What You Need to Know About Buying and Selling A Dental Practice with Brian Hanks

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Resource: How to Buy a Dental Practice  

Resource: Selling Your Dental Practice

For More on Brian Hanks, visit: https://www.dentalbuyeradvocates.com/ and/or https://dentaltransitioncoaching.com/

Join the discussion on Facebook!

Transcript

Jonathan VanHorn:

Welcome to the Tooth and Coin Podcast, where we talk about your adventure of being a dental practice owner. In these episodes, we're going to be talking about problems that you will likely face as a practice owner, as well as give an idea about actionable solutions that you can take so that you can get past this problem in your practice. Some of these concepts are really big ones, some of them are very specific, but we hope that these episodes help you along with your journey.

Jonathan VanHorn:

Now, a very important piece for you to understand is that this is not paid financial advice. This is not paid tax or legal advice. We are not your financial advisors, we are not your CPAs. This is two CPAs talking about informational and educational content to help you along with your journey. A very important piece for you to understand. Another thing that you need to know is if you enjoy today's content, join us on the Facebook group. We've got a Facebook group that is active with dentists that is going to have content talking about what we're talking about today, to continue the discussion. Agree with us, don't agree with us, have a story to tell, have something to share? Join us in the Facebook group. If you go to Facebook and you search for Tooth and Coin Podcast, click on it to join it, and be able to join us there.

Jonathan VanHorn:

Finally, if you need some more help, we're developing a list of resources that are going to be centering around our topics of discussion, to be able to help you a little bit more than what the content is doing. If you'd like access to that, whenever it becomes ready, all you have to do is text the word toothandcoin, T-O-O-T-H-A-N-D-C-O-I-N to 33444. Again, that's toothandcoin, all one word, no spaces, to 33444. Reply with your email address and we'll email you instructions on how to get into the Facebook group, as well add you to the list to be able to send you those resources when they're available. If they're available, we'll go ahead and send them to you as well. On to today's episode, hope you enjoy it.

Jonathan VanHorn:

Hello, ambitious dentists, today we're going to be talking about something that not a lot of you probably have considered in terms of a way to optimize your life and your business. I'm your host, Jonathan VanHorn, I've got Joseph Rugger with me as always and today we actually have a guest. We have Brian Hanks with us. Brian is a fantastic person inside the dental industry. I speak this whole heartedly. There's not a lot of the times that I connect with people inside of the industry, and you just know that they're doing things for the right reason, they're there to help. And Brian is one of those guys. He helps a lot of practice owners, or about to be practice owners, as well as people transitioning out of practices, make the right decisions in making that big life choice. Brian's really good at it. Brian, thank you so much for coming on the podcast.

Brian Hanks:

Thrilled to be here, thank you.

Jonathan VanHorn:

Awesome. Brian, like I said, I mentioned he is the person that helps people buy and sell practices and helps make those transitions be successful. The problem we're going to talk about today is how to maximize that value of the dental practice that you're going to be running and owning. People sometimes just come up one day and say like, "Hey, it's time to sell," and they don't do a whole lot of planning that goes around it. You plan around everything else. A lot of people will plan their meals for the week. They'll plan on where they're going to send their kids to school, they'll plan on so many things. When it comes to something that's a pretty big deal, selling your business, they don't really seem to plan a whole lot about it. Talk to us about this problem, and why it's a problem, Brian.

Brian Hanks:

There's a psychological block there and I can understand it. You've worked really hard to be a CPA and a financial advisor, and Joseph, all of these skills that you have. Think about a dentist, eight years at least of graduate school, probably a specialty, all the CE you've taken. The thought of selling a practice is a major mental hurdle. Hanging up the hand piece, how you introduce yourself at parties is, "Hi, I'm a dentist," that's your identity. To think about selling the business, which by the way, probably cost you at least hundreds of thousands of dollars, maybe millions of dollars to buy, that's a big mental hurdle for a lot of people. People don't plan for it and there are a lot of misconceptions around that.

