Fontainebleau Miami Beach, FL
December 1st & 2nd
The Closing Institute’s Full-Arch Growth Conference
Woman 1: And if I’m not mistaken, the setting, the… everybody’s [inaudible] should be on.
Tish: Mm-hmm. [inaudible] in here. [inaudible] conference room [inaudible]. And then… [background noise] [inaudible]. Hello. [echoing] Hello. Hello. [echoing]
Woman 1: [inaudible]. [echoing]
Tish: Hello. [echoing]
Women 1: That’s a feedback.
Tish: Hello. Okay. We just wanna have the screen up so…
Woman 1: As long as you can hear him on this computer, that’s fine.
Tish: Okay [inaudible]. And then just have the volume all the way down.
Woman 2: So, you want the computer… [crosstalk]
Woman 2: …unmuted.
Tish: Yeah. [background noise]
Woman 2: And that thing to be muted.
Tish: That- that’s just gonna have like, the camera so we could see everyone.
Woman 2: Gotcha and that’s it.
Woman 2: So this is a little bit different than when [inaudible] showed me there was something on this little white thing, I have my notes. Um, and when Bart came in and sat down she said, “I don’t know how to get that up there.” I forget all this appearing here. I have to grab my notes.
Woman 1: Like the chat maybe?
Woman 2: Maybe that was it. There was like a pop and he’s like, “Oh, that’s okay.”
Woman 1: Yes, you can just click chat… [crosstalk]
Woman 1: …[inaudible] on the iPad. [background noise]
Woman 2: Oh. Does he- does he need the chat open for the setup?
Woman 1: Oh, just do like a [inaudible]. Like thi- does he like watching the people that come on call?
Tish: Y-yes. [crosstalk]
Woman 1: Like looking at him?
Tish: Hm-hmm. [background chatter] [background noise]
Brenda: [inaudible] the…
Woman 1: Yeah.
Brenda: Is it plugged in too?
Tish: Yeah, everything’s plugged in, um, he’s [inaudible]. Do you want to do an introduction?
Woman 3: Okay.
Brenda: I want you to do an introduction.
Woman 2: I like to [inaudible] like I’m actually watching so [inaudible].
Brenda: You don’t need me.
Brenda: You do not need me. [crosstalk]
Tish: That some [inaudible] of the people my…
Brenda: You’re a… [crosstalk]
Tish: …[inaudible] are all…
Brenda: You’re a big girl.
Brenda: You’re a big girl.
Tish: Okay. [inaudible] It first and then….
Brenda: Keli swung home right now [inaudible]. [sighs] Oh good for her. Hi, my name is Tish. How are you guys doing today? Okay, great. I just want to remind you guys, make sure that you put in the chat, your name, your practice, and um, then we’ll get ready to go. Any questions on the technical side of it before we get going? All right. Great. Hang on for Bart. It’s literally a minute.
Woman 1: You seem [inaudible].
Brenda: That’s a minute and that was off the cuff so you think about something great to say.
Tish: I’ll not think about that, you know. How did your call with the doctor go?
Brenda: Oh, I [inaudible] it.
Tish: Okay, good.
Brenda: She started out- she said, “Please address me as Doctor.”
Woman 1: Oh [inaudible].
Woman 2: So your ego, [inaudible] a man. [crosstalk]
Brenda: [inaudible] face this righ- I said… [crosstalk]
Tish: That’s [inaudible].
Brenda: Yeah. I said, “just help me pronounce it.”
Tish: Hi, Charles. [laughs]
Tish: Hey, also Bart is muted. He must be unmuted. [computer sound] Is he unmuted? [unintelligible voice] Yeah. Since I’m gonna do the introduction but it says Bart’s screen is still muted. Hey Brenda, you guys are still muted.
Charles: Testing, testing, 1, 2, 3. Testing, testing. [crosstalk]
Tish: I can…
Tish: …hear you Charles.
