Path to Ownership Buying vs Starting a Practice
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Phil Cole: [00:00:00] Hello and welcome to KLAS Solutions Dental Education Podcast. The podcast where we share knowledge and experience to provide value to you and your dental practice. I'm your host, Phil Cole, and today we're going to talk about one of the biggest questions I get from dentists, especially the newer ones, and that is, should I buy an existing practice or start my own from scratch?
And what I would say to that is, is. Look it, this isn't just a money decision. This is a lifetime lifestyle, I should say choice. This is a stress choice. Uh, this is a, will I be able to sleep at night? Kind of choice. Um. This is one of those things where you, you will got to have, and you got to want to grind and have the ability to do this.
And so we're just gonna go through today, uh, some of the things that I [00:01:00] think that you have to, uh, look at if you want to go through either route. And today, I wanna break that down into some of the pros and the cons. I wanna give you some real stories too, that we've dealt with when doing both, uh, acquisitions and when we do our startups and stuff.
So let's just jump straight in. So let's start with the buying route. When you buy an existing practice, you're stepping into a machine that already exists, right? It's running, it's functioning. Um, and so that means that you have a patient base, which is probably the, the biggest thing that people think about.
I already have a patient base, uh, already there and, and ready to go. Okay. Uh, you've got a trained team in in place. I don't have to worry about creating, hiring a, a whole brand new team. And then you have systems. [00:02:00] Um, I. Already that exists. The, the downfall of it, or I guess for you to even think though, is, is, is think about is, is they may be imperfect systems or systems, uh, that, uh, aren't working well.
Um, and then of course the biggest thing and what the banks like is, you know, you have cashflow that's going to start immediately because you're, you're buying, that's what you're buying into. So. You know, real story here, and I'll, I'll just say Dr. Nicole, you know, bought a small town practice here in Michigan.
Uh, she was nervous, but she stepped into a scheduled, booked. Three weeks out, she retained the assistant front desk and the hygienist, and within a, within a year had already paid down, uh, more of a chunk of her loan than what she was expecting. [00:03:00] So, cashflow, she built it up. Cashflow was doing good. So. I guess the, the big, this was a, this was a good story, right?
But let's look at just some of the things that you want to make sure you're taking a look at when buying one, that it's a good location. Okay. Vitally important. Um. Depending on whether it's in a busy town, rural town, you know, when you're in the rural area, everybody kind of knows the place because, uh, people are driving from long distances and stuff.
So that good location might be not gonna say that you should, you should stick with that, but it might be a little less. Important versus a big city. So when you're talking a town of, or a city of, you know, a hundred thousand plus, now you're getting into some things. Right? And so we have a, a, a, [00:04:00] we had an office that wanted our help because they wanna know if they should relocate from an area where.
They were, you know, tucked behind no road sign. Um, and so no visual aspect from the, from the practice to the practice. And so what do we do with that? And is this a practice to buy? The, the question always comes down to, and every one of these things I'm gonna mention to you is, is, is what's the, what's the offer?
What are you gonna do to counteract that? If you have no road sign. People got to know that you're tucked back in behind this place. How do they know that? And so you're going to have to plan on marketing. That's all there is to it. And not only that, but how well the practice that you're buying, how well it was, you know, uh, set up and how much goodwill was in that practice.
Second thing, active patient [00:05:00] count. Um. Here's another story. This is, this is something that I think is important and when you're buying a practice, making sure that you do, and I can't stress enough, do really, really good due diligence on your active patient count. Uh, not. Just charts on file. I think that's, there's so many dentists out there that I can tell you right now that think that the charts that they have in their practice means how many active patients they have first, and first and foremost, totally wrong.
But there are a ton of people out there, um, that. Don't have a good active patient count because, uh, and I'll give you another, uh, a live example of what we have. We did one about five years ago, and the doctor said that he had 1800 active patients. The problem was, is the way that the office set it up is, is this doctor did Invisalign and [00:06:00] ortho, um, and then he also would do endo.
For some reason, I don't know who told 'em this. I don't know how this, how this even, you know, got thought up. But their way was because, and I think what it comes down to is they just didn't understand their practice management system. And, and so instead of spending the money to learn the practice management system that they had at the time, it was just easier for them to do this.
And what they did was if a patient came in and let's say it was a. 14-year-old that was coming in for their cleanings and stuff that that's an active patient, right? They're coming in on a regular basis, but then now this, now this 14-year-old needs braces, so now they start another patient with the same name, but it's patient.