Brian Hanks:

Even if say you're the dentists in their late 30s and selling your practice, even close to your horizon, the principles that we're going to talk about in this episode are applicable to those folks too, because ultimately how you sell your practice has a lot to do with how you run your practice. If you run your practice effectively, you're going to be able to sell your practice a lot easier, a lot better, a lot higher prices, all of those things we're going to get into. But yeah, this is useful information for every dentist in every stage of their career regardless if they're selling their business in the next 12 months.

Jonathan VanHorn:

In terms of this type of a problem, if you're talking about a 20% difference in the value of a practice, you're talking about a house worth of difference. You're talking about a lot of money. It makes a big difference. Is that a reasonable number to be able to affect the value of a business? Can you make a business 20% more valuable?

Brian Hanks:

Absolutely, but it's not easy. It's simple, but not easy. Let's talk about some of the misconceptions around how selling the business works and the value piece of things for a second. I've got three points that I want to cover, Jonathan and Joseph.

Brian Hanks:

The first is you really do need to understand how valuations work. We're not going to give a valuation clinic here, but I want to give the listeners something to really hang their hat on beyond some of the simple calculations that are out there that are frankly, just wrong. The second point we're going to talk about is how to sell at the right time. We'll spend a little bit of time on that, and then thinking through your options on how to sell your business is really helpful. Not just who you sell to, but who you have help sell your practice can make a huge difference.

Brian Hanks:

Yeah, all of those things put together, I would say in a lot of cases can make an even bigger than 20%, 30%, 40% difference in the ultimate sales price of the practice. Then just for background, Jonathan, what I do in my business, I've done transitions, experts, helped buyers and sellers. I've literally written the books on buying and selling a dental practice. In fact, I'm so boring, I came from the accounting world, I titled the books, How to Buy a Dental Practice and Selling Your Dental Practice. I have no creativity, all I do is this stuff all day long. I've helped hundreds of dentists all around the country do this. I'm happy and thrilled to be here and share some of this advice. Should we talk a little bit about valuations?

Jonathan VanHorn:

Yeah, absolutely. The one that we always seem to get is, Brian, I and Joseph were talking about this, about someone that we had a shared conversation with. It was like 90% of the revenue was what the value was. That's all it is. So are you telling me that that is not an appropriate valuation technique? That's not how you valuate?

Brian Hanks:

I am telling you that. Yes, absolutely. So every comment on Dentaltown every comment in the Facebook forums that people are on, where they do the mental math. Okay. So my practice collects a million dollars. I heard the average is insert number, right? And there's always this wild 65, 75, 90. I don't know, I do know where they hear the numbers, and then they just apply that basic math to their own practice. By the way, every dentist, of course, lives in Lake Wobegon where everybody's above average. They're always a better driver than everybody, and more attractive than everybody. So everybody's practice of course is above average. So they're not thinking, "Well, the average dental practice sells for 75% of collections and mine's a little below average so maybe I should sell it for 70%."

Brian Hanks:

Every single dentist I talk to says, "Well, if the average is 75, then I want to be 80. Then I want to be 85." Yeah, it is the shorthand. It's useful. Maybe you sit down with Joseph and you have a financial planning discussion in your thirties and you say, "All right, if you're collecting a million dollars, let's put in a value of your business at 65% of collections." Okay, that's useful at that point in your career. But when it's actually time to sell your business, that is not how you value. That is not how evaluation experts, that is not how I value business. That's not how brokers value business. That's not how accountants valuate business and a lot more goes into it. So it is more than just a formula. Let me give you a couple things that are really important to know.