Charles: Okay. Can you see me? Can you see me now? [laughter] See me? No? Can’t see me? Anyway. [chuckles]
Tish: Can you guys hear us in the conference room? Yeah. Okay.
Charles: I can hear you but I don’t know if they can.
Tish: Okay. [background noise]
Brenda: [inaudible] Did she tell you that?
Brenda: She’s gonna do that from her desk [inaudible]. [background noise] [background chatter]
Tish: Hi everyone, welcome. So, today we have our peer mentorship call and we just wanna make sure that we mark everyone as- as attended. So, if you can just write in the chat box, um, your first and last name, and then your practice name. Alright? And then Bart, we’ll go ahead and get started.
Bart: What’s up guys? How’s it going? How’s it going? Good to see everybody. I’m just giving everyone a second to, uh, to log on here. Just giving everybody a second. [background noise] And if you guys have your- if you do have a camera available, try to turn the, uh, turn the camera on so I can see all these good looking faces. Anybody have any- anybody have anything good from the last call? Anything good? Any consultations that you wanna discuss? Or anything that happened or any questions you have had? Any curve balls or just any, any good closes or tough ones? Anyone have anything you wanna share while we’re waiting for everyone to log on?
If not, we can certainly just sit here in silence. Sorry. Wait for everybody. Doesn’t matter. I’m trying to entertain you. [laugh]. No one has anything. You guys are lame today. What’s wrong with you? cheez, I guess we need to do a better job marketing that. We gotta get you some more consultations.
Woman 4: I do have one good thing to add.
Bart: Tell me.
Woman 4: So, I-I’m starting to use that technique where I’m-I’m saying so what interest, if they’re kind of fighting me on the unsecured loan with the interest rate, I say, “Hey, give, give me a number”, and I- and I’ll- I’ll channel you, give me a number, give me a number and then I’ll play with that number and so… [crosstalk]
Woman 4: …he’s going to, um, a credit union and then from there, if he gets a rate, I’ll play with that number and try to close from there but I think that technique is going to work and I really appreciate that. So thank you for that.
Bart: Wha- so you’re getting [crosstalk] the numbers fo- forum before you put him through financing. That’s actually, that’s part of what we’re gonna go through today just… [crosstalk]
Woman 4: Well, I was using the unsecured loan like proceeds.
Woman 4: Because [inaudible] it was a little high. It was like, because he- he has- he has great income. He just hasn’t used his credit so much because most of the time they pay a lot of cash. So his interest rate was like around 20%. So, I was gonna meet him halfway and ask, you know, but [inaudible] decided to do credit union or like a different bank loan.
Woman 4: Probably gonna provide like a five to 10% max right towards us. So that’s what I’m gonna use but just using that technique was pretty… [crosstalk]
Woman 5: Why is the- why are these speakers not working? I don’t understand.
Bart: Your speakers are working just fine. I heard you loud and clear. [laugh][inaudible] she can’t hear us. [unintelligible voice] No problem. [unintelligible voice] We still got a lot of people, um, logging on right now just as we speak. Anybody else, anybody else have anything, any kind of consultations or anything that happened that was good from the last call?
Woman 6: I have a question. It’s not about that, but, um, when I’m trying to pre-approve people when they call me before getting them into our office, they don’t feel comfortable doing that cuz they don’t wanna give someone random their social security. So, I haven’t been having much luck with that. So, we’ve been doing that here in the office.
Bart: So, what’s making you pre-approve ’em in the first place, on the phone?
Woman 6: So [inaudible] just giving them a ballpark and then, you know, they feel comfortable with the ballpark. Like I and then, um, getting them in [inaudible] consultation and then that’s when we kinda, um, I pre-approve them in the, in the room. So I don’t- I don’t know how, if you can help me with that.
Bart: Are they asking about price? Is that why you’re pre-approving them?
Woman 6: Yeah, they’re asking about price. Um, cuz I- you guys said it’s better to get them pre-approved before bringing them in for the consultation.
Bart: Only if and only if they’re actually asking about price, right? If they’re saying…
Woman 6: Yeah.
