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Top Tips for Navigating Orthodontic Practice Transitions · Hey Docs!

0:05
Welcome to the Haydocks Podcast with your host Jill Allen. Today, I am
0:10
thrilled to have Kim McCleskey and ty Ramsey from Professional Transition Strategies joining me for
0:16
an episode. Kim and Ti are experts in guiding dental professionals through every stage
0:21
of practice transitions, from purchasing practices to preparing for retirement. They'll share key
0:27
considerations for transitioning practices, financial implications, and valuable advice for maintaining trust during
0:34
these changes. Let's get started by now we all know I talk to a
0:42
lot of doctors and give advice to practices in every stage of their life cycle.
0:46
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1:36
right, kim Ty, I am so excited that you guys are on the
1:40
show. What I like to do when we start out Haydocs, is just
1:44
have my guests tell our audience just a little bit about yourselves, maybe your
1:48
history within our industry and about the company. Hi, Jill, thanks for
1:53
having us. Absolutely. I have been a dentistry for probably thirty five years.
1:59
I worked in practices for you know, most of that time. And
2:04
over the course of time, you know, my one of the practices I
2:07
was in, my doctor decided he wanted to sell and sold to a group
2:10
and I helped them scale to eight practices, which was a blast, also
2:15
exhausting. And I started my own company doing startups, frame post acquisition consulting
2:23
as well. Not in ortho. My lane was always other every other specialty
2:29
in general, right, and yeah, I loved that. And then I
2:32
really got exhausted because I needed more help and I mean it's just season after
2:38
season, and yeah, I merged my company with another another company and started
2:45
a virtual insurance billing company, and that company is still going to this day.
2:50
They were bought out and it was my signal to move on. As
2:53
it turned out, Kyle Francis was just like Kim, you have to come
2:57
sell practices with us over here at And I mean honestly, that was my
3:02
end goal all along, was to be a part of you know, helping
3:07
it be a win win for buyers and sellers. And so this is where
3:13
I am. This is where I'll be until I retire. I love it
3:17
me, Okay, Yeah, I've been in dental since two thousand and early
3:23
two thousands. I started with a company called Orthocad, which is somewhat now
3:30
it's morphed and part of a Bizilne now but really dates me. At the
3:35
time that we were processing twenty thousand stone models and the main facet of their
3:40
business was digitizing stone models, and then we were in the Orthocad model they
3:46
called it three D model. Back to the Doctor. From there, I
3:52
got an opportunity go work for i CAT and was for the most part the
3:58
national rep for high CAT for many years, and it got to kind of
4:01
be known as the face of ICAT in some ways. I was at it
4:05
went to a lot of meetings, like, yeah, I've been to every
4:10
AAO except one since two before. Wow did that for about thirteen fourteen more
4:18
years and you know, built out. You know, it was blessed to
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be able to install over eight hundred I cats in my career and saw these
4:27
practices grow and thrive by very good diagnostic capabilities that the ICA provided, and
4:33
really saw orthodonics change through you know, airway aware orthodonics. The rise of
4:41
that was, you know, I think largely due to three D cone being
4:45
and feel good about that because I feel like the industry changed for the better
4:49
because of devices like the iicat. Then, almost three years ago, went
4:57
out on my own, like like Jill had done. I was doing some
5:00
combing consulting and just kind of fell into the transition space. Matt Zolfo,
5:06
who I worked with a whole lot in my previous career, had reached out
5:12
to me and said, hey, you know, you know all the big
5:15
hitters in the industry, I think we should start you know, you should
5:19
send some referrals because we can really take care of these people. And Matt
5:24
works for PTS with Kim and I and I started working with a few brokerages
5:30
and in that capacity, and time after time, pts just returned superior results.
5:36
So and I called them and said, hey, I'd love to work
5:41
for you. And here we are. So here we are. That's great.
