https://astech.com/ today or call 1-888-486-1166.
We're back with the most anticipated episode of the year! In this year end financial review episode we are joined by our friend Nick Gastevich (aka CannaVestments) who is a long time private and public cannabis investor.In this Financial Review we cover - The biggest opportunity in Cannabis right now- Current market, hemp, portfolio sizing and which stocks we're currently buying- Cash flow, future growth & 280E benefits- Thoughts on MSOs valuations; financial metrics; balancing positives and negativesThanks to Nick for joining us and sharing his detailedanalysis as always!Connect with Nick:Twitter - https://twitter.com/CannaVestmentsLinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/Family Office Website - https://www.vginvests.com/
Andrew Brown is grower, breeder, and the owner of Carver Family Farm Andrew joins us for "The 12 Dabs of Christmas," a festive exploration of New Mexico's cannabis scene and its incredible concentrate flavors. Andrew shares insights into running Albuquerque's first micro-licensed cannabis operation, the art of genetic breeding, and the challenges of maintaining a craft cannabis brand in an oversaturated market. Expect to learn about the importance of terpene preservation and flavor in cannabis, the struggles of small farms competing against corporate MSOs, and the evolving culture of craft cannabis in New Mexico. Do you think corporate cannabis is changing the culture of the industry, or is craft cannabis here to stay? Follow Andrew Brown: Instagram: @carverfamilyfarm Website: carverfamilyfarm.com #CannabisEducation #CannabisIndustry #SustainabilityInCannabis #CraftCannabis Follow us on X - @pharmersmedia Follow us on Instagram - @pharmersbrands More info about Pharmers at pharmersquality.com 00:00:00 Intro 00:00:45 Who is Andrew 00:03:37 Weed Should Taste Good 00:05:20 Andrew's on the future of the market 00:06:27 Is Cannabis Culture Dead? 00:10:23 1st & 2nd Dab of Xmas 00:13:50 KY Jelousy Profile 00:15:09 Hatch Belts Profile 00:16:09 Why Is Carver a Fav in NM? 00:24:13 More Hatch Belts Profile 00:25:23 Andrew's Glass Blowing Career 00:27:52 3rd & 4th Dab Of Xmas 00:34:32 Biscotti & Perm Chimera Profile 00:35:46 Whats next for Carver 00:38:04 Andrew's background 00:46:40 5th & 6th Dab of Xmas 00:47:50 What is piatella 00:51:19 Piatella Profile 00:53:16 Whats Pharmers Up to? 01:00:57 Oversaturation was preventable 01:04:35 What process does donny prefer 01:05:44 What does andrew prefer 01:06:35 Rosin Vs BHO 01:17:54 Andrew & Donnies Hash Buyers Guide 01:23:09 Brand trust is backwards in the industry 01:24:44 No Marketing with 280E 01:33:24 Andrews take on the future of the NM scene 01:36:36 KY Jelousy BHO vs Rosin Comparison 01:37:27 10th & 11th dab of Xmas? Maybe?
Got big goals for your shop this year? Shop Boss can take them to the next level!Todd Westerlund is an industry vet. Over 15 years of technical experience and more than 18 years in the repair shop coaching. Todd is a believer in opening your shop seven days a week for ultimate customer service. He also shares advice on how to make your processes more efficient. 00:00 Industry Insights & Training07:25 Technician's Journey: 15 Years Experience10:46 Hands-On Training Initiative20:16 Flexible Work Schedules Benefit All23:15 Balancing Technician Ego and Client Needs29:42 Problem Solving in Auto Repair33:42 Overwhelmed by Work Demands38:17 Investing in Employees' Future42:25 "Streamlining Inspection Process"47:43 "Confession About Car Brake Negligence"56:42 "Prioritizing Morally Right Hospitality"58:03 "Open Invitation despite Poor Reviews"01:05:55 Welcoming Shop Tour Experience01:12:05 Call Center Amplifies Pre-booking Revenue01:16:06 "Shops Boost Sales with Callbacks"01:19:14 Bones: Protection Against Slips
This week, AmSpa's President and CSO, Cathy Christensen, speaks with Nick Liguori, CPA, owner and founder of Liguori Accounting. They discuss the complexities of management service organizations (MSOs), common pitfalls for medical spa MSO taxes and how to properly set up your accounts. Their conversation includes: MSOs: the key structure for compliant med spa ownership; Where med spa MSOs can get tripped up with financials; Specific tax challenges and common pitfalls to avoid; How to ensure that your business entity is set up correctly The typical process of setting up the proper systems; When to transition from DIY bookkeeping to working with professionals; How to correct and prevent future issues while preparing for tax season; And more! Music by Ghost Score
In this episode of the Broadband Bunch, host Brad Hine interviews Jay Lee, CTO and CSO at ATX, live from SCTE's Tech Expo 2024 in Atlanta. Jay shares insights on ATX's GigaXtend platform, which enhances HFC networks for next-generation DOCSIS standards, enabling efficient capacity upgrades for cable operators. They discuss the advantages of ATX's smart amplifiers and transponder technology for remote network management, as well as innovative energy storage solutions that reduce costs for MSOs. Jay highlights the importance of partnerships and real-time data analytics in helping operators improve reliability and customer experience in the competitive broadband market.
Host Ericka Adler welcomes Laura Goodman, Partner at FGMK, to explore the intricacies of setting up Management Services Organizations (MSOs) and Dental Service Organizations (DSOs). Tune in as they delve into the essential collaboration between your legal and financial teams to ensure a solid foundation for your arrangements. Laura shares valuable insights on the first financial steps to take when setting up MSOs and DSOs, the best structures on both the clinical and management sides to avoid over-complication, and the critical distinction between expenses that should be allocated to the clinical entity versus the MSO/DSO. Find all of our network podcasts on your favorite podcast platforms and be sure to subscribe and like us. Learn more at www.healthcarenowradio.com/listen/
On this episode of Ropes & Gray's Health Care Transaction Laws Unwrapped podcast series, health care attorneys Christina Bergeron, Devin Cohen and Natalie LaRue discuss recent developments in state health care transaction laws and their impacts on private equity investments in health care. With an increase in transaction laws specifically targeting private equity, including passed legislation in Indiana and bills that were considered in California, Massachusetts, Connecticut and Minnesota, Christina, Devin and Natalie discuss the effects these laws have on the dealmaking landscape and key takeaways for these investors.
Humbling… How many times have we thought catalysts were on the way, only to find out at the last minute it was just a pawn or a negotiation tactic?The question remains for optimists like myself: Is the thesis still intact? Yes, but the timing was off. A hard lesson learned—never count on DC for simple, sound decisions on a reasonable timeline.Let's revisit the thesis.Gone are the days of unicorns, but we're now in a phase where challenges persist, and change could come quickly. Optimist Bryan is still holding on.How do you balance emotional attachment with a clear perspective on the investment thesis, recognizing these businesses are moving in the right direction and poised to explode?This week, we sat down with Jesse Redmond to revisit this thesis and explore exactly that.Cannabis Investing: A Generational Opportunity?Pick & Shovel Strategies vs. MSOs in CannabisBalancing Political Catalysts and Investment ApproachTopics Discussed:Jesse's background and path into the cannabis industry (00:02:05)The current state of the cannabis investment thesis and opportunities ahead (00:06:18)The potential impact of catalysts like Florida going adult-use and Schedule 3 rescheduling (00:09:37)The relationship and dynamics between the cannabis and hemp industries (00:18:57)Strategies for investing in the cannabis space, including ETFs and specialized companies (00:22:03)The importance of understanding the "why" behind being involved in the cannabis industry (00:59:55)Jesse's predictions for the next 12 months in the cannabis market (01:04:14)About Jesse Redmond is the Managing Director at Water Tower Research where I cover cannabis and natural products. Before this, I founded two hedge funds and a leading California cannabis collective. I began my career at Franklin Templeton, was an early employee of Fisher Investments, and spent a decade co-managing multiple hedge funds. In this role, I allocated more than $1 billion to hedge fund strategies and conducted more than 1,000 due diligence visits around the world.In 2016, I founded a dispensary outside of Santa Barbara, California, that became number one in its region. In 2020, I founded Higher Calling Consulting, where he helped investors find the best cannabis investments. Through these experiences, I bring a unique perspective to the sectors I cover.In addition to publishing written research, I'm the co-host of The Water Tower Hour and Higher Exchanges podcasts.Guest Links https://www.linkedin.com/in/jesseredmond/https://www.watertowerresearch.com/sector/12https://x.com/jesseredmondhttps://podcasts.apple.com/us/podcast/higher-exchanges/id1710898583Our LinksBryan Fields on Twitter Kellan Finney on Twitter The Dime on Twitter At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime has a New Website. Shhhh its not finished. The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
In this episode of the #HealthLawHotspot, host Ericka Adler welcomes Laura Goodman, Partner at FGMK, to explore the intricacies of setting up Management Services Organizations (MSOs) and Dental Service Organizations (DSOs). Tune in as they delve into the essential collaboration between your legal and financial teams to ensure a solid foundation for your arrangements. Laura shares valuable insights on the first financial steps to take when setting up MSOs and DSOs, the best structures on both the clinical and management sides to avoid over-complication, and the critical distinction between expenses that should be allocated to the clinical entity versus the MSO/DSO. They discuss how to determine a fair market value management fee to comply with state and federal laws and tax pitfalls/IRS challenges that practices may encounter if they do not follow the financial structure outlined in the MSO/DSO agreement. Finally, Ericka and Laura talk about limiting expenses and regulatory issues when structuring MSO/DSO arrangements, and how the proper advice can save a client from an unfortunate outcome. Tune in for a compelling conversation that will equip you with the knowledge to navigate the complexities of healthcare management services.