Bart: …how much does it cost? Or hey, I don’t have a lot of money, you know, I wanna make sure it’s affordable or something like that. Then we want, we wanna make sure they’re pre-qualified.
Woman 6: Pre-qualified.
Bart: Right? But you don’t wanna do that as a blanket.
Woman 6: Okay.
Bart: You know what I mean? You don’t want a blanket qualify everybody over the phone. Um..
Woman 6: Oh, okay.
Bart: …on- Right? because what makes us think that they’re not qualified? If they’re not talking about money or they’re not telling you something like that, then what makes us think that we’re not, that they’re not qualified? Right? Uh…
Woman 6: Yes.
Bart: …and you don’t wanna come off the wrong way like…
Woman 6: Yeah, I, that’s how I feel. I don’t, I feel like it’s kind of like, um, over, just like, just… [crosstalk]
Bart: Over qualifying.
Woman 6: …like aggressive. Yeah. It’s kind of aggressive. Yes.
Bart: Yeah, because you’re talking about money…
Woman 6: Yeah.
Bart: …before we’ve even really established what the problem is…
Woman 6: Exactly.
Bart: …what they wanna look like, how they wanna feel, function, and we’re already talking about money as in…
Woman 6: Okay.
Bart: …basically to say, hey, if you ain’t got no money, you don’t show up.
Woman 6: Yeah. Okay. I think I maybe just when I- when I saw the video last time, they said like getting them pre-qualified over the phone. Um, so maybe I just misunderstood that. So…
Bart: When you guys are first starting out, right?
Woman 6: Yeah.
Bart: Depending on how many [inaudible] you have, I want as many people through the door as we possibly can for the treatment coordinator and the doctor [inaudible]…
Woman 6: Okay.
Bart: …to [inaudible] at. Okay.
Woman 6: [inaudible].
Bart: Now the treatment coordinator, typically the patients that are really hung up with money, they’re gonna ask you and bring it up pretty quick. So, if they don’t over the phone, then they’ll bring it up in person.
Woman 6: Okay.
Bart: Um, you know, but again, like some pe- there are people that, that won’t get approved with proceed that just have the money, you know, so when you’re pre-qualifying, what we’re trying to do is make sure that they’re in the ballpark of understanding that this is something over 10,000 bucks, right?
Woman 6: Okay. Yeah, that makes sense.
Bart: There’s a way of- of doing it. We just don’t wanna come off too aggressive. We don’t wanna come off…
Woman 6: Yeah.
Bart: …like all about money.
Woman 6: Yeah, That’s what- that’s what I was kind of feeling like. So, I was- I just wanted to kind of put that out there and see.
Bart: No. Yeah. If they don’t bring up money, get ’em scheduled, bring ’em in the door and let the treatment coordinator go on with, uh, with 10, 10, 10, right?
Woman 6: Okay.
Bart: If they do bring up money, you tell ’em, listen, based on everything I’m hearing sounds like you’re probably…
Woman 6: Yeah.
Bart: …gonna be a candidate for probably 3, 4, 5 different types of full…
Woman 6: Options.
Bart: …options. It’s not like…
Woman 6: Okay.
Bart: …four is one thing with one price for everybody. There are different ways of doing all on four to fit it within different budgets. Right now it sounds like you may have a number in your head that you’re trying to say with it. That’s how- how you pre-qualify is not just running through financing, you pre-qualify by figuring out the number in their head and if they’re on the same planet as we are.
Woman 6: Okay.
Bart: Makes sense? So if the number in their head turns out being, well, I was thinking like somewhere between 15 and 20, I’ve got a couple other quotes but you don’t need to hear anymore. They’re qualified, bring ’em in.
Woman 6: Okay.
Bart: I don’t care if they get approved or not, right? They’re- they’re in that ballpark mentally. So they’re good. [crosstalk]
Woman 6: Okay.
Bart: Now if they’d say, “Hey, I’m thinking about something around $2,000”, that’s not even gonna get you one implant and a crown. So…
Woman 6: Yeah.
