Latest / Hey Docs! / Real Estate and Practice Ownership: Lending Tips from Live Oak Bank’s Chandler Wrightenberry

Transcript

Real Estate and Practice Ownership: Lending Tips from Live Oak Bank’s Chandler Wrightenberry · Hey Docs!

• 0:05
  Speaker 1: Welcome to the Haydocks Podcast with your host Jill Allen.
• 0:09
  Speaker 1: Today I am joined by Chandler Ritenberry, VP of Healthcare
• 0:13
  Speaker 1: Lending at Live Oak Bank. Chandler works closely with orthodontists
• 0:17
  Speaker 1: and healthcare professionals navigating practice ownership, acquisitions, and commercial real
• 0:22
  Speaker 1: estate projects. As costs, interest rates, and timelines continue to shift,
• 0:28
  Speaker 1: many doctors of trying to better understand what purchasing a
• 0:31
  Speaker 1: practice or building really looks like in today's market. In
• 0:35
  Speaker 1: this episode, we're breaking down the lending side of acquisitions
• 0:39
  Speaker 1: and real estate, what doctors should realistically expect, and how
• 0:43
  Speaker 1: to prepare for the.
• 0:43
  Speaker 2: Financial side of growth.
• 0:45
  Speaker 1: So let's dive in, and now a word from the
• 0:49
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• 0:55
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  Speaker 2: That is go.
• 2:34
  Speaker 1: Dot so l V E N t U M dot
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  Speaker 1: com forward slash Clarity to learn more. Chandler, I am
• 2:47
  Speaker 1: so excited to have you back on Haydocks.
• 2:49
  Speaker 2: Thanks for being here today.
• 2:50
  Speaker 3: Thank you for having me I'm excited.
• 2:52
  Speaker 1: Yes, So you know the way I like to start
• 2:55
  Speaker 1: off at Haydocks. In the event that somebody has not
• 2:59
  Speaker 1: heard of you, have not met you before, has not
• 3:01
  Speaker 1: talked to you before, would you mind just sharing a
• 3:04
  Speaker 1: little bit about your background, what you do with practices,
• 3:08
  Speaker 1: and your work with Live Oak Banks.
• 3:11
  Speaker 3: Yeah. Absolutely, so thank you for having me today. It's
• 3:13
  Speaker 3: been too long. But my name is I think it's
• 3:17
  Speaker 3: been three or four years, but my name is Chandler
• 3:19
  Speaker 3: Wright Berry. I worked with Live Oak Bank. We are
• 3:21
  Speaker 3: headquartered in Wilmington, North Carolina, so I have been here
• 3:25
  Speaker 3: for twelve years. I started out on our servicing team
• 3:28
  Speaker 3: for about a year, did underwriting for a year, and
• 3:31
  Speaker 3: then for the last ten years have been on our
• 3:33
  Speaker 3: healthcare lending team. So what we do here at Live
• 3:36
  Speaker 3: Oak Bank, on our healthcare team specifically, is specialize in
• 3:39
  Speaker 3: SBA pretty much seven A lending, so small business administration lending,
• 3:44
  Speaker 3: government guaranteed lending. And so we are actually the largest
• 3:47
  Speaker 3: SBA lender in the country by volume, and I would
• 3:50
  Speaker 3: definitely say probably the largest healthcare construction lender in the
• 3:54
  Speaker 3: space by volume, probably doing three hundred and fifty to
• 3:56
  Speaker 3: four hundred million dollars in projects a year, so this
• 3:59
  Speaker 3: is what we specialize in. Every single day, I'm having
• 4:02
  Speaker 3: conversations with healthcare professors all across the country, mainly doctors, dentis,
• 4:06
  Speaker 3: orthodonist and it's been a fun ride so far.
• 4:10
  Speaker 2: Yes, I love it.
• 4:11
  Speaker 1: I know every time we get together, we've got so
• 4:13
  Speaker 1: much to talk about. And you've been in this industry
• 4:15
  Speaker 1: for a while now and really seeing things change with
• 4:19
  Speaker 1: just our banking needs and what's been going on with
• 4:22
  Speaker 1: the landscape there. And I want to talk a little
• 4:25
  Speaker 1: bit about practices and doctors who are thinking about doing
• 4:30
  Speaker 1: purchases because I know I talk a lot about startups
• 4:33
  Speaker 1: and we talk a lot about banking with leases and
• 4:36
  Speaker 1: what it looks like from practice purchase loans and whatnot.
• 4:39
  Speaker 1: But I want to talk more about if a doctor
• 4:43
  Speaker 1: is considering purchasing, especially with land and property, and what
• 4:48
  Speaker 1: does that look like now, what are some of the
• 4:53
  Speaker 1: realities of what doctors need to be considering costs and whatnot,
• 4:57
  Speaker 1: but especially from a banking lens standpoint, If you wouldn't
• 5:01
  Speaker 1: mind diving into that with.
• 5:03
  Speaker 3: Us, yeah, absolutely, great question. And that is something that
• 5:08
  Speaker 3: we hear at Levo Bank focus on, like that's really
• 5:10
  Speaker 3: what I'm doing day in and day out. We are
• 5:13
  Speaker 3: very niche focused. Where a lot of banks kind of
• 5:16
  Speaker 3: go horizontally, we go vertically. So we are doing a
• 5:20
  Speaker 3: ton of commercial real estate purchases, ground up construction. And
• 5:24
  Speaker 3: I can say over the last couple of years we've
• 5:26
  Speaker 3: had the best years that we've ever had. So it
• 5:29
  Speaker 3: is a vibrant market. People are transacting and people are
• 5:33
  Speaker 3: doing projects. With that said, there's a lot on the
• 5:36
  Speaker 3: macro side and the economy that's going on right now,
• 5:40
  Speaker 3: and it's always and it is always and it is
• 5:44
  Speaker 3: always going to be going on, right I mean, there's
• 5:47
  Speaker 3: something geopolitically always happening. Yes, And so some of the
• 5:51
  Speaker 3: things that I like to say, and I heard this
• 5:53
  Speaker 3: quote while I've been on the road, but you marry
• 5:56
  Speaker 3: the project and date the rate. Marry the project that
• 6:00
  Speaker 3: I love that, and date the rate, and you know
• 6:04
  Speaker 3: what I would say, so like and also to tie
• 6:06
  Speaker 3: that in, if it is your time, it is your time,
• 6:09
  Speaker 3: you have to be ready for it. I'm not here
• 6:11
  Speaker 3: or Jill, you were not here to push somebody to
• 6:15
  Speaker 3: go buy do. I think it is an amazing opportunity
• 6:18
  Speaker 3: if it's the right time, for you, and it's the
• 6:21
  Speaker 3: right amount of debt and you can cash flow it
• 6:23
  Speaker 3: appropriately and that monthly payment seems attainable. Absolutely, yeah, right,
• 6:28
  Speaker 3: But you have to be the one to do that right.
