Helping Healthcare Scale
Imagine you're friends with multiple CEO's of billion dollar organizations. You can call them anytime you like and ask them all that they've learned about real estate and investing, including some of their biggest mistakes.
That's the mission of this podcast, to teach the insider strategies used by the big guys to everyday healthcare operators in order to get access to the best strategies and real estate at the best prices.
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Helping Healthcare Scale
Expanding GPS Dental to 75 Locations through Acquisitions and Savvy Real Estate Tactics
Embark on a journey with the visionary Dr. Hunter Smith, CEO of GPS Dental, as we uncover the keystones of scaling a dental service organization to an impressive 75 locations. In a candid conversation, Dr. Smith shares the insider's playbook on real estate strategies, the often underappreciated complexity of balancing clinical excellence with the intricacies of accounting and marketing, and the underestimated power of partnership in an industry prone to solitude.
Strap in as we tackle the real-talk of group dentistry's financial challenges, operational efficiency, and the creation of a durable business model, especially when economic tremors shake the foundations. Dr. Smith's evolution from dentist to business mogul is a masterclass in leadership, team building, and adaptation. Managing the dance between accessibility and personal endeavors, he reveals how a focus on mergers and acquisitions can fuel growth amidst the headwinds of macroeconomic shifts. For a compelling blend of professional growth tales and actionable business insights, this episode is your front-row seat to the industry's pulse.
If you need help finding the perfect location or your ready to invest in commercial real estate, email us at podcast@leadersre.com.
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So having experience with that type of lease and what the needs are has been extremely helpful. It's been a great path for our partners that are building owners that want an exit strategy that we can't necessarily provide. That's been a huge help for us to be able to say, yeah, we work with this company that can help us transition you out of building ownership, out of a landlord situation, so you can just stick to the whole DSO model, focus on the dentistry. Having a path with you guys to do that has been also very helpful.
Speaker 2:The goal of this show is to help healthcare organizations scale by leveraging real estate strategies and interviewing high-level healthcare executives in order to pull out lessons learned along the way. If you'd like a free site selection analysis from our team, or you'd like to learn more about how we're acquiring real estate through our fund on the blockchain, visit us at wwwreuniversityorg and drop us a line. That's re as in realestateuniversityorg.
Speaker 3:Hello, welcome back to Helping Healthcare Scale. I'm your host, austin Hare, and we have a repeat guest today. His name is Dr Hunter Smith. He's co-founder and CEO of GPS Dental. They started in 2015, and they have 75 locations under management, and that's more than double the size of back when we first talked a couple years ago. Hey Hunter, thank you for coming on the show.
Speaker 1:Yeah, Austin, absolutely Thanks for having me back.
Speaker 3:We already told your story, I know, in our original episode, but for everybody who didn't hear or maybe forgot, can you just share how you got into this wild ride of DSO and group dentistry?
Speaker 1:Yeah, the Cliff Notes version is myself and my co-founder, dr Will Little, general Dentist by Trade, came back to our hometown and bought practices straight out of school and ended up trying to develop something for ourselves to continue to practice in clinically and it evolved into a partnership entity because of our partnership. We're an accidental DSO by every metric you can come up with. We certainly didn't intend to scale into what we have, but I think we have a good model and a good structure and a good strategy that's helping dentists that want to enter into these types of partnerships and relationships. So it's snowballed from there, based on our philosophies of support.
Speaker 3:Love that. Okay. So then, did you originally start as an associate or did you buy your first practice?
Speaker 1:So I bought a practice straight out of school. I think I associated for a month or two while my license and stuff came in. But I bought straight out of school and never went through the real multiple year associate path or ever sourcing a dental practice or something like that. Will did associate for a minute before we ended up joining.
Speaker 3:So, yeah, what did you expect it to be like owning a practice, and what was it actually like during that initial stages?
Speaker 1:I feel like I got super fortunate. The selling doctor for me stayed on. He was the primary clinician from that time for the next six years that he worked for our company, from that time for the next six years that he worked for our company. So it was. I was just more interested in the non-clinical side of dentistry. So for me I don't think it was near the challenge. It is for some, but it definitely is not what you expect in dental school and that you're not coming in and just drilling teeth and then the next one comes in you drill it too. There's certainly a whole other side of the gig with accounting and finance and HR and marketing and things that we're not really exposed to. That was different, for sure.