Bart: …at $2,000, we- then we need to tell ’em that’s not in the ballpark. So, that entire deal’s gonna hinge on financing at that point. If we determine they don’t have any liquidity or capital, then I would go ahead and get their information and pre-qualify ’em because the entire close depends on their ability to get financing.
Woman 6: Okay. I got it.
Bart: Everybody clear on on that- that little sequence right there? So pre-qualifying somebody doesn’t mean running ’em and getting ’em pre-approved for financing necessarily. Pre-qualifying means figuring out what mental space they’re in- in terms of how much they think this is gonna cost. You don’t want to- we don’t want somebody sitting there that is in the ballpark of a $1000 coming in talking about full arch but the earlier we can correct that the better. Um, and then the next thing we’re determining is do they have any money, cash, cash or credit, something they can buy something with? If they do, great. If they don’t, can we get them money? [inaudible] do they qualify for any type of financing. That’s that- that’s kind of the sequence there and it doesn’t matter.
It’s the same exact sequence over the phone as it is in the first 10 you know, just keep in mind typically, like when you’re first starting off the people that are most comfortable having these conversations if anybody, no one’s really comfortable until you do it a number of times, but typically it’s the treatment coordinator, right? Is the one that’s been that’s done the most amount of consultations have spoken about this the most. That’s why I lean towards, if your consultations aren’t booked out for two weeks, my- my- my mentality over the phone is get ’em in the door, get them in the door. Let the treatment coordinator do their job and do the pre-qualifying and run through the 10, 10, 10. Get- get your repetition even if it’s somebody that you end up triaging is still really good to have those consultations and- and get the- get those repetition.
Now once you’re booked out two weeks, you- have thought, right? You can start becoming more selective but if you’re only doing three, four consultations a week, the last thing you want to do is over qualify. Cool. [background noise] Okay, cool. Let’s get into this. So, for today, a couple things I want to do and, um, I know a lot of you guys were at the at the last, the last power session where we went through different closing styles, but we’re still like watching the video and I still think there’s a little bit of confusion, just in terms of the sequencing on the close, okay? And I want to go through that. I want to make sure that you guys have something to write with. So I’m gonna give you some things that might help that you can keep in front of you. Just as kind of a reminder, something to prompt you to stay on the right, on the right path here, okay?
So, the first thing I’m noticing a lot of times with the closes is we’re getting to the bundle. Once you get to the bundle pricing, and then you get to the price that you want to sell it at. Sometimes we don’t have a really good story or an explanation for why the pricing has gone from 35 to 25. So, if you don’t have a really good explanation for that, then you need to think about that right and explain it in a way that makes sense. So, that you don’t kinda blow the whole point of the bundle close, right? They need to understand that it really is that, it really does cost this much. They’re only getting it for this, for these reasons. So, if you don’t have a good explanation for that, then that’s something that we wanna work on. That’s number one.
Number two, when we get to the close, right? I want everybody to kind of keep in mind that the close should be an assumptive close, like we’re assuming they’re going to move forward. We’re not asking ’em how does this sound? We’re not asking do you want to move forward? We’re not asking ’em would you like to schedule? Right? All of those things are suggesting that they need to make a decision right now. An assumptive close assumes the decisions already been made. This is just, we’re just in the mechanics of scheduling you, right? We’re in the mechanics of- of paying for the transaction. But I’m assuming the decision has been made because I’ve been here the whole time, right? We’ve already spoken through this. [inaudible] agreement. This is the, um, of where you are and where you wanna be in this treatment is the obvious treatment that’s going to get you from point A to point B.
So we’ve already agreed on all that. We’ve already agreed it’s important to you. You’re excited about it. You’re enthusiastic about it. We’re doing it. So, the close is not… Okay. So, it’s gonna be you know, 26,000, um, so- so what do you think? Like, what do you think about, so 26,000, what do you think? Or 26,000, I can get you… Would you like to look at some financing options? Those are all closes that create a question for the patient in a question during times of stress, wha- what are they gonna be saying? If they have to think right now, during the time of stress in the money is going to provide them with stress? What are they gonna say? What are they gonna feel? They’re gonna feel like they need more time to think, right? Because we’re making them think that’s the opposite of what we want to do.