• 6:31
  Speaker 3: And if it's the project of your dreams and you're
• 6:33
  Speaker 3: ready for it, go take it on. Because at the
• 6:35
  Speaker 3: end of the day, there's a lot of things outside factors,
• 6:39
  Speaker 3: like the geopolitical factors, stuff like that. That stuff is
• 6:42
  Speaker 3: going to pass. Rates are going to go up. Rights,
• 6:44
  Speaker 3: they're going to go down. Rights they're going to go up.
• 6:46
  Speaker 3: Rates are going to go down. So rates right now
• 6:49
  Speaker 3: I think have been very very stable over the last
• 6:52
  Speaker 3: two or three years. Right right after the pandemic they
• 6:55
  Speaker 3: went super low, then they shot up, but now they're
• 6:57
  Speaker 3: back down they're stable. So I think that environment that
• 6:59
  Speaker 3: feel pretty healthy with where we are from a rate perspective.
• 7:04
  Speaker 3: The big questions that we get asked are cost. So
• 7:08
  Speaker 3: I think we were when we were speaking on this
• 7:09
  Speaker 3: probably two or three years ago. We do a lot
• 7:12
  Speaker 3: of projects in Colorado where you're located YEP. Callsper square
• 7:15
  Speaker 3: foot for a TI job it used to be one
• 7:17
  Speaker 3: hundred and twenty five dollars a square foot those days.
• 7:22
  Speaker 3: One of those days and then it jumped, and then
• 7:25
  Speaker 3: it jumped to one fifty. You're like, oh my goodness,
• 7:27
  Speaker 3: it can't go a higher.
• 7:28
  Speaker 2: Thanks, yep, oh yeah, it's a lot higher.
• 7:32
  Speaker 3: But flash forward to today and I would say over
• 7:35
  Speaker 3: the last probably two years, prices have stabilized. I can
• 7:39
  Speaker 3: say that because this is what we do day in
• 7:41
  Speaker 3: and day out. And it depends on if you're in California,
• 7:43
  Speaker 3: if you're in Texas, you're in Florida, if you're in Nebraska,
• 7:46
  Speaker 3: those are going to be different. But you know, the
• 7:47
  Speaker 3: standard TI job, let's just say within the Colorado market,
• 7:49
  Speaker 3: which is a vibrant market, it's gonna be two hundred
• 7:52
  Speaker 3: dollars two hundred twenty five dollars a square foot for
• 7:53
  Speaker 3: a TI job, and ground up construction might be four
• 7:56
  Speaker 3: hundred and fifty dollars a square foot. All that maybe
• 7:58
  Speaker 3: to five hundred. And I think that's important to know
• 8:02
  Speaker 3: because that is what it is going to be. That
• 8:04
  Speaker 3: is the reality, right, And I like to have that
• 8:07
  Speaker 3: conversation a lot on the front and with doctors are like,
• 8:09
  Speaker 3: let's rip the band aid off, let's have the conversation. Yeah,
• 8:12
  Speaker 3: we're not here to surprise you. There's no surprises. I
• 8:15
  Speaker 3: don't want you to have sticker shock, but it might
• 8:17
  Speaker 3: be sticker shock, but at least you know at the
• 8:18
  Speaker 3: beginning and you can set that expectation with them in
• 8:21
  Speaker 3: that understanding that this is what it's going to be.
• 8:23
  Speaker 3: And now do I really want to go pursue this project?
• 8:26
  Speaker 3: So I still think the market is super healthy. I
• 8:29
  Speaker 3: always think it's a good time to borrow money and
• 8:33
  Speaker 3: do a project because, like I said, you can refinance
• 8:35
  Speaker 3: that debt later, and you got to look at it
• 8:37
  Speaker 3: as a long term investment, right. I mean, it is
• 8:40
  Speaker 3: really common and easy to get caught up in the
• 8:43
  Speaker 3: cost and the stress of it today. But there's a
• 8:47
  Speaker 3: lot of people that we've done projects for and they
• 8:49
  Speaker 3: look back after three four five years that first year
• 8:52
  Speaker 3: was difficult to get to it, but they're always so
• 8:54
  Speaker 3: happy now they have a place that they own, they
• 8:57
  Speaker 3: control the wealth, the equity that they're building. And it's
• 9:01
  Speaker 3: a long term investment of twenty to twenty five years
• 9:03
  Speaker 3: that gives you a ton of optionality at the potentially
• 9:07
  Speaker 3: end of your career. Yeah, do I want to sell
• 9:09
  Speaker 3: this or do want to hold on to And I
• 9:10
  Speaker 3: have a cash flowing asset.
• 9:11
  Speaker 1: Yeah, And I think that that really is the key
• 9:13
  Speaker 1: right there when you look at that from an investment portfolio,
• 9:17
  Speaker 1: when you're looking at these assets, and I do love it,
• 9:20
  Speaker 1: and I think we have had more and more doctors
• 9:23
  Speaker 1: to your point that are doing and evaluating doing a purchase,
• 9:27
  Speaker 1: you know, whether it's a ground up or a purchase
• 9:30
  Speaker 1: of a building and doing a startup. And I think
• 9:32
  Speaker 1: there's been a couple factors that have kind of played
• 9:35
  Speaker 1: into that. But I always tell my doctors, you know,
• 9:37
  Speaker 1: the reality of it is, yes, you're going to be
• 9:40
  Speaker 1: if you're to compare where you're at with your peers,
• 9:43
  Speaker 1: you're going to be more upside down in your first
• 9:47
  Speaker 1: three to five years. But five years and on now
• 9:51
  Speaker 1: you've got equity and a practice, and you've got equity
• 9:54
  Speaker 1: in a building, and that over the next ten years,
• 9:57
  Speaker 1: fifteen years, twenty years. I just I think it really
• 10:01
  Speaker 1: sets you up. So I'm of the same persuasion. If
• 10:04
  Speaker 1: your risk tolerance is there, I don't think you can
• 10:06
  Speaker 1: ever time the market.
• 10:08
  Speaker 2: You just have to jump in.
• 10:10
  Speaker 1: And I always tell my docs like, hey, there's a
• 10:12
  Speaker 1: reason that you can refinance, you know in five years.
• 10:15
  Speaker 1: The last thing that you're going to be worrying about
• 10:18
  Speaker 1: if your practice is doing well, is the cost to
• 10:20
  Speaker 1: your loan. You know, you've got a hundred other things
• 10:23
  Speaker 1: you're going to be worrying about. And if anything, you're
• 10:25
  Speaker 1: just building that equity into that investment.