Speaker 3:I know, I remember for me, I read Rich Dad, poor Dad, I read the entrepreneurial, the e-myth, I read the four-hour work week, and so then, when I went to go start my first business, I thought, okay, I've read all the books, this is going to be passive income. Duh, no, obviously I have the edge by reading these five books. And yeah, I just got slapped in the face so hard. I opened up some fitness centers in Orlando and just expected them like okay, this, they're franchises. I just expected them to be like turnkey, like hire manager, hire some staff, you guys just do what's in the handbook and I'll collect the check.
Speaker 3:And so I just realized really quickly oh my gosh, like A, a book is never going to explain everything. B, even if it does, you wouldn't really learn it. And C, if it's relevant at the time, things change, like things are always changing. Those books came out before Facebook, marketing and Google, and those things change every single day. So you just can't read a book to figure it out. You can't do it. It'll help, I'm not saying don't read, but there's no replacement like getting in and actually do it. And so, yeah, just that's why entrepreneurship is hard.
Speaker 1:Yeah, no, I agree. I think things like that learning and education and books and podcasts you're trying to form, like this base foundation of knowledge and experience that you haven't necessarily had yet, but just trying to pull from you know these building blocks that you can harken back to. But ultimately, your leadership, how you develop your business, it's going to be a reflection of your own philosophies, the decisions that you make, and until you're actually in those positions, you can't really recreate that through other people's experiences.
Speaker 3:Yeah, absolutely so. Yeah, I'd like to just dive in to GPS and really get to know what makes you guys unique and why do you? Why are you guys growing so fast?
Speaker 1:I think, first and foremost, we were founded on this principle of partnership.
Speaker 1:Dentistry can be a very lonely profession, very meticulous, very physically and mentally and emotionally demanding.
Speaker 1:I know the perception out there in some spots I think it's changing is super rich dentist, easy job, great lifestyle, and it can be.
Speaker 1:But at the same time it's a very challenging profession as well. And this idea of coming into the partnership and being able to share the challenges and the upsides of the job is something that we were passionate about Getting doctors equity in their own practices, allowing them to participate in the financial upside of that, but then also provide a structure that supports them and those things that we don't learn that we just talked about, about the marketing, the accounting, the IT and all that stuff. So I think we've grown fast just because we understand you know what those doctor's challenges are and we've created this model that allows them to have a true partnership, to still be a leader and a direction giver within their business but have a support team and support center behind them. That that takes some of that pressure off, and I think that's really resonated with the folks who've joined the group and tell the next generation of coming in that this is a good path for them.
Speaker 3:Yeah, no, I think that's. I think that's great. So when, like what was the original model? So when, like what was the original model? And then did you have to pivot and change in order to pick up steam, was there adapting going on along the way?
Speaker 1:Yeah, no, it's a great question. The early partnerships because anybody who does when I say accidental DSO, we really were. We were founded with or funded, excuse me, with, local and regional bank financing and we ran that for as far as we could until we brought on private equity money back in 2020. But those early partnerships were our colleagues and classmates and friends that were looking to join what we'd already built. So they were buying equity in the practices that we already owned. We were acquiring locations alongside them, and that was the model of partnership early on. And then it now transitioned to what we almost exclusively do now, which are existing practice owners who are looking to pull from the infrastructure and join a partnership. And in that way now the model is you own this practice. Gps comes and invests in your practice alongside you. You continue to own equity in your own business and we're partners in that way. So less buying in and acquiring alongside and more buying into partnerships.
Speaker 3:Keep the same name, keep all that kind of stuff.
Speaker 1:Oh, of course. Yeah, we're completely on brand From a patient standpoint. They really shouldn't know that you've hired or partnered with a support center like GPS, really shouldn't know that you've hired or partnered with a support center like GPS and hopefully we add value to the staff and team and the doctors. But it should be a fairly working relationship, not necessarily a directional relationship.
Speaker 3:Yeah, so in terms of like culture, that's going to be a big part of it, right? Like, how would you define your culture, and is that something that you're working on, you're intentional about? I?
Speaker 1:don't think you can be and on you're intentional about. I don't think you can be, and this is my philosophy. I don't think you can be overly intentional with philosophy and culture. I think when you scale a DSO like we have or any business, that's man. We're coast to coast, california to Florida and all four corners of the United States. We support practices across the United States.