Don't get to the end of this year wishing you had taken action to change your business and your life.Click here to schedule a free discovery call for your business: https://geni.us/IFORABEShop-Ware gives you the tools to provide your shop with everything needed to become optimally profitable.Click here to schedule a free demo: https://info.shop-ware.com/profitabilityUtilize the fastest and easiest way to look up and order parts and tires with PartsTech absolutely free.Click here to get started: https://geni.us/PartsTechTransform your shop's marketing with the best in the automotive industry, Shop Marketing Pros! Get a free audit of your shop's current marketing by clicking here: https://geni.us/ShopMarketingPros In this episode, David and Lucas are joined by Brian Herron, CEO of Opus IVS. Brian discusses the benefits of accessibility in the repair industry, emphasizing how the Right to Repair promotes competition and ensures consumer safety. David and Brian also discuss the proactive efforts by manufacturers like Toyota, who release diagnostic tools to independent shops, contributing to better repair outcomes. Additionally, they highlight the quality and supply challenges between OE and aftermarket parts, underscoring the growing preference for OE parts due to their reliability and sometimes more competitive pricing.00:00 Years advertising and evolving car repair industry.04:54 Car deck's rise, right to repair relevance debated.08:25 Collision repairs now require OEM post-scan software.10:43 Does pushing right to repair alienate cooperatives?13:08 OE parts more competitive; aftermarket quality declining.18:17 Diagnosing post-lightning car requires advanced tools.21:54 Industry systems cause inefficiencies and creative fixes.24:17 Hourly hybrid pay prevents employee complacency.29:12 Aftermarket diagnostic tool success following Opus acquisition.30:10 Building something different in a consolidating industry.35:40 Prefer in-house repairs due to dealer delays.39:30 Issues with Nissan transmission warranties and programming.41:31 Organization connections provide solutions and support effectively.44:23 Repair friction impacts profitability in car industry.47:11 Opus helps MSOs grow through calibration support.50:28 ETI expanding to Europe; enhancing OEM relationships, access.53:13 Affirmative agreement between two individuals.
Welcome to IoT Coffee Talk #229 where we have a chat about all things #IoT over a cup of coffee or two with some of the industry's leading business minds, thought leaders and technologists in a totally unscripted, organic format. Thanks for joining us. Sit back with a cup of Joe and enjoy the morning banter.This week, Pete, Rob, Stephanie, and Leonard jump on Web3 to talk about:BAD KARAOKE! "Seattle Grunge Special", Pete BernardWhy fostering inclusion of women in tech is important and inspirational - Cadence Fem.AI"No automation allowed!" What do you say to that?Managing change against the proposition of automation.Fear China because we aren't innovating fast enough.Supercomputing is for the governments. Is sovereign AI going to be a thing?Attention is everything and ours (human) seem to be getting shorter and shorter.Stephanie has a multi-core, hyper threaded brain!Going viral is not by intent but by silly accident according to Rob. Find out why!Does Larry Ellison take advice? The great mystery of the Oracle of Oracle.The IoT Influencer's Samson Effect.Cerebras IPO poised to shake the GenAI supercomputing landscape for NVIDIA.Qualcomm is in the GenAI data center game. You just didn't know. What are MSOs doing with GenAI. The reality!How to go viral? Be P. Diddy? Don't blame us. Blame the algorithm.Self-inflicted supply chain crisis. Why you must hoarding cat litter and pizza sauce.We don't like change because it figuratively means a tiger is going to eat us.The AI-proof career - plumbing. Digital twins are worthless if you can't make stuff work in the real world. Thanks for listening to us! Watch episodes at http://iotcoffeetalk.com/. We support Elevate Our Kids to bridge the digital divide by bringing K-12 computing devices and connectivity to support kids' education in under-resourced communities. Please donate.
Cresco Labs is one of the largest MSOs in the industry, but at its core, it has an entrepreneurial mindset that has always stayed the same.Many overlook that a company with a sizable market cap can still possess the craftiness and perspective of a smaller company. This mindset has led to strategic opportunities that allow Cresco Labs to thrive in areas easily overlooked by its peers.This week, we sit down with Zach Marburger to discuss:The Tech Ecosystem at Cresco LabsInnovative Custom Retail SolutionsThe Inner Workings of Their Unique Selling Proposition (USP)And so much moreDon't miss this in-depth look at how one of the most prominent players in cannabis continues to innovate and lead the industry.About Cresco LabsCresco Labs is one of the largest publicly traded, vertically integrated, multistate cannabis companies in the U.S. We produce the industry's #1 portfolio of cannabis brands and operate dispensaries under our Sunnyside brand nationally that focus on delivering consumer education, trust and convenience.Guest Linkshttps://twitter.com/crescolabshttps://www.linkedin.com/company/cresco-labs/https://www.crescolabs.com/ Main Topics Discussed:Cresco's approach to technology and the importance of seed-to-sale traceability systems (00:03:27)Cresco's decision-making process for building vs. buying technology solutions (00:11:39)Cresco's focus on integrating data and systems across cultivation, manufacturing, and retail (00:24:33)Cresco's e-commerce strategy and the shift towards online sales (00:26:12)Zach's thoughts on the potential use of AI and computer vision in cannabis operations (00:35:31)Challenges and lessons learned from Zach's entrepreneurial background (00:43:26) At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
Harrison Bard, CEO & Co-Founder, Custom Cones USA & DaySaversHarrison Bard is an accomplished entrepreneur, having started multiple companies in the eCommerce space. His first business, an avant-garde trophy company, was started during college, and has worked with many Fortune 500 companies including Mcdonald's, Facebook, Yelp, Zappos, Wholefoods, and UPS.Upon graduating from the Kenan Flagler Business School at The University of North Carolina - Chapel Hill, Harrison worked for Amazon, managing the great Japanese power tool company Makita, as well as other key accounts in the power tools category for Amazon retail.Most recently, Harrison co-founded Custom Cones USA, which is the leading ancillary company in the pre-roll space. Through Custom Cones USA, Harrison has worked with publicly traded LPs and MSOs, leading U.S brands, and companies of every size in between.His expertise in every facet of the Pre-Roll sector, from paper science, to pre-roll manufacturing technology and techniques, to a deep understanding of packaging and compliance regulations, has allowed Custom Cones USA to help create new products, scale brands, and bring more consistency to the pre-roll sector of the industry. https://customconesusa.com/https://daysavers.com/https://www.instagram.com/onlydaysavers/https://www.instagram.com/customconesusa/https://www.youtube.com/channel/UCrmzkoV6UBjIH1QxegLjS6Qhttps://www.facebook.com/CustomConesUSA/
This week, we were joined by Nicholas Gastevich, Vice President of V. Gastevich Investments, known as CannaVestments on X and Reddit. Gastevich is a seasoned cannabis investor known for his excellent earnings analysis and industry perspective. The conversation began by discussing 2Q earnings results. We saw more differentiation this quarter between the tier 1 and tier 2 MSOs, especially in gross and adjusted-EBITDA margins. Tier 1 gross margins averaged 52%, versus 41% for tier 2s. Gastevich shared how CapEx has been declining since 2021. 2Q averaged $128 million, which is up 33% sequentially, but down 67% since 2021. We debated the tradeoff between spending more on growth versus focusing on generating cash flow. Ohio opened for adult-use sales and is the biggest state-led catalyst this year. The Buckeye state is an approximately $600 million medical market bordered by four non-adult-use states. We expect the Ohio market to triple in size quickly, and sales may accelerate in September when pre-rolls and concentrates begin being sold in dispensaries. We covered who is best positioned to succeed in Ohio and who may be leaders in the wholesale market. Finally, we explored opportunities for cannabis companies to participate in the hemp market. We've seen Curaleaf begin producing hemp-derived beverages and edibles, and Glass House Brands is considering entering the THCA flower space and potentially using a similar direct-to-consumer model. On the show, we talked about risks and opportunities in this growing category.
In this episode we are joined by our friend Nick Gastevich (aka CannaVestments) who is a long time private and public cannabis investor. In this Financial Review we cover: - How each operator stands to benefit from Florida Rec - Cash flow, future growth & 280E benefits - Thoughts on MSOs valuations; financial metrics; balancing positives and negatives Thanks to Nick for joining us and sharing his detailed analysis as always! Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/
It was a busy week in cannabis, and the trichome trio is back to cover all the news. The show starts by analyzing Trump's comments about cannabis and what it may mean for Schedule III and broader reform. The group agrees that the early Republican statements appear to derisk the space and reduce possible opposition to Schedule III. We also explore the potential for federal legalization and what it may mean for cannabis stocks. The top ten MSOs all reported 2Q earnings, and the show's second half digs into the results. We analyze quarters relative to expectations, compare margins, and discuss what drives the outperformance of the larger tier-one operators. Jesse, Toby, and Morgan all weigh in on who had the top quarters and what areas they would like to see improved. The show concludes with another fun Ask Grok segment.