5:46
You know, talking to industry experts who've been doing this, you know,
5:49
about as long as I have, are actually longer, you know,
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it's fun. I think all of us can say, you know, we've
5:55
seen all of these changes, and you know, on the dental side to
5:59
the orthodone and gosh, just to you know, even tie listening to your
6:02
story, I mean, I remember I used to do the model box,
6:08
you know, and we'd have our card files and all this, you know,
6:10
and just that transition into digital and then now, I mean, gosh,
6:15
it's only a bummer if you buy a practice and then you find out
6:16
you've got a basement full of models that you have to deal with. So
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I love hearing your journey and how you guys got to where you're at,
6:26
which, as both of you know, I work with a lot of doctors,
6:30
you know, I live in that startup field as well as that acquisition
6:33
transition component. And one of the things that and reasons why I wanted to
6:39
have you on the show today. Is because a lot of my listeners right
6:44
now are in that startup phase or you know, have been in that acquisition.
6:47
But I have a lot of listeners too who I kind of call it
6:50
I work in the two shoulders who are in that like eight years to retirement
6:55
phase. And I think that there are things that you know, whether you're
7:00
a newer doc getting in and thinking about what your life cycle is going to
7:05
look like in a practice, or you may be a doc that's you know,
7:10
kind of hitting into those twilight years and starting to think, well,
7:14
what am I going to do with my practice? What's going to be my
7:16
journey as I transition out? And so I thought maybe you could talk a
7:20
little bit about maybe some key considerations that doctors who may be in that life
7:29
cycle, you know, want to be thinking about in regard to I almost
7:32
feel like we have two options, right It's we can sell privately or we
7:36
can sell to an OsO or a DSO. And so I'm wondering if if
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you guys want to tackle that question, well, nobody knows it better than
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you, Like you said, you know, you you work with all seasons
7:48
of a career right from the beginning and helping them plan not just for next
7:55
year or the following year, but all the way into the future. Right.
7:59
And really, I think for thinking about those doctors that are towards the
8:03
tail end, maybe they see ten years down the road, I consider that
8:07
tail end of a career, and I think the most important thing that they
8:11
can be looking at is having a deep understanding of the value of their business,
8:16
right Like you do that with your doctors. But there are a lot
8:20
of orthodonists that we come across that have never had Jill Allen to help them,
8:28
and they should have Jill Allen to help them because what it's going to
8:31
do is garner a much better outcome. And so I guess what my point
8:35
is is first know your value of your business at all times, like be
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working with your advisors, right, your financial advisor, your accountants, what
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have you. But a consultant if you don't have one, I think it's
8:48
important to really have somebody make sure your processes and your systems are in place.
8:52
Then of course to get evaluation done because that's going to be the marker
8:56
of what your options are going to be. So those are the two things
9:00
that I think of, like processes and systems and understanding you know, what
9:03
is your value and if it's not good, if it's not where you want
9:07
it to be, then you need to really be focused on, you know,
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what is it that I need to be doing to move the needle.
9:15
And that's where consultants really can help. One of the things that I'm always
9:20
telling my docs, especially my ones that are all say a little bit more
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in those twilight years, is most of the time we're really working for those
9:28
three years of good p and LS, right, And I think it can
9:33
be so easy for our practices as you get going along to get comfortable and
9:39
to let things. You know, you aren't working as hard to get those
9:41
new patients in. You aren't maybe keeping as close of an eye on keeping
9:48
all say, your operating systems clean, you know, as far as the
9:50
data. And then like you were saying, you know, you come in
9:54
and you have somebody who doesn't evaluation, and that evaluation maybe doesn't come in
9:58
the way you want it or harder to get because we have not worked on
10:03
those systems. And I know for me that's something that we really work on
10:07
as we are getting practices ready to go, so that it's as clean of
10:13
a transition as we can have. But also, you know, my hope
10:16
is always and I'm sure this is what you guys work a lot on too,
10:20
is really helping those docs get top dollar in whether it's going to be
10:24
from a private sale or working to get what that looks like from you know,
10:30
maybe a DSO or an OsO. You know, one of the things
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I'm wondering is if the ones that may be looking at doing a purchase,
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I'm wondering if you guys have got some insight on that component. We work
10:43
with those folks all the time, right, If they have buyer representation,
10:46
that's great. It's probably an expense that I don't know is altogether necessary.
