Maximizing Dental Practice Value with Timothy Brown and ROI Corp

Everything is measured by loan loss ratios and outright default. And dentists at large in Canada have one of the lowest absolute loss ratios of all other codes. We have an aging population in Canada with an ever elevating dental iq, which means we know more about dental care as we age. We're learning more as a society and we all want the pearly whites and that's great for dental business. I'm in the business of helping people let go. And it's not easy for some, but sometimes you just got to let go. Go be free, live for goodness sakes.

Good afternoon and welcome to the Wealthy Entrepreneur Podcast. I am your host, Bob Govreau. I am so excited to have you here with me today. Just as a reminder, this is the place where we dissect the elements that contribute to entrepreneurial success, from mindset and leadership to profits and revenue. Now, I've got a special guest today, Timothy Brown. I'm going to introduce him in just a second, but this specific episode is going to be called the Art of the Dental Deal. So Timothy Brown is a CEO and broker of record for Roy Corporation and has served the profession of dentists since 1979. Has brought experience in dental practice systems, including appraisal, brokerage, leasing, practice management, together with a close scrutiny of a database of thousands of Canadian dental practices and has given him an unequaled view on the many unique circumstances involved with the dental practice, ownership and transition. Tim is the CEO of Roy Corp, a fantastic entrepreneur. He's got a great story. He's a huge authority in the dental space. I'm really excited to to bring him in to share some insights for those dental practitioners and also entrepreneurs that can relate this to their particular business as well. Thinking about some of the ideas that we can get ready for exiting. Without any further ado, I want to welcome my good friend Timothy Brown to the show. All right, Timothy, I am so excited to have you here. Listen, we've had the opportunity to collaborate a little bit over the last couple years and nothing but energy, excitement and good advice and value that you bring to the table. Sir, I certainly respect the hell out of you and everything that your company has done for those that don't know you yet that you're, you're going to earn that respect from them as well. But I'd love for you to maybe share a little bit of the story of how you got to where you are today and maybe a little bit about RoyCorp.

Sure. Well, it's all because of my mom and dad. Long before I was born in 1948, my dad needed a job. He was walking down College street in downtown Toronto, and he walked into every business he could find because he and my mom were pregnant. My dad needed a job, and he accidentally stumbled into with the associated dental cooperative. And it was a very small supply house that sold instruments and materials to dentists. They were close. They were approximated very, very close to the University of Toronto Faculty of Dentistry. That's why their office was there where it was. And they said, we're not hiring. My dad kind of dared him, like, you know, give me. Give me a chance. So the guy handed my dad an order book, a little carbon copy order book and a catalog of dental stuff and said, go get her the kit. And my dad came back at the end of the week with a little book of orders, and they went, hey, this kid can sell. And he got a job. So that's 48, 1948, he's 18, and then 74, 25 years later, he's the general manager of that very same firm, 25 years loyal service. It was a cooperative. It was owned by dentists. They were all shareholders. But the cooperating. The owner shareholders of the cooperative, they were all getting old, Bob, and they're getting old dentists. And they started saying, you know, Roy, you know, you've been managing this company for years. What am I going to do when I'm ready to exit, I'm ready to let go. I want to retire. I want to go fishing. And my dad said, well, you know, there's a lot of young kids over there, U of T. Maybe we could persuade one of them to maybe give you a little something for your practice. And up until then, there was no formal dental practice appraisal brokerage service in Canada. A few dentists had bought and sold, but it was not formalized. There was no official brokerage appraisal service. It was all just hearsay and very, very small sale prices. So my dad persuaded one of the old boys on the board to give him a chance. He put a little appraisal on. He took out a lot of sheet of paper and a pen and goes, okay, you know, how many dental chairs have you got? How much do you pay your dental staff? And what's your rent payment every month? And he made up a little appraisal, and he sold that first practice in 1974 for $28,000. And here we are 50 years later. That's five, zero, folks. And my mom and dad started it, pirated it. They both passed. I bought it. I'm the Only shareholder. I'm the only son. And we have 57 employees now Canada wide, and we are the number one in Canada and we appraise and sell dental practices and we do a little bit of an optometry. So that's the story, Bob. Thanks for asking.