In this episode we are joined by Aaron Edelheit of Mindset Capital. Aaron runs a cannabis dedicated fund which pivoted from investing in large MSOs to focusing on unique small cap names. Although cannabis has been in a brutal bear market some of Aaron's largest contrarian investments in Glass House and Grown Rogue have had phenomenal returns. In this episode we discuss: - Aaron's pre-cannabis background investing through the dot com crash and the 2008 financial crisis - How & Why Aaron pivoted from large MSOs to smaller names - Aaron's Top Picks: Glass House & Grown Rogue - Process for picking unloved names - Politics: Election season & S3 Thanks to Aaron for joining us for this episode Connect with Aaron: On Twitter - https://x.com/aaronvalue Mindset Capital Substack - https://mindsetvalue.substack.com/
Today's episode represents the last in our MSO Chronicles series, so we're ending it with a bang. We've had many great MSOs represented so far, from the small up-and-comers to some well-established juggernauts, and everything in between. It's only fitting then, that we end this series with the largest of the MSOs. Today's guest is Todd Dillender, COO of Caliber Collision. Caliber obviously needs no introduction, and today we'll talk about their growth, Todd's take on culture, the future of Caliber and the industry as a whole, and much more. Stay tuned at the end of the show for a sneak peek of our next series and, in the meantime enjoy this insightful episode. This episode is sponsored by: Hunter Engineering At Hunter Engineering, the theme behind all their products is do it right, do it once. So when you're doing alignments, the time to find hidden damage is before you start, not after. The workflow for Hunter's Collision Alignment System surfaces the trouble right up front by providing five additional collision-specific measurements, like toe out on turn, maximum steer and ride height, to find the problems right away. It's all about efficiency, so find the damage before it finds you. To learn more about Hunter's Collision Alignment System, visit https://www.hunter.com/
It's 103 days until the elections, and political theater continues to dominate the cannabis investing news cycle. This week, we learned that Kamala Harris is likely replacing Biden, and Toby helps us understand if this will be beneficial to cannabis and specifically to the Schedule III process. The rescheduling comment period also concluded this week and Headset produced an insightful report showing broad support for rescheduling, and even descheduling cannabis. Morgan walks us through the report that you can find on headset.io. 2Q earnings are around the corner, and Jesse shares analyst expectations for revenue and AEBITDA for the top ten MSOs. The group chimes in on what they are looking forward to most in this round of reports. The show concludes with another edition of Ask Grok.
One of the keys to finding stocks that provide big gains is investing in a sector that has been beaten down and is not catching the eyes of many investors but still has a good long-term thesis. Michael Palumbo, Founder of MJP Capital here in Chicago, joins Andy Giersher on the Gains podcast to explain why one of those sectors right now is cannabis. Make sure to subscribe to us on the Audacy app; leave us a review & rate on Apple Music, too! Have a question for host Andy Giersher? Tweet him @Giersh. Never miss an episode from us! Hit the follow button on our Insta & Twitter
In today's episode, our guest is Andrew Stein, a partner in the healthcare department at Stevens and Lee .Darshan and Andrew discuss MedSpas. MedSpas combine beauty treatments with medical procedures, blurring the lines between pampering and healthcare. To navigate this complexity, they talk about MSOs, which are basically middlemen. MSOs let non-physicians handle the business side of a MedSpa, while a licensed physician oversees the actual medical services. What are medspas? Different kinds of medspas How medspas are structuredQualifications for running a medspa Services offered by medspasCan non-physicians run a medspa? Setting up a Management Service Organization (MSO) How can pharmacists get involved? Support the Show.
In today's episode, our guest is Andrew Stein, a partner in the healthcare department at Stevens and Lee.Darshan and Andrew discuss MedSpas. MedSpas combine beauty treatments with medical procedures, blurring the lines between pampering and healthcare. To navigate this complexity, they talk about MSOs, which are basically middlemen. MSOs let non-physicians handle the business side of a MedSpa, while a licensed physician oversees the actual medical services.Points discussed: What are medspas? Different kinds of medspas How medspas are structuredQualifications for running a medspa Services offered by medspas Can non-physicians run a medspa? Setting up a Management Service Organization (MSO) How can pharmacists get involved? Support the Show.
Are you feeling the pressure of consolidation in the collision repair industry? In these challenging times, independent shop owners face mounting fears as larger franchises and MSOs dominate the market. For those who want to maintain their independence and identity while gaining the perks of a larger franchise model, joining a supportive network can provide a much-needed lifeline. Join Matt DiFrancesco with guests, John Hollingsworth and Kristle Bollans from CSN Collision as they discuss the challenges faced by independent shops today and how joining a supportive network can empower them to gain a competitive advantage in the collision repair industry Matt, John, and Kristle also talk about: (01:49) How CSN Collision helps support independent shops (09:54) Why women make wonderful technicians (14:06) Why the industry needs to shift its mentality on what a technician does (15:36) The importance of keeping up with industry trends (18:14) The ideal shop that CSN is looking for (21:17) Why the industry needs to focus on educating its customers (23:48) How CSN Collision is helping improve the collision repair experience (30:28) An advice to independent shop owners Connect With CSN Collision Website: https://csncollision.com/en/ LinkedIn: https://www.linkedin.com/company/csncollisionusa/ Instagram: https://www.instagram.com/csncollisionusa/ Email: feedback@csncollision.com Phone: 1-866-400-4276 John Hollingsworth - https://www.linkedin.com/in/john-hollingsworth-53a44b51/ Kristle Bollans - https://www.linkedin.com/in/kbollans/ Connect With Matt DiFrancesco: matt@highliftfin.com (814)201-5855 LinkedIn: Matt DiFrancesco LinkedIn: High Lift Financial Facebook: High Lift Financial Instagram: @high_lift_financial Youtube: @highliftfinancial About the guests: John Hollingsworth is the Director of Business Development at CSN Collision USA. His dedication to mentorship and leadership has inspired countless individuals to strive for greatness. With a remarkable ability to foster genuine connections and tackle challenges with positivity and grace, John is an invaluable asset to any organization, embodying the qualities of a true leader and team player. Kristle Bollans is the National Sales Director at CSN Collision USA. With over two decades of expertise in sales and management within the mobility and hospitality sectors, she has consistently achieved success by improving efficiency and elevating customer satisfaction. Kristle is also on the Board of Directors and serves as Chairman of the Industrial Relations Committee for the Women's Industry Network. Disclaimer: DiFrancesco Financial Concierge, LLC, d/b/a High Lift Financial, is a Pennsylvania-registered investment advisor and may conduct investment advisory services in states where it is registered, exempt, or excluded from registration. The content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products. Investments involve the risk of loss and are not guaranteed. Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here.
Welcome back to the Collision Vision. We are excited dive into a new series over the next few months titled "The MSO Chronicles." We will be featuring titans of industry currently leading or who have led MSOs from around the country, ranging from national juggernauts to the regional up-and-comers. Today's guest has been both, though today he is currently well within the juggernaut status… Matt Ebert is the CEO of Crash Champions, a national consolidator with roughly 650 locations at the time of this recording. Today, we're going to talk about Matt's origin story, the growth of Crash Champions and what that journey looks like, how to prepare your organization for growth, and the future of the organization and the industry as a whole. We hope you enjoy the show!
The 2018 Farm Bill has undeniably reshaped the cannabis industry, blurring lines and unlocking opportunities between hemp and cannabis. This episode delves into the nuanced differences and similarities between these two facets of the cannabis world. Chris Fontes shares his insights to dissect the complex web of legislation, the evolving roles of MSOs and Big Pharma, and the boundless opportunities emerging from regulatory challenges. Discover how today's cannabis entrepreneurs are utilizing the interpretation of opportunities to transform obstacles into avenues for innovation and sector growth.This week, we sit down with Chris Fontes to discuss the following:Hemp vs. Cannabis: Exploring Opportunities, Differences, and Challenges.Impact of the 2018 Farm Bill: What's next for legislation and how it shapes the industry.MSOs, Big Pharma's influence, and more.About Chris Fontes:Chris Fontes, the Founder and CEO of High Spirits Beverages, is a dynamic individual with a rich history of innovation and leadership in the cannabis industry and beyond. His entrepreneurial journey spans several successful ventures, including Trojan Horse Cannabis, Project Hemp Flower, and Hemp Exchange, all of which played pivotal roles in shaping the US hemp industry. Chris's visionary leadership led to the development of the industry's first hemp-derived D9 THC products and the launch of Trojan Horse Cannabis and High Spirits Beverages. Guest Links:https://www.linkedin.com/in/chrisfontes/https://highspiritsbeverages.com/https://trojanhorsecannabis.com/Facebook: HighSpiritsBeverageLinkedIn: High Spirits BevX (Twitter): @HighSpiritsBevsFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
The 2018 Farm Bill has undeniably reshaped the cannabis industry, blurring lines and unlocking opportunities between hemp and cannabis. This episode delves into the nuanced differences and similarities between these two facets of the cannabis world. Chris Fontes shares his insights to dissect the complex web of legislation, the evolving roles of MSOs and Big Pharma, and the boundless opportunities emerging from regulatory challenges. Discover how today's cannabis entrepreneurs are utilizing the interpretation of opportunities to transform obstacles into avenues for innovation and sector growth.This week, we sit down with Chris Fontes to discuss the following:Hemp vs. Cannabis: Exploring Opportunities, Differences, and Challenges.Impact of the 2018 Farm Bill: What's next for legislation and how it shapes the industry.MSOs, Big Pharma's influence, and more.About Chris Fontes:Chris Fontes, the Founder and CEO of High Spirits Beverages, is a dynamic individual with a rich history of innovation and leadership in the cannabis industry and beyond. His entrepreneurial journey spans several successful ventures, including Trojan Horse Cannabis, Project Hemp Flower, and Hemp Exchange, all of which played pivotal roles in shaping the US hemp industry. Chris's visionary leadership led to the development of the industry's first hemp-derived D9 THC products and the launch of Trojan Horse Cannabis and High Spirits Beverages. Guest Links:https://www.linkedin.com/in/chrisfontes/https://highspiritsbeverages.com/https://trojanhorsecannabis.com/Facebook: HighSpiritsBeverageLinkedIn: High Spirits BevX (Twitter): @HighSpiritsBevsFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
Focus on the fundamentals! In this episode we are joined by our friend Nick Gastevich (aka CannaVestments) who is a long time private and public cannabis investor. In this Financial Review we cover: - How each operator stands to benefit from Florida Rec - Cash flow, future growth & 280E benefits - Thoughts on MSOs valuations; financial metrics; balancing positives and negatives Thanks to Nick for joining us and sharing his detailed analysis as always! Connect with Nick: Twitter - https://twitter.com/CannaVestments LinkedIn - https://www.linkedin.com/in/nicholas-gastevich-75841346/ Family Office Website - https://www.vginvests.com/
In this episode we go "boots on the ground" into Florida's Cannabis Market. Our guest Real Estate Randy is an expert in helping Florida operators expand their footprint. He has years of experience dealing with some of the largest MSOs and brings unique insight on their innerworkings as well as the local market nuances. In this episode: - Why Randy is "all-in" on Florida Rec - How he expects the market to change leading up to the Ballot - Where are the untapped opportunities in the state - Why opening stores will get harder - Which operators Randy likes - M&A: Who's ripe for acquisition? - Why cannabis investors should be VERY excited for the Florida opportunity & much more Huge thanks to Randy for joining us for this episode!