10:50
You know, if you're working through a broker, we always say we guide
10:54
them, right, We always say you need to have your team of advisors,
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and they most of them don't understand the importance of that. As they're
11:03
stepping into acquire a practice or they start looking for one. It's imperative.
11:07
Because we hold forditiary with our sellers, we're able to kind of give them
11:13
referrals to some experts in the field, but we don't advocate for them,
11:18
right. They need a team of advisors to do that for them. And
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so what we always do is just we make recommendations, like, you really
11:26
need a dental specific attorney to help you. Don't get your neighbor's brother that
11:31
does some other area of law. You need a dental specific attorney. You
11:37
know, our language in those contracts is very, very specific and for a
11:39
reason, and you don't want to pay somebody to reinvent the will, right,
11:43
So dental specific attorneys, same with accountants and all. So we do
11:48
recommend that they do that. And really the most important piece of it is
11:54
making sure that they have a banking relationship, right they're pre approved with a
11:58
bank so that they can and in this competitive market, they can pull the
12:03
trigger really fast if they find something they really like. I have a guy
12:05
right now who's looking at one of my practices who has lost out on too
12:11
and he let me know that that was because he just didn't have all of
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his stuff together. Right. That's a really important aspect right now. I
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mean it hasn't always been that way in dentistry. We've just seen this kind
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of competitive environment really in the last probably five years. Yeah, we work
12:28
with you know, over ten thousand individual buyers and over right at three hundred
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and seventy five DSOs and fifteen hundred private equity groups. So whether you're a
12:39
buyer or a seller, we can help it. You know, like Kim
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said, we don't represent the buyers, but we work with buyers all the
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time. That's part of our job in representing the sellers. So we have
12:54
this great network of both individual buyers and esos and private equity that we work
13:00
with all the time. You know, Jill, that just occurred to me
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that I think is also helpful is if you go to our website, professional
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transition dot com, if you go to Practices for Sale, click on that
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link, and then there is an area where you can create a buyer profile.
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And because we are national, we sell practices all over the country.
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It's kind of cool. We have like a little Zilla map where you can
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see all the practices, or you can just look at them by state.
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But you fill out a buyer profile, goes into our system, triggers our
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front office to get an NDA out to folks, and then you can start
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exploring and seeing what's out there in the market. But if you're a buyer
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and you're interested, I think that's a great place to start and I love
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hearing that you have that available because that's probably one of the more common conversations
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that I have with a lot of my doctors who are coming to me saying,
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you know, Jill, I'm waivering on to do a startup or to
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buy a practice. And I think one of the hardest things is finding a
14:05
practice that's actually for sale at a price point that maybe you know a doctor
14:11
is going to be able to purchase at, but also in an area that
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we're looking for. And as you guys know, it can be tough trying
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to find those practices out there. And I think it's nice to know that
14:24
there's a tool out there and docs. I'm sure anybody who's listening you probably
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just wrote that down what Kim just said. You know, that's just one
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more little tool in your toolbox for helping you find a practice out there.
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So, you know, we think about this and we all kind of live
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in this realm here, you know. I always like to say, you
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know, cash is king, and some of the things that I would love
14:48
it if you guys could talk just a little bit about is kind of what
14:52
the financial implop implopen some of the fin Yes, there we go, Thank
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thank you. I can't speak now all of a sudden of a transition,
15:03
and you know some of the things that you may go through and either helping
15:09
a selling doctor determine the value of their practice and also maybe what you may
15:16
be telling a buyer as we're kind of trying to manage the financial expectations too.
15:24
Sure, yeah, I'll take that one. You know, in the
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old days, before private equity got involved, the going right for a good
15:33
practice was about eighty percent of collections, and that's due to bank ceilings and
15:39
whatnot. Now there are a few that will land one hundred percent of collections,
15:43
but in general, that made dental practices of all specialties historically under value.
15:50
And then private equity came in the space and realized what a great investment
15:56
dental laws, for the most part, mostly cash, less than a one
16:00
percent failure rate. You know, that's why this industry is consolidating the way
16:07
that it is, because you're working with dentists on both ends of the spectrum,
16:11
and you deal with this all the time. Jill dentist or orthodonists coming
16:15
out and they're in debt and they can't get a loan for a good practice.