• 10:28
  Speaker 3: For sure. That's exactly right. And I may be a
• 10:31
  Speaker 3: little bit biased because that's what I specialize in your
• 10:33
  Speaker 3: level Bude is real estate lending. But you know, within
• 10:35
  Speaker 3: our portfolio and we've helped thousands of clients over the year,
• 10:38
  Speaker 3: has been here for sixteen years, I've done about three
• 10:41
  Speaker 3: and a half billion to the dental industry, healthcare industry,
• 10:43
  Speaker 3: and do, like I said, about three hundred and fifty
• 10:45
  Speaker 3: to four hundred million dollars of projects a year. The
• 10:48
  Speaker 3: average doctor sees a twenty five to thirty percent growth
• 10:51
  Speaker 3: rate upon a relocation into a new building. Yeah, so
• 10:54
  Speaker 3: that's something to be said. So like, once you see
• 10:56
  Speaker 3: that growth, you see that control, you're not going to
• 10:59
  Speaker 3: be really worrying about the loan as much, right and
• 11:02
  Speaker 3: over that interest, right, whether it goes down a couple
• 11:04
  Speaker 3: basis points or goes up a couple basis points, yep,
• 11:07
  Speaker 3: I think about all that growth that you have just received.
• 11:09
  Speaker 2: Yeah, exactly exactly.
• 11:12
  Speaker 1: So I know you and I we talked to a
• 11:14
  Speaker 1: lot of doctors, and I think that we can both
• 11:17
  Speaker 1: agree that construction and real estate projects can just feel
• 11:22
  Speaker 1: super overwhelming to doctors. And I mean, heck, sometimes they
• 11:26
  Speaker 1: feel overwhelming to me too, And I'm helping coach through it. Like, man,
• 11:29
  Speaker 1: we got all these different things coming at us and whatnot.
• 11:32
  Speaker 1: But I'm wondering, from a bank standpoint, if you can
• 11:36
  Speaker 1: talk to us about what do you think doctors should
• 11:41
  Speaker 1: have an understanding of when they're looking at that. I
• 11:45
  Speaker 1: think I might want to get into building out a
• 11:48
  Speaker 1: property or purchasing a property. What are some of those
• 11:51
  Speaker 1: key factors that you think they need to be putting
• 11:54
  Speaker 1: their eyes on.
• 11:55
  Speaker 3: Certainly, So I think first you've got to build a team,
• 11:59
  Speaker 3: and that team needs to have healthcare dental experience. They
• 12:03
  Speaker 3: have to know and every market has them. We lend nationwide.
• 12:08
  Speaker 3: We're tied in with a lot of different people, whether
• 12:10
  Speaker 3: that's the equipment specialists, whether that's the CPA, whether that's
• 12:13
  Speaker 3: the consultant, whether that's the real estate agent that is
• 12:16
  Speaker 3: helping on healthcare dental projects, the contractors, the architects. They
• 12:22
  Speaker 3: got to be specifically focused on healthcare and dental. Okay,
• 12:26
  Speaker 3: that's number one. So building that team and asking those
• 12:29
  Speaker 3: questions and creating those connections. Number two. I think having
• 12:33
  Speaker 3: a conversation with a bank early on is a really
• 12:35
  Speaker 3: good thing. The sooner the better. You can't get approved
• 12:39
  Speaker 3: too early. You can't have the conversation too early. There's
• 12:42
  Speaker 3: many a projects that I have worked with doctors for
• 12:44
  Speaker 3: four or five, six years and those projects have finally
• 12:48
  Speaker 3: come to fruition. But I really think having that conversation
• 12:52
  Speaker 3: early with a lender gives you confidence to really go
• 12:56
  Speaker 3: pursue building that team right because it's like, I really
• 13:01
  Speaker 3: have this stream of doing ground up construction or buying
• 13:05
  Speaker 3: a building and remodel, or we're just even starting up
• 13:06
  Speaker 3: whatever it may be. And then I have that conversation
• 13:09
  Speaker 3: with a lender and here at Libo Bank, we get
• 13:11
  Speaker 3: you preapproved in twenty four to forty eight hours. So
• 13:13
  Speaker 3: then it's like, oh, well, I'm not there yet, okay,
• 13:17
  Speaker 3: but what do I need to do to get there? Yes,
• 13:20
  Speaker 3: And I've coached many doctors in doing that. So having
• 13:23
  Speaker 3: that conversation early on with a lending institution, I think
• 13:26
  Speaker 3: is paramount to get that qualification number and there's a
• 13:29
  Speaker 3: lot of doctors that call me that are already fifteen
• 13:31
  Speaker 3: days into contract on a commercial real estate building that
• 13:34
  Speaker 3: has to close in forty five days, And I'm like,
• 13:36
  Speaker 3: what's going on? Did you forget to call us? What happened?
• 13:38
  Speaker 3: So don't do that, don't do that, don't do that.
• 13:43
  Speaker 2: I love that.
• 13:45
  Speaker 3: Absolutely, we'll help you. We'll knock this deal out for you.
• 13:47
  Speaker 3: Absolutely we can do this. Nobody's ever called me and
• 13:49
  Speaker 3: asked me this before. Yeah, and then just understanding, like
• 13:54
  Speaker 3: today's market interest rates are not in the threes or fours,
• 13:58
  Speaker 3: but they're not in the eights or nines, and the
• 13:59
  Speaker 3: right in the middle, it's a very appropriate rate right now,
• 14:03
  Speaker 3: and you probably a trapolated over the last fifty years,
• 14:05
  Speaker 3: it's probably very very reasonable. Still a good time to bar.
• 14:08
  Speaker 3: You can always refinance. And on the topic of construction,
• 14:11
  Speaker 3: it's a little bit more expensive. It's elevated. A TI
• 14:15
  Speaker 3: job like we just talked about, it's probably going to
• 14:16
  Speaker 3: be two hundred dollars a square foot could be one
• 14:18
  Speaker 3: hundred and swenty five, and some markets one hundred and
• 14:19
  Speaker 3: eighty five could up to two hundred and fifty to
• 14:21
  Speaker 3: three hundred from California, and you just got to go
• 14:24
  Speaker 3: it yep. And it could go higher than that depending
• 14:26
  Speaker 3: on who potentially the architect is and how you want
• 14:28
  Speaker 3: to design it. But just having all of that information
• 14:31
  Speaker 3: up front gives you the knowledge to be able to
• 14:34
  Speaker 3: make the right decisions through the process and not be
• 14:36
  Speaker 3: scared on the back end when something pops up. So
• 14:38
  Speaker 3: building that team, having a conversation with a lender early on,
• 14:42
  Speaker 3: and having an understanding that the costs are going to
• 14:45
  Speaker 3: be what they're going to be, but they have been
• 14:47
  Speaker 3: flatlining over the last couple years.
• 14:48
  Speaker 1: I would say, yeah, so I want to just talk
• 14:52
  Speaker 1: Frank for a minute, because I think that a lot
• 14:54
  Speaker 1: of times doctors are sometimes you know, to here, I
• 14:58
  Speaker 1: got to talk to a banker.
• 14:59
  Speaker 2: It's kind of scary. It's like talking to your parent
• 15:02
  Speaker 2: or something.
• 15:02
  Speaker 4: Right now, Chandler, you are you are scary, But you
• 15:06
  Speaker 4: know it's like you got to show all the things, right,
• 15:09
  Speaker 4: you got to open up the closet doors, and you
• 15:11
  Speaker 4: got to talk about all the things.