Speaker 1:So for us to try to force or develop a culture at the GPS level that then resonates with a staff member in California the same way it will in Bangor, maine, would feel very forced and probably not very effective, or main, would feel very forced and probably not very effective. Our philosophy is that culture and leadership, especially at the practice level, starts with those strong leaders at the practice level and then it's our job at GPS to cultivate what they've already built, to be additive and supplementary. Then, of course, we have our GPS support teams, philosophy and culture of service to the practices and being a support center, being a hired entity versus an owner or something like that. But no, it's certainly not like an initiative where we're out sponsoring 5Ks in Jonesboro that we think that the assistant and Tampa Ford is going to care about, or something like that.
Speaker 3:Yeah, it's funny. The culture is funny just because we all have a different deficit. Like everybody does certain things well and certain things not well, and so usually it's like the culture is inherited from things of the owner or the founder or the entrepreneur, and it's not really like the culture is very similar to their personality until you like officially write it down and go through all that stuff. So was there ever like a period of time where you guys felt like you had to go through and write down core values and anything like that?
Speaker 1:We've done the exercise. Of course it's not something that we like as partners to the practices that we go through with them. Certainly that's the leadership. That's why we do partnerships. We want those things to come from the partners, the people that are in the practices drilling the teeth, that are working with the team every day. We want to be helpful if they want guidance or leadership there, but it's certainly not directional from GPS level At the GPS level at the support team level. Yeah, we've gone through that. What's important to us? How do we want to be perceived? How do we want to continue to support and give guidance? We've gone through the exercises but it's not something that's, like I said, routinely discussed, just developed and nurtured and changed throughout time.
Speaker 3:Okay, the big topic is interest rates. Right, everybody's talking about that and it's just thrown a wrench in a lot of things. What do you guys, what's your biggest issue right now that you're facing? Is it that, or is it recruiting, or just something totally different?
Speaker 1:Issue from a growth standpoint, I don't think it's been a big challenge for us. I shouldn't say like that. Obviously, having to pay more of your free cash out into interest in a non-growth manner is frustrating, but we feel like we have a model and a structure and a path and, as a business, has a good strategy that's allowed us to, I think, really outpace growth, even with the higher rates over the last whatever. It's been 18 months or so now that we've had inflation around that. So I don't think it's the biggest challenge in our business, but I do think that's led to tightening of the credit markets.
Speaker 1:Of course, it's been harder to raise funds through debt entities. You've really had to be was it? I was dotted and T's crossed and be able to tell the story and why you're successful and make sure you're staying on top of your covenants and make sure you're staying on top of your goals. So it's I think what it's done. Frankly is really identified, what good the good businesses are and how they're participating. So for us, in a sick way, it's been an advantage.
Speaker 3:So, yeah, so let's talk about that. Then, when you can you specify exactly what you mean by what the good businesses are?
Speaker 1:Yeah, there's ones that are operationally able to help the businesses that are, so that if rates are going up and you got to make sure that the stability is there to continue to have the cash to pay the rates To grow, you have to have a model that's not hyper dependent on high leverage debt and expensive debt in order to win deals with inflated valuations or something like that.
Speaker 1:You really have to have something that's attractive outside of just throwing cash at a seller or something like that. You really have to have something that's attractive outside of just throwing cash at a seller or a potential partner. And then, once you do that partnership, you have to be a business that their goals around what you're trying to accomplish from a finance and accounting standpoint are able to, first of all, service those debt needs, make sure that the lenders are taken care of so you can do the next round, and then have the funds to continue to run the practice and give back to the staff and opportunities for the doctors to grow. So if you were overexposed to debt and you were just throwing money at deals and just aggregating practices together and saying we're a DSO because we have 50 locations but not an integrated entity, then you definitely struggled.
Speaker 3:I call arbitrage versus operation. It's like people who wanted to buy at six multiples and sell at 13s by doing nothing but packaging them all together and didn't really do anything to help same store growth. Like optimize systems, create economies of scale, lower costs, increased revenue. Like work on the team all the hard work Look, it's all hard, obviously, but it's both Like you need both, and some people definitely forgot about that latter part and just tried to just package them together. And then, yeah, if you're waiting on that multiple, you're buying a little bit elevated multiples and you're trying to exit. A lot of them created unsustainable models with variable rate debt.