16:21
You know, a practice they would want to buy. And then on
16:23
the other end of the spectrum, we're working with those people who you know
16:27
have five or ten or even fifteen or twenty years left sometime, but they
16:33
want to take advantage of this private equity consolidation. So, you know,
16:38
we kind of just use examples of let's say a practice, nice size ortho
16:44
practice. Maybe someone out of school fifteen years. They've grown it to a
16:48
nice size. Maybe they have their a lot of the people you work with
16:52
as well, they've got their eye on the light at the end of the
16:56
tunnel. They're starting to plan. They're maybe eight years away. Well,
17:00
that's the perfect demographic for taking it maximizing value in your practice via the private
17:07
equity consolidation. I'll use an example here. Let's say a two million dollars
17:12
practice, nice practice. You know, it's probably someone out fifteen years.
17:18
They've got now a satellite at office. Let's just say, you know,
17:21
their annual collections are two million. So the old way, eighty percent of
17:26
collections that'd be your practice is worth about one point six million if you sold
17:32
it to another doctor. Okay, So I mean, good news is you
17:36
have a great practice. The bad news is you've grown your practice to such
17:40
an extent that it's going to be really hard to sell it to an individual
17:44
buyer, so you have to do. Your choices are what we call a
17:47
mercer acquisition, in which you sell off pieces of your practice at designated points
17:52
in time so that someone can afford it. That can get messy, as
17:56
you could. You know. Vision. The other is KIM and I and
18:02
PTS can create a competitive situation amongst various DSOs and osos and get a much
18:11
better outcome. For example, just a pretty decent margin, or for sake
18:17
of time, I'll simplify, but it's the it's the EBIT earnings before interest,
18:21
Texas depreciation amorgtization. Decent practice might have two million in collections and five
18:26
hundred thousand in EBITA, and I'm going to use a conservative multiple here,
18:32
but you know, all day we can get a six x for that.
18:36
So six x of that would be a three million dollar valuation. And the
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way that that breaks down is they might get two million dollars cash a clothes
18:47
and then one million equity in the entire group. So instead of owning one
18:52
hundred percent of their two practices, envision in the equity portion. Now they
18:59
own one percent of the one hundred practices, and those hundred practices scaled with
19:06
centralized operations for the stuff that they don't enjoy doing anyway, accounting HR payroll
19:12
economies of scale, those one hundred practices together are worth exponentially more than one
19:18
hundred individual practices. It's one plus one equals three. So the old way,
19:25
you're selling for one point six, you're working out an agreement to stay
19:30
on for five years and work for I don't know, eighteen hundred two thousand
19:34
a day. The new way, you've got your three million dollar valuation,
19:38
two million cash at clothes, a million inequity in the group called holding company
19:44
equity. There's also joint venture models where a doctor can retain ownership of part
19:49
of this practice, but both models, I'll just use a holding company model
19:53
here. Example that holding company equity is going to appreciate an average of about
20:00
eighty percent a year in general, so we normally ask himate about it's going
20:06
to be worth about three x in three years or five x in five years.
20:10
So in this specific example, with the three million dollar valuation, six
20:15
x eve you get two million Casha clothes and then a million equity in the
20:19
group which in three years, which is going to be worth another three million.
20:25
So we've just turned a one point six million dollar practice into a two
20:30
million Casha clothes and then your equity is worth three million in three years,
20:33
so five million in the course of three years. A lot of people say,
20:38
have that light bulb moment when equated A lot to you know, selling
20:42
three D cone. Being my whole career, my or most of my career
20:48
in dental, I'd always have the discussion with the doctor that, especially earlier
20:52
in the industry, you don't know what you don't know? Well, why
20:55
do I need three D? I only I have a two D Pam and
20:57
Steff and they work. And then when they discovered, wow, I had
21:02
no idea I could do that same thing here, they looked at me and
21:06
said, I had no idea about this. I'm glad I started planning now.