Investing in cannabis stocks is not for the faint of heart. It's common to see these stocks pop only to retrace their gains quickly.Understanding the implications and the strategies that institutional investors will use as they enter the sector, currently dominated by retail, could be a generational difference-maker for so many.This week, we speak with Pablo Zuanic to discuss the following:Cannabis Long-Term Investments:Navigating Market Nuances280E Removal, Germany implicationsSo much moreAbout Pablo Zuanic Pablo Zuanic is a well-known and highly rated consumer sector equity analyst, most recently following the cannabis and psychedelics sector. Over the past four years he launched coverage of over 35 companies (MSOs, LPs, CBD, MJ ancillary, mental health clinics), kept close track of sectoral trends, and followed the reform process in the US and elsewhere. Pablo is the Managing Partner at Zuanic & Associates, a firm that recently launched a curated, comprehensive, thoughtful, data-driven research service on the cannabis and psychedelics sectors aimed to institutional investors and corporations. Pablo and the firm are also available for short term consulting and research advisory projects.Guest Links https://www.linkedin.com/in/pablo-zuanic-21b5a610https://zuanicgroup.com/https://twitter.com/420odysseusFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
Host Ericka Adler welcomes new Roetzel partner Jonna Eimer to discuss the ins and outs of Management Service Organizations. Learn what MSOs are, the types of professions that utilize them, and why they are essential for non-licensed professionals seeking entry into the healthcare industry. Ericka and Jonna delve into the topic of the corporate practice of medicine and how MSOs help non-healthcare entities navigate the legal hurdles. They explain the distinct roles of licensed providers in clinical matters and management entities in non-clinical aspects, such as HR, billing, and compliance. Discover how professional entities operate and pay management fees, and the strict regulations surrounding these fees. They also highlight the unique benefits of MSOs and emphasize the importance of adhering to state and federal laws when employing this model. Tune in as Ericka and Jonna share real-world examples showcasing the different considerations and documentation required for various types of practices seeking to establish MSOs, providing valuable insights into the complexities and potential risks involved. Find all of our network podcasts on your favorite podcast platforms and be sure to subscribe and like us. Learn more at www.healthcarenowradio.com/listen/
"Great companies were never built by conservative leaders.Great companies were built by risk-takers."Deeply ingrained in Curaleaf's DNA is the ability to navigate the unknown ahead of opportunities.Timing these events is nearly impossible, but having the foresight and strategic resources in place when the opportunity strikes can change the game.For visionaries like Boris Jordan, being early in markets like Germany can be challenging for everyone to see until recent developments materialize.The US and European cannabis markets operate very differently, and Curaleaf is in a prime position to secure an untapped market share twice the size of the US.This week, we sit down with Boris Jordan to discuss the following:Unique Market Differences: Europe vs USEducating Institutional Investors: What does that conversation look like inside the room?Breakdown of the German Market, Hint toward AsiaAnd so much more About Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, and Grassroots provide industry-leading service, product selection and accessibility across the medical and adult use markets. In the United States, our brands are sold in 17 states with operations encompassing 147 dispensaries and employing more than 5,200 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. Follow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
In this episode we are joined by Jesse Redmond of Water Tower Research to discuss Rescheduling Rumours, Cannabis Catalysts & Earnings Take-Aways. Jesse has a unique background as a former hedge fund manager AND a cannabis dispensary operator. He shares insights on specific names and outlines a game plan depending on your risk tolerance. In this episode we discuss: - What to make of the recent Doug Kass rumour? - Kamala, Fat Joe & Election predictions - Earnings: How did Tier 1 MSOs perform? o How did smaller operators perform? - Game Plan: what names you should consider depending on your risk level - Catalysts: How will possible seismic changes affect the investing landscape? o Where will big money gravitate towards - California Cannabis – what's interesting to look at? Thanks again to Jesse for joining us Connect with Jesse: On X: https://twitter.com/jesseredmond On LinkedIn: https://www.linkedin.com/in/jesseredmond/ Water Tower cannabis research: https://www.watertowerresearch.com/sector/12 To be added to Water Tower's cannabis email distribution list, email jesse@watertowerresearch.com
How can Management Services Organizations (MSOs) enhance tax efficiency and asset protection for businesses? Today on The Truth About Wealth, John and Michael Parise welcome back Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, for a conversation about the intricacies of management services organizations (MSOs). Doug provides a comprehensive explanation of MSOs, detailing … Read More Read More
Investing in cannabis stocks is not for the faint of heart. It's common to see these stocks pop only to retrace their gains quickly.Understanding the implications and the strategies that institutional investors will use as they enter the sector, currently dominated by retail, could be a generational difference-maker for so many.This week, we speak with Pablo Zuanic to discuss the following:Cannabis Long-Term Investments:Navigating Market Nuances 280E Removal, Germany implications So much more About Pablo Zuanic Pablo Zuanic is a well-known and highly rated consumer sector equity analyst, most recently following the cannabis and psychedelics sector. Over the past four years he launched coverage of over 35 companies (MSOs, LPs, CBD, MJ ancillary, mental health clinics), kept close track of sectoral trends, and followed the reform process in the US and elsewhere. Pablo is the Managing Partner at Zuanic & Associates, a firm that recently launched a curated, comprehensive, thoughtful, data-driven research service on the cannabis and psychedelics sectors aimed to institutional investors and corporations. Pablo and the firm are also available for short term consulting and research advisory projects.Guest Links https://www.linkedin.com/in/pablo-zuanic-21b5a610https://zuanicgroup.com/https://twitter.com/420odysseusFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
In this episode we are joined by Will Muecke who is Co-Founder and Managing Member at Artemis Growth Partners. Artemis Growth Partners is one of the largest and most active private investors in cannabis with ~$400M+ under management exclusively in cannabis. Will and his team have invested throughout the cannabis value chain including MSOs, Brands and producers in Europe. In this episode: - What just happened in Germany? - How will the current market change? - Which companies will benefit the most? - How will Germany change the EU's view on Cannabis - Potential future uplisting for Legal Cannabis in the UK - Rescheduling: How much upside could there be? Thanks to Will for joining us! Connect w/ Will: Website: www.artemisgrowth.com LinkedIn (corporate): https://www.linkedin.com/company/artemisgrowth/ LinkedIn (personal): https://www.linkedin.com/in
Kobie Wagener joins this episode of Hiring U! to share his perspectives as a former leader of numerous talent teams and now as a job seeker himself! "Concerning back to office, I feel like post covid, many people can be a little intimidated by the face-to-face interaction. Like it's it's a tolerance that we need to build up for face-to-face interaction since it is a bigger lift. But we get more out of face-to-face interaction which is why back to the office is such an important topic. "- Kobie WagenerFor more Hiring University episodes tune into your favorite podcast player or visit us at www.ursusinc.com
"Navigating Highs and Lows with Aaron Miles: Verano's Investment Strategy Unveiled"In the latest episode of the "Proud to Work in Cannabis" podcast, listeners were treated to an engaging and insightful conversation with Aaron Miles, the Chief Investment Officer at Verano.Aaron talks to Karson Humiston about his unexpected journey into the cannabis industry, which began with a serendipitous text message while celebrating his 40th birthday in Italy. Despite initial skepticism, Aaron's curiosity about the industry's potential led him to pivot from a traditional corporate path at Pier One Imports to the dynamic world of cannabis at Cresco Labs, and eventually to his current role at Verano.Throughout the episode, Aaron provided a candid look into the complexities of taking a cannabis company public, the nuances of navigating the industry's unique challenges, and the strategic moves Verano has made to position itself for future opportunities, including uplisting to the CSE. He emphasized the importance of being prepared for the U.S. capital markets and the potential impact of federal legislative changes on the industry.Aaron also shared his personal connection to the medicinal benefits of cannabis, reflecting on a family member's struggle with addiction and how it shaped his perspective on the plant's potential as a safer alternative to opiates.The episode concluded with a discussion on the current scale of Verano, its operations across multiple states, and Aaron's optimistic outlook on the future of cannabis legislation. His passion for the industry was evident as he spoke about the broader implications of cannabis legalization, including job creation, community investment, and the potential for groundbreaking medical research. https://www.linkedin.com/in/aaron-miles/ https://www.verano.com/ TIMESTAMPS00:00:00 - Podcast Introduction00:00:11 - Attempting to Connect with Aaron Miles00:00:28 - Aaron's Health and Company Challenges00:00:44 - Post-MJBiz Plague and COVID00:01:15 - Aaron's History with MJBiz00:01:26 - Comparing MJBiz Attendance00:01:36 - Aaron's Role as Chief Investment Officer00:01:54 - Unexpected Entry into Cannabis00:02:16 - Transition from Newspaper to Cannabis00:02:38 - A Text Message That Changed Everything00:03:09 - Analyzing the Cannabis Industry's Potential00:03:30 - Joining Cresco Labs00:04:01 - Learning the Cannabis Ropes00:04:12 - Moving to Verano00:04:34 - Verano's Stage When Aaron Joined00:04:48 - Verano's Late Public Market Entry00:05:30 - Preparing Verano for Public Listing00:06:34 - Aaron's Multifaceted Role at Verano00:06:59 - Readying for U.S. Capital Markets00:07:54 - Involvement in M&A and Capital Markets00:08:47 - Verano's Scale and Operations00:09:40 - The Role of a Chief Investment Officer00:09:50 - Verano's Current Business Scale00:12:04 - The Opportunity Post-Rescheduling00:12:29 - Anticipating DEA's Confirmation00:13:17 - Political Landscape and Cannabis00:13:50 - The Impact of Cannabis Legalization00:14:15 - The Frustration with Political Obstacles00:14:25 - The Potential of Rescheduling00:15:06 - Advocating for Cannabis in D.C.00:15:38 - The Misconceptions and Education Gap00:16:30 - The Absurdity of Political Opposition00:16:59 - The Future of Cannabis Legislation00:17:49 - Personal Stories and Political Influence00:18:11 - The Economic Impact of Cannabis00:19:08 - The Ripple Effect of Dispensary Spending00:20:02 - Conversations with Cory Booker00:20:37 - The Generational Divide in Cannabis Perception00:21:19 - Aaron's Personal Connection to Cannabis00:22:00 - Changing Family Perceptions on Cannabis00:22:47 - The Challenges of Cannabis Advertising00:23:28 - Business Strategy Post-Rescheduling00:24:10 - Verano's Financial Management00:24:53 - Preparing for Market Changes00:25:24 - Potential Growth in Key States00:26:06 - Verano's Expansion Plans00:26:38 - Uplisting and Capital Market Readiness00:27:15 - The Impact of Rescheduling on Operations00:27:59 - The Future of Cannabis Banking and Advertising00:28:48 - The Need for Cannabis Education00:29:28 - Aaron's Motivation in the Cannabis Industry00:29:54 - The Broader Impact of Cannabis Legalization00:30:25 - The Excitement of Working in Cannabis00:30:58 - The Dynamic Nature of the Cannabis Industry00:31:35 - The Opportunity to Influence the Industry00:32:09 - How to Follow Aaron and Verano Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