Let's just say Amy Smith Dental, Amy Smith. Ortho [00:07:00] and then let's say by the time she got to 18, uh, she had a bad accident, uh, you know, in a car accident or maybe a sporting accident, and she needs a root canal. Now it's Amy Smith three, which is Amy Smith Endo. And so now you have three active patients when it came time for doing that.
So what ended up happening with this practice, and it was actually not 1800, uh, it was 3,800 active patients that they had. And when they, when we were doing the valuation, I, I said, this is, you know, when they gave me the first initial numbers, I said 3,800 total active patients like. 3,800 charts. Oh no, we have 7,800 charts.
And so as we were going through there and I saw that what, what they were doing, um, red flag, right? Huge red flag. So that's something that I would say when it comes to active patient count. [00:08:00] I can't stress enough as, as a transition consultant is make sure that you're really, really paying attention to that active patient count and ask the due diligence is one, the person that did the valuation, ask them how they came up with that valuation count.
I. If, if, if they say, I just had this happen to us. Um, and another real life story, just two weeks ago, uh, in Texas, uh, the, the doctor says, I asked the doctor how many active patients, and he sit there and said he had, I forget what exact number it was, and I said, okay. How did you derive from that? It was like 5,800 or 6,800 active patients and.
You know, it was a five op office and I'm thinking, man, five ops to get 6800, 6800 active patients in five ops. That is, I mean, not saying it can't be done, don't want to be, because someone will prove [00:09:00] me wrong if they're listening to this podcast and they're gonna say, oh, that's bologna. I can do it. But that's a red flag to me.
So what did I say? Where? What software system do you have? Eaglesoft. Where did you get your active patients from on Eaglesoft? Right smack in the middle of the page where it says Total active patients. Well, just so you know, uh, Eaglesoft, when they say total active patients there, that does not, that's not a true number.
That doesn't count, uh, because it's not how they do it. Their total active patience adds up four years total. So. When I, once I got done going through everything and analyzing some things and then doing actual calculations, another calculation, uh, on what we thought, uh, we wanna double check with Eaglesoft, it came up to the simple fact that they had.
1600 active patients. Um, and so it, there's just all kinds of [00:10:00] flaws in that. Um, and it's very important that you understand that and you know where to run with that. Uh, last but not least, uh, or I shouldn't say last, but another thing when looking for buying a practice. The staff who wanna stay, right? And do all the staff wanna stay?
I will tell you my personal opinion as a buyer, you want to make sure that staff is staying, uh, for, for the most part, what I always suggest you do when, when we're doing buyer advocate programs. I always suggest that you ask the doctor and when you see that things are going well and stuff, and we're ready to go to the next step, uh, of the letter of intent and then due diligence and, and we're really starting to drill down on some things, ask the doctor.
Um, if you, the, the seller, if you had a, anybody that you would say is a cancer to the team, uh, who would [00:11:00] that be? If they say nobody, everybody gets along and stuff. Great. Keep everything the sane. But if they sit there and say, well, there's one person I've always had problems with. Uh, I know the team, they don't get along.
Uh, this person goes out to her car to have lunch all the time. The rest of 'em sit and, you know, chat it up during lunchtime and stuff like that. Whatever the case may be. That's somebody that I would say is. For you to decide and think about when it comes to, okay, I'm not gonna move forward with this person, because that's the time when you buy that practice and you bring them on.
It's, it's now your cancer per se. And so I would just say be aware of that. And then clean financials, this is huge. M make sure, um, when we do our valuations for, uh, doctor, for, for doctors, and for practices. We always say that when we talk to our [00:12:00] buyers, we can assure you that the p and ls match the taxes.
So when someone says, I want to see their taxes, we don't allow that right away because what we sit there and say is, is we have confirmed that there's no. Hanky panky. There's no, uh, you know, the, the financials are clean. Let's just put it that way. They match what's being reported to the IRS is, is good, and that's very important.
I had one out in New York, um, that it was a $3 million practice, and when they sent their p and Ls, uh, one of the first things that scared me is all their p and ls were into an excel. Uh, Excel file. That bothers me because I then, first thing I have to do is verify, did you type these numbers in or was this, did you just not know how to download the report from QuickBooks or something?
And so you downloaded it from QuickBooks into a CSV file or an [00:13:00] Excel file. Um, question you got to ask, but they said no. Um, we type those all in, so. I couldn't get the taxes from them for months, and this valuation just kept drag, dragging out, dragging out. And I finally said, and the reason why they won the valuation is they found out that the main doctor, the, the, the seller, why I should say in this situation, the, the main doctor.