21:11
But that's the biggest one of the biggest pitfalls is waiting to plan for
21:15
retirement when you're ready for retirement, because we can't. Then you're pretty much
21:22
forced to sell doctor to doctor because these the dxos and osos normally one a
21:27
five year commitment, you know, just just to piggyback off of what you're
21:32
saying. Number one, I completely agree with you, which is why,
21:34
you know, I think that eight years to retirement is such a good way
21:38
to start thinking about it. But also it helps maybe you keep a fire
21:44
going, to keep your practice going, because I think so many times we
21:48
can kind of just sit back and be like, I don't really want to
21:52
keep marketing. I don't really want to keep working this hard. And if
21:56
you know that difference there is there really is a tipping point. I kind
22:00
of tend to find if we're you know, million million and a half or
22:06
less, it almost you know, for the most part, a lot of
22:07
times we're going to go more of a private million and a half or more.
22:12
You have a really really great opportunity to go and get into, you
22:17
know, a lot of these OsO DSO opportunities. And I think the scary
22:22
thing is just you know, hearing the word ebit, you know, and
22:25
it just sounds like, you know, all of this you know, voodoo
22:27
science stuff, you know, and multipliers and this and that you're making it
22:32
sound really easy. And I think that really is what it's about, is
22:36
if you can find an advisor that can help you sort through it all and
22:40
maybe bring a lot of deals to the table. It's much easier than thinking
22:45
you, as an individual doctor has to go and try and tackle this and
22:48
negotiate your own deals and try and figure out what you should be doing.
22:52
What do you guys think about that? We probably both have so many thoughts
22:56
about that, right, Like, I completely agree with that thing that you've
23:00
just said. Even the million to million and a half that's going to go
23:03
to most likely an individual, there's plenty of those that we do. It's
23:08
not bad, it just is what it is. But having the option,
23:12
like you said, bringing multiple deals to the table. The thing about working
23:17
with someone like us at here at PTS, we really vet out first of
23:21
all, all of these osos and DSOs like we heavily vet them out.
23:25
There's over four hundred and fifty of them now collectively. There are a lot
23:29
of people who recognize that this is a money grab, this is a play,
23:34
and they just they don't fit with our core ethics at PTS. We
23:40
are here to serve our industry and to make sure that we're passing on good
23:45
because this consolidation wave is not going to stop. This happens in every industry
23:49
right, private equity works the same here is it has in every other industry
23:52
that's ever consolidated. All of that to say, I come from dentistry and
23:57
I didn't know it even it was you know, I didn't know, Like
24:03
there's all these groups. I don't know who's good who's bad. I mean,
24:06
Jill, you and I've been in Colorado our whole careers. We know
24:10
the local ones that were bad, right, we saw them firsthand, but
24:15
no one else really knew. And what we're able to do is really to
24:18
first of all, vet out the ones that really don't belong in dentistry.
24:22
They're not serving our docs, they're not serving our patients or our teams.
24:27
So we do that. We have a whole list of folks that we won't
24:32
work with for that very reason, but to have an advocate, somebody who
24:36
is experienced and able to really have stories behind all these groups, because Tyan
24:41
and I've done deals with all of them, I mean, all the ones
24:45
that are really doing good work in dentistry, and we have confidence that what
24:49
they're doing and what their plan is is really more central to practitioners and teams
24:56
and patients than we've ever seen in the course of this consolidation wave we've been
25:02
in because there's been a lot of scandalous folks out there doing no good right,
25:07
Like they're not helping our industry at all. That's what I say about
25:10
it. Like if you get a phone caller, well, I know you
25:12
get phone calls. I know you get flyers in the mail docs, I
25:15
know you do. I know you've seen every MB two flyer. You've seen
25:19
every like name it whatever group, right, and that's fine, that's fine,
25:23
but don't go it alone. Don't go it alone, because they're going
25:27
to tell you what the value of your business is versus a third party.