Blunt Business speaks with the dynamic managing partners of Galaxy 1, Rick and Michelle Ringold. We hear about their option to enter the Illinois cannabis market through the social equity pathway given met the qualifying criteria but has set a new standard. Join us as they share their insights into building craft grow facilities that support non-multi-state operators, emphasizing their commitment to social equity in the cannabis industry.Discover how some MSOS could take advantage of struggling social equity licensees can bypass the Illinois social equity cannabis lottery program by buying their licenses. As the first independent social equity craft cannabis grower to commence operations in Illinois, Galaxy 1 is making waves, with a grand opening scheduled for February.Learn about Rick Ringold's military background and status as a disabled veteran, and business insights from Michelle Ringold, a certified public accountant with her own firm. Together, they offer a powerful combination of expertise, experience, and dedication to creating a more inclusive and equitable cannabis landscape.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
Jesse, Toby, and Morgan begin the show by catching up on the latest cannabis-investing news. Sentiment around the timing of the DEA's response continues to improve and this is driving inflows into the US cannabis MSOS ETF. The group also covers the addition of Ascend to the MSOS portfolio. The bulk of the conversation is around the importance of valuations in the cannabis sector and which metrics are most important. They discuss the strengths and weaknesses of EV/sales, EV/AEBITDA, and EV/cash flow and how they are best when viewed together. Jesse shares his experience in the hedge-fund world blending valuations with growth prospects and how the qualitative assessment of the management team is important, especially in emerging sectors. The episode concludes with a quick discussion on capex budgets, which will be continued in the coming weeks.
Nick Gastevich, aka CannaVestments, helps retail investors navigate the cannabis industry; companies that protect shareholders (0:55). 5 stocks: Green Thumb, Trulieve, Curaleaf, Glass House and Jushi - what's working, what's not (5:00). This is an abridged conversation from Seeking Alpha's recent Cannabis Investing Podcast.Show Notes:Senate Democrats urge DEA to end marijuana restrictions completelyCannabis stocks rally as support builds for DEA reschedulingHHS document shows recommendation to reschedule marijuanaEpisode transcriptsFor full access to analyst ratings, stock quant scores as well as dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions
This week's show starts with Jesse, Morgan, and Toby discussing the strong start to 2024. The group evaluates what's been driving the positive returns and inflows to the MSOS and MSOX ETFs. Verano President Darren Weiss and CIO Aaron Miles join 20 minutes into the episode. Darren and Aaron react to the contents of the HHS recommendation and also update us on the Boies lawsuit. We also dig into how 280E removal would impact Verano's business and potential priorities with the increased cash flow. Florida Governor DeSantis recently commented on adult use appearing on the Florida ballot in 2024 and the Verano team shares their thoughts on the process and how much the Florida market may grow if adult use is approved. The episode concludes with Aaron and Darren talking about the interest they are seeing from institutional investors since the HHS announcement.
"Giant… That's a giant advantage."Cresco Labs may mirror other Tier 1 MSOs on the surface, but once you explore deeper, you'll discover their unique edge. They've built sophisticated systems and technology that set them apart and enable a nuanced understanding of market conditions. This advanced business intelligence approach significantly narrows risk aperture, proactively allowing Cresco to identify and capitalize on market trends.This week, we sit down with Charlie Bachtell to discuss:Implications of Rescheduling, 280E & Interstate CommerceCresco Labs' hidden compounding unique differentiator2024 Roadmap: Focusing on FL, Ohio, Penn, NYPivotal role of data in shaping their business strategyAbout Cresco Labs:Cresco Labs is one of the largest publicly traded, vertically integrated, multistate cannabis companies in the U.S. We produce the industry's #1 portfolio of cannabis brands and operate dispensaries under our Sunnyside brand nationally that focus on delivering consumer education, trust and convenience.Guest Links:https://twitter.com/CharlesBachtellhttps://twitter.com/crescolabshttps://www.linkedin.com/company/cresco-labs/https://www.crescolabs.com/ #MSOS #CrescoLabs #CRLBFFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
"Giant… That's a giant advantage."Cresco Labs may mirror other Tier 1 MSOs on the surface, but once you explore deeper, you'll discover their unique edge. They've built sophisticated systems and technology that set them apart and enable a nuanced understanding of market conditions. This advanced business intelligence approach significantly narrows risk aperture, proactively allowing Cresco to identify and capitalize on market trends.This week, we sit down with Charlie Bachtell to discuss:Implications of Rescheduling, 280E & Interstate CommerceCresco Labs' hidden compounding unique differentiator2024 Roadmap: Focusing on FL, Ohio, Penn, NYPivotal role of data in shaping their business strategyAbout Cresco Labs:Cresco Labs is one of the largest publicly traded, vertically integrated, multistate cannabis companies in the U.S. We produce the industry's #1 portfolio of cannabis brands and operate dispensaries under our Sunnyside brand nationally that focus on delivering consumer education, trust and convenience.Guest Links:https://twitter.com/CharlesBachtellhttps://twitter.com/crescolabshttps://www.linkedin.com/company/cresco-labs/https://www.crescolabs.com/ #MSOS #CrescoLabs #CRLBFFollow us: Our Links.At Eighth Revolution (8th Rev), we provide services from capital to cannabinoid and everything in between in the cannabinoid industry.8th Revolution Cannabinoid Playbook is an Industry-leading report covering the entire cannabis supply chain The Dime is a top 5% most shared global podcast The Dime is a top 50 Cannabis Podcast Sign up for our playbook here:
We get it — when it comes to your practice's IT, it can all get a little confusing. That's where Darkhorse comes in. With a laser focus on serving dental practices of all shapes and sizes, they are here to roll up their sleeves and tackle your IT needs, no matter how complex. Our listeners get their first 30 days FREE, so start your journey with Darkhorse today: https://thedentalmarketer.lpages.co/darkhorse-deal/Guest: Brady FrankBusiness Name: Freedom Dental PartnersCheck out Brady's Media:Website: https://freedomdentalpartners.com/Email: brady@freedomdentalpartners.comDr. Frank's Book DDSO Strategies: https://www.ddsostrategiesbook.com/ddso-bookDr. Frank's Free Real Estate Valuation: https://freedomdentalpartners.com/reOther Mentions and Links:Marquette UniversityRick WorkmanHeartland DentalPacific Dental ServicesAspen DentalREIT - Real Estate Investment TrustRick KushnerComfort DentalT. Harv EkerEscrowRE/MAXBlockbusterFixer Upper - Chip and Joanna GainesBRRRR (Buy, Rehab, Rent, Refinance, Repeat)Bank of AmericaCostcoHost: Michael AriasWebsite: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/Join this podcast's Facebook Group: The Dental Marketer SocietyMy Key Takeaways:Why is it best to partner with other dentists and entrepreneurs?What makes a practice ready to sell at a profit?What is the current landscape of real estate and how does this affect the dental industry?How to maximize your ROI when purchasing a practice space.How to get into the cost to benefit mindset and spot a good deal.Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.Episode Transcript (Auto-Generated - Please Excuse Errors)Michael: This is the dental marketer the podcast where we teach you how to effectively market and grow your dental practice My name is michael arias and my mission is to help you the practice owner attract new patients immediately And effectively market and grow your business so you can become the go to dental practice in your community Now, what is one of the best ways to grow wealth in the dental industry?Well, The answer, my friends, may surprise you. And we've got just the expert to break it all down for us. We're sitting down with Dr. Brady Frank, a third generation dentist who has not only carved out a successful career in dentistry, but has also ventured into the world of entrepreneurship. Invention and thought leadership.Now, Brady's journey is one filled with hard earned wisdom and expertise in various facets of the dental industry. So in this episode, we'll be exploring some key points that could revolutionize your understanding of wealth growth in the dental field. So grab a notepad because you won't want to miss this.First up, what we're going to be talking about is why it's often best to partner with other dentists and entrepreneurs, and Brady will shed light. On the advantages of opportunities that come with collaboration. Next we'll explore what makes a dental practice ready to sell at a profit. Now this is vital information for anyone looking to maximize their returns in the industry.And then we'll delve into the current landscape of real estate and how it affects the dental industry. Real estate is a crucial component of any dental practice and understanding the market dynamics. Is key. And then we're also going to learn how to maximize your return on investment when purchasing a practice space and Brady will share strategies to make your investment work smarter, not harder.And then finally, we'll discuss the cost to benefit mindset and how to spot a good deal in the dental industry. This financial perspective is essential for anyone aiming to achieve financial success. And Brady's extensive knowledge and experience in the dental industry, entrepreneurship, and real estate make him the perfect guide Through these topics.mean, He's not only a successful practitioner, but also a mentor and author, and he has co founded Freedom Dental Partners, a platform that brings his expertise to others. So if you're looking to grow your wealth, this episode is tailor made for you. And one critical question I wanted to ask you.What could your practice achieve if every technological aspect worked flawlessly? I mean, Have you ever thought about what your dental practice could achieve if tech headaches were a thing of the past? Well, sTick around for after the interview because I have something just for you. But for now, let's dive in with Dr.Brady Frank. Brady. How's it going? Brady: Doing great. Michael. So excited to be on your podcast now, Michael: man. We're excited to have you. If you can, give us a little bit of a rundown of your past, your present. How'd you get to where you are today?Brady: great question. I, uh, back in 1999, which means I'm an old guy, right? I, uh, I had a wrist injury in dental school. Um, they told me I wouldn't be able to practice dentistry. So I checked out a bunch of books at the Marquette Dental School Library, realized I'd probably have to own practices, but not practice in them to make a living and put two practices under contract as a senior in dental school, bought the building, Buildings and practices ended up owning seven practices in the first five years had 28 different associates and, um, made pretty much every mistake back in the early two