He had two associates got cancer. Okay? And so their idea was how can we manipulate this to get the biggest bang for your buck and not, and make sure that he doesn't, no one knows that he has cancer. Well, three months go by. We're still, I'm still trying to get the taxes. And the reason why I knew it took so long, or why it took so long is because I, I went over and over and kept bugging him, bugging him.
And finally said, I'm done. I'm, I'm walking out. [00:14:00] And, but I was a referral and they said, no, no, no. We, we, we really want you to finish this and everything. We'll get the taxes. And when they sent the taxes, night and day practice, I. So once again, what's being reported to the IRS was different than what they were showing.
And when I say different, I mean the p and ls looked really, really good. What was being reported though, to the IRS was a practice that wasn't doing very well. And so after you start digging in, you were finding out that they were, you know, m making those numbers look good and let's ignore the taxes for later.
So. Clean. Clean financials is huge. So before you fall in love with the idea of buying, make sure you fall in love with those numbers and that there's more to it than that, trust me. But I. Get a full practice valuation too. This is something we're running [00:15:00] across left and right, especially with CPA firms and stuff like that.
But there's a lot of brokers that are starting to do it too. Um, and that is get a full valuation. We are seeing practice valuations where it's, it's a one pager. It's, it's just a calculation of numbers and that's it. No explanation, no understanding, you know, of what the practice is made up of. Nothing to look at as far as in what kind of a practice it is.
I mean, well, it's a general practice. Okay. What, it's a general practice that does what? High cosmetic, low cosmetic, no perio, whatever the case may be. Huge, huge for you to know that stuff, so know what you're walking into. So now let's look at a startup. Uh, starting from scratch is, can be really, really exciting, but it also can be a little terrifying.
[00:16:00] Are you ready to take that step? Are, do you have the mentality for that? I always say the same thing as, as when it comes to building a house versus buying a house. You know, there are people out there that will sit there and say, yeah, we built, I hated it. Okay, that's fine. There's other people. We built a house, so we've bought our whole life.
My wife has always wanted to, to, to build a house, and so I never wanted to, but I said. I, I'm willing to, because of doing practices and different things, I, I think I know what to look for and so we built and, and would I do it again? Absolutely love what we have. Everything turned out great. Couple little things here and there that, you know, I wish I wouldn't have done or wish it would've changed, but the mentality that I had, the mindset was there.
So just, just know that, you know, uh, when you're doing that. So it's kind of like opening a [00:17:00] restaurant, you know, when, when no one knows your name yet you, you have to now get people to know you. And so here's maybe what, here's what I'm gonna say is some of the reasons why docs will love it. First and foremost, you get to build your vision from day one.
So I'm gonna step back to the purchasing of one, right? I will say right now, from our coaching side of things and so forth, the there is. Probably only 50%. I, I could, maybe it's the percentage a little bit higher, but I doubt it. The, I would say 50%. And my coaches are probably saying, Phil, that's too high. Um, that have a vision.
I. For what they want to do with their practice. Otherwise, most practices, it's just, I come into work, it's day to day, blah, blah, blah. So you get to build your vision from day one and you're not, and, and if [00:18:00] you did buy a practice that has a vision, you're not taking over someone else's that maybe doesn't apply to you.
Which goes back to when you're buying a practice, don't buy a practice that their vision is way off from your vision because it's gonna take a long time to go through all the hassle of, of getting your vision implemented. Okay, so sorry, I know that, uh, this is just very passionate stuff for me here. Um.
Next, you get to choose your location. You get to design everything. So, like I said, building a house, I get to put in what kind of, I'm not buying an office that has carpet in the operatories, um, that I want, that I have to tear out right away. I get to put in that. Or I don't want light flooring, I want dark flooring, but the axone binds got light flooring and they just put it in two years ago, so I got to stick with it, right?
Technology. I get to put in all the technology that I [00:19:00] want, per se, to an, to a an extent, and I'm looking at this practice. It's a really good practice, but he doesn't have a cone beam. And last but not least, team, I get to fit the team according to my core values. And I get to have the team that fits my vision and what my goals of what I wanna do with this practice.
You name it, you get to do it. It's from scratch. The other thing is, is there's no legacy systems. Or when I said, and before when I said, you know, you're buying into systems, albeit maybe some of those systems aren't the greatest, this is what I'm talking about. You get to set the systems and you don't have to worry about when you're buying a practice.