Brian Hanks:

The first is that values of businesses are generally built on three years' worth of data. Okay. So they're going to look backwards in time over the last three years, as a way to say, a buyer's going to say, "I don't know what I'm going to be able to do as the business owner, but the best predictor of my future performance is the past performance of this practice. And the past performance of this practice that we're going to use as the window of time to look at as the last three years." And most reputable valuators, whoever they may be, are going to actually weight those values. They're going to say, "All right, last year is times three, two years ago is times two, and three years ago was times one. We're going to add all those numbers up and we're going to divide by six to get an average revenue number at an average profit number," whatever the method is that we're looking at.

Brian Hanks:

They're going to look backwards in time over the last three years weighting the last year as the most important of those. Jonathan, that's really important because I know a lot of dentists who say, "Man, all right, 2020 sucked because of COVID." Or, "2019, I got sick for three, four months." But, "Man in 2018, I collected 1.1 million. That's my mental high watermark. That's what I'm going to go off of my evaluation. My business is a $1.1 million business." And the buyer standing here in 2021 saying, "That's great, good job in 2018, but I'm looking at the business today." So I think the first thing to realize is, it's a backwards look in time over the last three years. Does that make sense?

Jonathan VanHorn:

Yeah, it does. So obviously 2020 is a unique year. I tell, I've been on calls with some people and this once in a hundred year things sometimes makes the rules a little bit shaky in terms of what you're doing. Because let's think about the reason why we weigh, the reason you weigh the last year is because it's the most recent year and the most likely to repeat itself rather than that one three years ago, if revenue's declining, revenue is just not going to just automatically go back up. The reason you wait is because it's the most likely to reoccur because the most recent in time. However, it's not likely we're going to have another once in a hundred year pandemic this year.

Joseph Rugger:

We hope not. We all hope not.

Jonathan VanHorn:

I mean, assumably right. So, yeah. So how have you found that? What do you, how do you find that pandemic? Do you think that changes things?

Brian Hanks:

It can, but it hasn't in most cases. There are ways to account for a pandemic in evaluation methodology. And in shorthand, we could go into the nitty-gritty details if you really want to, but in shorthand, what most people are doing is they're looking at the practice in Q4 of 2020, Q1 2021. And they're looking at the average production on a monthly or quarterly basis. And they're saying, "Hey, are we back? Is the practice back to where it was pre pandemic?" And if the answer is yes, then for all intents and purposes, we're not ignoring the pandemic, but we are discounting and kind of taking that into account in the numbers. So sellers, in most cases, aren't being penalized, but in some cases, the answer is to the question of, "Is the practice back?" Is no, the practice is not back. The pandemic killed the business, not necessarily outright, but absolutely knocked 20, 30, 40% of collections, production, active patient base, whatever it is. Anyway, there's a lot of things that could have happened. And so in some cases, yeah, the pandemic did hit.

Jonathan VanHorn:

And we could go into a really defined theory of what a defined risk profile is associated with the public perception of what COVID is and the dental practice and what percentage of patients will be less likely to come back in. And you can get super, super, super granular in this type of analysis. I do typically say, when people are talking about buying businesses, the price should be indicative of the risk that you're taking on when you're buying this business. Our risk profile today looks very different than it did eight months ago, or 10 months ago, 12 months ago. 12 months ago, risk profiles were through the roof because nobody really knew what was going to happen. Right? So, you start with this weighting and where do you go from there? Do you just take 90% of that? And that's all you do?

Brian Hanks:

Yeah. So one methodology is to do that. Is to look at the comparable practice sales in a specific geography and apply a multiplier. And that is a legitimate way to look at a practice value. Now it's more than looking at nationwide averages or looking at my specialty average and things like that. So you do have to apply some logic, but yeah, you're looking at averages. It's kind of like selling a house. You're looking at comps in your neighborhood and using that as one of two major methods to value the business. And by the way, sellers tend to favor that model because it's easy, right? Sellers tend not to be the type of clients that are working with good dental CPAs, like Tooth and Coin, then they don't know their overhead. And so the only number they do know is their collections, right?