thousands and really just got deeper and deeper into group practice than DSOs real estate ended up.having a bunch of patents in dental implants manufactured around the world and, uh, really had a big focus on implants through there and where I am today is really just helping dentist groups expand and kind of get to the next level in dentistry. Wow, man. Michael: So you did a lot. So then real quick, when it came to owning the practices and at the same time working with many associates and team members and everything like that, what were some of the If you can recall major mistakes that you felt like if only we did small pivots, it could have, could have made a huge Brady: difference.Yeah, so early on, um, I'd say the first decade of me owning group practices and other practices in real estate, I'll get my mistakes on the practice side and on the real estate side. On the practice side, I didn't create alignment. Or shared ownership or partnership or whatever we want to call it with the doctors in the practice.I just had them as associates or employees. And so that was probably my biggest mistake early. I ended up selling those practices to the doctors, But I could have created much larger groups with shared interests, with shared equity. And I just didn't understand that back then. Uh, my biggest mistake in real estate was.Probably just not buying enough real estate. I buy tons of real estate. Now I'm, I got 62 properties going to closing. the founder of Heartland, uh, Rick Workman, he's made billions of dollars on his DSO, but more billions on real estate and 80 percent less time with 80 percent less effort, Pacific dental services, they won't sell to private equity right now.Because they're doing so well in real estate. Aspen, another big BSO, they develop almost all of their own buildings, and then they sell them to REITs, and that's how they capitalize their growth. Rick Kushner, of Comfort Dental, was at a meeting at Marquette Dental School, my alma mater, and my friend organized it, and he said, he said, Rick, why, you've got, you know, 400 partners, all these locations, why are you still doing this?He said there's a secret, it's about real estate. So I didn't really leverage real estate to the full extent my first decade, but this last decade I've, made more money in real estate than group practices and I've done a, been very well with group practices. So that's where most of my teaching is and that's where I share on how to really crank it out with real estate and not make the mistakes that I did my first decade in Michael: it.Gotcha. Okay. So then real estate is primarily what you're teaching right now. Brady: So I would say my primary teaching is how dentists can expand like I did using real estate profits. To fund their expansion. Don't go to banks, don't get in debt. Go. Don't go to private equity. Mm-Hmm Use real estate profits to fund your expansion.So I mainly teach that, but what I also do is take doctors who have done very well and I clump them together. in dentist owned DSOs. In fact, I wrote a book about it, The DSO Strategy, Dentist Owned DSO Strategies. And I might just kind of look back a graph. I'll pull the page out, make it easier. This is kind of groups getting together.Forming one entity and getting a much higher multiple of sale. So I basically helped docs early, early, our team, I should say, uh, helps docs early phase growth, use real estate to fund their expansion. And then once they've gotten to a certain size. 368 12 locations, how to merge with other successful dentists and get a much higher valuation and then make a bunch of money and do it all over again, basically, and own a bunch of real estate through the process.So that's kind of my main thing is teaching on DSOs, MSOs, and then how that works with real estate and how it fits in with expansion. The reason 80 percent of my teaching is there is because real estate is actually really a simple investment. and so just a lot of my teaching is on the other stuff.And then the real estate kind of becomes the bedrock or the foundation of all the other components. Michael: can you give us like right now, like a step by step system or process on how to use real estate profits? Brady: Yeah. So going back to my mistakes early on, I would buy a building, a dental building. I would hold it for anywhere from three to 10 years and then I would sell it.During that time period that I held it, I had cash flow. And when I sold it, I got a big chunk of money. And someone said something, Canadian entrepreneur who did really well. His name's T Harv Ecker. And he said this in one of his seminars. Um, I've never made as much money operating a business. As I have selling a business and he said, same with real estate.And at that time I realized the longer I held on to a piece of real estate the more time I had into it. The more I had to manage that property, yes, I got monthly cash flow. But at the end of the day, you have to, as a dentist, you're at the top tax bracket, you've got to pay full taxes on that money.So the timeframe with which I held properties that I bought, went from three to 10 years down to like two or three years. Because of capital gains, you have to hold it over here. But then it got down to like a year and now in many cases, it's down to three hours, like literally I'll put a property under contract, I'll find a buyer.I'll get it filled and I won't even close on it. I'll close it, but I'll own it for three hours that the buyer comes in, might put 20 million into the escrow company, pay off the seller with 5 million of it, have 20 million of profit. and one of my mistakes was I did real estate alone without partnerships early on when you do big projects, you need partners, other people to go into the building with their businesses, and then we share the profits.so I would say that I used to do things. Solo, like I can do this. I'm entrepreneur. I can employ the dentist, right? I'll be the guy and I used to have kind of I didn't think so, but other people thought that I thought I was always right like 20 years ago But maybe looking back I did feel like I was right and I had to follow my face a few times to realize Oh, man, there's so many people smarter than I am.Let me be mentored by some of these billionaires who've done really well And since that time, I've done a lot more partnerships, a lot more collaborative work, and you know, I try to always believe, hey, if this is the amount of knowledge out there, hey, Brady, you're right here. So don't think of yourself as someone with all the answers.Realize that you're going to learn from each person that, that is an expert in that subject matter. And so, with real estate. I've focused less on buy and hold, more on flipping it, just like the big, the biggest, most successful DSOs and healthcare groups do. And then I have not, I've decided to do it in partnership with others, uh, rather than just trying to do it myself.So much more leverage with other people's time, other people's money, other people's Business growth. so that's where I am today is mainly doing collaborative work, partnering with a lot of different doctors, hundreds of them. and really, I'm adding value to others, helping them not go through the mistakes.I have and both real estate and growing groups too. Michael: Got, okay. So then if we wanted to right now use real estate profits, what are the first steps? Let's just say right now, okay. You know what? I do wanna do this. I do want to do that flip that you mentioned, or you know what I mean? I'm looking to acquire another practice, but I don't know if I should just expand it and keep it, or.What are the steps for Brady: this? Yeah. Um, there's kind of two categories of real estate. One category you already own it and you're figuring out what, what's, what's the best thing I can do with this asset, buy and hold it, sell it and get it, get a bunch of liquidity, pay off a bunch of my debt and then also real estate that you don't own yet.I'll go over both of those, really quickly. the first one with real estate that you do own, you would be like me, 10 years ago, buying it, holding it, getting some cash flow, paying on your debts. Right. And then having this big payday someday, whenever you sell it, I realized that entrepreneurs, which I think most of the people listening to this are are going to do a lot better.reducing their debt, getting a bunch of cash in their bank and doing more stuff than playing the 10 year game with that, real estate. So if you own a piece of real estate, I encourage you. And if you want, I can, um, even give a link to a software that shows you how much the value of your current property is.Yeah. I would encourage you to, to, look at what would life look like if I sold some or all of my real estate, what would I do with that cash? What would life look like with less debt and could I expand my practice or practices, um, in my main business? So, so that's number one. Number two is for those that also are like, Hey, I own real estate.I like it. I'd love to see what that looks like. If I had a liquidity event there, paid off debt, you know, use that to buy more locations. But I'd also like to know, all right, Brady, what does it look like? Buying real estate for the sole purpose of having a massive game, right? And so here's the strategy with that and we can come back into that later and I saw you nod your head I can I can do a qr code I'll hold it up in front of the screen or we can put it in the in the chat and you'll you can plug your Building information.It'll spit out of value. It's pretty awesome software. so the other component is, Hey, I don't own real estate. how do you make the most in real estate? So most dentists think that if I build a dental building and sell it, Hey, I built it starting to make a profit right now because of inflation, it costs on average 420 bucks a foot to build a dental building with the land and everything.420 bucks a foot. The buildings that I buy, I never pay over a hundred dollars a foot. Never. It's 30 bucks to 80 bucks a foot. and they call that, that's way below replacement cost. Meaning, if you were to build that today, it cost you 400 percent more. So here is why we're able to do that.The office and retail markets of real estate Started going down because there were more vacancies because e commerce Amazon went out there and no one, you know what I mean? People weren't buying designer jeans. So that affected then COVID hit and a lot of businesses went virtual. Another big hit to the commercial real estate markets.And now we've got AI that is supposed to replace 62 percent of task related jobs within three to five years, which means more of a hit to real estate. interest rates are higher now. So whenever interest rates go up, real estate market goes down. The only shining light in real estate right now is the healthcare real estate market.Anything backed with a dental lease or a healthcare lease. that real estate is skyrocketing. Office and retail is going way down. And that arbitrage is where we're playing. So we buy a building that's vacant, without any tenants. Dirt cheap. You move your business into there, just like Aspen does, or Heartland, or one of the others.Once you move your business into there, the building is now occupied. Okay. And, um, the software that I'll share, it actually picks out all these vacant buildings that you can choose from around America. Is that crazy? Yeah, that is cool. Yeah. So, so basically you could, and it matches it up. It's the AI component isn't complete yet, but the AI component watching match your, what you plug in to the buildings that are available.through 20 different databases of buildings, right? So it picks all these on loop net with a remax, all these, and it finds all those buildings, even the ones that are off market at auctions. Okay. So then you're, so then you make an offer on that building and an ideal world, it would already have a build out that is actually fits a dental practice.Like I did a, I bought a med spa for five 75, put a 15 operatory in there. Sold the building for 2. 