Well, we've always done it that way. And well, I know you've always done it that way, but that was when you were under this owner. Now I'm the owner and I want to do it my way. Right. [00:20:00] So you, you don't have to worry about any of that. And then also the other thing that I would say is a key thing, no patient.
Baggage, right? So you don't have patients that owe money. Um, bad payers. You don't have to worry about having C and D patients. And when I say C and D patients, patients that you know, hardly come in, they miss their appointments all the time, or they. Uh, don't pay their bills very often and stuff. You get to be able to start to be, uh, control, or maybe I shouldn't say control, that's not the, maybe it's sounds harsh, but you get to be able to, uh, bring in the patients that you want.
So, story time again. Um, you know, let's say, let's call him Dr. James. His, his reason, he was a little hesitant, but you could tell he had the mentality to wanna go for it. Um, and he wanted to [00:21:00] create a fully digital office. He wanted to have a membership plan. He wanted to set up the membership plan the way he wanted to.
He wanted to be fee for service. No old systems. And he was ready and willing to start slow. He, which I always think is a key thing for startups. He had a corporate job working two days a week, uh, that they, they knew he was going to start his own startup. So everything was cool on that. Um, and so he was able to keep that job while building the practice.
And today he's fully independent and he is thriving. So. What do you, what are you gonna need for a startup? Well, there's a couple things here. One, you're going to have to make sure that you understand that you're gonna need a strong marketing plan. Right. There's a ton of dentists out there that have no dollars.
When [00:22:00] you buy an acquisition, uh, practice something that's already there. Very rarely, um, do we see a doctor that the national average is two to 3%, can be up to 4% should be spent on marketing for their practice. I would say it's, it's above 50% of the time that we do not see practices spending even 1% in their marketing.
Now maybe they just don't report it. Um, but when you talk to doctors a lot, most of the time I would say when we do at least, you know, we don't do any marketing. Um, so you're gonna need a strong marketing plan. I would suggest. This is my opinion. Two is if you're going to start, especially if you're not working, if you don't plan on working a second job, like I said, for like in the case of the doctor that we mentioned in the story that, you know, working at a corporate office for two days [00:23:00] while building this up, I would say you're gonna want six to 12 months of cash reserves.
So m, make sure you're just set up and ready to go. Make sure that you've saved up enough money that you know that you're gonna be able to glean off of that. I think that, you know, call it a rainy day fund, whatever you want to call it, but, but you got to, you got to make sure that you're prepared with that patience.
Um. Patience. Not in patience. I'm sorry, I, I, I should have said not patience, as in what's coming in the door. Patience. As in you need patience. The first year is gonna be a grind. That's all there is to it. Um, and then I think the other thing is a trusted partner for, for real estate build out equipment. I think you need to, to get, when it comes to startups, you need to have, uh, a startup.
Coach. So we have our own startup program. And here's the reason why I say that. I see this happen all the time, and this is one of those things that just kind of [00:24:00] gets to me a little bit is, is someone wants to do a startup and they immediately go to the real estate agent and the real estate agent finds 'em a building, right?
And, and what I feel is always, the problem with that is, is they give 'em three buildings. To look at and they fall in love with this one. Um, and, you know, rent's great, this and that and that, but they never did any due diligence before that. So you need to do demographics. You, you need to look at where you're, where you wanna go.
You, you can't say that I want to, I want to do a startup, let's just say, um, in Tulsa, Oklahoma. And then sit there and say, okay, now find me a building. And now I find and, and you, so you go to a real estate agent, find you three buildings, who cares What happens if all three of those buildings are in a demographic that are, is [00:25:00] terrible?
So some of the things for demographics is one of the things that we look at when doing our demographics is what I think is the most important. Is what? Is what do you have? As your competition. And so, you know, you could be, you the, you could have three buildings where the realtor says, Hey, look at this man, I got three beautiful buildings.
It's all three great rent and everything, but you're sitting around 20 practices. Right? And not only that, but the growth rate for that area of Tulsa, let's say, is like zero. Versus going over to maybe a small town just out side of Tulsa and here you have a growth rate. I. Or let's just say east side of Tulsa, that was west side, let's say east side of Tulsa or a small little town, five miles out of town suburb, that is a growth rate of 7% [00:26:00] and the saturation for patient versus practices.
There's only four practices over here. I mean, you don't, I don't have to give you exact numbers. Which one just sounds better? I mean, obviously. If you're okay with Tulsa, you shouldn't have a problem. Then leaving the one that where they found the buildings versus going over and looking over here that maybe it's didn't hit the hit the.
