The Closing Institute - Peer Mentorship Call

December, 2023

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Speaker 1: So look, one of the things that I was getting a bunch of questions on when we were at the meeting, uh, in Miami and afterwards, was a bunch of questions regarding, um, in-house financing. When will we offer it? When will we not offer it? What are the terms? And I was just getting a, a lot of questions regarding that. Um, and since we’ve been, since we’ve been watching some of the videos as we’ve gotten back, I’ve noticed a lot of, uh, a lot of consultations coming in where people have, uh, a certain amount of money saved up, but they’re either hesitant to get the financing. I mean, they don’t, they don’t want to apply for the financing or they can’t get approved for the financing, or they just don’t want the debt. So we’re kind of stuck there with somebody that needs, you know, that, that wants full arch fix and they only have 10,000 or $15,000, um, to play with. Have you guys been seeing some consultations like that where they have a certain amount of money, but for some reason they couldn’t get financed for more or they didn’t wanna get financed for more? Have you guys been running into that?

Speaker 2: Yeah, we have a lot here, actually. Um, a lot of patients are saying the same thing. They don’t wanna take on the extra debt or the extra monthly payment.

Speaker 1: Yeah. Yeah. We seem to be getting quite a few videos. I actually have a video here, um, where we had a really, really good example. So I wanna run through just some different, some different examples and different circumstances and just kind of how I see it, um, in, in terms of when it’s appropriate to offer in-house financing when it’s not. So I think this can be a really, really big differentiating factor for you guys to close, uh, more arches than your competitors. I think that typically when a patient goes to a dental practice, they’re either gonna pay for the treatment or they’re gonna get financed to pay for the treatment or the, that’s, that’s basically their, their only two options here. Okay? So what I want you guys to think about is, is this. If you have a patient that’s sitting in front of you and they come in for a consultation and they tell you they have $10,000 or more in cash to put down, I want you to go ahead and just consider that, that this patient is qualified and you’re gonna move forward with the, with the 10, 10, 10 process, just like you would normally do. If they bring up pricing, if they’re asking questions and they tell you they got 2000 or 3000 or $4,000, that’s a little different where you guys might wanna start to pre-qualify and triage a little bit.

But if they say they have $10,000 or more, then I would want you guys to move right along with the consultation. Um, a really good exercise for each one of you guys to do so that you know what you’re comfortable with as far as in-house financing, is to make sure that you guys are really clear on what your, uh, what your cost of goods are, okay? You need to, uh, the treatment coordinator and the doctor, both of you guys need to know exactly what your cost of goods are per arch. So cost of goods are like your hard costs, so your implants and your components, the, the lab fee, the, the design fee, any of those things, right? Your cost to acquire that arch. These are all kind of fixed fees, um, that make up your cost of goods. So you wanna know basically what your break even is.

So you have your cost of goods, plus the time, whether it’s two visits, three visits, four visits, depends on the workflow and the process you guys are running. But, but you want to know what that is. Um, now typically if someone’s putting down $10,000 in cash, you know, then you’re usually already in the black as far as your cost of goods by five, four, or five or $6,000 typically. That’s why that’s the number that I start to look at right there. Um, so understand what that is and you’ll kind of figure out what your risk tolerance is. Um, I’m gonna show you guys a quick example in terms of how this, how this can go. I just watched this video this morning and I was like, oh my gosh, this is a perfect example. And then when we get done with the video, it’s a short one, it’s like 10 minutes long. Um, but it leads in perfectly to in-house financing. When we get done with this, I’m gonna show you a form and I’ll go through a couple examples with you guys in terms of what to do if the patient has $10,000 in cash and they need two arches versus one arch, and how to give you guys an idea in terms of how to structure this. Um, because I think there’s a, there’s a couple easy ways to do it that’s gonna make a lot of sense. So gimme a second here and I’m gonna play the video. So turn your, turn your volume up guys, here we go.

Man 1: And she’s like, my sister actually went and spent some money to get the implants and she has a million dollar smile. And you have to deal with all that, so why don’t you go that route?

Man 2: Okay.

Man 1: So, my, I was on the fence and did my research, and Yeah, am good into.

Man 2: Gotcha.

Man 1: So, the wife talked me into it. She’s like, “You’re 45.” You know, realistically and job. All this money on it now clean it. But really, the reality is in five, 10 years, these teeth are going to start coming out anyway, so why not? And then you are going to do it now. So might well just get done.

Man 2: Yeah.

Man 1: So I got all out of debt and saved a little money and now I can do it.

Man 2: Okay. Cool. Um, we’ll just go in here, so the doctor is going to have to come back on December 14th and actually look at your scans.

Man 1: Yeah.

Man 2: And then give his official opinion on it. But we are just looking here to make sure…Do you have some fillings in here?

Man 1: Yeah.

Man 2: Okay. Well, he can clean this image up and look at it. But that’s why these have some kind of reflection in it.

Man 1: And that’s another thing. Like, almost all my back teeth have fillings.

Man 2: Okay.

Man 1: And I know one of my couple, the front ones, had some cavities.

Man 2: Okay, yeah, I see them all here.

Man 1: Yeah: So it’s like most like these are messed up anyway. So it’s like no point putting a Band-Aid on them. Does that make sense?

Man 2: Yeah. And I mean, here I don’t know what he’s going to say. It looks like there might b some recession here. I’m, I’m not sure, but he’ll have…He’ll come in and basically and say, okay, what is your situation with your bone? And he’ll take a look at your bone down here. It up here looks like you’re, are you missing a few in the top, right?

Man 1: Yeah.

Man 2: How many? Back to earth. Let’s, Let’s just go through here and get your situation so that you can look at the notes and kind of know what you’re feeling right now. And we’ll just go section by section and make sure. So on the bottom, on the top left actually, what have you got going on up there? Back on this side. You have some fillings. Are you missing any teeth?

Man 1: That I can’t even tell you?

Man 2: Okay.

Man 1: Not so much going…Just…

Man 2: So is there any pain?

Man 1: So at this point, no.

Man 2: Okay.

Man 1: Over Thanksgiving, I, eating a lot of pies, sugar and Ice cream and, and I notice I started to get that pain and it took me like a week to kind of get rid of it. Really going back on like, the diet that I have, like, no sugars and, you know, no coffee and soft drinks, just water, you know, so the pain goes away.

Man 2: Okay.

Man 1: I only do it when I eat sugar.

Man 2: And on your top right, you’re missing some teeth back there.

Man 1: Yeah, no, on the other side.

Man 2: How much, how many are you missing, do you think?

Man 1: Pretty much from here back.

Man 2: Okay

Man 1: So that might be three teeth.

Man 2: Does it hurt? I mean, am assuming you don’t chew on that side. It’s all on your left side.

Man 1: It’s all on this side.

Man 2: Okay. And there’s no, but there’s no pain on the right side for…

Man 1: No, I don’t have any pain. Like, I noticed like stuff like that, It’s cold out of the fridge, like fruit, like that, like I have to have it at room temperature to eat it and make it comfortable

Speaker 1: So this is a little bit different process that they’re running here guys.

Speaker 3: We can’t hear you.