Oh, you know what, what a great story. You know, there's a lot of people. Actually I just talked with someone else in the last episode we were talking about. You know, there's easy ways to get into business and there's hard ways to get into business. And you know, sometimes the easier way is buying. But I don't know if that's the case with a family business. What were the family dynamics like when you were coming up through? Because I can just imagine, you know, you've got a lot of energy. I'm assuming that comes naturally from the family. That must have been an interesting time working together.

I have three older sisters and so I'm the baby, I'm the only boy. And they all had a crack at it. One of them worked full time, they all worked in the business at one time or another. But one of them got very serious in the company for a while. She was the heir apparent and that it just didn't work out for a bit of family dynamic. Her family, our family just didn't work out. So I was the last kid in line holding ticket number four and I was able to redeem it. So there are family dynamics in any family business in transition. Those of you listening or watching that are in a family business. I know, I get it. I now have two full time employees in the business that are nephews, sons of my older sisters. So I know. So I've been the son buying with the family dynamic and now I've got the young ones behind me and they're probably waiting for me to, to knock off or kick the bucket.

It's the same thing, right?

They're getting older, Bob, for me to age a lot. So the family dynamic is there. It exists in all family businesses. It can destroy some family businesses. You know, for the Canadian viewers here, you've probably heard stories about the Bronfman family, the Billis family that owns Canadian Tire, the Sobeys family. There are very, very few big, big families that don't have breakups over money. And it can happen at all levels to the, from the corner store up to the corner suite. So be careful in family business and get some outside advice, folks. Don't try and do it on your own. We got outside advice 100% and you.

Need to, because, you know, sometimes. Well, what's the story? You can't see the forest or the trees. You know, when you're deep in the weeds, you just don't know. And there's a lot of emotion that gets connected into it. So, yeah, great advice. Get advice, right? Love this. So. So now I actually have more history. I didn't really understand that. I knew it was, it was a family biz. I didn't realize how it actually started. Love that story. That's actually really good. And, you know, one of my questions was going to be why dentists and medical professionals? So I'll maybe tweak it because now I understand why that's how it was started. What is it that continues to inspire you, keep you connected with this market space? Because you and I, I know we've got a shared interest for medical professionals, dentists specifically. What is it about them that's unique that. That keeps you coming back?

Well, I think this is the same of anybody that's involved in a business being bought and sold. And you've certainly been there on the sidelines as well. As an advisor, like I am, I'm a sideline advisor. It's. It's watching someone exit with dignity and pride and getting a check and reward for all their toiled years of sweat equity. Many business owners don't get paid for all the time they put in. They draw salary or dividends, Bob, but they don't get paid. And that exit check, that going out the door with that reward, that paycheck for your goodwill in particular, that's dignity and that's pride. And that turns me on to see people get respected. Like I respected my father. He had a third party appraisal. He set the price. I paid full price. No bickering, no bartering, no nothing. That's pride and dignity that turns me on. And for the young ones, it's just fun to watch them basically crap their pants and shake when they're signing the loan. They're signing the agreement of purchase and sale, and they're sweating and it's like, you're going to make it. And you know, by and far, like 99% of them do make it. You know, they're. I'll say it bluntly, they're scared shitless, Bob. At the beginning, you should be, folks, because it's a big, big decision to buy another person's business, family or otherwise. It's a big commitment. And that turns me on because I see these young people jumping in the deep end and watching them Swim. That's what keeps me going. Those are the two things. The rest is just business, Bob. The rest is just, and I would.

Say too, you know, I think it's interesting. Banks aren't dumb. You know, these, these commercial bankers and, and the rules and regulations that come in, you know, when you're talking about the, the metaphor of jumping in the pool and seeing if they swim, it's like watching the bank, they say, okay, we're going to throw these guys in because they know we know they will swim. They, they've got web feed or whatever it is, we know that they're going to do well. And then others, other industries they sort of look away from and they say, well, we're not necessarily going down that road, but they have such confidence in the dental space. Specifically what is it maybe that that contributes to that highest level of success, rate of, of exit value at high levels and the bank's essentially willingness to fund anything.