25:32
PTS like we work nationally, like we're going to calculate your EBIDA and all
25:37
the groups quite frankly, they all say, yeah, PTS does a great
25:41
job on their valuations. If you're a single doc going out there, you
25:45
just don't know fully what your options are. That's my advice, and putting
25:49
that the emphasis on that. You know a lot of doctors who never thought
25:52
part of the value of a broker was the reach and the betting of the
25:57
groups. You know, there are a number of groups. Groups are like
26:00
dentists an orthodonist, I mean let's face that there's good ones and they're bad
26:04
ones. Oddly enough of a bad dentist is normally a great fit for a
26:10
bad group, and a good dentist is a great fit for a good group,
26:15
you know, and it can be a nightmare if you if you interchange
26:18
those two. And that's the kind of groups we work with in general,
26:22
are the newer breed of dso what we call the aggregationist groups versus the activist
26:29
groups. The activist groups and are more of a cookie cutter model. You're
26:33
going to use the bracket we want you to use. You're going to use
26:37
these clear liners. You're going to adhere to this protocol. You're just a
26:41
cog in the wheel. The name of your practice is going to change.
26:47
You're just going to be an employee versus the practices we mainly bring to the
26:52
table for our clients. In that competitive space with one point five million or
26:57
above is organized for the most part, started by doctors for doctors. So
27:03
you get to keep your staff at the rate you're paying on more and more
27:07
that a lot of times improve benefits. Name stays on the door. Get
27:11
to use the brackets you want to use, get to practice how you want
27:15
to practice. Imagine being able to do all that while taking all of the
27:19
stuff that you don't like to do off your plate HR payroll and have a
27:25
financial windfall on both the front end and the back end as well. And
27:30
it really is a heavier cake and eat it to situation. Yeah, that's
27:34
great. Let's switch gears a little bit and talk about maybe the practices that
27:41
are not big enough to sell to the OsO or DSO groups out there.
27:48
So I'm curious if you can kind of talk a little bit about maybe some
27:52
advice you would give those docs and how they might manage the communication with you
28:00
know, Hey, I'm going to be selling the practice or I've got a
28:03
dot coming in that's going to be buying, and how do I make sure
28:06
that that good will stays in effect? But I'm wondering what and how you
28:11
guys might help doctors who are on that selling side to really, you know,
28:15
kind of help manage some of those obstacles that may come at them as
28:18
they're starting to make that decision. So I've actually done a lot of those
28:23
ortho transitions that are just from individual to individual, and if I could just
28:29
kind of hit on a couple of options that they have, right, so
28:32
it's not always one or the other, just DSO or individual sale. What
28:37
we're seeing now are local, more local footprint orthodonists that are buying other practices
28:45
in a geographical region, and sometimes it allows the seller to have a much
28:52
smoother transition out right. They can finish up whatever, but there's a smooth
28:59
handoff. Sometimes they can stay for a year, sometimes they can stay for
29:03
two years. Sometimes it's just an exit strategy that's a little bit different than
29:07
just the full three to five years with an OsO or DSO or just you
29:12
know, the straight buyout. And so I think that's something that I'm seeing.
29:18
I'm definitely seeing more and more of that, and not just with ORTHO
29:22
but really across all areas of dentistry. Having your goal in mind, I
29:26
think is going to be the first and most important thing to figure out what
29:30
you want, and then we can help kind of craft that exit with you.
29:34
We like to say start with the end in mind. You know,
29:37
you can reverse engineer it and figure out the best practices for it. And
29:42
whether it be partnering you with a DSO or with an individual, we handle
29:48
both ends of the spectrum. You know, the majority of what we do
29:52
is partnering with DSOs and osos, but we definitely do a ton of individual
29:56
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consumer experience for a minute, specifically the kind of experience where you purchase an
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32:01
Any legal steps or any any suggestions that you know, again, if
32:07
the docs are thinking about from keep the end in mind that docts should be
32:12
thinking about whether they're on the practice transition, selling or purchasing, that they
32:17
should be thinking about to avoid I don't know, pitfalls or just those like
32:22
oh, I wish I would have thought about that ahead of time. You
32:24
know, if you have a large practice, you know get evaluation from a
32:29
professional broker like us. We're a little different than a lot of firms.