4 million, like a year or two later. And that practice was a DeNovo, a startup. It did 503, 000 the first month. Cause I used partner dentists. And one month later I bought a strip mall, vacant strip mall and had a blockbuster in there that was gone.If you remember blockbuster. Yeah. Yeah. Blockbuster gone. Right. it had a blimpy sobs gone and some drive through coffee thing. And it was near a hospital. It had an oral surgeon near it, an endodontist. I bought it for 330 grand 10, 000 square feet. The seller was a physician because there was a hospital nearby.He said, I'll sell it to you. But only if you give me 10 percent down, cause I want the cashflow on the 330 grand. So I put 33 grand into it and then the rest was seller financing. And I sold that about two years later for just a little over 2. 4 million. Right. That was a thousand percent return and the tenants paid for their build outs in there.Right. so those buildings, those vacant buildings, that massive arbitrage of profit, that is what you can use to expand your business. So in that group that I owned in Southern Oregon grew from zero to eight million in less than four years. The group ended up having an eight figure exit with the DSO. And I grew that based on profits from real estate. Not only did I pay cash for everything. equipment, any build out stuff, but I actually had millions of dollars left over just on that arbitrage, buying real estate really low and selling it at market value, which happens to be really high compared to what you buy it for.So the key is, is this, Michael, Buying buildings dirt cheap that are perfect for dental practices or other health care and then occupying them with a practice, your new practice, a de novo, or moving an acquisition into there, like a merger from a three op guy into there. And then once you are occupying that building.The lease rate is what dictates the value. And then there's a whole world of buyers out there who buy real estate based on cashflow. Very easy to sell these for market value, but here's the deal. Nobody wants a vacant building. So owner users like us, Dennis are in a powerful position to occupy the building that we buy.And then basically flip that building, realize the profits. And, and, and the main point is the less and less time that you own the building from 10 years, all the way down to three hours, the greater your returns on an hourly rate, right? Meaning that profit explodes when you sell it.If you wait 10 years to sell it, you amortize your profit when you sell it all the way back over 10 years, incrementally per hour, your profit on that property is very low. Whereas if you buy a property and sell it a year later, right? Incrementally every hour you've owned that property is monetized based on the sale price.so that is in general kind of what I've done with real estate and we're in a great time right now. So much vacant dirt cheap real estate and so much opportunity. dentistry is exploding. Great opportunity for groups to expand and use real estate as their tool. Okay. Michael: Interesting. So how, I guess through all that, how easy is it to occupy one of these vacant buildings?Brady: So in some buildings, are very, set up for dental. Like that med spa that I bought and put 15 ops in it. Yeah, they had massage rooms. I just dropped dental chairs in each room. Very, very inexpensive. They had a waiting room already. It was gorgeous facility. very low, low, low costs for build out.The, um, strip mall that I had bought at that time, which kind of started this process for me of DeNovo's and real estate. Um, was a big open space and blockbuster and that took an actual build out inside. So that cost 400, 500 grand now, uh, bought the building for three 30 sold it for 2. 4 million, right? So even after 400, 000 in a buildout, that's still close to 2 million in profit, still worth it.But basically the buildings that you choose that are better suited to fit dental, the less you'll spend on TIs and the more retained profits you'll have, which can go into your retirement account. Which can pay off student debt, which can go into buying more practices, right? And recycle that. so, yeah, there is a kind of an art to that and the software really, uh, kind of, uh.Dovetails into what existing buildups look like you can kind of see what those look like and all that good stuff Michael: gotcha, and so you bought the You started this process without getting a loan from the bank or anything like that to be like, hey I'm going to expand I want to do this you you did it from your own Brady: or yes so so what happened is that was this was in 2010, which is 13, 14 years ago that I started this de novo and real estate component.But before then I already sold a couple of groups, owned other real estate, sold it. So I was doing well. So I just self funded. I didn't use debt. I just bought these properties and then occupied them and added other tenants to them, the strip mall. I had a chiropractor and a blood lab. got it 100 percent occupied and sold it to a 1031 buyer.Um, so for those that are like, Hey, have to take on debt and do that. So we have a big family office network. So doctors don't have to come up with money on the front end. They can be a tenant partner. In these projects, right? our team at Freedom, uh, Dental Partners, we've got a team that just teaches how to do the stuff.in fact, several of the projects of the 62 buildings going to closing right now are, are just that. One guy is a guy named Kevin up in Chicago. I actually partnered on this building to buy it. we bought it for two million and we're selling it for five million, right? Just a little bit of time later It's got 20 000 square feet.It's got a total of 40 dental laboratories in it Yeah, it's got perio and oral surgery and He's putting a big implant practice there and we're kind of teaming up on that. so not like you have to pay dirt cheap for them. I mean, you can pay two million for a building and still make three million dollars on it.So, so we do a lot of those, those as well. Michael: Okay. And then how, right now, if someone wants to sell, what should they do? What's like your recommendation if they're like, okay, I'm looking to sell. They know the common most way to sell. Right. Yep. Yeah. What are your recommendations? Brady: Yeah. So first of all, I would kind of assess your building.what is the, the value look like? And, I don't know if a lot of folks watch yours via video or it's audio, but do you mind if I share my screen and I can kind of... Yeah, Michael: Yeah. And if anybody right now, if you're listening, uh, definitely go in the show notes below and watch the video version of, especially of this portion Brady: right now.Yeah. And I'll just kind of go with this. There it is. So I just spoke, I don't know if anyone gets dental economics. I'm sure you get that magazine. And, uh, I've written a bunch of articles in there and they invited me to speak again in, in Las Vegas and this QR code, Freedom Dental Partners forward slash RE. So if you can't see it, it's just freedom dental partners. com forward slash RE. basically you just plug in, uh, the data on your building and we've got a whole team that basically figures out what the value is based on a few important factors.And those factors are your lease rate or what your lease rate could be. Um, the ability to have a corporate guarantee on the building, and then we work with several multi billion dollar REITs that then basically are buying a lot of the properties we put together, and we know the value of that. So we can, we'll email you back the value, um, it doesn't cost you anything obviously for that, but it's another example of how dentists can partner together to get higher value, because the average value a dentist can receive from selling their building as part of a group of other dental buildings is about 35 percent higher.So if a building is worth 500 grand on its own with these other factors, you're making whatever that is. So So that's that I'll unshare right now, but happy for anyone to use that resource and we had a bunch of people use that at the dental economics event and get back their values on their buildings and how that all works and with an explanation.But anyway, yeah, so that's that's Michael for those that already own their building that want to, you know, have some profit event from the real estate they own. But the biggest, I will say, the biggest profits are in taking these buildings, finding, you know, the ones that are easily, moved into a dental practice component, and then being able to turn those buildings, have a profit, and operate your dental practice there, and effectively expand without any debt and actually making money while you're expanding.Michael: Yeah. Okay. Okay. And I know, um, I guess, how do you know if a building is perfect? Because I think if you want something bad enough, you kind of can convince yourself like, this is perfect. But if Brady were to walk in there, you can tell us like, man, Michael, this is not perfect at all. This is, this is not a good building.So how can Brady: we tell? Yeah, yeah. So, so I look at it from, um, kind of an investment. Objective. If someone's going to do, let's say it's your second practice or your third or your 10th, you almost have to look up, look at it as a cost to benefit ratio. So I really don't look at any buildings or recommend any dentist look at a building unless they can make at least a half million dollars.if you can buy it and some of your costs are going to be X and you can still make a half million dollars. That's a great deal because now what you're doing is you're kind of getting your dental practice expansion going along for the ride But you're also being a real estate investor And and I think we all know that the majority of the world's wealth was gained or is held In real estate and and what we're doing here really is taking a undervalued asset class office and retail In our market today and just converting it to Basically healthcare, which dental fits in that mix, which is the most highly valued real estate right now.it's no different than I think Chip and Joanne Gaines that buy a house, fix it up and sell it for more. It's just a lot easier and more lucrative in this market right now because we can buy vacant buildings for such a low price. And sell them for such a high price. Michael: So this is kind of like, I've heard of this method.It's like the BRRR method, kind of like that BRRR method where you buy, right? Like rehab, refinance. Yeah, Brady: it totally is. So Michael, we should delve into that a little bit because I'm sure people don't know the acronym. Buy rehab, rent, refinance. So that's what it is. Now, here's the big cool part about it. Okay, we buy these vacant buildings, right? Rehab, well, you're gonna put your business in there or you might go with a bunch of other businesses and do it in partnership Which is some of my favorite way of doing it more profits than that offer.Okay, rent Your practice is gonna be renting it, right? Refi. Now there used to be a trend where, hey, I'll pull that money out and I'll just stack up my debt and keep getting more and more debt. and so I used to do that and I realized that the more debt that I had, The less I felt like I could go out there and pursue entrepreneurial stuff because I had a lot of debt.You know what I mean? Yeah. so the only difference is buy rehab rent and it's yourself as part of the tenant mix your, your own tenant. And then instead of refinancing, just selling, making a bunch of money, not having debt. And now you can focus on being productive, being an entrepreneur, and not kind of stacking up your debt as you go, even though refinancing is still a option in many cases.Michael: Yeah. Yeah, you're right. Okay. So yeah, it's buy, rehab, rent, refinance, and then repeat. Brady: Yeah. Yeah. and with these, this model. Absolutely. So, so the key is you need to know how to do a startup profitably. And with Freedom Dental Partners, we are launching a course very soon on how I just in Novos and grew from zero to 8 million.One was an acquisition, but three De Novos, zero to 8 million, no PPOs, believe it or