Speaker 4: We can’t hear you.

Speaker 5: Can’t hear this client either or the video either.

Speaker 6: Still can’t hear.

Speaker 1: I got you. Can you hear me now?

Speaker 6: Yes, we can hear you now.

Speaker 1: Sorry about that. I don’t know why we’re having some, some technical difficulties here with this system. We’re playing the video and kind of going back and forth with the audio, but I’ll just tell you guys what’s happening here. So, um, as far as this goes, I just wanna point out a couple things since you can at least see the video. Um, when, if you guys have a situation where you have a table and you’re on the same side of the table as the patient, um, if you have an x-ray or something pulled up, I’m not sure, like, I’m not sure how beneficial it’s gonna be in the very first 10 minutes to do it. ’cause remember what we’re trying to do is really connect with the patient and figure out where the patient is and where they want to be. But if you are like on the same side of the table, make sure you guys turn towards the patient, right?

And you’re not kind of looking at a screen the whole time. Um, this is a, a little bit different process that they’re going through. Um, he gets there eventually to start talking about what the patient wants, but the patient basically said, you know, he is got a lot of periodontal disease. Um, his teeth are in bad shape and he had another doctor that wanted to do, do some type of a, uh, some type of a laser procedure, but he was just concerned at, you know, what he was going to spend and if it was gonna work and how long it was gonna work for and all [inaudible]. And, uh, and that he would just rather, um, look into doing an all on for now. He’s probably gonna end up needing both arches. He said, um, that he has about $10,000 saved up. Now, as soon as he says that, right, that he has $10,000 saved up, the treatment coordinator kind of starts going into pre-qualifying, like, okay, well are you, are you familiar with how much, you know, a, a procedure like this will cost?

And he starts kind of going through, well, removables about this much and fix is about that much and blah, blah blah. I don’t want you guys to do it. If they say 10 grand or more, just keep going. Okay? ’cause if they say 10, it’s probably 15 or more. And, um, and you’ve got somebody that you’re gonna be able to do something with, you’re gonna be able to close this guy on something. $10,000 is real money. You don’t have to pre-qualify them any further. What happens if you start to pre-qualify them right now before we’ve sold anything, right? Or before we really know what the patient wants. What you’re gonna do is set up a situation to where, um, the main influencing factor for the patient is gonna end up being the price. So I’ll ask the price for all the different procedures and then the price is kind of guiding the patient in terms of which one to choose.

So I want you guys to just continue to move on with that. Now, this particular patient was just saying, he said, listen, you know, I just got outta debt. I just paid off my truck. I just got all my credit cards, paid off. Like, I don’t want to go into debt, I just want to be able to pay for this and have it done. You know, but I don’t want to take on any more debt. I just got out of the debt. Now he needs, you know, whatever, two arches. You know what I mean? So if he needs two arches or he needs one arches, he only has $10,000, obviously he can’t pay for the whole thing now, but this is when in-house financing is gonna be huge for everybody here. Gonna be absolutely huge. ’cause you can tell the patient like, Hey, there’s a way for you to get exactly what you want without necessarily taking on debt, right?

Like a traditional loan, something that’s gonna be on your credit and all that stuff. You know, there’s ways that we can just allow you to make payments on it and kind of keep the banks and the financing companies out of it, right? If that’s something that would help. Um, and remember, for every single case that you guys get in there when you’re advertising, just to put the patient in that seat, to give you an opportunity to close, probably cost between 1,020 500 bucks, okay? If you have a patient sitting in, in front of you and they have $10,000 and you could have closed them on something for 15 or 20 and you don’t, you still paid that 1500, right? You still paid that 2000 for the advertising. So they’re already, they’re already coming in. Plus if you get them financed through a financing company, it’s going to charge you anywhere between six and, I don’t know, 12, 13% in terms of a case fee that you’re going to pay. So in-house financing, you’re not gonna really have any of that type of thing. So let me run through a couple just quick scenarios with you guys in terms of how to, how to handle this. Okay?

And I just did these up real quick, but take a look. So if they have $10,000 in cash down, let’s say they need $25,000 in treatment and they’ve got 10 grand, okay? They put 10 grand down. Now, the thing is with in-house financing, what you wanna do is you’re setting them up basically on installment plans. Okay? So let’s say that this, uh, this 12 month, we’re gonna do a 12 month plan, okay? 12 month plan. You want to charge a 3.5% merchant fee since you’re gonna be doing an automated charge with a credit card or a debit card. Um, so you’ll charge them on whatever, either the first or the 15th of the month or just the same day every month, whatever it is. It’s just a, an installment plan that you set up, uh, as an automatic payment. Okay? So in this example, they put $10,000 down, they’ve got $15,000 left to finance over 12 months.

Um, what I would do is, is schedule the delivery of the final to coincide with their eighth payment. Does that make sense? So if it’s one arch, okay, I would not, I would not do, I would try to refrain from doing in-house financing on provisionals. I wouldn’t really want to do in-house financing on a provisional only. Okay? So you wanna do a finance in-house financing on, on the full zirconia, but you use the provisional to kind of hedge your risk, okay? So after eight payments, total money that we’ve collected is $20,350, okay? If you were to get the whole $25,000, um, financed, let’s say they charge you a 10% financing fee, that’s, that’s $2,500. So you’re really only $2,000 away from what you would’ve collected anyways had you got the case financed through a, a proceed or a CareCredit or whatever, whatever type of financing company that you would be going with.

So you’re not, you’re already, you’re not that far off. And the thing is, let’s say that they, you collect five payments, you get $10,000 down, you collect five payments, and then all of a sudden they do, go delinquent and you don’t hear from them. The good news is, they’re only in a printed prosthetic at this point, right? So when they have an issue with it or it cracks, or it breaks or whatever, if they’re delinquent, they have to come back to you. So just the, the simple nature of it being a printed prosthetic gives you a ton of, uh, protection here. It’s almost like insurance. So just because you sell them a zirconia final, it doesn’t mean that you guys have to put them right in the final if they’re on an installment plan, if you guys are financing it for them in-house. Does that make sense?

So personally in, in that situation, right? Hey, if they’re gonna put $10,000 down, they got 15,000, you might be in a situation, they could pay it over three months, maybe four months, maybe five months. The goal is to get as few months as, as possible to where that patient can pay it. Now, this particular patient couldn’t get financing, but he said it would take him about, um, about five months to pay the rest of it off. In that situation though, you don’t wanna let him walk out the door or just go ahead and put him into a, uh, into an overdenture, right? For me, it, it makes all the sense in the world to take the $10,000 now and collect the rest of the 15 over five months. Why not? As you can see, even if you’re collecting it guys over 12 months, you’re, I mean, the payment’s almost $1,300 money collected after eight payments, $20,350.

I mean, you’re already super profitable with that. And then they have four more payments left. So the whole point is you use the printed prosthetic to give you guys to help establish a pattern of on time payments. So the card’s not declining, they don’t go delinquent. Um, you know, your odds of collecting the, the total case fee are exponentially improved there. Now let’s look at, at the other example, if they need a double arch, right? Because sometimes they need a double arch with $10,000 down. Now, in a lot of instances I see the doctors doing like, okay, we’ll just do fixed on the top and we’ll do a denture on the lower right, or we’ll do fixed on the lower and a denture on the top, whatever. Um, just from hearing so many of these patients, I try to stay away from doing dentures on the lower.