We’ve already thought about it, we’ve already thought about it, we’ve thought about it during the entire consultation and we’ve gained agreement along every step of the way. And now during the close, you’re just maintaining a high level trying to- try to keep their emotions up but you have to- you want an assumptive tone. Do not ask permission for anything during the close because when you ask permission, it’s- it’s gonna sound like uncertainty. And uncertainty is gonna sound like, like it’s completely up to them right here. And they’re gonna think about it and they’re gonna wanna think about it a little mo- more and a little bit more. I’ll give you [inaudible], like some people I’ve seen on the videos, they’ll have a technique where actually before they ask for the money, they’ll try to just get the patient on the schedule. Okay, so let’s go ahead and and get you scheduled, right? Which can work. No problem. I’ve got no problem with that, by the way.
The problem is when they say, “okay, well let’s go ahead and get you scheduled.” They’ll typically go with something like, ” So, so what works best? Do you like, you want, um, you know, morning appointment and afternoon appointment. We’ve gotta get you scheduled for the smile design. Like what day works?” That’s kinda like the typical way that, that they do it, or that I’ve been seen on the videos. So again, what’s the problem with that? We’re making them think, we’re making them think. You don’t want people to think when they’re about spend $50,000. Any little thing they have to think about that they’re not 100% sure on is bad, right? So you wanna just, when you’re scheduling, you’re asking for money or anything like that. If there’s gonna be options you just wanna take, you just wanna take a guess, and then assume it, right?
So, let’s go ahead and get you on the schedule. Now, [paper rustling] I’m guessing for you probably, I’m guessing mid afternoons it’s probably works best, right? Boom. Like I’m assuming and I’m going with it. i’ll allow them to correct me. But if they don’t correct me, I’m going mid afternoon. Let me see if I can. No, I’m guessing mid-afternoon is probably going to be the best for you the most convenient. I’m gonna see if I can find something mid-afternoon this week. Just give me a second to look here. Is there any question in there? No, I’m gonna give them a chance to correct me. But that’s, it’s an assumptive tone. You just want to keep it moving along and ke- and make it easy. Now, what I basically asked them is does mid afternoon work for you? That’s what I asked. But I didn’t put it in a question format does that make sense? Say no. I’m guessing mid afternoon is probably going to be the best for you. Let me see if I can get something mid afternoon sometime later in this week.
See if we can do this quick. Boom, boom, boom.
I asked a question but the tone is different. That makes sense, guys? So you don’t want to ask permission for things like scheduling, for things like financing. You want to assume it if you’re not sure what the answer is, take a guess and assume it and allow ’em to correct you, if they want to. But we want, we want to assume the sale and make it as easy for them as humanly possible. As little brain power as possible and they’ll just follow the leader, right? Same thing with financing. Okay, so let me run through the sequence real quick. You go through the bundle, you get to your final price, you close. Okay? The close is always on the money. It’s always on the full amount. You don’t want to start with the close on the deposit. You don’t wanna start with 50%. You don’t wanna start with any of that. We want to start right with what’s ideal. Ideal is they pay for the whole thing right now. That’s the best case scenario for us. So, let’s start with that, right?
So, we’re going to assume that they’re going to pay, okay? So it’s 27,000 so, so at the end at $27,000, it’s actually about, uh, $15,000 discount that you’re getting right here. 27,000, I can get you scheduled quick. Okay, so for the 27, like how would you like to pay for that? And what I’m doing is gauging their reaction to see if it’s even possible, right? So what are most of ’em gonna say? Do you guy- are you guys doing that right now? Are you stopping in the full amount and just asking them how would you like to pay for that? Probably not. I’m not seeing that much on the videos, right? But what you want to do you want to ask the question. Sometimes they’re gonna look at you weird, like, what, like, hold on you- And a lot of them will say this, they’ll go, “You mean like $28,000 right now? Like today? Now?” A lot of them will say that. You’ll say, “Yeah, sure. I mean, how and however you’d like to pay. Whether it’s a check, credit card, bag of money, doesn’t matter to me, just whatever is easiest for you.” Right?