• 15:13
  Speaker 1: And I'm wondering if you would just talk a little
• 15:16
  Speaker 1: bit to the importance of the docs. I want you
• 15:19
  Speaker 1: to hear me, like Chandler and bankers you guys are
• 15:22
  Speaker 1: here to help them hopefully get to their end goal,
• 15:25
  Speaker 1: but you can't do it if all the cards aren't
• 15:28
  Speaker 1: out on the table. And I think it's so much
• 15:31
  Speaker 1: better if you can have that really candid conversation and
• 15:34
  Speaker 1: even if you're saying, hey, we got to have I
• 15:37
  Speaker 1: don't know, you tell me where it's at now ten
• 15:39
  Speaker 1: percent for this deal to go through. And if the
• 15:43
  Speaker 1: doc's like, well, I'm at x amount, but it'll take
• 15:46
  Speaker 1: me x amount. I feel like that's so much better
• 15:48
  Speaker 1: than I don't want to share how much I have
• 15:50
  Speaker 1: in savings, or oh I don't want to tell you
• 15:52
  Speaker 1: if I've got revolving credit.
• 15:53
  Speaker 2: Or oh I don't want to you know, and all
• 15:55
  Speaker 2: the different things.
• 15:56
  Speaker 1: Can you speak to that a little bit and maybe
• 15:59
  Speaker 1: put some of our listener's mind at ease on it's
• 16:03
  Speaker 1: okay to share everything so that you guys can have
• 16:05
  Speaker 1: a good understanding of how you can actually help them,
• 16:09
  Speaker 1: because I think you guys can be very creative sometimes too,
• 16:12
  Speaker 1: if you just have the full picture.
• 16:14
  Speaker 3: Yeah, yeah, no, you're absolutely right. I mean I think
• 16:16
  Speaker 3: you said it well. I think honesty is awesome in candidness,
• 16:21
  Speaker 3: and I mean there's multiple conversations that I have with
• 16:23
  Speaker 3: clients where I send them into other different directions right
• 16:26
  Speaker 3: to get the best deal that fits for them at
• 16:29
  Speaker 3: that time. But I can't do that unless you give
• 16:31
  Speaker 3: me the information and you open up. And it's not
• 16:34
  Speaker 3: that scary. It's okay, we do a little icebreaker and
• 16:37
  Speaker 3: we break it down and we'll get past it. But no,
• 16:39
  Speaker 3: giving that information is crucial and being open and honest
• 16:42
  Speaker 3: of where you want to go and what you want
• 16:43
  Speaker 3: to do. And here at a lending institution, right, I mean,
• 16:46
  Speaker 3: we're just not lending out money for the fun of it. Right.
• 16:49
  Speaker 3: We have guidelines in which we have to follow, and
• 16:52
  Speaker 3: those guidelines are putting you in a place to succeed,
• 16:56
  Speaker 3: but also putting the bank in a place to succeed
• 16:59
  Speaker 3: to get repaid. So when we're extending this credit and
• 17:03
  Speaker 3: we're asking these questions, it's from a place of you
• 17:06
  Speaker 3: succeeding and we want you to succeed, So we're not
• 17:09
  Speaker 3: going to put you in a place where you should
• 17:10
  Speaker 3: be over leveraged and not being able to perform. But
• 17:14
  Speaker 3: open and honesty is how we get to that point.
• 17:17
  Speaker 3: And like we just talked about, and I mentioned a
• 17:19
  Speaker 3: little bit earlier. There's been doctors that have been working
• 17:21
  Speaker 3: with three or four years. You're not there yet, and
• 17:24
  Speaker 3: that's okay, yeah for you not to be there yet,
• 17:27
  Speaker 3: but where do you want to go? And this is
• 17:29
  Speaker 3: how you get there to be able to achieve the
• 17:31
  Speaker 3: project that you want. And they call back and look
• 17:34
  Speaker 3: at me. I'm doing one hundred and fifteen collections a month.
• 17:37
  Speaker 3: When we first had a conversation, we were at sixteen
• 17:39
  Speaker 3: collections and I'm more than double that and I'm ready
• 17:42
  Speaker 3: to do this project. And that's okay. It doesn't have
• 17:44
  Speaker 3: to be today. It could be a year in the future,
• 17:47
  Speaker 3: two year in the future. But what you said at
• 17:48
  Speaker 3: the pier beginning, we just got to be honest and
• 17:50
  Speaker 3: transparent with each other. I'm not going to bite.
• 17:52
  Speaker 2: Yeah, yeah, yeah, I love that.
• 17:54
  Speaker 1: I love that.
• 17:54
  Speaker 3: Yeah.
• 17:55
  Speaker 1: And all the years we've known the shore that I
• 17:56
  Speaker 1: haven't heard of any Biden incidents. So I think we're good.
• 17:59
  Speaker 1: I think we're good.
• 18:00
  Speaker 3: That's probably good because I work at a woman to
• 18:01
  Speaker 3: North Carolina, so I'm remote, so maybe that well, it.
• 18:06
  Speaker 2: Hasn't made its way to call it out right.
• 18:10
  Speaker 1: And now a word from the sponsors who make this
• 18:12
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• 18:16
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• 18:17
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• 18:53
  Speaker 1: at Grayfinch dot com forward slash Jill Allen. So let's
• 19:03
  Speaker 1: fast forward. Now we've got a doc that's moving forward
• 19:06
  Speaker 1: with a project, and I think you and I both
• 19:09
  Speaker 1: we know that phone call comes in, the project's delayed.
• 19:13
  Speaker 2: Something is going on.
• 19:15
  Speaker 1: I want you to talk a little bit about what
• 19:18
  Speaker 1: you see, what realistic project timelines look like, especially when
• 19:23
  Speaker 1: we're doing a purchase and we're doing and or a
• 19:26
  Speaker 1: ground up. And where do you think things when you're
• 19:30
  Speaker 1: working with your clients. I mean, I can tell you
• 19:32
  Speaker 1: where I think I see it, but see projects get
• 19:35
  Speaker 1: held up when we get into the delay issue.
• 19:38
  Speaker 3: So I'll start from the very beginning. So let's just
• 19:41
  Speaker 3: start from the purchase standpoint, right, and we can just
• 19:44
  Speaker 3: do this as a piece of land or a building.
• 19:47
  Speaker 3: So usually within our markets, if you're going to buy
• 19:50
  Speaker 3: a piece of commercial real estate, depends on which market
• 19:52
  Speaker 3: is and how competitive it is. But we see any
• 19:54
  Speaker 3: where I would say probably sixteen to ninety days. I
• 19:57
  Speaker 3: think you probably would agree with that. Ye a little
• 20:00
  Speaker 3: bit less in that in some competitive markets and rare
• 20:02
  Speaker 3: situations where like this is the perfect building and there's
• 20:05
  Speaker 3: all these cash offers and we've got to make a
• 20:07
  Speaker 3: super competitive offer super quick and close faster. But sixteen
• 20:11
  Speaker 3: to ninety days on a building to close, and then
• 20:13
  Speaker 3: I would say most of the time on land you
• 20:15
  Speaker 3: have a little bit longer because there's more due diligence
• 20:17
  Speaker 3: that you have to do. So that's huge. Anywhere from
• 20:19
  Speaker 3: ninety to one hundred and fifty tow one hundred and
• 20:21
  Speaker 3: eighty days, that's kind of what we see there, So
• 20:23
  Speaker 3: that I think should be the expectation land first building.