So I mean, and again, this is all in negotiation. It depends on what their cashflow situation is, how much money they have down all these different things. But something that’s kind of popular is just do a fix on the upper and you do a removable on the lower if you need to get the price down a little bit. So, you know, if that’s, let’s say 37,000 bucks, again, they have $10,000 down, again, you have the same 3.5% merchant fee. Let’s say instead of 12 months, you put them in 18 months ’cause you’re trying to keep it around $1,500, okay? In that instance, the delivery of the final schedule with their 12 payments, right? So after 12 payments, money collected $28,630, right? You’re still missing about, I don’t know, eight, $9,000 in terms of, um, them coming to be a hundred percent. But if you haven’t given the, if you haven’t delivered the zirconia yet and they go delinquent, you guys are covered.

The flip side is none of your competitors, and I mean none of them are going to offer anything like this. So people that don’t want the debt or people that can’t get financed because they don’t have good credit, but they’ve got a good job, they’ve got good cashflow and they can make payments, um, those people are in a situation where they’re basically stuck with, um, with an over denture, right? They got $10,000 down, someone’s gonna do, you know, a locator case for them and they’ll just do a denture, an opposing denture. That’s kind of what they’re stuck with. But something that really, that really does well with these people is, is explaining to them that, hey, there’s situations where you take a loan with a third party and that’s what you’re referring to, debt, right? So you have a third party that gives you the money and you take that money and pay us and you pay them.

In this situation, we can just kind of keep them out of it. So there’s no real debt, you’re just making payments on something directly to us. That means we’re not charging interest. The only thing we’re charging is just the, the merchant fees to actually run the credit card every month. But we don’t charge you interest. We keep it really simple. And this is gonna prevent you from having to just go into a removable that you don’t want, we can go ahead and do the, we can do the whole thing. We can do it the right way. You can put down the $10,000 you have, you don’t have to take on the debt and you can just make payments to us for the next six months and we’ll call it good, right? So I have some clients that do this and they don’t like to go out past 12 months.

Some clients don’t like to go out past six months. Um, that’s totally up to you, right? But you just really need to understand what your cost of goods are for each arch that you guys are going to place. So what are you paying as far as your implants and components? What do you pay for lab fees, design fees, how many times or visits, if it’s an associate doctor, what are you paying in terms of commission on the case? Um, what does it cost you on average to acquire each case? Yes, figure out the money part and then what to get comfortable with. But a lot of times when it comes to full arch, like this is about, it’s about doing volume, right? And what this does when you have someone on installment plans, it just adds to your accounts receivables. So, um, even though you’re collecting less money upfront, your accounts receivables is just going to grow and grow and grow and grow and grow.

And you’ve got this money coming in every single month and, um, they’re already putting down more than enough money to cover your cost of goods. So I think it’s well worth the risk, um, in terms of non-payment, especially given the fact that they’re not going to get the zirconia for an extended period of time, right? They’re gonna have to make six payments in a row to get it, or they’re gonna have to make eight payments or 10 payments or 12 payments in a row to get their zirconia. You guys are almost in the situation that that orthodontists are in, right? Where orthodontists do not use financing companies because who the heck is gonna take the patient out of the, out of the, um, out of the braces? No one’s gonna take them out of those brackets. So they just let them make monthly payments on it for the life of the braces and that’s that.

So I would look at it more like that, but try to refrain from doing in-house financing and try to refrain from just selling the printed at a lower price. I personally would rather sell the zirconia at a higher price and in-house finance the rest, I would, you know, because that printed, it’s only a matter of time before they’re gonna have an issue with it. And you’re never gonna know when it’s gonna happen or how big of an issue it’s going to be, but it’s gonna come in and it’s gonna screw up your entire [inaudible] instead of just proactively getting there. Something else I’ve seen a lot of practices do is they phase it out. They go, okay, well let’s do this now and then we’ll do that later. So we’ll get you in the printed, it’ll be whatever, 16, 17 000, and then you have the option to upgrade.

Well, that’s the same thing as just selling the printed. It’s the same thing, right? So what if they, if they don’t exercise their option to upgrade, you’re still gonna have something where 12 months, 18 months, 24 months down the road, sooner or later that’s coming back. So we made a sale, now we created a liability later, right? Instead of doing that, just make it easier for them to pay for the fixed. And I’ll tell you this is, um, this is something where if you guys can start doing it, you know, with the, with the crunch that we’re seeing in credit and just the approval rating down across the board, um, especially with people with kind of subpar credit scores, you guys can pick up a ton of volume and it’s not really gonna be about the principle. Meaning if one of your competitors selling full arch fixed zirconia for 21,000 and you guys are for 24 to the patient, 21 and 24 is no, doesn’t matter, it’s no difference.

They don’t have enough cash to pay for either one of those right now. They got 10 grand. So they would rather do 10 grand down and go all the way through to the zirconia with you. If they can keep financing companies out of it, um, rather than the, the 21 is basically it’s still impossible for them, it’s still more money that they can handle and they still can’t get approved with the financing company. So you guys can close a, a lot of business with this. You just want to be smart and you don’t want to go ahead and lead with 12 months. You don’t wanna lead with 18 months. You don’t wanna lead with six months, right? You want to conceptualize this, okay? Meaning if they tell you they have $10,000 they can put down, move forward with the entire process, don’t bring money up again, go through it, right?

Here’s what the vision is, here’s what they want as far as function, aesthetics, maintenance. Go through, present the bundle, go to your close and then get to it. But you wanna go to your close you wanna make sure that they’re in a hundred percent and emotionally they really want the treatment. If they’re not emotionally into it, then they might have a lot of questions about a lot of different types of treatment. And the only thing guiding them is the price at that point. So you move right forward with the whole thing. You close, they say, well I can’t pay for the whole thing now and I don’t want debt only of $10,000. You know, in terms of cash. You say, okay, so if you have $10,000 in terms of cash, if there was a way where we could keep the debt out of it, we could keep the financing companies out of it, the interest and all that stuff, keep it off your credit score.

If you could just make payments directly to us for the balance and keep all that stuff out of it, would that help you just to kind of allow you to make payments as the money comes into you, the money comes into us, that kind of thing. Would that help? They say, yeah, that would, say, okay, so look, we’ve got it’s $25,000 here. Okay, this is what we’re gonna do. You got $10,000 now it leaves us 15 grand. 15 grand in change. So you tell me what’s easy. I mean, could you make the payments in say three even payments? Could you do 5,000, 5,000 and 5,000? You wanna do it over three months? Do you want four or five months? What’s easy for you? You tell me what would work and let’s just kind of go from there and just see where they are. Don’t start with 12.