Speaker 1:Yeah, and that would have continued to work in a zero interest rate environment or the like. But yeah, they were absolutely just asset aggregators and roll up strategies in some cases that really struggled with this. So we were fortunate and that was not ever our mission and even though we don't, like you know, we're not getting in these practices and be like, hey, we need to grow this location 10% a year because you partnered with us, that's not necessarily a goal strategy of our. I should say it's not obviously a goal, but it's not a mandate. At the GPS level, the type of partnerships we were doing were in growing practices and we were able to be additive and supplementary to their existing path and we did add operational expertise in the spots that they needed us to. So we were able to withstand the world now on the debt and interest side.
Speaker 3:Yeah, so if we go keep going macro, like what do you think are the biggest headwinds in group dentistry in general?
Speaker 1:Yeah, that's a great question, I think. I really do think these crisis periods do bring whether it be COVID or higher interest rates or a new regulation that comes down, or pressure from an insurance company or something like that I really do feel like the challenging times. It's cliche, but the challenging times do show who the strong businesses are and the greater. Macro, I think DSO environment has been poor, to be blunt, over the last, however long it's been 18 months or so there's been DSO struggle because of the debt. There's been some DSO struggle to have recap events and to get those done, and it's created a little bit of anxiety amongst the high-end selling partners about why you're different and to get those done, and it's created a little bit of anxiety amongst the high-end selling partners about why you're different and why you're better. So, macro, I think it's just going to continue to be the great performers, the great partners, the people who do things the right way, that understand that the job of the support center is to be a support center to the people in there, drilling the teeth and taking care of the patients and providing a nice environment for them to continue to do that. In that way, dsos are still extremely attractive to sellers and a good path for doctors and I think can be additive to overall the macro environment of dentistry as an industry and provide nice outcomes.
Speaker 1:The ones that, to use your term, are aggregators and arbitrage masters. It's going to continue to be a challenge because there's just more scrutiny around that now, and there will continue to be because now the cat's out of the bag. It's been exposed because of the interest and the challenges that they've all had. So I think we're improving. I think the entire macro economy is improving and heading in a nicer, a better direction than it has. I think we've hit over the hump and are headed in the right way now and that'll help. But I do again in a kind of sick way like that there's been some exposure to who's doing it the right way.
Speaker 3:Yeah, I guess it helps with hurts with interest rates, helps with multiples a little bit right.
Speaker 1:Yeah, I think honestly, multiples for solo practices didn't change just the whole time. I mean, if you had a great business in my experience at least, if you had a great business and you were a selling partner who had multiple hundreds of thousands of EBITDA and you were multi-doc location and you fit those parameters that partnership DSOs are looking for, I don't really think you had just a ton of impact on their multiple. There was just less competition to pay those multiples during that timeframe from good businesses For DSOs looking to exit. Yeah, the 2021 numbers are gone. That seems to be pretty clear and maybe we can get back closer to those multiples when they are improving, I think from this time last year for us as an investable entity.
Speaker 3:Okay, yeah, no, I think it's interesting, all right, and so let's just talk real estate. I know that you guys don't buy the real estate. Can you just explain your model in that sense?
Speaker 1:equity alongside the partners, but we are not building owners, nor do we have another arm of the company that invests in the real estate for the practices that we do support.
Speaker 3:Yeah, and we talk about this a lot on the show, but it's just spreadsheet math, right? I understand for a group like you. You look at where you can best invest your dollars and your highest ROI is always going to be acquiring new practices, yeah, I think one of the things you said earlier was extremely true too.
Speaker 1:I think a lot of people think real estate in my experience it is not, and it requires work. And the thing that you guys do to help put good leases in place and to establish working relationships with your tenants and make sure they're taken care of and make sure that there's terms that are appropriate for both investors and tenants that's challenging, and for us that's just not what we think we're good at, Plus the capital constraints that it would create where our dollars are better used somewhere else.
Speaker 3:Yeah. So we've partnered on deals where we really like you guys as a partner and like working with you, and we just want to make sure we're always doing the fair thing for the client, because the more we can benefit you, the more you'll grow. How has it been on your end working with leaders?