And then I’ll, [inaudible] things will happen. They’re either going to write you a [inaudible] check or give you a credit card, or they’re gonna be like, “Well, is there like, is there, I can’t just write you a check. I don’t have- I don’t have like that much money like in the bank to just pay you now. Is there a way that I could, that I can pay it like a portion portion later? Like something like that?” That’s what they’ll do. Is that okay? Yeah, I mean, if you want to pay a portion now and a portion, you know, the day of treatment, that’s fine, whatever works best for you, the big wall, okay. So, so how much? You know, and we’re just walking it through, walking them through it, to see if I’m gonna get a cash pay if I’m gonna have to finance. If they’re like, “look, there’s no way I can pay for all of that like upfront.” And we say, “well, would it help if I could take that dollar amount and just spread it out over a series of months and give you kind of a. instead of, you know, coming up with all the- all the money at one time I could spread it out over 60 or 90 months give you kind of a low affordable monthly payment. Would that be something that would help? A lot of people do that. Like, yeah, that would help. That would be awesome.” Okay, once we say that, what do we say? Once- once they say, “yeah, that would be great.” If you could do that. What do you do? Someone Someone tell me. [background noise] What do you do?
Woman 7: Ask them when a comfortable monthly payment for them would be?
Bart: Exactly, exactly. And the reason why we’re going to do that, right? If they say, “yeah, that’s good.” That would help me and you go through and you get a repri- get the patient approved, and you come back with a dollar amount. Then, i- it- wha- what do you do if they say it’s too high? It’s bad, right? So you say, “Okay, listen, we’ve got a lot of different options here. So, give me something to shoot for it. Let me ask you, would you rather, a payment plan that you put more money down and how to lower monthly payment? Would you rather put less money down and have a higher monthly payment? Which one’s better?” Ask ’em that because what I need to know before I run them through financing, is if they have any capital, do they have any cash? And if they do, how much? Right? Because I’m trying to hedge. What do you- if you don’t know the answer that question and you just blindly run them through financing, they come back declined. What do you have to say then? Whe- whe- where does that leave us? Now, we have to go back and talk about the cash to see if they have any, right? It’s in and- and it’s 10 times more difficult.
So, make sure if they say financing would help tell them we have different options. Give me something to shoot for. And then the very next thing out of your mouth is, would you rather put more money down have a lower po- monthly payment, right? Or would you rather put more money down have a lower monthly payment or less money down and have a higher monthly payment? Which one’s better? And they say, “I’d rather put more money down and have a, a lower monthly payment.” Okay, so give me an idea. What do you wanna put down? You- we’re talking 50%, 75%, 15, 20,000, 10? Kinda give me an idea, just get close. I’ll try to get you exactly what you want. Ah, well, it’s 25 grand. I think I could probably put 10 down. Okay, great. So, you got $10,000 cash. So you know what, you know that you’re gonna make a sale no matter what happens with the financing. Because they said $10,000 [finger snapping] real quick, which means that particular person could probably pay for the whole thing. They can at least pay 15 grand because they’re never gonna give you the absolute maximum amount of money that they can put down. They’re never gonna give you that dollar amount. So, if they say something like that, I feel fabulous because the entire sale doesn’t hinge on financing.
Now if they say, “I would rather put less money down and have a higher monthly payment.” Say, “okay”, so you know how much money you’re thinking- thinking about putting down and what type of payment will work for you? Well, honestly, if I could put down nothing, that would be the best, if I could do it with no money down. Okay, what type of monthly payment are you thinking somewhere- somewhere around $1,000? That’s what we’re shooting for, 13, 1,400, kinda give me an idea in terms of what you want, in terms of monthly payments. Uh, I don’t know. I could probably do around 300. And let’s say it’s a double large and they said they can do $300 with no money down. What are you going to do? Are you going to run it through financing?