You start with 12 you’re always gonna be doing 12. The goal is to collect all the money in the shortest possible amount of time. Okay? So if they end up saying, well, you know, I could probably do, you know, 10 months, you guys shouldn’t even blink at that. $10,000 down 10 months. And you know, okay, we’re gonna do 10 months of payments on 15,000 bucks. We’re gonna deliver the final in six months. Write that up and be done with it. Write that up, close that case, move on. That’s an easy one guy. That’s a, those are easy closes. It’s where it starts to get out past 18 months. That is kind of it. It gets a little, you know, that’s a little much. I personally, I probably wouldn’t do a plan outside like further than 18. I would do one up to 18 if it’s a 35, 40, 45, $50,000 case, something like that.

Um, but I wouldn’t really start doing them 24, 36 months. It’s just too long. You know? And you, you can’t wait that long to put them in their final Also, you know, really the longest that you kind of wanna wait to get them in their final is like 12 months. You know? So you guys want to, you wanna make sure that you leave it open-ended and use it as a negotiating point. So sometimes it’s not 10,000, sometimes they can put 15,000 down, whatever the case may be. If they don’t want the financing or they can’t get approved, you tried to get them approved for the financing, right? And you ask them, you know, and hopefully you’re doing that before you actually do the financing, but you’re figuring out how much money they can put down. And that’s that magic number that you’re looking for is 10,000 bucks. If, if someone tells you they got 10,000 in cash, I wanna see that case closed. You know, uh, plain and simple. It doesn’t make any financial sense not to take the risk to collect the money. If you don’t take the risk to collect the money, then you gain a hundred percent certainty of losing all of the money. And this is a, this is a volume game here. Um, let me switch a screen back here. [inaudible] one second guys.

Switch it. Can you get this pulled up for me? I can’t see anybody. Sorry guys. We’re just having a little, some glitches there. There we go. Okay. Hey, have any of you guys, any of you guys actually used any in-house financing as of late? Have you allowed patients to make payments? Anyone actually doing this right now?

Speaker 7: We do this. We’ve been doing it for a while.

Speaker 1: How’s it going?

Speaker 7: It works great. We just don’t deliver the case. So when we do our chart preps, the front desk has to make sure that we don’t go too far. You know, ’cause the, the, the assistants will continue to schedule, okay, next visit, try and next visit this. So we have to hold the reign sometimes, but the patient understands that, you know, we have this arranged ahead of time.

Speaker 1: Well, you wanna make sure that you get far enough to where you don’t create a situation where they can basically ask for a refund. You know what I mean? That’s the other thing. You wanna collect, you wanna get at least 10 grand. That’s my point because 10…

Speaker 7: We’ve never done more than six months payment plan because that takes six to eight months to deliver the case, but we’ve never extended it to one year.

Speaker 1: Got it. Got it.

Speaker 7: This will be new to us.

Speaker 1: It, well, and well, and the reason maybe to extend it to a year is if you’re trying to get both of the archs done immediately, you know, and you’re trying to work out the payments for them. But again, it, it all depends on what they can, what they can put down your, your margins. When you guys do a double arch, it’s far better than just doing a single arch. Oh, the patient’s already sedated, you do it in the same exact visit, so your margin is automatically up on a double arch case. So I feel for double arch cases we can take even a little bit more risk because our costs are lower because your time is much lower for those cases. Um, so that’s, that’s something to, to keep in mind is has anyone else been using any type of in-house financing?

Speaker 8: Bart…

Speaker 1: Can you hear any payment plans? Yep, I can hear you.

Speaker 8: So I’m the guy in the video and the, the, the case with him was a little bit difficult as far as getting, getting financing done ’cause he’s shopping it like crazy. So when I, I called him back and, you know, the doctor wasn’t in town, so that was a little tough too. But, um, the doctor here, we’ve done in-house financing for a couple of arches and usually once we get, once we give them some leeway, they stop being cooperative and then it’s like they’re running the deal. So there’s a couple that where they’ve come up and they’ve said, Hey, can you go close this arch? And I go, well, what’s wrong with it? And they’ll say, well we got them on, you know, a three year payment plan and they have this problem and that problem and that problem. And so, uh, the way I I’ve seen it so far is if we’re down, if we get all the way down to, look, you can’t put any money down.

We gotta do in-house financing. Like if we get to in-house financing, usually there are so many problems that we’re like that, you know, they can’t handle that by the time we get all the way down there that the case is a mess and they’re not gonna pay or they can’t take care of it or whatever it is. And there’s a couple of these where we’ve done it for somebody we’ve like bent over backwards to try and help the patient do it. And they’re, they’re bringing me in and they’re saying, Hey, this is an arch from a year ago. We haven’t gotten it to close. You know, they still have issues with this, with this or they still can’t get outta debt here or they have this medical problem. And so it, uh, for us, I mean he’s told me several times we need to kind of back off on in-house financing or like try and find other ways before we, we do that. And you know, doing compassionate where they cover the hard costs and then do that or doing it in-house. He’s really trepidatious about that because the last couple years there’ve been, you know, it almost never works out once we get to that level and we’re in Utah, so it’s a little bit more of a competitive market, but I, I don’t know on, you know, when it’s like, hey, let’s just get that guy on in-house payment plans. It’s like he doesn’t want to do financing, he doesn’t wanna do this. He doesn’t wanna, yeah, but….

Speaker 1: What, what, what’s the magic number? What did I, what did I tell you? What’s the magic number to listen for? It’s not zero. Right. So if you’re telling me, Hey, this patient doesn’t have any money to put down, then you don’t in-house finance it, right? That’s a triage, right? So, so that’s out. So the magic number’s 10 grand. If you have somebody in front of you, buddy with $10,000 in cash, I want that arch closed because at $10,000 it makes sense to take the risk. Now what I do $10,000 in 36 months, hell no. But what I do 10,000 in six months, I’d be an idiot not to do that. Would I do 10,000 on 12? I’d be an idiot not to do that. ’cause I’m not gonna put them into zirconia until at least eight months. Yeah. So I know I’m almost completely hedged out to eight months.

’cause nobody else is gonna touch that case. No one else is gonna restore that, um, that printed prosthetic for free. Nobody’s gonna do it. So that patient has got to come back to me. So the, the situation, like the, the example that I gave you before on 25 grand, my exposure’s gonna be basically everything over $20,500. But I’m almost like I’m, I’m gonna get 20, $20,500. You know what I mean? So that’s why you don’t want to offer in-house financing for people with no money. But it’s the group of individuals that do have money, but they have poor credit or they have money. Like the guy told you, he said, uh, yeah I would need like five more months to pay this off. You know what I mean? Five months is nothing. Yeah. And $10,000 is material. That’s a material amount of money. And when you add in the fact that hey, if we close them for nothing, you guys are negative 1500 to $3,000.

’cause that’s what it costs you advertising wise to get that person there. Yeah. Right? So all of a sudden, your cost to acquire every arch when you’re closing percentage drops your cost to acquire. Every arch goes up. And that’s how, like I wind up with clients where their cost to acquire an arch is $4,000 or it’s $5,000. It’s outta sight ’cause they’re paying 15, 20 or $25,000 in marketing. But they’re, they don’t have any creativity in terms of the way to get these deals done and get patients moving forward. So that’s a cost that just creeps up there because they’re closing percentage, uh, is so low. So somebody that doesn’t have any cash and no credit is a triage, that means they’re out and I’m moving right on to the next person. Uh, somebody with $5,000, that’s a, that, that is a conversation, right? That $5,000, you’re, you’re more in the ballpark of a single implant with $5,000 than you are any type of multi implant case, right?