• 20:27
  Speaker 3: I hope I did not make any of my commercial
• 20:29
  Speaker 3: real estate friends unhappy with saying that, but I'm sorry
• 20:32
  Speaker 3: if I knew.
• 20:34
  Speaker 2: You know we're speaking.
• 20:35
  Speaker 3: You know, you know I'm an expert. I'm an expert.
• 20:40
  Speaker 3: Talk to your financial advisor. So then once you get
• 20:43
  Speaker 3: into the project, so let's talk about a building. It's
• 20:45
  Speaker 3: kind of a car before the horse situation on a
• 20:48
  Speaker 3: purchase of any type, right, because while you're under contract
• 20:52
  Speaker 3: on a building or a piece of land, you're also
• 20:55
  Speaker 3: going to want to be starting to plan this. So
• 20:57
  Speaker 3: I got to start working with my architect. I started
• 20:58
  Speaker 3: out working with my equipment specialist, a contractor. Put all
• 21:02
  Speaker 3: of this information together. And if you've worked through any
• 21:06
  Speaker 3: of these processes with a city, that's not going to
• 21:08
  Speaker 3: happen in two or three weeks. No for sure, not
• 21:12
  Speaker 3: especially California or some of these other states. But usually
• 21:18
  Speaker 3: that process is going to say I would probably say
• 21:20
  Speaker 3: you should have an expectation of working with the city
• 21:23
  Speaker 3: to get everything finalized, permits pulled. On a building remodel,
• 21:28
  Speaker 3: I would say six months. I think six months is realistic.
• 21:31
  Speaker 3: I agree they could go maybe a little longer that
• 21:33
  Speaker 3: maybe a little bit shorter, and then probably on the
• 21:35
  Speaker 3: ground of construction, I'd probably say six to nine months
• 21:37
  Speaker 3: for a planning phase. And so that is to just
• 21:40
  Speaker 3: get the permits pulled so that you can go ground
• 21:44
  Speaker 3: up again. There's variables to every situation in which that
• 21:47
  Speaker 3: could extend further. If you're in some different states and
• 21:50
  Speaker 3: municipalities that require a lot more, that could take longer,
• 21:53
  Speaker 3: right because in that architect's got to go back and forth,
• 21:55
  Speaker 3: back and forth, redesigned, We've got to do revisions back
• 21:57
  Speaker 3: and forth with the city and how responsive to this
• 21:59
  Speaker 3: city going to. But I would say anywhere from six
• 22:02
  Speaker 3: to nine months through the planning phase to be able
• 22:04
  Speaker 3: to have permits pooled. Now construction starts, and so let's
• 22:09
  Speaker 3: go on a building. I would say in a building remodel,
• 22:13
  Speaker 3: you should have an expectation of six and nine months
• 22:15
  Speaker 3: for a building remodel. So when you kind of lay
• 22:19
  Speaker 3: that all out on a building, I think anywhere from
• 22:21
  Speaker 3: twelve to eighteen months is a very reasonable time frame
• 22:25
  Speaker 3: to purchase a building, get it remodeled, and open up
• 22:27
  Speaker 3: the doors ground up construction. I think that process is
• 22:31
  Speaker 3: probably going to take anywhere from nine to twelve months,
• 22:33
  Speaker 3: depending on where you are. Could you be in Colorado
• 22:36
  Speaker 3: where then is Rosen Yeah, at.
• 22:38
  Speaker 2: Minimum, at minimum once it starts.
• 22:40
  Speaker 3: Right, once it starts, that building at a minimum nine
• 22:43
  Speaker 3: to twelve months. So I say, you know, on a
• 22:45
  Speaker 3: ground up construction route, it should be eighteen to twenty
• 22:47
  Speaker 3: four months, should be your expectation for those doors to
• 22:49
  Speaker 3: be open, And then I always have the asterisk caveat
• 22:54
  Speaker 3: expect things to take longer. Yeah, so that's like, I mean,
• 22:58
  Speaker 3: that's a ballpark frame. But if you just want to
• 23:00
  Speaker 3: send expectations, put an extra couple months on there. For sure.
• 23:04
  Speaker 1: Yeah, yeah, for sure, I think your timing is right on.
• 23:07
  Speaker 1: And I know you've seen this. I've seen this.
• 23:09
  Speaker 3: I think you know.
• 23:10
  Speaker 2: Sometimes it's even just.
• 23:11
  Speaker 1: The little things that we don't think of, Like so
• 23:14
  Speaker 1: many times I've seen doctors purchase a building and the
• 23:17
  Speaker 1: zoning isn't right and it was the timing. I mean,
• 23:20
  Speaker 1: just add another who knows how long? Six months, eight months?
• 23:24
  Speaker 3: Sometimes, I mean that's a huge deal. And that goes
• 23:26
  Speaker 3: back to who's your team. Yep, you need to have
• 23:28
  Speaker 3: a commercial real estate agent that specialize it in dental, that
• 23:32
  Speaker 3: make sure this is zoned appropriately. Yes, and our Lindy,
• 23:35
  Speaker 3: we get actually a zoning letter. We actually get in
• 23:38
  Speaker 3: a zoning letter before we ever close on a building
• 23:40
  Speaker 3: to make sure that this is zoned appropriately, because what
• 23:45
  Speaker 3: happens if a bank closes on a building it's not
• 23:47
  Speaker 3: zoned appropriately. Well, we've put you in a bad position.
• 23:49
  Speaker 3: We haven't helped you out right, yep.
• 23:52
  Speaker 2: Yeah, And those are just the things.
• 23:54
  Speaker 1: And I love you saying that with your team because
• 23:56
  Speaker 1: it is so easy, you know.
• 23:58
  Speaker 2: And here's all.
• 23:59
  Speaker 1: I got a friend that has a friend that can
• 24:00
  Speaker 1: help me do this and that, and they and then boom,
• 24:03
  Speaker 1: you've purchased it. And I did have a doc that
• 24:05
  Speaker 1: had this happen where they did get all the way
• 24:07
  Speaker 1: through purchase wasn't zoned right, And boy, oh boy, did
• 24:11
  Speaker 1: we run into some problems trying to.
• 24:13
  Speaker 3: Get to rezone. You got to go. Yeah, you've got
• 24:15
  Speaker 3: to go work with the city, and there's not there's
• 24:16
  Speaker 3: a chance that that city might not rezone that. Yeah,
• 24:19
  Speaker 3: and you're just stuck with an asset which you're going
• 24:21
  Speaker 3: to have to sell again. Yeah, probably take a loss.