Speaker 1:No, it's been great. I think that for us it's helpful to have someone with experience in the type of leases that we in our case at least, a dental practice would have the uniqueness associated with environmental concerns or insurances, Having your guys' expertise around that so that the leases are appropriate. We do feel comfortable that it's not just a rocketlawyercom or whatever lease that's printed off that we're entering into. That's for a single family home and partners that are business owner or, excuse me, building owners that want an exit strategy that we can't necessarily provide. That's been a huge help for us to be able to say, yeah, we work with this company that can help us transition you out of building ownership, out of a landlord situation, so you can just stick to the whole DSO model, focus on the dentistry. Having a path with you guys to do that has been also very helpful.
Speaker 3:No, we really appreciate that. Yeah, and, like I said, it's been great working with you and it's funny how some people like to your point about the leases right and negotiating, like some people will try and just do everything themselves, negotiate everything themselves, and let's just. There's a couple of situations, right, where either A you're buying, you need somebody to buy the real estate for you, but there's also situations where you just need somebody to negotiate the lease. And if you overlook, when you're dealing with build-out costs like this and all these complications that arise from medical and healthcare and dental real estate, you miss a couple of things in the language and that could cost you $20,000, $30,000, $40,000. And there's barely any cost. A lot of times there's no cost, depending on if you're doing a de novo, but if you're doing a renewal, there's barely any cost to bringing it on. Yeah, it's striking to me how few people either are willing to bring somebody in or just know that they can.
Speaker 1:Yeah, it's not uncommon from. It's just where people understand that those levels of specificity actually live and I think dentists do a really good job of understanding it within a mouth, the nuance of around that type of cavity versus that one, that type of procedure versus that one versus that one, that type of procedure versus that one. But then when we get into these different levels of business, there's just a level of removal experience with it.
Speaker 1:So to have you guys be able to say here's five things that we've seen in a dental lease that's created challenges over time, and be able to have a strategy around those. I think that's the kind of stuff that people need to understand when you're working with a company that's obviously done this before from a lease structure standpoint.
Speaker 3:Yeah, no, we appreciate it and agreed. So what is the long term goal for GPS? Where do you see yourselves headed?
Speaker 1:I'm not one of those guys that and I don't think anybody on our team is that we set a location target at the beginning of the year to hit at the end of the year, or a five-year exit plan or something like that. I think you always should know how you can get value out of the equity of the business you own, obviously. So if you want to call that an exit strategy, then fine. But from a goal standpoint, our goal, from a growth and M&A standpoint, is just to continue to do great partnerships.
Speaker 1:I know it sounds a little bit squishy and cliche, but we really truly feel and this is not humble at all, but that we have the best mousetrap for mid-career late mid-career doctors to enter into a partnership with a group practice that can provide them economic value, financial value, support value. We think that we have the best model and structure for that and once they do join our team, that's proven to be true over the years. So as long as that's the case, as long as people are valuing what we bring to the table and we're doing a good job with it, then we're going to continue to grow and create new partnerships and have fun doing it. Today, there seems to be no end in sight. For that Our pipeline is huge. It's very humbling to see the number of people that want to be a part of what we're building and have built. And as long as that's the case, then the show goes on.
Speaker 3:Yeah, yeah, how there's so much talk about recession. Soft landing, hard landing. Do you have an opinion either way, and do you, and how much you think that affects dentistry?
Speaker 1:I think trying to predict and project that is extremely hard, obviously, and where the different industries and how they interplay between a technology business versus a healthcare business, versus a multi-site healthcare business, and how those nuances run together.
Speaker 1:My opinion on it is probably a little simplistic, but I'm a dentist by trade, not a business genius. Here. For us you just perform and then if you execute on what you said you were going to, if you continue to grow, if you continue to have strong financial results, dentistry as an industry has proven to be fairly economic independent. We've grown during COVID, we've grown during interest rate problems even more historical to GPS and our experience, dentistry has been a safe haven for investors during those times. And then if you just perform, if you just do your job and you're a good business, then I know comparable sales and stuff matter. But at the same time, someone investing in GPS should look at it as the investment in GPS, not what XYZ DSO did. They're just, it's too different and we're going to continue to do a good job and as long as there's money to be invested, I think we'll be a high quality and investable business.
Speaker 3:What advice would you give your younger self? Maybe you go back 10 or 20 years.
Speaker 1:Wow, that's a really hard question. My gut reaction is since I'm not practicing dentistry anymore, we need to focus on what you've ended up.