Can everybody hear me? Okay? So what do you do? Are you going to run that person through financing? Why? Why? That’s impossible. You can’t get two arches finance for $300 with no money down, right? It’s never ha- tha- that’s not gonna happen. You’re not even barely gonna get one arch for that. So, no, it’s just not gonna happen. So what it does, it allows us to handle it conceptually, before I give them an actual number that they say yes or no to. So I always want- before I present and close, I want conceptual agreement that we’re going to close before I get there. Does that make sense? So never pre- I try to not, I try to stay away from, take it or leave it situations. Take it or leave it situations are scary. I want the agreement basically pre- arranged, right? So, I know exactly what I need to do. And I already have an idea what the financing terms are going to be based on the dollar amount.
We already know we can already get really close. I mean, you guys have this stuff memorized. So if there’s a big gap in between what they’re expecting and what the reality is going to be, handle it conceptually with them right now before you run it, so that they don’t give you a hard “no.” Cuz sometimes if you shock ’em with something and they give you a hard “no”, they’ll almost just shut down. They’ll think like it’s impossible for them. And they’ll just shut down and they won’t even tell you “No”, they’ll just say, “Oh, okay, you know, let me think about it and run it past my wife or let me think about it and run it past my husband.” Right? You- you can’t say s- uh, one of the patients they can’t say no to you if you ask him what type of payment would be best. How much money would you like to put down? That’s not a yes or no, that’s a hypothetical. You guys see the difference? Then, if they’re on another planet, you correct it before we ever run ’em. Same thing with the price, they wanna know how much it is for all-on-four. I’m gonna present ’em with a hypothetical but we have different all-on-four options.
How much do you want to pay and let me back into one you know, we- we’ll customize it for you. But give me an idea where you are so I don’t waste your time. That’s not a yes or no, that’s not me blindly quoting 25 grand. Oh, no it’s gonna be anywhere from 20 to 30 or it’s gonna be anywhere from 15 to 30 or whatever, you know, no, get the number from them. And give ’em a reason to give you the number and a hypothetical, right? Then conceptually, you’re on the same page. It’s already closed. It just a matter of, does the financing come back how I think it’s going to come back? Right? And you’ll know before you ever run into financing, is this deal? Do I have a shot at closing this deal if the financing is not approved?
Does that make sense? So, so let’s say you’re selling one arch. Let’s say it’s going to be 25 grand. They tell you they can put down 10,000 bucks, right? They’d like to put down 10,000, have a monthly payment somewhere around 300, right? Now you know you can probably do that. Let’s say they don’t get approved. They don’t get approved, they said 10,000 and 300 a month. You run through three different finance resources. They’re declined all three times. Somebody tell me what you do with that? Where do you go with it? These are the little like improv situations [finger snapping] that we just have to practice because if it’s not easy for them, they, they get out of the room, right? They’re gonna say, “let me think about it.” You’re gonna lose them over this stuff. So, they told you 10 grand they got, they didn’t get approved for anything. So, where do we go? Somebody tell me where would you go?
Woman 8: Yes. [crosstalk] [inaudible]…
Woman 9: So, if they have 10 [unintelligible voice] [inaudible] means 20. So, do a treatment plan for 20.
Bart: Okay, so what do you say though?
Woman 9: [crosstalk] [inaudible].
Bart: Like, how do you break into ’em that they didn’t get approved without losing all the steam in the call? Knowing that they’re gonna have to pay at least 50% or better more of the number they gave you. But you know, they probably have… [background noise]
Woman 10: Could you ask that person if they have like a co-signer or someone friend of the family that can help them to get to where they need to be?