32:32
We do a free valuation for our clients. And I would say start with
32:37
that that's invaluable. You know one of our clients, you know that we
32:43
transacted and partnered with a group. I'm at him indirectly through at a national
32:47
cheerleading event, someone that he knew. I'm not a cheerleader believer, you
32:53
know. Speaking of that, I would say, orthodonists they know orthodonics,
32:59
they don't know how to sell their practice, and they don't know what they
33:02
don't know. So it would be like me trying to watch a video on
33:07
how to treat a crossby it and slap it on braces and hoping for the
33:10
best. You know, this is what we do, so I would say,
33:14
you know, let us help you maximize your biggest asset. So back
33:20
to the cheerleading competition. How I indirectly met at Orthodonis through that who had
33:27
gone down the road not once but twice by himself, and it had fallen
33:31
apart, and it just so happens it was in the middle of falling apart
33:36
on the second one, and it was perfect timing and we were, and
33:40
we ended up within sixty days getting them multiple law I think seven different offers
33:47
and they're in a great partnership now very happy. That's been eight over a
33:54
year ago. But you know, my common pitfall is, you know,
33:59
don't go it on your own. You're not an expert in this part.
34:02
But leave that to us, just like we would lay the class three for
34:07
you to so as we kind of finish up. I know you guys have
34:10
been giving some great advice. Is there any additional pieces of advice that you
34:15
think listeners need to hear or know about when they are getting ready to sell
34:21
or buy anything additionally that we haven't talked about yet. You know, knowledge
34:27
is power. We look at this like stepping through this process is basically an
34:31
education, right, there's no risk for our sellers to get that education.
34:37
Like Ty said, we do a free practice valuation. It's an eight to
34:42
ten thousand dollars document that they can put in their trust. I mean it's
34:45
a legal document that values their business. If they sign a listing agreement.
34:50
We have a thirty day listing agreement. It renews every month unless you cancel,
34:57
and then it's your thirty day notice, which is unique, right,
35:00
very unique in practice transitions because it sometimes takes a lot of time to sell
35:06
practice. And if we're not meeting your needs, if you feel like you
35:10
need to go another route, we want to see you be successful. Basically,
35:15
we don't get paid until they get paid, and we have no fees
35:21
along the way, and so, you know, I feel like that education
35:24
is so powerful, having the knowledge and the support that you can trust.
35:30
Right, We're motivated, right because we're not going to get paid until they
35:32
get paid, and we want to see them have the best outcome as possible.
35:37
So I know we're unique in our industry. I know we are,
35:40
And I feel like collectively, I don't even know what we have as far
35:45
as years of experience, it's bananas, but just from all different sorts of
35:52
areas, right, like all different areas of dentistry, and and we're all
35:55
so, you know, so collaborative with one another. We work together on
36:00
deals. Ty and I work together, and I have the same with a
36:05
handful of the guys here, so and we're always communicating. So I think
36:08
that there's a lot of power and knowledge and experience found at PTS. Yeah,
36:14
very collaborative, and I just love the culture of the company, where
36:16
the where the merger and acquisition transitions firm that's known for not pushing its clients
36:22
to do a transaction for the sake of a transaction. That's another invaluable piece
36:29
here. The worst thing we can do is have our own short term interest
36:34
in mind. We're always in the long game for the client. So your
36:38
clients, whoever's watching, they need to know if they come to us,
36:42
they're never going to feel any pressure to do a transaction. They're going to
36:45
be living it. So we want what's best for them. And sometimes that
36:52
answer is I'm just going to keep doing what I'm doing right now, and
36:54
we're fine with that. And we've had a couple of those. We had
36:58
a doc that started up think that they were going one way, and you
37:01
know, decided to change the mind. And that is what I've appreciated in
37:05
the times that we've had opportunities to work together, is that I do believe
37:08
you when you say it, because I've seen it with my own clients where
37:13
they've chosen to pivot or decid eh, maybe this isn't quite what I want
37:17
to do right now after all, And it was just such an easy okay,
37:22
as I say with my clients, you know, sometimes we just love
37:23
you, but I'm done right now, and it just it ends very amlicable
37:28
and then knowing that you're right there in the wings waiting when they're ready again.