Speaker 1:The business side, yeah, but at the same time, I think, going through and having understood what it was like, even in the smallest scale, to be a dentist, and it gave us a competitive advantage and gave us a realistic view of what we were trying to support. So I do value that time, even though it was not necessarily what I ended up doing. Yeah, I think it would just be to double down on surrounding myself with with smart people who had good philosophies and good, I guess, is the right word around what they were trying to accomplish. We the.
Speaker 1:Thing that's really driven GPS for the most with our people side of things is people are just, they're just trying to do the right thing and we're going to get some stuff wrong, we're going to do things incorrectly at times, but the intention of every single person Will and Sergeant and Will and I I and then our greater team is we're just trying to do the right thing. We're not trying to cheat anybody, we're not trying to jump corners or whatever to get to an outcome and just surround yourself with as many people like that as possible. I guess would have been the advice that I had Don't try to do it all on your own which I probably did lean towards 10 or 15 years ago. I was just trying to solve every problem myself.
Speaker 3:Yeah, now you have a good staff of people, essentially head or C-suite whatever, helping you guys make a lot of the decisions.
Speaker 1:Yeah, and if I said to them that I historically tried to do things myself, they would laugh compared to what I do now. They're covering my tail end in a lot of ways now. But yeah, I did personalize and try to do things a lot internally. And now, that's different.
Speaker 3:Yeah, what is your ideal workday look like?
Speaker 1:I really enjoy the flexible schedule. I got a six year old, I got a three year old. My wife and I enjoy doing things together, travel wise and sports wise. So I for me, an ideal work day is to be available to our partners and to our leadership and to teams that I need to help support, but to not be burdened down by constant meetings and constant scheduled events. I really enjoy the M&A side of the industry, so I enjoy meeting new partners and talking to them about their businesses and maybe freezing up a little bit.
Speaker 3:So what does your ideal workday look like?
Speaker 1:It's a good question.
Speaker 1:For me personally, One of the things I didn't necessarily enjoy about the clinical dentistry aspect of it was very scheduled and very formatted and even though you are your own kind of boss, you followed a straight line schedule of patients For me.
Speaker 1:I got a six-year-old, I got a three-year-old, they have lots of events and things to do and my wife and I enjoy traveling together, we play sports together and throughout the day. So for me, an ideal workday being hyper-available to my team, being hyper-available to my partners, never having an out-of-office email or anything like that. In eight years that I've been nine years now been a leader of a DSO, I've never had an out-of-office email. But at the same time I like the flexibility throughout the day of being able to be semi-unavailable. But the thing I enjoyed most is the M&A part of my job, which is talking to new prospective partners about their businesses, things that they like about it, how we can help, how we can structure a deal to get it over the hump. That's the thing I value the most about my job. So that's probably when I'm most engaged, is when I'm having those M&A conversations.
Speaker 3:That's great. Okay, Look in closing, is there anything that you want to talk about that we didn't get a chance to talk about?
Speaker 1:No, I think it's been a great call. It's been a great catching up. I think both of our businesses have grown a lot since we last talked, and it's always nice to see the good guys winning.
Speaker 3:In my experience, We've taken a couple punches on the nose with these interest rate hikes. It really, really affects real estate. But we were learning a ton.
Speaker 1:And that's one thing that you can never take away Exactly, and for some, the greater macro environment impacts different areas in a different way. But yeah, you, just you keep your head up, you try to do things the right way, you surround yourself with great people, and that part of it over the last couple of years for me has been very rewarding and I'm glad to still be in the space and doing and trying to do a good job. So I appreciate you having me on and let me catch up a little bit.
Speaker 3:Yeah, great, any resources for people to reach out and get in touch, learn more about what you guys are doing.
Speaker 1:Yeah, gpsdental website. There's a contact us link on there as well If you want to reach out to me personally to talk about either your practice or challenges that you're having. We're headquartered out of Jonesboro, arkansas. We really enjoy having people come look at the space and see the operations in effect. Folks are always welcome to come join us for a day or two and I really enjoy talking about it now on the business side of dentistry. So please reach out to me on that if you want to talk about that or if I can provide any value in that way.
Speaker 3:Great. Hey, this has been awesome, man. Thanks very much.
Speaker 1:Yeah, awesome, appreciate it.
Speaker 4:If you need help finding the perfect location for your practice or you're ready to invest in commercial real estate, email us podcast at leadersreecom R-E, as in realestatecom, or go to leadersreecom and fill out our form. See you next time.