So $5,000 is a conversation. Um, $10,000 is like, alright, I’ve got somebody, I’m gonna get this done. But now I have to make sure that I’m a hundred percent focused on getting the case sold. ’cause remember guys, all of these things I’m talking about, these are all, um, these are just obstacles to overcome. But if the case wasn’t sold, if they’re not emotionally invested and they’re not excited about it and they, they don’t actually want it and think this is something that’s different. This is something that’s gonna change my life. This is something I freaking need to get this done right now. If I don’t get them there emotionally, they’re great at finding little things that go wrong with everything and they’ll just keep shopping and shopping and shopping and shopping ’cause there’s no impulse there. I don’t have them emo emotionally invested. So for me, this is a rule of thumb.

I hear anything like 10 grand. I’m going and I’m trying to get them, I’m trying to get them to be a 10 out of 10 in terms of their certainty on the procedure, their, their enthusiasm and their trust level, right? Make sure it’s sold. If you sell it the right way and this thing’s done and they’re excited, they understand it, they’re in, then we get to the money, you get to the bundle, you run your close, you get to the dollar amount they’re in, I got them outta 10, outta 10. These are just ways to complete and facilitate a transaction. This stuff should be easy. And if you’re flexible here, you’re going to immediately close cases that you guys wouldn’t close otherwise. But if this is your closing technique, okay, if your entire strategy to, to close revolves around price or payments, that still might not work very well, right?

Because they’re not sold in the first place on the procedure. They have to, they’ve gotta make the connection that this is the vehicle that’s going to get me everything that I want. If that doesn’t happen, the price, throw everything out the window. But I’m assuming like, hey, we’re running the 10, 10, 10, you guys are creating the vision. We’re making one treatment recommendation, we’re creating urgency. The patient has full buy-in. I’m assuming all that stuff has happened here and now I’m sitting here with a person telling me they have $10,000 to spend with me. I’m in that situation. I should not lose that case. I should not lose that case. Right? Um, you know, at minimum you’re gonna start with one arch. One arch with an opposing denture at absolute minimum and $10,000 down, you’re gonna be in a realm where if you finance it out even to 12 months, that payment’s typically gonna be low enough for someone to do. And think about their alternative.

If they don’t accept, if they don’t do the $10,000 down and 12 month payment plan or whatever, however far out you guys are willing to go, what’s their alternative? They can’t get financing. Their alternative is to go with an overdenture. Nobody else is gonna do it. None of the other practices, your competitors aren’t gonna offer these things. They’re gonna look at it and go, oh man, well what happens if they don’t pay? And I look at it and just go, what do you mean what happens if they don’t pay? If you don’t offer it, they’re not gonna pay anything. They’re not gonna pay anything. It’s a guarantee they’re gonna leave. Right? You’re losing a hundred percent of the case guaranteed if we don’t have any options for them. This way you’re immediately covering all your cost of goods and your profitable with the $10,000 and you are drastically increasing your likelihood of collecting the balance because of the delay in delivering their final prosthetic. Does that make sense?

Speaker 9: Alright, if I could ask a quick question bar, I think you might have mentioned this but I hopped on a bit late. Um, so 10,000 is kind of our magic number for thinking we might want to do in-house financing in 18 months is the max. At that point, are you um, recommending that we go with resin and say like, Hey, you know, this is what the expectation that we get to zirconia or are we just kind of being flexible and if, if they can, if they say like, I can do 900 months for 18 months, then then we push zirconia. Does that question make sense?

Speaker 1: Well, it’s kind of hard to push zirconia out past 12, you know what I mean? It’s, it’s just kind of, because then you’re gonna be, the likelihood of you dealing with issues and then having come back and then having to repair the PMMA or the uh, or the printed. Once you get out past 12 months, the the likelihood of that happening just goes up tremendously. And then you start messing up the numbers anyways. ’cause now they’re coming in, you gotta do more work and more work and you’re not charging anymore for that at that point. So you’re gonna have to get them into the, get them into their zirconia. I, I, I wouldn’t wanna wait past 12 months to do it, you know what I mean? But if it’s an 18 month plan, understand you already collected 10 and now you have 12 months of consistent payments, what it tell you that tells you that they can make the payment, that tells you that the payment’s comfortable, it’s automated. There’s been no issues. So I wouldn’t be nearly as concerned about recouping those last six payments in that instance because they’ve already made 10 down in 12 in a row. Make sense?

Speaker 9: Yes.

Speaker 1: So it, it, it is just probability and, and don’t come outta the gate and offer them 12 or 18. Come outta the gate and offer and, and ask them. Say, Hey, see what they do. How long would you need to pay this? Could you do and always lead them with something low? Could you do say three months, three even payments, I’ll work with you, you tell me how can we get it done? You know, so you don’t have to go into like a denture or go into an over denture. So it’s, it’s silly. It’s silly. You’ve already saved 10 grand. I’ve had so many patients in here where they, they saved $10,000 and because they have 10,000, they only move forward with whatever treatment they can get for 10 grand. Whereas six months later they would’ve had another eight and they could’ve moved forward with something that would’ve last five times longer and been twice as good.

So instead of doing that, I can just work with you here, take the 10, make payments on the rest and you can get what you want right now. Okay? Like that, that conversation is gonna go, it’s gonna go over really, really, really well with the patients. But the bigger problem guys is if you don’t adapt when, when times change, right? And when the economic climate changes, if you guys don’t have the ability to adapt or utilize any type of creative thinking skills or business sense here, um, you know, these big cases are going to plummet. The bigger the case and the, the, the bigger the product or the service that a consumer’s buying. When markets get tight and credit gets tight and people are lending less money, um, the, the, the more important creative financing options are, right? And you guys just have a hedge that other companies don’t have.

You know, in, in terms of the printed or the PMMA that’s a hedge that everybody, that other industries don’t have other industries, they, they’re gonna do it for 18 months. You’re walking home with the product today, right? But that’s part of, that’s part of it. Your AR is gonna grow and um, it’ll also help you with some deferred revenue. There’s some accounting advantages to it. And even if you end up not collecting it and they go delinquent and you have to write it off, you can at least write it off as bad debt and you save 37% on the write off on your taxes. So you’re hedged in a lot of different ways from a financial standpoint. You got someone in front of you with 10 grand. It just doesn’t, it doesn’t make any financial sense not to have some type of short term installment payment options for that patient. It doesn’t make any financial sense not to. Anybody got any questions on that? Yep.

Speaker 10: We’re talking about 10,000. We’re talking about cash credit card or check. Correct?

Speaker 1: Correct. Yep. Can you hear me? It froze. Oh, I think you muted. They’re all frozen. Oops, I can’t hear them. I can’t hear you right now.

Speaker 10: I asked the last question I can hear you.