Brian Hanks:

And so that's the easiest way they can get to a value in their head, but I'll tell you the second way that most people, that most reputable valuators value businesses is they actually look at the profit, right? How much take home pay is the owner of the business keeping after paying the normal and typical expenses of a dental practice? Staff, rents, supplies, labs, et cetera, and so forth. And by the way, that number profit is different than what goes on my 1120S or my tax return. Profit is not including things like depreciation and interest and the owner's compensation and those things, right? Profit is literally how much does the owner benefit from the business. Now, buyers. Buyers care a lot more about that number, right? We could have two practices collecting a million dollars, one with typical overhead of somewhere around 600,000 meaning the owners keeping 400. Or you could have one with high overhead where the overheads 800,000, the owners only keeping 200,000.

Brian Hanks:

Well, which one is the buyer going to like more? They're both billion dollar practices. And a lot of sellers are going to think in their head that those businesses could be valued very similarly. But from the buyer's perspective, they're looking at these two, they're going, one's going to put 400 in my pocket. The other's going to put 200 in my pocket. I'd like the 400 one please. Right? And so without going into the details, and it is similarly weighted, it's looked over the last three years, but the profit methodology is the second way that you value most businesses. And it's the way that buyers care a lot about. Can I add one just side note to this that comes up a lot when I'm talking to sellers? Equipment purchases, almost never, ever, I'm going to pause here for effect, never. Factor into evaluations. I say almost because there can be some asterisks type scenarios, but I just hear a lot of sellers say, all right, Brian, 75% the last year plus hey, three years ago I bought a 3D panel and it costs me a $100,000. And I really want to add that in to my-" I'm going, geez. Sorry, sorry, doc. Good for you. I'm glad you bought that equipment, way to keep up. That's just, outside of a few specialty situations, you buying equipment for your business to keep it up and keep it going and keep it current isn't going to affect the value of your business outside of a few special cases.

Jonathan VanHorn:

It's kind of helps be a selling point for someone looking at different practices like, oh, this one's got the nice equipment. So maybe I should, that one would be a better one for you to buy. I wouldn't have to do as much upkeep of yeah. We've seen that a lot or like yeah. It wants me to take over the loan payments or he still owes $80,000 for this. He wants to increase the value by 80,000.

Brian Hanks:

Yeah. I want to sell my house and I want to live rent free in the basement too. And I'd love for this, the buyers to make me breakfast every morning. It's just not realistic. Right?

Brian Hanks:

Yeah, exactly. So cool. So, you're going to get an understanding of how a practice is valued. If it was your choice of those two methods, which one would you be more likely to be utilizing in terms of what the actual value of a practice is?

Brian Hanks:

Profit, all the way. Although most valuations, final evaluations, will do a mix of the two. Okay. So it's not an either/or. You're going to look at both and you're going to weight 50/50 on the two methodologies. You might do 60, 40, something like that. But if I'm buying the business, I'm going to look more at the profit. And by the way, the banks who are lending the money for the buyer to be able to afford to buy your practice, they're looking at cashflow, which is just another way to say profit. So the banks are looking at the profit methodology too. So of the two that's the far better way to look at value in business. Which is, by the way, you're a professional podcaster, that's an excellent segue into the second point of settling at the right time. Can I talk a little bit about that?

Jonathan VanHorn:

That's where I was going with it. Yeah, I was moving into, what is it, if you have an understanding of the value now, then what is it that you. How do know when to sell? Cause I actually had a conversation at lunch with someone and they were another service-based business person. And I was like, if someone said to you today you can sell your business for two times what you make in a year. Like it'd be kind of hard to do it cause you'd just work for two more years. But so how do you time this? Like how do you figure out when it's going to be? Because it could be two years, four years, five years of earnings that you're basically signing this business for. Actually take taxes out and maybe it's back down to two or three, whatever it may be. So like how do you figure out this timing element of it?