Well, anybody that's ever been involved in banking will tell you that all of their segments, you know, the funeral home industry, the restaurant business, the car dealership, the dental market, doesn't matter which line of business. Everything is measured by loan loss ratios and outright default. And dentists at large in Canada have one of the lowest absolute loss ratios of all other codes. You know, the bank sort everything by SIC codes or SEC codes they call them. And you know, accounting firms have a sick code. Real estate brokerages like mine have a code. Dentists have one of the absolute lowest loan loss ratios. They sometimes get in a little trouble maybe making cash flow because sometimes they over borrow or they have some slow months or short term disability. Yeah, they might have a short term disability or some bad habits, but they always manage to work their way out of it. So if you don't have a lot of bankruptcies and defaults, you will keep lending. And that's the bottom line. Dentists get in Canada 100% financing offers for the purchase price of a dental practice that's has a respected appraisal put upon it. My company being one of them. There are others, but our appraisals are approved and respected and there's very few, you know, there's lots of questions asked but there's very few outright declines for dental financing because they pay their bills, Bob.

Yeah, well, and, and even just looking at their business model, and we were chatting about this briefly before we hopped on, but you know, they've got reoccurring revenue that comes in with, with cleaning and, and all of the dental emergency related work that, you know, you become a trusted medical practitioner to the family and a lot of the times they don't even have to pay for it. It's insurance that's covering it. So, you know, it's not like it's a huge pricing. We're not sure if we're going to negotiate this price here or not. It's like, no, this is it. Insurance is going to pay it. You're going to continue to come back unless we've really screwed something up. So it is, you know, it is a beautiful business model. Right. As far as how they operate. I love them.

Yeah. No, it's. You say it's recession proof, it's interest rate proof. You know, recently we've seen the rates go up. That has hardly stopped the wheel from turning. It's pandemic proof. In fact, most dental practices, even though they were closed for about three months, they came back with a vengeance. So they're pandemic proof, recession proof, you know, interest rate, resilient. There are very few industries, so it's an essential service. We have an aging population in Canada with an ever elevating dental iq, which means we know more about dental care as we age. We, we are learning more as a society. And we all want the pearly whites. And that's great for Dell business.

Absolutely. Yeah. So let's talk about Roycorp and exactly what you guys do. Right? We've got the high level real estate brokerage supporting the sales. Talk to me a little bit about how your team supports people from sort of identifying that they're ready to sell to actually getting them the paycheck. What does that look like?

So in our business, it all starts with the actual appraisal. That's the first document that we prepare, that's the first service we provide. We charge a fee for these appraisals. Primary reason we do appraisals is not so much for sale. Everybody thinks we do them all because somebody's ready to retire. We do appraisals for matrimonial reasons, partnership formations, matrimonial formations or dissolutions. We do it for bank financing, insurance, financial planning, curiosity. Some people just want to know. So all of those things contribute to our appraisal business, which is a pretty substantial little company and in its own. And from that, about a third to maybe 45% of our clients will come along within a year or two. Usually it takes a while to say, I think I'm ready, I'm ready to exit. And at that time we, you know, we're offering A little bit of what I call accidental industrial psychology, which is, are you sure? Like, what are you going to do? You know, I'll happily take your listing. I'll take. I'll bring buyers. I'll probably bring very attractive offers. But I want to know you're ready to actually take this to the finish line. And don't change your mind on me. You know, people do that to real estate agents all the time. They play with the market by letting an agent hammer a sign on the lawn. In business brokerage, that's not cool. And it will stigmatize and accidentally hurt the business if things don't go that way. So we do spend quite a bit of time going. Are you sure? Have you got a plan? What are you going to do? Okay. And the men suffer with that more. The women are like, oh, my God, I got such a busy life. Get me out. The men are the ones. They're older men. They're like, I know, I don't really have any hobbies. I don't really know anything else. And we're like, then don't sell yet. You know, you're going to miss it and you're going to be lonely and you're going to go home and drive your wife crazy, which happens. I've had some of those phone calls. Get out of here. Can you get them back into practice?