Speaker 1: Oh, okay.

Speaker 10: And my question was can they use, can my, can they use a credit card for that $10,000 down?

Speaker 1: Sure. Just charge the 3.5%.

Speaker 10: Right? Understand.

Speaker 1: Yep. You know, you just want to, in, in a, in a situation where they’re gonna pay upfront and full, uh, with a credit card, I probably wouldn’t bother with it. But if I’m gonna take the risk on the balance, I’m not gonna take the risk on the balance and pay a merchant fee. Not, not for this kind of money because it’s still, it’s, you know, three, it’s 3.5%, right? So we need to, we need to charge for that. If we’re gonna offer installment plans, if they want to pay upfront in full and run their credit card for 35, I’m not gonna mess with that. ’cause I’m collecting all the money right now and any financing company’s gonna hit me for more than 3.5% anyways. So I look at it as a win if they’re gonna pay me up front in full and I don’t wanna mess with them on that. But financing wise, the 10 grand plus, the 3.5%, the balance plus the 3.5% and that’s an automated recurring charge. And, and you know, you, you guys will close cases doing that.

Speaker 10: Okay. Thank you.

Speaker 1: Anyone else have any questions related to this?

Speaker 12: It looks like somebody did say in the chat, is it legal to charge the 3.5%?

Speaker 1: Yeah, it’s me. It’s me. Sorry, I, I just wonder because I was told that it’s not legal to charge or tell the patient that you’re gonna charge for a fee that is related to the credit card.

Speaker 10: Well, the credit card company’s gonna charge with a fee we’re not going to, right? We’re actually charging $10,000.

Speaker 1: Well, it’s the $10,000. You’re just pa you’re just telling them that you’re, you’re basically passing on the fee, you know what I mean? And when you’re making installments, when it’s an in-house financing, you guys could be charging them interest, you know what I mean? You can literally charge them interest on in-house financing. Um, so, and you’re not, you’re not charging them interest, you’re just covering your cost. That’s it. So I don’t think that you’re gonna have a problem with any patient in this regard. ’cause what’s gonna happen if they get the, if they go to third party financing, what kind of interest are they gonna pay on an unsecured loan for this dollar amount percent? You guys know it’s, it’s high…

Speaker 10: 21%.

Speaker 1: Yeah. If they’ve got horrible credit, right? But I mean, if they’ve got good credit, it’s still gonna be way higher than 3.5%. Now what we’re saying is we will do that for you without charging interest. But we can’t, we can’t do in-house financing if it’s punitive, right? Meaning we’ll do in-house financing, but you’re gonna cover the merchant account. You wanna pay up front. We won’t charge you anything for the merchant account. So it’s not really charging a fee, it’s just getting the full amount, which I think is fair here. And given the fact that you’re not charging any interest, you’ve got very, very flexible terms. I don’t foresee you guys having any issue with any patient, um, in regards to that. I think if you do have an issue with that, they’re probably not super excited about the treatment in the first place and they’re not really sold if they’re gonna kind of nitpick on that one.

Speaker 14: And it is legal. ’cause when I go to make my car payment, it tells me my car payment plus for something because I’m using my credit card.

Speaker 1: Oh yeah. I mean, well there’s companies that charge you credit card fees all the time.

Speaker 15: I think that, um, in Michigan anyways, you can, uh, charge the 3.5 for credit cards, but you can’t afford debit card use. That’s what we were informed anyways.

Speaker 1: I don’t know. Then do it for credit cards and not for debit card. Or if you guys send them up on an a CH, you know, an automated a CH payment, clearly there’s no fee. You know, because it’s an automated check every single month. And you can set that up with an automated a CH also. So they don’t have to write a check. You’re not like waiting for it on the 15th every month it’s an a CH, it’s kinda like a wire. You can, you can set that up too. But the point is, you guys, you wanna make this simple, you wanna make this easy and you want to give yourself the ability to close it. Right now on the spot, would I lose that whole deal over 3.5? No way. I’m losing the deal over 3.5. So if I have to give on the 3.5 on the down payment or something like that, you guys have room to work with here, um, because it’s gonna cost you more, it costs you, it’s gonna cost you more than that in a marketing fee to lose this patient.

So you’ve got room, you, you’ve got, you’ve got room to work with here. I’m gonna give you guys, I’m working on a sheet that you guys can modify right now to use to close this with. I’ll show you real quick and then, you know, and then I’ll, uh, I’ll let you guys go, but I’m gonna make some tweaks to this and then can you see it? I’ll make some tweaks to this and then we’ll, we’ll send it out. But I want you guys to have some kind of a form that’s pretty simple to basically do a, a treatment summary. And then I was gonna give you options, but I decided to just, we make all this stuff, just fill in the blank, right? So what’s the total treatment, uh, treatment fee? What’s a down payment, financed amount? What’s the term? How long is it? What’s the finance charge, right?

Or the merchant fee. And um, you know, what’s the, uh, what’s the monthly payment, you know, what card are we going to charge? Just so you, at least you have everything in the, in the same spot. And then depending on your state, different state laws or whatever, you, you’re obviously gonna want to have some types of terms and conditions that go along with this. So it’s not something that’s vetted for different states. I just want to give you guys a template that you can use in the event that you’re going to offer installment payments on full arch. Um, but you’re gonna want to take it, give it to your attorney and make sure that you guys have everything that you need as far as your state, uh, state laws and whatever terms and conditions you need, uh, to put in there, right? And the main thing is you’re doing this whole case, you’re starting the work.

They owe the money, right? It’s not a phased case. They can’t say, oh, well I’ll just pay up to this point and then I won’t do the [inaudible]. No, you’re buying the whole thing right now, right? You’re buying the whole thing right now. So I will, uh, we’re gonna work on this, give it to you guys in a design and then you guys make sure, get it over to, uh, to an attorney and get your terms and conditions wrapped up and then, um, and then go from there. So you actually have something in writing. But again, sometimes they’ll have 10 grand down and guys they only need a couple months. Some of them that can do 10,000, 10,000 and 10,000. Some of them, it’s only gonna take them 2, 3, 4 months to get the whole thing paid off. It’s just with the videos that I’m seeing, no one is offering it. No one’s even bringing it up. They’re either dropping down straight to, um, a removable, right, like a locator case or a bar of a denture, or they’re saying you can’t get, you can’t get financed. And they’re, they’re kind of moving on to do you have a co-sign or do you have this, do you have that? Um, and in both cases we’re typically losing it.

I’m seeing a lot of them. So if you need to lose it, they, they got $2,000 down, that’s one thing, but 10 grand, please don’t, do not lose that case. Get that done, get that done. And in times where things get tight, those, the, the entrepreneurs that are willing to do things that the others aren’t, take all the market share. And I, I personally, I just don’t think it’s that, I don’t believe that it’s very risky. Not with the, uh, not with the provisional in there. I just don’t, I think you’re mitigated very, very, very well, um, to take that kind of a take that kind of a risk. So especially because your cost of goods are already paid for. Does anybody have any other questions on that?