• 24:23
  Speaker 1: Yeah, yeah, exactly. And again, it's exciting to have this
• 24:27
  Speaker 1: dream and to look at moving forward with it.
• 24:29
  Speaker 2: But we want to go in.
• 24:31
  Speaker 1: I believe to these projects eyes wide open as much
• 24:34
  Speaker 1: as we possibly can. And I'd rather plan for the
• 24:38
  Speaker 1: unexpected and be pleasantly surprised if it moves sooner than
• 24:43
  Speaker 1: be reactive to something, because we just never thought or
• 24:46
  Speaker 1: somebody told us, oh, we can get this done in
• 24:48
  Speaker 1: four months, no problem. And then twelve months later and
• 24:51
  Speaker 1: you're paying your mortgage payments and you still don't have
• 24:54
  Speaker 1: your practice open, which that has happened. You and I
• 24:57
  Speaker 1: both know that's happened, absolutely, And there's a lot of
• 24:59
  Speaker 1: frustrat and that dream doesn't sound so great and shiny
• 25:03
  Speaker 1: and fun anymore when you're Yeah, when you're on that
• 25:06
  Speaker 1: end of it, I'm tired of this.
• 25:08
  Speaker 3: I'm done with this. I am done with this. And
• 25:10
  Speaker 3: like you got to think about right, you guys out
• 25:12
  Speaker 3: there that are listening, Like we know you have a family,
• 25:15
  Speaker 3: you have a full time job, you're busy, you're running
• 25:18
  Speaker 3: the kids to sports, like on top of owning the
• 25:21
  Speaker 3: small business, now you're taking on probably the biggest project
• 25:25
  Speaker 3: of your life and probably the most amount of money
• 25:27
  Speaker 3: that you're probably ever going to borrow at one time.
• 25:30
  Speaker 3: Like that's a big deal. You have to have the
• 25:32
  Speaker 3: right team, you have to have the right expectation. You
• 25:35
  Speaker 3: have to go into it eyes wide open, kind of
• 25:38
  Speaker 3: expecting for the worst, and then planning for the best. Yeah,
• 25:41
  Speaker 3: and I think that's a great way to approach it,
• 25:43
  Speaker 3: but expectations have to be set appropriately.
• 25:46
  Speaker 1: Yeah, Yeah, and I think too if you think about
• 25:49
  Speaker 1: the timelines that we laid out, this is what I
• 25:51
  Speaker 1: love so much about When I have had doctors that
• 25:54
  Speaker 1: have done startups in a lease, and usually our leases
• 25:57
  Speaker 1: are set up for ten years because to some ext
• 26:00
  Speaker 1: it mirrors what our banking process is. But also usually
• 26:04
  Speaker 1: about eight years in that's when most of my docs
• 26:07
  Speaker 1: are getting that it for Okay, I know what I'm doing. Now,
• 26:11
  Speaker 1: I've got good money coming in, and now I'm really
• 26:13
  Speaker 1: looking at these next ten years fifteen years ahead of me,
• 26:17
  Speaker 1: however long they're going to look at. And I think
• 26:20
  Speaker 1: that that's kind of that perfect time at about the
• 26:22
  Speaker 1: eight year mark where you're starting to say, okay, maybe
• 26:26
  Speaker 1: I am going to do that ground up. Well, if
• 26:28
  Speaker 1: we look at a ground up at two years two
• 26:30
  Speaker 1: and a half years, it kind of coincides perfectly with
• 26:34
  Speaker 1: moving out of our lease, moving into where all of
• 26:37
  Speaker 1: the construction and everything is happening, and you know all
• 26:40
  Speaker 1: of that's going on, so you're kind of finishing up
• 26:43
  Speaker 1: the lease, maybe going a month to month for a
• 26:45
  Speaker 1: little bit and then boom, you're right into your ground up.
• 26:48
  Speaker 1: And I just think if we can't do it on
• 26:50
  Speaker 1: the front end, that so many times works out so
• 26:53
  Speaker 1: beautifully for doctors. And I would think from a banker's perspective,
• 26:58
  Speaker 1: you guys just love those deals because you've got doctors
• 27:01
  Speaker 1: with a lot of runway, they've set themselves up well,
• 27:03
  Speaker 1: and it's just a really easy transition into that.
• 27:06
  Speaker 3: Yep. Well said, yeah, that eight year mark does sound awesome.
• 27:10
  Speaker 3: Like you've got to be ready a year and a
• 27:11
  Speaker 3: half to two years out when you're ready to do that,
• 27:13
  Speaker 3: and nothing's going to line up perfectly these cours. Well,
• 27:17
  Speaker 3: my lease goes for another two and a half years,
• 27:19
  Speaker 3: and I'm trying to plan this exactly right so I
• 27:22
  Speaker 3: don't have to overlap with my lease and forget that.
• 27:26
  Speaker 3: Don't worry about that. If you're ready to do it,
• 27:28
  Speaker 3: let's go. It's going to take you two years plus
• 27:30
  Speaker 3: to do a ground of construction. It's going to take
• 27:31
  Speaker 3: you eighteen months or so to do the building. You
• 27:34
  Speaker 3: want more time, the less time. And if you get
• 27:35
  Speaker 3: in a situation where you have a little bit of
• 27:37
  Speaker 3: an overlap, that's okay. These things don't ever line up perfectly.
• 27:41
  Speaker 2: Yeah, exactly.
• 27:42
  Speaker 1: And I think that takes me into my next point,
• 27:44
  Speaker 1: where when docs are thinking about that and they're kind
• 27:47
  Speaker 1: of looking at preparing for this purchase or this expansion
• 27:51
  Speaker 1: or ground up whatever that's going to be, talk to
• 27:54
  Speaker 1: us a little bit about what should they be thinking
• 27:57
  Speaker 1: about from bigger maybe fi financial mistakes, like what should
• 28:01
  Speaker 1: they be thinking about that way, or blind spots that
• 28:04
  Speaker 1: they may not even be thinking about when they are
• 28:07
  Speaker 1: looking at that, maybe what their future is going to be.
• 28:10
  Speaker 3: Yeah, I mean, I think it's kind of what we
• 28:12
  Speaker 3: just touched on kind of this whole time of what
• 28:14
  Speaker 3: we've been talking about. I think starting that conversation earlier
• 28:17
  Speaker 3: with the lender, if you are taking on one of
• 28:20
  Speaker 3: these projects safe cash. Now, there's a lot of financing
• 28:24
  Speaker 3: opportunities out there that can provide one hundred percent financing
• 28:28
  Speaker 3: for our large project like this, and we've partaken that,
• 28:31
  Speaker 3: but you can never have enough cash enough safety net right.
• 28:34
  Speaker 3: Cash is king have that cash and or invested right.