For sure. And, you know, I talk about that a lot with business owners. And as a generalization, business owners have a tie of identity to their business. But, you know, practicing professionals that have that sort of skill, like, I think there's an extra identity attachment because it's typically got their name, Dr. So and so on the door. It's like, am I walking away from myself? It's got to be hard, right?

Well, you know, you're a business owner and a leader, and you're pretty charismatic yourself. And I'm. I'm fairly extroverted. You know, there's a huge ego lift to my business. Every day I get to do film like this with respected people like you. I'm considered an expert in my field. I'm called upon for big life decisions, career decisions. Sorry, more. I should say more career than life.

But they are life, though. Like a big impacting life moment. You're right.

And that's how the doctors feel, too. These doctors are centers of influence in their communities. They're adored by their staff. The patients all look up to them. You're wearing a big shield. You know, you're a big man, a big woman on campus. So it's very difficult for some of them to let that go. I call it accidental industrial psychology. But they have all kinds of people that can help people with career advice. And I'm in the business of helping people like, go. And it's not easy for some, but sometimes you just got to let go, go, be free, live, for goodness sakes, live.

But you're right. Like, it is tough. You know, I talk to my wife, I'm 41, I've got lots of time left in the game. So I think unless circumstances change. But we talk about it and I go, well, I don't know how I will feel when, you know, this big piece of my life is pulled away from me that I identify with and I can share quickly. You know, I bought a practice for a couple of years ago and the owner was in his 30s and he exited early and good friend now, Fantastic guy, his name's David. And, and we had lunch maybe a month ago and I said, how's everything? You know, post sale. And he said, honestly, I have a big void and I don't know how to fill it. Like, I've got all this money, you know, I've got all this success, I've got a fantastic family. And he's like, but, you know, there's a big part of me that had an emotional connection to this. So, like, you need support to get through this because it is a big life change.

I liken the sale of your business to divorce, but you're divorcing something that pays you every month. You're divorcing something that is 100% loyal to you. They've done no harm to you because it's your business. You're giving away a perfectly good lover for what? You know. So that kind of resonates with people like, you know, why would you get rid of a great lover that does loyal to you, does no harm to you, and sends you money every month? So at any rate, I use it humorously. But it really drives the point home that for many people it's a horrific loss of identity and it's a loss of that, that companion, that person. Many of us will spend more time in our company than in our home or our bed. I'm a 16, 14, 16 hour a day guy. I mean, if I'm up, I'm on. You're probably the same. If you're up, you're on. You know it, you know, I'm addicted. Sorry, folks, I'm an alcoholic, sorry, workaholic, alcoholic. Or like, I've had a few Glasses of wine last night, I'll tell you that. One of those clients got to me. We had some wine last night. You know, like, you really just need to watch that, though, because it's very, very difficult. You can't go get it back because it's being sold. The buyer's not going to sell it back to you. And going and getting another one, it's just not the same. It's not your baby. It's just. It's like buying a McDonald's, you know, just a business now. It's like buying a Tim Hortons. It's just a business now. And that may keep you busy and active, but don't sell until you're ready. Really dig deep on that business. Owners of any business type, never mind the dentist I work with, dig deep. You say you're 41? I'm 60. I think I've got 15 to 20 left in me because I don't know what else I'm going to do for sure, you know, I can travel, but because of the nature of my business, I don't need to be stationary like a dentist does. They need to go to that place of work, you and I, let's be honest, I don't even know where you are today. You could be in Spain for all I know.

Maybe I am.

Yeah, maybe you are. I'm in Northern Ontario, in case anybody's wondering.

I'm in my office. But that's just because the equipment's here and it's easier to use. But you're right, you know, there is flexibility for many people now. And I think, you know, one of the positives that came out of COVID was that that just became more acceptable.

Especially for the service people like us. Yeah. It's just. Sorry, for those of you who are in stationary positions or places where you must attend to the business, like the restaurant or the dental office. Sorry. Us service people really benefited from pandemic, and it's just a fact of life.