Tulsa proper or something like that. So the real estate agent didn't find it. But also making sure that even if they did find buildings in both, but they persuade you to go over here because for whatever reason, look at all of the demographics, make sure, I mean, I, I think it's just vitally important. Not only that, but take a next step.
And when you're doing that. Making sure that you have, uh, the understanding of how are people [00:27:00] marketing, how are your competitors marketing, you know, so that you know how to compete. Because once again, what did I say before, just earlier, marketing is going to be a major thing for you. You're going to have to market and market heavy, so make sure that you're ready for that.
So if you're gonna start a, if you're gonna do a startup. I would always say over plan. Over plan one for marketing, for a marketing budget, but also with startups, you know? Most startups, I feel, are underfunded in the wrong areas, and I think it's important that you make sure that you're funding a, a startup to put butts in the seats, fill your chairs with patients.
I. I am gonna take a break real quick here and just give you a, a, a little commercial on are you ready to buy your dental practice? So, hey, KLAS Solutions is here to guide you every step of the [00:28:00] way with a brand new. Six week course that we just brought out. It's called Learning the Ins and Outs of Buying a Practice.
It's starting July 16th, and we'll provide you with the knowledge, the tools to make informed decisions, navigate the process, and secure your future in dental ownership. We have limited space so that we can make sure that this is not only live, but it's very interactive. So sign up today. The link will be on with this podcast.
Okay, so let's get down now to the cost breakdown and the financing, uh, of both of these. So it, it always comes down to dollars, right? Um, and you're probably wondering with going through some of this stuff, okay, is it cheaper to buy or is it cheaper to build? Well, Brian, buying a practice could cost you anywhere from, uh, a half a million dollars to a million dollars, uh, or maybe 1.3, 1.4 if real [00:29:00] estate's in involved, but you're getting revenue and usually you're getting profit from day one starting to practice, you're, it's gonna cost you so.
Some banks start off with a $500,000 loan. The good banks that know what they're doing, um, can go up to seven 50 k, but that's all depending on build out equipment and, and how, excuse me, how high end you go? I. But it, it, it might take a year, uh, before you are really making any money, uh, or making, uh, a, a good dollar amount.
So financing is important. Uh, lenders love acquisitions because it's instant cash flow, right? We just got to make sure it cash flows, it fits within the, within the parameters. Startups need a solid business plan of projections. And this is once again, where I think it's important to have that coaching company with you.
You, you need [00:30:00] to build that, those projections to be accurate, um, and to make sure that it's something that you know can be fulfilled. It is not, projections is not something that I will tell you right now that you can chat GPT, throw it in there and send it over to a bank. It just doesn't work that way.
Um. You'll often get a hundred percent financing either way. If your numbers are solid, your projections are solid and everything makes sense. But what I would say is work with dental specific lenders, general banks just don't understand dental lending, uh, the way, other way that dental specific lenders do like, uh, bank of America panacea.
P-N-C-B-M-O. These banks understand, and not only that, but even with the dental specific lenders, be careful because there are banks out there that they will do acquisition loans, [00:31:00] but they won't do startups. Or they do say they do startups, but their startups are really, really tricky. And so it's very important to make sure that you're really checking with your lenders to make sure that you're getting the, the, the right lender for what you're trying to do.
So this next part is key as well, and that's your personality. So start thinking about this, and this is kind of where I would say is, is kind of your opportunity now to start thinking about which way do I wanna go? Let me ask you this. Do you like walking into a system or do you like and, and tweaking it, or do you like to have a system that you know you created your way?
Like I want it exactly how I'm envisioning it. If, if you're okay with walking into something and you're like, yeah, it's not perfect, [00:32:00] but I can live with it for a little while, I'll tweak it in a little bit. Acquisition. If you sit there and say, oh, man, walked into a mess, and, or my, I had a colleague, uh, an, a classmate that bought one and they told me that they walked in and this was messed up and this was messed up, and that would just drive me nuts.
Okay. Guess what? Chalk it up. For a startup for you is, is a good idea. At least I'm not saying that because I said tweaking is good for acquisition. Uh, creating from scratch is, is, you know, a startup. What I'm saying though is, is if you wanna create your own systems and stuff, then, or you want a system, that is how your beliefs and stuff, that is also a due diligence thing.