not. Wow. How to, yeah. How for to market for that, how to add partners. How to get them off the ground, you know, most people say, Oh, you'll, you'll be profitable in two years. My first month on the second location did 503, 000 with 210 grand of profit, the first month, and that was that med spa.so I'm putting a program together that folks can follow a free program just to go over how that worked. then we got a done with you component where we can have our, four recruiters where you can recruit. a junior partner, who's gonna be there, how does the marketing tie in, you know, is there an implant bent to the practice, all that good stuff, but yeah, it, it, really.The de novo or startup fits in with the real estate strategy, unless you're going to merge an older docs practice into there. Um, but I found any money that you would have spent on that acquisition. If you just spend that on marketing and you know how many patients per dollar you're spending coming in is, and especially with your techniques, Michael, to have a team that's going to Costco and going to these bricks and mortar places around town doing lunch and It's an incredible way to build grassroots around that.And once you hit, once you at least break even on that, you know, if you follow the plan really well, you, you know, profit the first month, but let's say it takes you six months to break even. Great. Now you've got an incredible asset, you made money on the front end, and now you're going and doing another one of these things and you're literally growing without SBA loans. of America, right? Without needing to be backed by private equity. And when you do sell your group, now it's just all cash to you, right? You don't have to pay off debt and then have a profit. you're growing without debt. And, and I found you grow faster and you take more risks with your growth when you got money in the bank and you don't have debt.Then it's like, Oh, I can do this. Let's try this. Hey, it's no big deal if I try that. And, and those that have the freedom to try new things, And to get kind of aggressive in business, they're the ones that usually win because they're actually trying new things. hitting a single, a double, a homerun.Oh shoot, maybe they didn't do very well on this one, but it didn't affect them. So yeah. So anyway. Michael: No. Yeah. That's interesting. And then I think that's the tricky part there Brady. It's like, cause it sounds, I mean, to me at least it sounds easy, like, okay, let's be profitable. And then we can sell, right? But I feel like a lot of, um, especially like, you know, startups and acquisitions, they kind of get stuck in there where it's like, dude, it's been one year and I haven't even broken even yet.Like, you know what I mean? Kind of thing. Brady: Yeah. So here's kind of one of the secrets with this model. I marketed 30 grand a month, three months before I opened that location where we did 503, 000 the first month. most dentists put in their budget, like instead of 3 percent for marketing, I'll do 6 percent and it just never works.So you kind of have to do a marketing blitz to do it. I had 340 or so new patients that first month it was hundreds. And we did consults before opening it and treatment scheduled. So, so the key is you have to be able to do a massive marketing budget. And most people don't want to do that using debt, they're just backpedaling them, right? It's like, oh crap, I'm putting all this money into marketing. I don't know if the marketing is going to work. So with that, I had already done a real estate project before that made a bunch of money. And then I'm like, Oh, I've got several million in the bank.I don't mind dumping 30 grand in the marketing, right? From a variety of sources, radio, TV, postcards. You know, Google AdWords, Facebook ads, funnels, all that, even a local newspaper. And I went on radio and talked and did a little, I was on a radio talk show, they gave me the radio ads. So you kind of have to do anything and everything, and that creates this massive momentum where you get all this press coming in, right?And then the statistic ends up working out, which is, 80 percent of new patients that come into a practice, 80 percent of new patients, the internal referrals come from those that have been in the practice 12 months or less. So when you do external marketing, you're automatically building your internal referrals and people don't understand.They think, Oh, this 62 year old doc that's been in town for 30 years. He's getting all the referrals, right? Cause he's been there forever. Nope. He's getting four to six new patients a month. It's the new docs who are marketing heavy that are getting the internal referrals. Cause they're, they're bringing in fresh patients, right?And so you have to understand that external marketing begets what we all want, the internal referrals. And with a great campaign like what you do, Boots on the Ground, Lunch and Learns, that's huge because you're with folks, they're talking about it, you're in local businesses. So, so that is the key to market really heavily and, and do that.But, but when you do that, you know, you can, you can literally. take care of your financial future with just the real estate profits and grow a group Debt free. Michael: Gotcha, man. Okay, that's interesting. Good. That's good to know like kind of getting that momentum started right there. one of the final questions I wanted to ask is Right throughout everything you're kind of seeing and this is just to get into the head of someone who isn't totally involved on the clinical Side of dentistry, right?What do you dislike or hate about dentistry right now? Brady: I would say there's this kind of chasm between, private equity backed DSOs and then the rest of independent dentists and dentists getting together and, um, being funded. outside private equity. So private equity back DSOs. That simply means that some corporate body and institutional investor owns the majority of that entity, which means when it recaps what it sells, the majority of those profits Go to the private equity company or the institutional investor.Very little goes to the actual dentist doing the real work on the ground. On the other side of this equation are yes, individual dentists, but also dentist groups that are funded by their own debts, by their own sources of funding, like the real estate that we talked about. And it's kind of a battle right now.what I hate is that More dentists aren't doing enough research to understand that these big private equity backed groups are not investing in real estate. In 2016, they wrote something in a private equity journal that said don't invest in real estate, but the founders of those groups have formed exclusive arrangements.And they get to invest in all the real estate. They're making a killing billions of dollars. And all of these groups that kind of watch the big groups, they're saying, oh, we'll just lease. We won't own the real estate because they don't own it, but the founder is owning the real estate. So what I don't love is that there's not a ton of information being given out.over here with the huge groups that are private equity back. And there's a lot of dentists that aren't taking the time to research how that really works. And I think that's my goal is to, yes, certainly show a couple decades of failures and successes, but to also show, cause I've, I've looked deeply inside the innards of all these DSOs.I've helped a lot of them and consulted a lot of them and worked with the main attorney group who set them up. so I think what I don't love is that chasm between the two. And I think the individual dentists, the business folks that are working with dentists, those groups that are watching the big DSOs and emulating them and just leasing space, not realizing there's a huge real estate play there.and those that don't realize, Hey, we can clump together like at Freedom Dental Partners and have a big group with a big liquidity event and benefit our futures. you know, financially, just like the big boys do. I think it's that chasm that I hate the most. And that's I think what I'm here to do is educate, show how they're doing it and then interpret how that works and make it easy so that Dennis can flourish just like those big groups.And then I think what's gonna happen is if here's the big groups and here's Dennis and smaller It's going to equalize out because now we're using all the secret tools, techniques and protocols that they are. We leveled the playing field and we actually maybe even have an edge on our side, especially with kind of some of the real estate stuff we've talked about today.Michael: All right, man. Awesome. And then any final pieces of advice that you'd like to give to our listener? Brady: Um, I would say if you're young and you're just starting out your career and you did an acquisition or a startup, you're a business person involved with a small group, look at ways of collaborating more like, uh, you know, Freedom Dental Partners, we've got hundreds of dentists around the country who are building small groups together and getting involved, Google Freedom Dental Partners, see some of the deals we've done, some of the DSOs we've bought, we've bought a number of DSOs, and uh, just get involved and look for folks that are really, uh, kind of on the, on the forefront of doing this stuff, look for folks that are partnering with others, that are sharing, and uh, I would say just, look very closely at those that are banding together because those are the groups that are forging, ahead and really competing with each other.With the big boys. unfortunately it's not the one or two or three location groups that are kind of competing as the big boys. It's, it's those one, two or three location groups or 10 location groups that are banding together, creating a formidable force to elevate through partnerships that are, that are really making a difference out there today.Okay, man, Michael: that's good. So then if anyone had any questions or concerns, where can they find you? Brady: Yeah, just go to brady at freedom dental partners. com brady at freedom dental partners. com and I can I can get to where you need to go Michael: Awesome. So guys that's going to be in the show notes below. So definitely check it out And at the same time brady, thank you so much for being with us.It's been a pleasure and we'll hear from Brady: you soon Awesome, michael. Have a great one Michael: Thank you so much for tuning into that podcast. And Brady, thank you so much for being a part of the podcast. We really appreciate you coming on and sharing your wealth of knowledge. And at the same time, if you want to ask Brady any questions, go in the show notes below or the description below, and you can click on his links and reach out to him there.Definitely check out his website and see what he has to offer you as well. Along with any of the freebies that he mentioned in the episode, you can download them in the show notes below as well. So go ahead and do that now. Have you ever thought about what your dental practice could achieve if tech headaches were a thing of the past?That's where a fantastic IT company comes in. Now think about your day at your clinic strip away any worries about server crashes or data breaches. Man, if you can do that, that'd be amazing. With Dark Horse Tech, that's your new reality. They deliver IT solutions that align perfectly with the rhythm of a busy dental practice, so your attention never strays from patient care.Now, I wanted you to ask yourself that critical question. 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But remember the limited time offer is. First 30 days are completely free. So grab this opportunity and see what seamless it service feels like with dark horse tech. It's not just about managing it. It's about mastering your practices potential. So going to show notes below, click the first link in the show notes below to check out more, and that's going to do it for this episode.Thank you so much for tuning in and I'll talk to you in the next episode.
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