Yeah. But, you know, at the same token, here's the downside of this, is that like you said, you wake up and you're on, you know, service. Service people. Yes, we have the ability for flexible, remote, but there's no. There's no exit, you know, for. At least the dental chair doesn't go home with you. You know, you can't. You definitely can't be cleaning teeth or, you know, working on somebody's emergency at home. You have to do it from the office. So you get a nice separation regardless. You know, everything's got Its ups and downs without question.

Thanks for mentioning that. You're right. That's a good mention. Thank you.

Yeah. Okay. When we have dental practitioners who have crossed that line where they say, we are ready, Tim, we're not. We're not going to mess with this. We're ready to go. What is it that they should be thinking of at that point, aside from reaching out and connecting with you and your team? But what are some things they could preliminarily be doing even before that to get ready for this?

Well, I always say cya, and it used to mean cover your ass. Now it means call your accountant. We have, because we can do the appraisal. We're very quick. We're very efficient at what we do. We have, you know, not the perfect system, but I've tried and attempted to perfect it as best I can. We can bring buyers in a hurry because there's an abundance of buyers in Ontario and it's a very, very crowded marketplace. So, you know, make sure your corporation documents are in order, make sure your shareholding structure is in order. We have had clients run to us, get the appraisal, sign the listing, we go to market. They're so sure of everything, they find out a week or two before closing. The spouse isn't even a shareholder in the Dell Corporation. They can't shelter the capital gains for the spouse or the children or whatever it is. And they say, but my account told me everything was all set. Some of you are using the wrong accountant, folks. Sorry. And I know a few of my clients are suing their former accountants because simple things weren't put in place. And sheltering one and a quarter million in tax taxable capital gain for a spouse is saving what, 275,000? You know the number better than me.

Even more at 33% now, right?

It's a lot, folks. Like, it's just so silly that some people come along. So we have a choice at that time was we stopped the presses. But now a buyer has possibly given resignation to their place of previous employment. You know, banks have got loans approved. Staff may have been notified. And the owner says, oh, I can't close. Like, that's not cool. So, cya. I really mean that. So seriously, it means call your account, okay? And you maybe have your account just consult with the lawyer because they may have the incorporation docs. It depends on who's got the minute book. But do you even know what a minute book is, folks? And you know how important that book is? It actually does need to be babysat. And fed once a year at least memorandums, you know, you have to put notices in there anytime you make any kind of change to the corporation structure, dividends. And a lot of you have very, very bad record keeping. I'm sorry, it's just the life of the entrepreneur. And I'm not picking on dentists, I'm picking on busy entrepreneurs. So Bob and I probably have our affairs in order because we see the mistakes. So please get your affairs in order and then the appraisal is an easy thing. There's lots of great companies. Mine is one of them. If you Google dental practice appraiser, dental practice broker, there's about three great companies in Canada. There's about 10, but there's three really good ones and we're all on the Google homepage. And you can do your own research, folks. We're just too easy to find. Right. You don't need to do a lot of research on who do your reference checks, of course, but you know, and then from there it's, it's just a process where we behave very, very similarly to a real estate company. But it's all confidential, it's all private. There's no sign on the lawn. It's very discreet. It's a silent sealed bid auction. We don't do Dutch auctions. So no buyers will know the identity of other buyers. No buyers will know the offers of other buyers. The only thing I am obligated to tell you is I have other buyers and I have to be telling the truth because if I'm lying, I lose my license and so forth. Then really that's it. And then, you know, you go to market when you're ready and hurry up and wait. I say to everybody, it'll happen. There's a buyer for everything. Some take a little longer to sell than other, but it's a vibrant market, it's an active market. The banks love it. We have an abundance of purchasers. A horrible oversupply because they have no, they have no, no boundaries on the number of dentists that can get a license in Canada. And they are coming to Canada by planeloads because this is the best nation in the world to be a dentist, without exception. I had so many reasons for that. I won't go into it today. But if you want to be a dentist, Canada's number one by far.

Love that. That's fantastic. In, in so many discouraging moments where our government is maybe doing things that we agree with or don't agree with. Fantastic.

To, to hear government's a Four letter.

Word now, Bob, don't even get me started on this capital gains tax.

Oh, don't get me, don't get me going.