Brian Hanks:

So the timing has to be a life decision that you make with advisors. Okay. If it is solely based on money, I'll give you the formula on how to maximize the value based on just numbers. But I got to say, that a precursor to discussion around anything numbers based has to be qualitative decisions. Like are you ready? Do you have something to retire to? Are you not? Are you just financially ready? But are you psychologically ready? You're logistically ready. All of those things. But let's assume those for a minute. By the way, that's a major assumption that someone is qualitatively ready. If that is a check mark in your ledger, the right time to sell your business is going to be, if you want to maximize the value of your business, it's going to be to think about a few things first.

Brian Hanks:

You can't take your foot off the gas in the practice in either the revenue or the expenses. So collections by the way, kiss of death. Okay. If you are a bank underwriter who looks at nothing but dental practice, PNLs, and tax returns all day long. For a living, you look at the financial results of dental practices, bank underwriters, and then to decide whether or not to give buyers money to buy your business. The very first thing that bank underwriter looks at is the collections trend. Are collections going up or collections going down? Now, if you're the typical seller, right? You've had that conversation with Jonathan, you're thinking, all right, Joseph tell me if I'm ready to retire? And Joseph says you're close, but you got to wait. And so mentally that dentist is thinking, man, I'm close, sweet.

Brian Hanks:

Instead of four weeks of vacation this year, it's going to be six. Then it's going to be eight and it's going to be 12 the year after. And you see a corresponding dip in the collections, very reasonable, right? A very understandable dip in collections. But when we talked about how you value a business, we're looking at the last three years and the last year is the one that's the most important. And so that practice with the declining collections now looks a lot riskier on paper and the seller is having that mental head space issue where they're saying, "yeah, but three years ago it collected 1.1. And then I know last year was only 800, but really it's a 1.1 business. Right?" And so it's just hard to get to that psychology piece. So if you can keep your foot on the gas and keep collections at least steady, if you can keep collections rising two, three, five percent, whatever that number is? You just maximize the value of your business. Almost guaranteed.

Brian Hanks:

We'll talk about profit here in just a second. The rising collections is a sign that a business owner is engaged. It's a sign that everything else in the practice is probably working correctly. So let's talk about profit a little bit. Same deal. And it's just the corollary to collections. If the overhead is rising, that's tough. Here's what happens with a lot of sellers. I get in a conversation. I'm like, hey tell me about [inaudible 00:22:08] your overhead is 67%. The average practice overhead is something like 60 to 61% what's going on? Oh, well, Brian it actually was 61%, two years ago, but my hygienists al ask for raises. We had to add the health insurance. There are all these things and I just, it wasn't worth it to me to say no.

Brian Hanks:

So I just said yes to everything. And I haven't been really fighting the equipment rep and the supply rep on bills like I should and pricing things out. And that overhead has crept up. Right? And so it's the same situation as collections. Their foot has to come off the gas on the business operation side. They haven't been watching the expenses. So having somebody good that's a great dental CPA, great dental financial advisor to kind of keep your feet to the fire in that area is going to be really valuable to help you maximize the value of business.

Joseph Rugger:

How often do you find that? How often you find that the sellers are really, really tracking that stuff, or are they taking the mental vacation as they're starting to check out?

Brian Hanks:

Less than 10% of the owners I see are tracking that in any kind of way, shape, or form. 90% don't have any idea.

Jonathan VanHorn:

Definitely. And the another piece of that is if you're not doing that, there are times when you need to sell your practice and you weren't thinking of those things. This kind of comes up. Like maybe you have a family illness or you have something happening to you personally from a health perspective. And if you haven't been doing this, then all of a sudden you've just cost yourself all this money. Let's use a broad assumption that we're talking about a practice that could sell for a million dollars if everything was highly finely tuned. Whereas if you were just kind of resting by your laurels, it could be, you might be costing yourself a couple hundred grand, right? The profitability of your business is more than just your lifestyle.