• 28:38
  Speaker 3: And so from a lending perspective, what we want to
• 28:41
  Speaker 3: see and the way that we evaluate opportunities, and this
• 28:44
  Speaker 3: goes back to our pre qualification process and doing an
• 28:46
  Speaker 3: earlier on is like, Okay, you've been practicing for eight years,
• 28:50
  Speaker 3: you're an orthodomist. You're probably doing pretty well. Have you
• 28:54
  Speaker 3: translated that income that you are making into your personal
• 28:58
  Speaker 3: financial statement? Okay, that's the biggest thing that I look
• 29:00
  Speaker 3: at when I get an application or I'm having a
• 29:02
  Speaker 3: conversation with a doctor. How much cash do you have?
• 29:05
  Speaker 3: How much assets have you built up? Well, you're saying
• 29:08
  Speaker 3: that you're doing two million in collections and an orthopractice,
• 29:11
  Speaker 3: you run really good. You're probably makeing a million at
• 29:12
  Speaker 3: the bottom line. Are those translating into cash? Is that
• 29:16
  Speaker 3: translating into brokerage accounts? Is that translating into a retirement account?
• 29:21
  Speaker 3: Do you have real estate? Do you just have cash
• 29:23
  Speaker 3: on the balance sheet? So I don't think there's enough
• 29:26
  Speaker 3: cash that you can save for a project like this
• 29:29
  Speaker 3: or putting it into assets. And that's one thing that's
• 29:31
  Speaker 3: really really big when you go into a project like this,
• 29:34
  Speaker 3: that's a really really good safety net seeing around corners
• 29:36
  Speaker 3: problems that you're going to run into. I mean, it's
• 29:39
  Speaker 3: just construction. It's going to take longer, it's probably going
• 29:42
  Speaker 3: to be more expensive, there's going to be issues with
• 29:46
  Speaker 3: the GC, there's gonna be issue with the subs. You
• 29:48
  Speaker 3: just got to go into it with that. And I
• 29:50
  Speaker 3: can't tell you what you're going to see, but you
• 29:52
  Speaker 3: are going to have an issue with that, and it's
• 29:54
  Speaker 3: just gonna be a little bit troublesome. But you got
• 29:56
  Speaker 3: to get through it. And if you go into it
• 29:58
  Speaker 3: understanding that, it will probably make it a lot easier.
• 30:01
  Speaker 2: Yeah, I think that's great.
• 30:02
  Speaker 1: This may be an unfair question to ask, but is
• 30:06
  Speaker 1: there a dollar amount or a percentage amount that a
• 30:12
  Speaker 1: doctor should have on hand or would you say, you know, hey,
• 30:15
  Speaker 1: it's better to have true cash just sitting there in
• 30:18
  Speaker 1: a money market account versus invested in something else. It's
• 30:23
  Speaker 1: asset management to a point, wealth management to a point.
• 30:26
  Speaker 1: But do you lean does one look better than another?
• 30:30
  Speaker 1: Or is it really just depends on the doctor and
• 30:33
  Speaker 1: you take every situation independently.
• 30:35
  Speaker 3: Yeah. So I'm not a financial advisor, but I keep
• 30:42
  Speaker 3: saying this. I don't know why this keeps popping off.
• 30:44
  Speaker 3: I'm gonna get in trouble. No. I mean, like with SBA,
• 30:47
  Speaker 3: and I can speak to this. With government guaranteed lending,
• 30:49
  Speaker 3: there's not necessarily a cash threshold that you have to
• 30:53
  Speaker 3: have for an expansion. Okay, so we can offer up
• 30:55
  Speaker 3: to one hundred percent financing, up to one hundred percent financing,
• 30:58
  Speaker 3: but we're not looking at the sheet and saying, hey, okay,
• 31:01
  Speaker 3: like does it need to be two percent, three percent,
• 31:03
  Speaker 3: twenty percent?
• 31:04
  Speaker 2: Got it?
• 31:05
  Speaker 3: I think a good rule of thumb, sure, ten percent,
• 31:08
  Speaker 3: because I know a lot of the traditional lenders out
• 31:10
  Speaker 3: there have that kind of seven to ten percent threshold
• 31:13
  Speaker 3: that they like to see on your personal balance sheet
• 31:14
  Speaker 3: just sitting there. So I think that's a good goal
• 31:16
  Speaker 3: to have. But could you exceed ten percent? Absolutely, be
• 31:19
  Speaker 3: physically responsible if you're going to go take on potitionally
• 31:22
  Speaker 3: the most debt that you're ever going to take on
• 31:23
  Speaker 3: in your life, and prepare for this. So we don't
• 31:26
  Speaker 3: care if it's in cash. We don't care if it's
• 31:28
  Speaker 3: in a money market account or if it's in a
• 31:30
  Speaker 3: brokerage account. Honestly, put in a brokerage account, because then
• 31:32
  Speaker 3: you're rev than it ride with the market. We called
• 31:34
  Speaker 3: it liquidity, right, how quickly can you turn this into cash?
• 31:38
  Speaker 3: And so if you have stocks and bond and stuff
• 31:39
  Speaker 3: like that, you can turn that into cash tomorrow. So
• 31:41
  Speaker 3: that's the way we're looking at now. You know, I
• 31:43
  Speaker 3: don't want to touch your four O on K, I
• 31:44
  Speaker 3: don't want to touch your IRA. I don't want to
• 31:46
  Speaker 3: touch all the retirement stuff. Let's keep that growing, keep
• 31:48
  Speaker 3: leave that alone. But anything cash, say means money market accounts,
• 31:52
  Speaker 3: that's totally fine.
• 31:53
  Speaker 2: Yeah, great, that's awesome. I know I kind of put
• 31:55
  Speaker 2: you on the spot there.
• 31:55
  Speaker 3: For a minute. I love it. I love it. That's
• 31:58
  Speaker 3: a great question.
• 31:59
  Speaker 1: I know you and I could just talk about this,
• 32:01
  Speaker 1: and I mean, this is where you and I live.
• 32:03
  Speaker 1: Every single one of the clients that I work with
• 32:06
  Speaker 1: we talk about the financial side of it, and almost
• 32:08
  Speaker 1: all of them what are we doing?
• 32:10
  Speaker 2: How are we doing this?
• 32:10
  Speaker 1: But if somebody wants to learn more, they're like, Okay,
• 32:14
  Speaker 1: Chandler has definitely hit on some things, and.
• 32:18
  Speaker 2: He doesn't sound like he's going to buy.
• 32:20
  Speaker 1: That's the best way that somebody could, you know, maybe
• 32:23
  Speaker 1: just find out about what options are available for them.
• 32:27
  Speaker 1: They've got a dream and they just need to talk
• 32:30
  Speaker 1: to somebody about that and kind of get a lay
• 32:32
  Speaker 1: of the land on what that could look like. What's
• 32:34
  Speaker 1: the best way they can get hold of you or
• 32:37
  Speaker 1: live oak and connect?
• 32:39
  Speaker 3: I'd say my cell phone. Great, you could provide my
• 32:42
  Speaker 3: cell phone, IM my contact information.
• 32:43
  Speaker 2: Yeah, perfect, we'll do that in the show notes.
• 32:46
  Speaker 3: That's where I live. It's eight two eight through through
• 32:48
  Speaker 3: seven thirteen seventy four. Great, that's the easiest way to
• 32:51
  Speaker 3: get in contact. And obviously I can share my email address.