Yeah, no, I can't do it. I can't do it. That'll be for a different podcast.

You and I have had too many of those conversations with our clients. I don't know, I've probably had 200 conversations in the last two months. And it's just anger. That's all I'm going to report. There's a lot of anger and I.

Share that though I, I do share a little bit of that anger and frustration because, you know, and I'm not a political person, I don't necessarily share my affiliation, but I'm guessing you could imagine where it is and you know, I'm, I don't. That's not a topic of conversation for me. Right. Until they start lying to us. And again, I'm not going to go down that rabbit hole. But, but guys, this is why it's important and I like that. Cya, call your accountant, cover your ass and call your accountant all on the same line because there's ways that we can proactively deal with that in a better way than, than not. So good advice. Love that.

I'll just sum with this. I just happen to have this document here because I'm going to prepare with a client. So we call it a critical path and it's just a whole bunch of things that need to happen to closing date, closing date, the day you get your money. And it really can be that simple. But we've thought it through because there's a logical steps. But some of them might be skipped over for some of the people like some of them own their building so we don't have to talk to any landlords, which is a blessing. If you own your building, by the way, your business is worth more than the identical business across the road that rents their space. That's another topic for another day. But it's just a logical process.

So let's talk about dental spaces as well. So I know like you've kind of identified where you help with the appraisal, the potential sale, but what about, you know, leasing space, occupancy of those locations? How do you guys support with that too?

So historically we always would pretty much leave that to the solicitors because they like to be the ones to notify landlords that, you know, Dr. Gavreau has sold his practice, he's selling it to Dr. Brown. We're going to need an approval for an Assignment of the lease. Most of the lawyers do a pretty good job of that, but landlords have changed. The lawyers are the same, but the landlords change. And pandemic put some landlords in a very precarious position because of vacancies that are persistent and continuing persistence. Vacancy rates are skyrocketing in certain properties in certain places. So landlords have gotten mean and they don't really like a lot of change. So very recently, and it happens to be right around the corner from you in downtown Peterborough, we bought a little consultancy called Realty Lease Consultants, and they specialize in healthcare leasing, either helping a doctor to initiate a new lease with a landlord. So they work for the doctor to protect him or her from the big evil corporate conglomerate landlords out there, and mostly at renewals, because every time you go for a renewal, many doctors just get the document and say, sign for another five. You know, that's your time to negotiate a gain because you're in a stronger position when you're renewing than when you were first taking vacant space. And Realty Lease Consultants and his, the team there with Ian Toms, they have worked out some magical terms for people to get, maybe get some better terms from the landlord. And as long as you're nice to landlords and patient and polite, they're really regular people. They're business people like us. But too many people see the landlord as the evil enemy and they argue with them and they, they pester them about, oh, the garbage is overflowing or there's a light bulb out or you didn't salt the sidewalk. And landlords are human too, and they don't want liability and they want their properties to be nice and clean. Generally speaking, that's who landlords are. And more importantly, I'm a landlord. I want my rent. Okay? That's number one. So we can facilitate that. The lease itself now has become a separate asset in the business. It used to be a formality and it used to just be a contingent liability of you're going to have to pay rent for some seven more years or 12 more years, whatever the balance of the term was. Now it's actually a saleable asset. The lease is real estate, folks, premise leases that allow you to occupy space in a healthy environment, in a quality property and location for long term without any, any impairment clauses, which is the demolition clause is the most evil one of all. That's an asset now. So we see that as a separate asset. We combine it into the appraisal when we do the appraisal. But but your lease is now an appraisal asset. It's not just a liability that you have to pay rent. So change your mind on that. And some of you have some great leases. And I've got bad news for some of you renters out there. You have horrible leases and you might not even know it. And it's like a ticking time bomb that it won't decimate your business, but it can very, very seriously handicap your ability to either sell it, trade it, you might have to relocate it on short notice, like just get a consult. Consultation. There's a couple of great firms in Canada. The one I recommend is the one I own in Peterborough. It's called Realty Lease Consultants. Just coincidentally happens to be around the corner from Bob. And Bob, I'm sure you know the company because I think you're the accountant for that company.