Jonathan VanHorn:

Sometimes it's also going to be your exit ticket. So why would you not be taking care of that? So let's assume that someone's made the decision that they're going to try and sell the business at some point in the near future. What is the near future for you in terms of making this decision and you mentioned keeping your foot on the gas pedal in terms of revenue and making sure your expenses don't get out of control. Because, like I said, you see it all the time where you talk to the dentist, they're like, yeah, revenue was 900,000, then it was 800,000, then it was 750 and then it was 700 and now 650. But he just says this because he only works three days a week now. There's a reason that he does that. Would that person have been better off just selling it back whenever it was 900? Or what is the best answer for those types of things, in terms of time?

Brian Hanks:

I don't think there is one. So mathematically, that seller that's now at 650 where they used to be a 900? Okay. Yeah. Could they have sold their practice back in 900 and gotten a higher multiple and sold for a higher sticker price? Yes. But they've made money those three, four years they kind of hung on and, and it maybe increased the quality of their life as a business owner. So I'm not going to say that there is a right time, because as you guys know, the real money in dentistry isn't made buying and selling dental practices. These aren't stocks and bonds, right? The real money in dentistry is the income from the ownership. That income stream, year in, year out. So if your goal is to go play golf someday with a bunch of other dentists and show that you got the biggest multiple on your dental practice? Well then yeah, make sure you sell at peak collections, peak profitability.

Brian Hanks:

But if your goal is to make as much money as possible, it might be a different time. Just realize that there is a cost to that. And the cost comes in both the multiple that you get for your business and the type of buyer that's actually going to be interested. and how easy it is to find that buyer and, and how easy it is to transfer that business. You might have to carry part of the note because the bank isn't looking at you as risk-free as they might have otherwise. So just realize that there are some potential costs that can be mitigated with how you sell your business.

Brian Hanks:

So let's talk a little bit about that. Cause there are some options, right? And a lot of dentists. So let's talk through kind of, there's a two-prong decision here. So they say a seller, an owner of a business, dental business is thinking, all right, I think I might want to sell my business. They have to make two decisions. The first these days is DSO or private buyer. Okay. And I'm just going to just, well, let's hit this quickly because there are a lot of misconceptions we could have. I'm sure several episodes on DSOs versus selling to a private buyer. But let me just say mathematically, it is not as simple as I can sell to a private buyer for 75% of collections. And I can sell to a DSO for a hundred percent of collections. It's not that simple. There are handcuffs that come with DSO offers. You're not going to have control over your career. You may not get the payout. You're going to have to hit massive production targets in your last two years of ownership when, by the way, you don't own the business anymore. So it's not as simple.

Brian Hanks:

And I have a bias towards the private buyers and owners cause I like private dentistry, but DSOs could be right for someone. So let's assume that decision is made. The next decision the dentist has to make is, okay, am I going to use someone to help me sell my business? Or am I going to try to do it myself? And that tends to be the decision point. And there's a mistake here. So dentists are making a common mistake thinking there are only two options. In their mind, there are two options: broker, who's going to take 10% or sell it myself. And I'm here to tell you that there is a growing third option, okay? And by the way, not every broker's still charging 10%. So keep that in mind. There's a growing third option. I call them in my book, Selling Your Dental Practice, I call them seller's coaches, but they go by different titles and they're nationwide firms that help with dental transitions on a nationwide basis instead of being a very geographic centered kind of broker for your area. I'm the broker for Georgia. I'm the broker for Washington state, right? So seller's coaches are doing dental transitions. They're doing as much, if not more value in a lot of cases, than brokers at a significant discount to the typical broker's fee. It comes at a little bit of cost, right? They don't know your individual streets and some of the geography as well as a local broker might. They can't physically walk buyers through the practice like a local broker might be able to do. But aside from those two things, in this day and age, here we are in 2021, a lot of life is on Zoom, right?