Speaker 11: Hey Bart, I have a question. So, how do you, what is your follow up with patients who, if they don’t close at the consultation, how frequently are you following up so that you’re not wanting, you’re not wanting to like harass the patient either, but what’s the follow up like and how many times do you follow up before you just give up on it?

Speaker 12: That’s a good question.

Speaker 1: Um, I think it depends on why they didn’t close, right? What did they say? Gimme, gimme a specific example.

Speaker 12: Ones that they wanna get, uh, better financing, [inaudible].

Speaker 11: Yeah. Somebody says they wanna go check their bank for a lower interest rate or maybe they wanna check with, um, you know, a somebody to help them co-sign ’cause they couldn’t qualify themselves. I have a lot of patients who are ready, but they don’t, you know, and had they qualified on proceed, they would’ve signed that day, but they couldn’t get financing so, you know, they didn’t close.

Speaker 1: Okay. So, well, number one, if they do get approved and they say, Hey, I don’t like the interest rate, I’m gonna go check on it. See if I can get financing through my own bank or credit union, and then I’ll, I’ll call you back and we’ll do it. Right? If they say that, the first thing I’m gonna say is, okay, so what, what interest rate would be ideal for you? What are you after here? Right? Obviously, if you think, okay, so 15%, if you believe 15% is too much, what kind of interest rate are you targeting? What interest rate would make you happy with say, yeah, okay, that’s reasonable. What would it be? And you always get that number right, because sometimes you’re just not that far off. You know what I mean? You guys could be at 12 or 13% interest and they think that they can get seven and a half or eight.

In that instance, there’s not gonna be any follow up. ’cause I’m gonna, I’m gonna give them the eight. You know what I’m saying? Right? I, I’ll just write 4% right off the top and I’ll get it. Effectively I’ll make 12 eight by just giving them a 4% discount. I’m yeah. There, ’cause I’m not gonna risk a follow up situation with somebody that I have done and financed and finished right in front of me right now that I can get scheduled over four or 5%. Right? You have that much room typically to negotiate with them anyways in terms of a discount. So if they ever say anything about interest rate, never let them outta the office until you ask them what interest rate they’re going for. ’cause some of them are silly and they’ll say, oh 3%. Well that’s impossible. Yeah. Right? That’s impossible. Right now Prime is eight, you’re not getting three. You know what I mean? So you’re just, you’re not gonna be that far off. Um, if they have, uh, what was the other example besides the interest rate that you gave
Speaker 11: Where they didn’t get pre-qualified, they didn’t get any, uh, approval for financing. So they wanna go see if they could find a family member or somebody to co-sign for them.

Speaker 1: Got it. Okay. So in that instance, right? And remember before you offer the financing, you’re gonna ask them, um, okay, so how much money you, how much money you wanna put down? This is before you run them to get the approval. Say, would you rather have a situation where you put more money down and you have a lower monthly payment? Would you rather put less money down and have a higher monthly payment? Ask them. ’cause what you need to know, and, and I’m going through this because this all affects your follow up and what you do and how you do it and how quickly you do it. Mm-Hmm. , if you ask that question and say, I’d rather put less money down right? And have a higher monthly payment. Okay, so what would you rather put down? So the case is 2020 5,000. What do you wanna put down?

5,000, 6,000? What, what are you thinking? What’s easy? What, what, what can you put down on it? And they say, eh, I’d rather just not put anything down. I really can’t put any cash down. I have a lot of those . It’s like, it’s like, okay, so if they say I can’t put any cash down, I know the entire treatment plan hinges on their ability to get financed. So the second that it doesn’t get financed, I’m picking up the pace, I’m bringing out the um, um, the funding sheet. I’m bringing out the uh, yeah, I’m bringing out the sheet and I’m saying, okay, here’s some, we gotta talk about some ways to create some liquidity, okay? So that you can move forward. There’s a lot of second different secondary financing options available. I’m not even thinking in-house financing ’cause that’s not an option. ’cause they don’t have any money, right?

So I’m not gonna take the risk. So I’m gonna go through, I’m gonna give them the sheet. I’m gonna show them, give them some ideas in terms of creating some liquidity. I’m gonna give it to them and I’m gonna let them go. And um, I’m not gonna follow up at all. I’m just, I’ll follow up with an automated follow up, but I’m not gonna follow up at all in an instance where somebody tells me they don’t have one penny to put down. Make sense? Yeah, that makes sense. Other, other scenario though that say, hey, I could probably put down on 25, I could put down maybe, you know, 8,000, seven or $8,000. I could do something like that and I don’t get them approved. For me, I hear seven or eight, I think that’s probably 10. So I’m probably having a conversation with them in regards to installments right?

Then, you know what I mean? But if you didn’t have the installments in that instance, right? And you let them go, that would be kind of like my follow up, my follow up would be a text message to them and say, Hey, I was talking to the doctor, um, about your situation. I think we have a really good way to get you the treatment that you want and keep the financing companies out of it. Gimme a call if you got a second right? Or got a minute to talk whatever. It’s a quick text message like that. Um, I don’t do a whole lot of calling following up because the, it’s not super efficient, right? There’s just not enough people that answer the phone with phone numbers. They don’t know anymore. Um, the, the texting is far, far more efficient and more effective. But you have to have something to text.

And that’s why I said be specific. ’cause if you follow up with people on the follow-up’s always the same. The follow-up’s almost a waste of time. You know what I mean? And there’s some people that are not worth following up. It’s just not worth the time to follow up. ’cause the probability of the close is so low, right? And it, it’s not about trying to close everybody. It’s closing everybody that’s closable. If they’re not closable, then don’t waste a bunch of time on it. You know, don’t waste your time and your energy following up on somebody that doesn’t have any money. Let them come back to you. But if you have somebody that’s, that is a candidate and for some reason we didn’t get them, the follow up has to be personalized to them and it has to, um, it has to include a hint of mystery.

You don’t wanna follow up, Hey, just following up, did you make a decision? Hey, just following up, checking in. Like that stuff doesn’t, they’re not gonna respond to that. It’s like, Hey, I was thinking about this. I’ve got an idea for that. I think you’re gonna like it. You got a second? I’ll explain it. Okay. It’s stuff like that. So it’s, it’s not necessarily how many times you need to follow up, it’s how intel intelligently you’re following up with each one and make sure, my goal is, I don’t wanna follow up if, if they’re qualified in one way, shape, or form, I want to get them done right here. If I can get them done with financing, I got them approved. I’m not losing them for the interest rate. If they’ve got 10 K down, I’m not gonna lose them over a decline. That’s just the, because I’m going, I did this thing the right way.

They want it. They’re sold, they’re done. I’m not gonna lose them over a non-approval if they got 10 grand and I’m not going to lose them over approval for, um, for an interest rate. We’re gonna get that done right here because I’m not gonna, I’m not gonna, I’m not gonna waste another bullet, you know what I mean? I’m gonna ask them interest rates too much, what’s not enough? You know what I mean? What’s not too much? What kinda interest rate do you want? And I’m gonna go into a negotiation and get it done. So, um, sometimes the follow up I would say, guys, if you had to ask me what’s the, the majority of the time that you guys have to follow up with people, it can be situations like that. But I think you guys can get those closed. The follow up for you guys is more like the person that needs to talk to their wife or their husband or something like that.