Well, I thought I'd bring it up and give you a little bit of a plug because it is fantastic work that you guys do there.

It is. It really is a great service.

Yeah. As a. As a dental practitioner, what you want to be doing is sitting in the chair doing what you do. Right.

Someone looking after that lease. So don't do the leases yourself.

Yeah. And it's super stressful. You don't know really what you're doing. Right. I don't know what I'm doing. It's just not something that we should be entering into. Let the experts deal with that. So it's a fantastic service, Timothy, which is why I wanted you to share that.

And it's. And, folks, I didn't know Bob was the accountant of the firm until I went into the due diligence phase with the owner and he produced his financials. So that's. I didn't even know you were the accountant, to be honest. I just wanted to buy the company. But I'll also say that I, as a business owner, I buy and sell quite a bit of real estate. But lately it was time for our company to move. I decided to move into rented space again and sell a building that I was located in. And just the right thing came along at the right time. And I hired Ian Thoms, a realty lease consultant, before I even thought of buying the company. To look at my lease, I've been a real estate broker since 1984. I've collected and examined I don't know how many hundreds or thousands of leases, but I wanted someone on the outside. And sure enough, didn't he pick up six or seven little items. Well, you know, Tim, you. We Do a little better on this clause. I went, I probably would have just read over that and signed the darn thing. Because I'm an entrepreneur and I just want to go. I just want to move and get the new computers and get the new office and put a big sign out front. So you really need to stop and have your lease professionally ready. Bob can. Bob probably write a few leases for people. Lawyers do it, but there are specialists in it and I happen to buy.

One of those companies 100%. And you know what, I can read it for certain elements and be an expert, but when it comes into those clauses, that's where you need the pros.

Without question, some of these leases today are hundreds of pages long. Carry on, Hunter.

Yeah, exactly. And it's more and more common. Every agreement is longer than you'd want it to be.

Always. Well, that's Canada, folks.

Yeah. And again to your point, you mentioned this. You know, the reason that those are in there is to protect you. And you know, it essentially eliminates any of the gray area of how everyone should interact with each other. It's just because we've become assholes to a certain extent that those contracts need to be greater because we know people are breaking the rules.

But the lawyering up of Canada was well into play. It happened in America 20, 30 years ago. I mean, boy, the lawyering of America is really a nasty thing. We were kind of gentler economy for a long time. But we're changing. The dollars are getting bigger. People are coming here from all over the world with all kinds of business customs, practices, their ethics and morals from their different cultures are different than ours. Like we're in the melting pot, folks. So cya, right? Why? A okay.

And the last question I want everyone to to have answered, Tim, is really how anyone can get a hold of you and your team so that you could support them this dramatic phase of their life.

So I believe in the window that the viewers are watching, in the bottom left is my name and my website, roycorp.com if you Google Timothy Brown dental practice appraiser, you can find me. I just want to say for the record that I have so many kids here during this week that they dirtied every dish in the house. So I'm drinking from a mason jar. It's not moonshine, it's actually water. Roycorp.com you can find me on LinkedIn. I've written three books, I published magazines, I've written about 500 articles. I'm pretty easy to find and I'd be flattered if you reached out and called our family firm to give you some help when you need it. Thanks Bob.

Absolutely Tim. We'll have all the links in how to get a hold of you. Definitely jump on grab one of Tim's books, if not all three of his books. Huge resource in this space for everyone listening. Thanks for jumping in today. I appreciate you being here. I know Tim has shared a wealth of knowledge related to selling or even buying or getting ready to exit from a dental practice. If you have found anything in here that you'd like, give it a like drop a comment. We're happy to see those comments. If there's someone that you know that could benefit from some of the advice and guidance that Tim gave, please share this episode. We want to get this in the hands of the most entrepreneurs and dental practitioners that we can. We can maximize our impact together and change the world in a great way. So let's please share make sure you're following this podcast. We want to make sure that you get access to next week's episode because we will have one every single week. Once again, Tim, thanks for joining me today. Appreciate you so much. My friend and I look forward to connecting again soon. And for everyone else, thanks so much for watching and we'll see you next.

Time and make it a strong day.