Brian Hanks:

A lot of life is pictures and all of those things. That sellers coach option at a lower price point is becoming a lot more attractive. And those seller coaches, they have to step up their game, right? They have to have amazing listing documents. They have to be really good at finding buyers. All things that they tend to be better at than brokers. And so anyway, so I just want to make people aware that selling it yourself, by the way, could be an option with an attorney, of course, like always pick an attorney. And a broker is a great option too, if that's the way you want to go, but there's a third option for folks. So don't assume it's just between buyer, like a DSO is going to get you more money. And then don't assume that your choice is a 10% fee or muddle through this myself. That's not necessarily true.

Jonathan VanHorn:

Great options. And I completely agree. There's a lot of middle ground cause you'll get the people that will call us and a lot of people, they never bought a business before and they're like, I need someone who's going to do complete due diligence, top to bottom, on this dental practice acquisition. And I don't think you know what those words mean whenever you're saying them to me, cause in our world and the CPA world, due diligence on immersion and acquisition means something way different than what you're talking about in terms of buying of this business. Like I'm not going to go look at the seller's bank accounts and look at their transactions coming in and out and then trace them back to the insurance plan or anything like that.

Jonathan VanHorn:

That's not what we do. So I completely understand. There's middle grounds. Like what is it that you actually need in this type of a transaction, right? Like what is it you actually need? So completely get that. So cool. So we have covered a general understanding of how valuations work in this world. We've talked about the timing of getting these things in line. We talked about the different options you have when you try to sell your business. So what, in addition to the things, we could probably talk about any one of those three subjects for at least an hour a piece, but we try and keep the episodes shorter in nature so that we can get the high impact things in. And we've talked about how to affect your selling price by a hundred, $200,000 and that if you can keep the revenue growing, keep the expenses going down, your profit will get larger, your collections will get larger.

Jonathan VanHorn:

And if you think about it in terms of if your profit level is, if you're looking for two times your profit in a year or three times your profit in the year, for every penny that you save, or every dollar that you save, it's going to be $2 or $3 more, you'll get your sell price. So there's a lot of really important numbers of things that we talked about in today's episode. So anything else that we didn't talk about that you think would be an important point for us to end on?

Brian Hanks:

If you're a buyer, a great resource and I'm going to plug my books, is just How to Buy a Dental Practice. You can buy it on Amazon, or if you go to dentalbuyeradvocates.com/book, I'll set you an author copy at just the cost of printing and shipping. Same deal if you're a seller. Selling Your Dental Practice is the title. It's available on Amazon in all the formats. And you can go to dentaltransitioncoaching.com/book. And I think we're going to put those in the show notes for folks.

Jonathan VanHorn:

Absolutely. So Brian, we appreciate your time. Appreciate you being a friend of Tooth and Coin, and the podcast, and we look forward to working with you in the future.

Joseph Rugger:

Thanks, Brian.

Brian Hanks:

Thanks.

Jonathan VanHorn:

That's it for today, guys. I hope you enjoyed this episode of the Tooth and Coin podcast. If you are going to be a practice owner or a new practice owner, and you're interested in CPA services, head on over to toothandcoin.com. Where can check out more about our CPA services. We help out around 250 offices around the country. Would love to be able to have the discussion about how we could help your new practice. We do specialize in new practice owners. So people that are about to be an owner of a practice they're acquiring, about to be an owner of a practice they are starting up, or has become an owner in the past five years.

Jonathan VanHorn:

That is our specialty. And we'd love to be able to talk to you about how we could help you in your services with your tax and accounting services. Oh, and if you enjoyed today's episode again, go to the Facebook group. Talk to us about what we've talked about, join in on the discussion and let's create an environment where we can talk about some of these things so that we can all help each other get through these things together so that this adventure of business ownership is more fun, more productive, and better in the longterm. Lastly, if you want access to those resources that we are currently building, just text them word tooth and coin 233444. That's tooth and coin, no spaces. T-O-O-T-H-A-N-D-C-O-I-N to 33444. Reply with your email address. We'll send you instructions in the Facebook group. We'll send you the resources when they're available and we will see you next week.

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