Make sure you understand the philosophy of the practice you're gonna buy in an acquisition, whereas in startup, like I said, you get to do it from scratch. You might be better off for buying. If you already like structure [00:33:00] and, and putting structure in place is something that scares you or maybe intimidates you, you wanna skip.
The build out, the build out part of it, and the headache. And, and I will tell you, if you don't have somebody like KLAS Solutions, you know, for us when our startup program, uh, there's other companies out there as well, but if you don't, if you don't wanna use somebody, then it's gonna, the build out's gonna be a headache.
You're gonna be getting calls on a regular basis because the builder is gonna run into a permit problem. Uh, we're gonna need to, we need to cut floors. Um, but we are, we just ran into a snag with the landlord. We need to discuss this. And so you're gonna get a lot of phone calls as well. Um, your risk adverse or have a family, that's another one to, to support.
Um. So if that's the case, buying is the right thing. What I will say in these situations is buying is probably the right thing for [00:34:00] you. But this is where I also think another mistake is made, and that is the pathway to ownership should be the your path. And don't fall into the trap of I ha can't find a practice.
I can't find a practice. And that impatient. Get you to buy a practice that you shouldn't have bought and now you are in over your head or you are now very, uh, disturbed story real quick. Have a doctor that called me up. Bought a practice, um, and I've owned it for six months, sell it, and I'm like, what? Yep.
Uh, I got screwed. Uh, bought the practice. Found out that there was, that the broker, I. Did a bunch of lies. Uh, I was told, I had, I was told according to the broker and everything, and [00:35:00] what they reported is 1800 active patients. I walked in here day one, found out there's only 800, um, and all kinds of other things, right?
So the, the, the rest of the messes have made me hate ownership so bad. Just sell it. I want to be an associate for the rest of my life. Okay. Don't make that, don't make that, uh, uh, mistake. So don't feel like you have to buy a practice. Look for the right practice. Now, you might lean towards a startup. If you're a very creative person, you're a very independent, you know, um, and you're a go-getter.
Um. Another reason is if you have a strong local network, if you know, like, uh, I have a doctor in Michigan here that is, I, I, I guess I won't name the town, but the town is a smaller town. I. But the two surrounding [00:36:00] towns are filled with names of people that own businesses and different things. It's a very, very well known family in these three surrounding areas.
Wants to move back, but no practices are co very few practices to buy, but the practices that are available, there's none to buy, uh, because they're, the doctors aren't willing to. But with that kind of strong, uh, network, that's a, that's a good possibility to be able to do that. And then of course, the demographics came out as well, so it worked out.
And then lastly, you want a, a fully custom patient experience. So you know you wanna be able to give them. From the day they, from the moment they walk into the door, the, the minute they leave the door for it to be done your way. Um, and that's something that you can [00:37:00] train your new team members from day one.
So listen, there's no right answer here, but there is a right fit for you and I think that's the most important. So, alright, so let's bring it home. Uh. Uh, buying gets you a faster start. Okay. No, no. Ands, ifs or buts. Uh, but it's going to, it's not, it's not that. It, it will or won't it? It's the a hundred percent will come with some baggage starting though a practice.
With a startup is going to be slower. It's going to give you total control, and it's going to allow you to establish your long-term vision. But it's gonna need patience as well. So here's what I'd say. If you're on the fence, talk to someone who's done both. Uh, [00:38:00] if you don't know, give us a call and, uh, we can give you some referrals.
If you want a second set of eyes on a practice or you need help building out a starting plan, that's, Hey, we're here, class is here for that. And that's what we do. So. If you're considering practice ownership and want guidance, schedule a free consultation with the KLAS Solutions transition consultant and we'll help you walk you through the numbers and we'll fit the vision to you here.
Here's just a quick action item for you to do, and I know this may sound, uh, a little bit too simplistic, but it really, really is something I think that's important. Make a simple pros and cons list tonight, buying versus selling, and write down what matters most to you. Control. Speed, cost, lifestyle, uh, that list will point you in the right direction, put down those things, and that's going to get you, uh, a good [00:39:00] understanding.
And then from there, reach, reach out to us, talk to us a little bit more. Let us be able to give you some other insights maybe, uh, to say. Like what you're thinking, but have you thought about this? Um, and in both areas. And it gives you the opportunity to really go back to that pros and cons that I'm asking you to do and gives you to add that up and maybe level it out a little bit better, or maybe just.
It's a slap in the face now that this is the, this is the route I want to go. So thanks for joining me today. If you enjoy our show, please rate review us on Apple, Spotify, and wherever you can get our podcast. Until next time, uh, have a great one.