Um, but you also have to understand that’s typically right. That’s kinda like a, let me think about it. So that’s usually not, if they were a hundred percent sure they wouldn’t necessarily have to talk about it with anything and their wife or their husband already knows that they’re there. Typically they already know what’s going on. They know they’ve been looking into this. They probably already had already had a conversation. They’re just not sure about something. So that’s where you use that. The, let me think about it script so you guys can pinpoint exactly what the objection is and when you know what the objection is, then you can create your strategy to follow up. But if you don’t have a specific objection or you guys don’t have an idea in terms of what’s holding them up, the follow up is next to worthless. You know, if it’s a generalized follow up, it’s almost like just don’t follow up, right?

Just focus on the next patient in front of you and focus on getting the leads back in the door. Um, but if you know what it was like, hey, it was a price thing or they had a second opinion or it was this or it was that, then you can do really well with the follow up. But I’m not big. I don’t say, Hey, you gotta follow up five times with everybody or make three times and then give up. Like no, if they’re qualified, if it takes me one time, great. If it takes me two or three, it is what it is. You’re just working them, you know. But if you don’t get them back in within 60 days, the odds you getting them back in are super low.

Speaker 11: Thank you.

Speaker 1: Welcome. All right you guys. Sorry it took a little bit longer. Do you have any more? I just wanna, if anyone has any more questions on this topic, I’ve been getting tons of them since the meeting, since I kind of brought this up in Miami. Um, if anyone has any other questions, I’ll take them. If not, um, I’ll let y’all go.

Speaker 13: So I do have a question in regards to approval. So if, if someone gets approved, but they’re really set on the monthly payments. So even if you take a percentage off, the monthly payment stays the same. ’cause that’s what the loan, um, and the set, set on that. How do I do it so we can move forward? They’re like, I can’t pay more than this amount. Um, regardless of how much it is because it is the payment plans with the loan, I can’t pay that percentage off of that.

Speaker 1: Exactly. So that’s why, remember the sequencing is really important. Okay. So we close, we get to $1 amount, okay, say can’t do it, don’t have enough money to pay for that right now. Would it help if I could break the payment over several months, give you a low affordable monthly payment? Would that help? Yes, that would help. Okay. Would you rather put more money down and have a lower payment or put less money down and have a higher payment? I’d rather put less money down and have a higher payment. Okay. How much money do you wanna put down? And I’m only asking these questions so I can go look for something specific. Because in the event, let’s say that you’re getting 50,000, you’re looking for 50 grand. I need to close it before I get the approval, right? So if I, if it’s a 50,000 treatment plan and I’m gonna send it out to proceed and they tell me, uh, I’ll put down, you know, 5,000 bucks and I’d really be happy with a payment of 300 a month. Can you guys get that done? 300 a month on 50 grand?

Speaker 13: No.

Speaker 1: No. So why run it? You’re gonna tell them you’re not gonna get 300, right? I’m gonna, I’m gonna handle the objection conceptually first, so I have to conceptually close it before I run it. ’cause once you run it, now we’re talking about specific numbers that I can’t change. I don’t want to do that. That’s why it’s always a conceptualize close. It’s a conversation because it’s completely, I I’ve got the maximum amount of flexibility and the patient can’t tell me yes and they can’t tell me no. They can just tell me what they want, what they want to do, and then if what they want to do to do is unrealistic, I can handle that conceptually before I run the financing. You know what I mean? So if they say something like, I’ll put 5,000, I wanna do 300 a month, you know, you can say, well, 300 a month is more typically, and again, when we’re talking about unsecured loans, right?

Things that don’t have collateral behind them, you don’t have to put in, you know, W twos, we don’t need tax forms, we don’t need all that documentation. We just kind of get you approved for, for loans like that, you know, a $300 a month payment’s gonna be something more along the lines for like a $15,000 treatment, 10 to $15,000. But it’s not gonna be there. There’s not gonna be, I don’t even have to run it, right? I can tell you there, I can’t, there’s no way that I can get anyone to finance 50,000 for $300 a month. So we’re just not in the ballpark there. You’re in the ballpark, you’re like 15, 20 grand. But if you can’t do somewhere between 700 to a thousand dollars a month, 50, $60,000, stuff like that with this type of loan, you’re not gonna get there. And I handle that right then because if I have to change the treatment, drop it down to one arch, right, or change it up because there’s, there’s an obstacle we have to overcome, then I’ll do that before I, before I ask for the approval. Because there’s no point in asking for an approval when no matter what you come back with, it, they’re gonna say no. Make sense?

Speaker 13: Yeah. Cool, thanks.

Speaker 1: So always close it conceptually before you run it and that way you can change the treatment plan conceptually before you do a reclose. So I don’t do a reclose, I give the number, if the number’s 50, that’s what I’m getting to. I’m gonna give them 50 grand, I’m gonna close and I’m never gonna give them another number after that. If the $50,000 doesn’t work, the next number that someone’s gonna come up with is gonna be them. 50,000 is too much. Tell me what’s not too much, right? 13% interest rate’s too much. Tell me what’s not too much. I’m never gonna give another one. Like, oh, you can’t do 50, can you do 30? No, it’s too much. Okay, can you do 25? No, it’s too much. It just keeps going. One number. We get to one close, we get an objection, we don’t ever give another number. Now it’s all what they want and it’s a conceptualized close that way there’s no other way that they can put you guys in a corner, right? But you can see if you guys don’t sequence things the right way, you can get, put yourself in a tough spot to close where you don’t have anywhere to go. Like you said, like I can’t do anything about the payment. You could have if you had the conversation before. Make sense?

Speaker 13: Yeah. Thanks.

Speaker 1: Okay. Awesome. Anybody else have any other questions? No? Okay. You guys, alright, I want everybody finish off the year really strong. Um, if you guys aren’t on the schedule to get into the power sessions next year, do so. Try to get, try to look at the power session dates and just schedule it for the year, right? We have a limited amount of space here for those power sessions. Well, it’s not really space, it’s just that I can’t do a real power session with more than a hundred people. It just, it defeats the purpose, right? To be able to break out into small groups. So just look at a schedule for next year and go ahead and RSVP and get your dates done because when they fill up, they fill up and I would rather know ahead of time so that if, you know, one month, you know, we’re, we’re gonna be full, I can open up another space for more people.

But, um, just try to refrain next year from just scheduling for a power session a day or two before because if we’re full, we’re gonna be full and I don’t wanna have to tell anybody that next year. So just look at the dates, get on the same page with the doctor and RSVP, schedule them out with us and then you’re done. You’re done. And we, we know when you’re gonna be here and if I need two power session dates for one topic, I can go ahead and open that up and, and be prepared ahead of time. So there’s a lot more people in the program now than there, there was last year. Cool. All right guys, finish the year out strong. Have a merry Christmas. It was fun seeing everybody in Miami and um, I’ll catch you in January, okay? All right. Merry Christmas guys. bye-bye.

Speaker 7: Thank you.

Speaker 1: All right, bye-bye.


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