• 32:53
  Speaker 3: But I love having a conversation, whether you're looking to
• 32:56
  Speaker 3: start up, whether you're experienced doctor, and I'm here to
• 33:01
  Speaker 3: steer you in the direction and where I think the
• 33:02
  Speaker 3: best fit is. And I have partnerships and you know this,
• 33:05
  Speaker 3: Dell with many lenders across the country. Yep. We work
• 33:08
  Speaker 3: with all of them. We know what they do well,
• 33:10
  Speaker 3: where it's a good fit, and where we would be
• 33:12
  Speaker 3: a good fit. And at the end of the day,
• 33:13
  Speaker 3: we just want to get you into the hands of trustworthiness,
• 33:17
  Speaker 3: somebody that's trustworthy but in that relationship and somebody that's
• 33:19
  Speaker 3: going to take care of you and give you the
• 33:21
  Speaker 3: right lending product for the project that you're taking on. Yeah.
• 33:25
  Speaker 1: Yeah, And that is kind of a fun thing I
• 33:27
  Speaker 1: think within our industry is I think really truly, I
• 33:30
  Speaker 1: get to connect with so many different people and I've
• 33:33
  Speaker 1: been so blessed to be able to just work with
• 33:36
  Speaker 1: genuine people like you chandler who really, honestly you know,
• 33:39
  Speaker 1: are going to if Live Oak doesn't happen to be
• 33:41
  Speaker 1: the right fit, you're okay to steer them in the
• 33:44
  Speaker 1: right direction. And I think that there's some piece in
• 33:47
  Speaker 1: that and knowing that, you know, we've got a lot
• 33:49
  Speaker 1: of really great people out there working docs for you
• 33:52
  Speaker 1: to get you guys in the right spot and move
• 33:54
  Speaker 1: you to the right direction.
• 33:56
  Speaker 3: Yes, so, And I have a lot of those conversations
• 33:58
  Speaker 3: and people are like, wait in the first I minus,
• 34:00
  Speaker 3: you've told me you don't want to work with me.
• 34:02
  Speaker 5: I'm like, if you looking, I don't want to work
• 34:03
  Speaker 5: with you. But I think there's a better fit out
• 34:05
  Speaker 5: for you. And you know, you know, in this day
• 34:07
  Speaker 5: and age, everyone knows who the banks are to and
• 34:10
  Speaker 5: a lot of people having conversations, and you should have
• 34:12
  Speaker 5: multiple conversations with different lending institutions.
• 34:14
  Speaker 3: You should. You should never put all your eggs in
• 34:16
  Speaker 3: one basket. And honesty, all we have is time, right,
• 34:20
  Speaker 3: So I want to save your time if it's not
• 34:22
  Speaker 3: the best fit and get you into the hands of
• 34:24
  Speaker 3: somebody that will be the best fit.
• 34:26
  Speaker 2: Yeah, that's great.
• 34:28
  Speaker 1: And now a word from the sponsors who make this
• 34:31
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  Speaker 1: smile deserves a suite of excellence.
• 35:24
  Speaker 2: Well, you know how I like to finish this up.
• 35:26
  Speaker 2: I like to finish this with the speed round. Are
• 35:28
  Speaker 2: you ready?
• 35:29
  Speaker 3: I'm ready?
• 35:29
  Speaker 1: All right, here we go. What is your go to
• 35:32
  Speaker 1: strategy for getting unstuck when you are facing a problem?
• 35:36
  Speaker 3: Got to go work out? They put my headphones on.
• 35:43
  Speaker 3: Just ved you out for a little bit.
• 35:46
  Speaker 2: Yeah, that's great, that's great.
• 35:47
  Speaker 1: All right. What is one unconventional perk you think a
• 35:52
  Speaker 1: workplace should have?
• 35:54
  Speaker 3: So I think it's unconventional and we have it here
• 35:57
  Speaker 3: at Live Oak Bank. But we have two restaurants on
• 36:00
  Speaker 3: our campus. Oh that's awesome and it's unbelievable. So number
• 36:05
  Speaker 3: one of the food is amazing and the people that
• 36:06
  Speaker 3: work in the grove and the coasts that we call
• 36:09
  Speaker 3: it are absolutely unbelievable. So I think that is an
• 36:13
  Speaker 3: amazing perk and it brings the campus together, right, breaking bread,
• 36:20
  Speaker 3: keeping everybody around, being able to conversate, being able to
• 36:23
  Speaker 3: grab coffee with younger people, being able to mentor being
• 36:26
  Speaker 3: able to maybe I can go knock on the CEO's
• 36:28
  Speaker 3: door and say, hey, you want to have coffee? Like
• 36:30
  Speaker 3: it's a really cool thing to have a restaurant where
• 36:33
  Speaker 3: we can bring everybody together.
• 36:35
  Speaker 2: Yes, oh I love that. I did not know that.
• 36:37
  Speaker 2: And a what a great to get you a.
• 36:38
  Speaker 3: Moment to North Carolina and see this place.
• 36:40
  Speaker 2: That's okay, I know you do you do? I'll be
• 36:43
  Speaker 2: waiting for my ticket and I'm just kidding. Yeah, all right,
• 36:48
  Speaker 2: all right, Jill, okay.
• 36:50
  Speaker 1: And then last one, what is one business idea that
• 36:53
  Speaker 1: you have seen recently that you wish you had thought of.
• 36:57
  Speaker 3: It's everywhere AI. Right, it's a buzzword, I think, right.
• 37:03
  Speaker 3: I mean, have you heard about it? Have you heard
• 37:05
  Speaker 3: about AI and how it's going to the world. So
• 37:07
  Speaker 3: I guess I have to go with AI right now.
• 37:10
  Speaker 2: I hear you, No, I yeah, I agree, I totally agree.
• 37:14
  Speaker 1: Well, Chandler, it has been just such a pleasure having
• 37:16
  Speaker 1: you on again.
• 37:17
  Speaker 2: And let's not wait three years. Okay, let's do this again.
• 37:20
  Speaker 2: So thank you so much for being on today.
• 37:23
  Speaker 3: Jill, Thank you so much for having me. This is blast.
• 37:26
  Speaker 1: Are you ready to start a practice of your own,
• 37:29
  Speaker 1: need a new fresh set of eyes or some advice
• 37:32
  Speaker 1: on your existing practice.
• 37:34
  Speaker 2: If so, reach out to.
• 37:35
  Speaker 1: Me Jill Allen at www dot practice results dot com.
• 37:40
  Speaker 2: If you like what we're doing.
• 37:41
  Speaker 1: Here on Haydocks and want to hear more of this
• 37:44
  Speaker 1: awesome content, be sure and give us a five star
• 37:47
  Speaker 1: rating on your preferred listening platform and subscribe to our
• 37:51
  Speaker 1: show so you never miss an episode. Remember, new episodes
• 37:55
  Speaker 1: drop every Thursday. See you next week.