37:32
So if somebody wants to get a hold of you, guys, it's
37:36
going to be the best way that they can do that. You can reach
37:38
me at Kim at professional transition dot com. You can find me on LinkedIn.
37:45
You can find me on our website same here except tie to y so
37:51
tie at professional transition dot com and then tie Ramsey on LinkedIn. You can
37:57
also if you have number texting perfect. I love that. I always love
38:02
those, you know, late night texts and you're like, what are you
38:06
doing up? And why is my phone? And you can get our phone
38:09
numbers are on the website. You can find us there too. Awesome.
38:13
So I'd love to finish up paydocs, as you guys know, with a
38:16
little speed round. So what I thought I'd do is I'll ask a question
38:22
and then maybe we'll just go back and forth with answers. If you could
38:25
start any business right now, what would it be. So I'm on the
38:30
tail end of my career, I don't think I'm going to start a real
38:32
business, but I want a hobby farm so I can have bees and chicken
38:37
so I can have eggs, and I really love it. I want a
38:43
greenhouse with growing lavender. Yeah, that's what I want for me. It
38:49
would be something kind of ay, but you know, if you can figure
38:52
out something with a connected to philanthropy in some way, I know that's vague,
39:00
but I'm trying to have that idea. Yeah. Yeah, what's the
39:07
best investment you've ever made? Oh? Real estate, hands down, especially
39:12
here in Colorado, it's been real good. Yeah, really bad at picking
39:15
stocks. Probably real estate perfect. So any of my dogs that are like
39:22
Jill, should I buy the building? And I'm always like, yes,
39:24
buy the building. How do you handle work related stress? Woof Well,
39:31
we definitely have it. We talk about it a lot actually over here at
39:36
PTS because we are the ones that have to stay really measured and calm at
39:42
all times, because buyers and sellers have so many emotions right attached to what
39:47
they're doing because either it's their life's work that they're selling or it's the biggest
39:52
investment they've ever made, right, and so stress is very real in our
39:55
world. But what I do is this desk that I have here. It
40:00
stands up and I have a treadmill underneath it. I probably if I'm not
40:06
on the road, I'm walking and working at my desk, and usually I
40:09
get in somewhere around seven or eight miles a day just walking and working.
40:15
So that's that's what I do. If I didn't have this, I would
40:19
probably lose my mind sitting here. My desk stands up too, I think
40:23
I just discovered. Yeah, I use it like Kim, But Kim's got
40:29
me on that I need. I definitely admit I need to exercise more,
40:34
but I probably when I get really stressed out, I just go for a
40:37
walk and you know, maybe walk three or four miles and then you feel
40:42
better, or just at least walk around the house during the day, because
40:45
a lot of our job is we're either visiting a client or wear in front
40:49
of spreadsheets and offers and have a one hundred numbers in our head at once.
40:54
So you just need to get out of that environment temporarily throughout the day
41:00
just to maintain your own composure. Yeah. Absolutely, And then as we
41:05
finish up, what's the most valuable piece of advice? You give someone just
41:08
starting their career, Surround yourself with good advisors. Surround yourself with people who
41:15
are like minded. Don't be the smartest person in the room, otherwise you
41:19
should change rooms. Yes, I love that. All of that, and
41:23
then be authentic. Just be authentic whatever you do, and you will your
41:30
success will come way easier. Well, guys, thank you so much for
41:35
being on Haydocks. This is a great episode. I know our listeners just
41:38
got a lot out of it. So until next time, thank you,
41:40
thank you, thank you. Are you ready to start a practice of your
41:45
own, need a new fresh set of eyes or some advice on your existing
41:49
practice. If so, reach out to me Jill Allen at www dot practice
41:54
results dot com. If you like what we're doing here on Haydocks and want
41:59
to hear more of this awesome content, be sure and give us a five
42:01
star rating on your preferred listening platform and subscribe to our show so you never
42:07
miss an episode. Remember, new episodes drop every Thursday. See you next week.