Bart: Maybe but my mentality is gonna be they said $10,000 easy. They have the money. That’s my mentality. So my mentality is, is that, I’m gonna close them on something. If I’m not gonna close on the [inaudible] I’m gonna close on the surgery and the provisional because that’s gonna be sub 20,000. You know, and I should be able to get that done. Even if I have to take 10,000 now and then break up the other 10,000 over the next three months and schedule them at the three month mark. I don’t care. I’m gonna figure out some way to get them closed, get the 10,000 and go from there. Because remember like it guys, you can all do in house financing. It just depends on when the surgery is gonna take place and how much money they’re gonna put down. That’s all, right? No- I don’t think any doctor in the world would ever have a problem. Let’s say what is this Mar- were in March so, if a patient closes today, same situation, and you can get them done for 20 and they said I’ll give you a 10,000 now, I can give you a 10,000 or I can give you, uh, 5,000 in April and 5,000 in May. If you schedule the surgery for May,I don’t think any- any doctor in the world is gonna have a problem with that.
Make sense? Because you’re just putting them on an installment plan. You’re not doing the surgery till it’s paid, right? But you’re still breaking it out for making a little bit easier. Okay, so if someone gets declined and you think they have money, it is absolutely critical that we don’t lose all the steam over the financing. That’s why you never do financing without asking, do you want a higher down payment and a lower monthly payment, way lower down payment and a higher monthly payment? You have to ask that because anybody that chooses a higher down payment and a lower monthly payment, 80% of the time or better they can pay for the whole thing outright. They’re just doing it as a luxury, right? Those are also gonna be- be the people that are gonna be more prone to scrutinizing an interest rate and things like that, right? Because they have the money, right?
That’s gonna be a [inaudible] gonna be m- a little bit more concerned about 16, 17, 18, 19, 20%, right? So I don’t want to put a ton of focus m- okay, cool. So 10,000 down, I mean you’re gonna be better than halfway there anyways. So, no matter what we’ll figure it out, let me see what kind of options I can give for you. Ten thousand, 3-400 a month, something like that. And remember with the financing, there’s always gonna be you know, there’s not gonna be any prepayment penalty. So, you know, if you wanted to pay it off three months down the road, you could do that. Okay, cool. Let me see what I can get done.
Driver’s license? And just start collecting the information. That’s it, right? It’s assumptive. [inaudible] Hey, can I have your driver’s license [inaudible] bad? No. Driver’s License, just get it from ’em. [inaudible] comes back, they’re declined. Okay. [mouth clicking] So somebody give it to- give me what you would actually say the very first thing out of your mouth. They said 10k down, it’s $25,000 treatment plan. They said 10k down they got, they didn’t get approved. Somebody give it to me. How would you at- what would you what would be the first thing out of your mouth? Because this is important. [opening bottle] Crickets. [clicking sound] Crickets.
Woman 8: Okay. So I would say, um, you know, that all hope is lost. We can stage this out. Is there any way that you could come up with more money and then where are we able to do is get you going towards your end goal? Something like that.
Woman 8: [inaudible].
Bart: Not bad, not bad. Couple things not all hope is lost. Sounds like you’re almost dead. Right? They got, they got 10 grand. Okay, so something like hey, listen, you know what? [inaudible].
Woman 11: What about, um, if somebody… [crosstalk]
Bart: Oh, go ahead.
Woman 11: …can [inaudible] for them, like family members, somebody can help them.
Bart: Yeah, yeah. But again, if they say 10 grand, I’m thinking they got the money.
Woman 11: Yeah.
Bart: I’m thinking financing is a luxury for them, right? So, what if you said something like this, You know what? Gosh, to be honest, I’m not seeing any financing options that are very palatable for you. I’m not seeing anything kind of in the range, what we’re talking about with an interest rate that’s gonna work. I think we should look at doing something a little bit different here. Something’s gonna make a little bit more sense for you, okay? Now, you said you can put $10,000 down. La- Last thing I want is you to have terms that you don’t like or a higher monthly payment or a big interest rate or something like that. So let’s look at doing something a little different because I’m not seeing anything that’s really good here, right? Now, what does that sound like? I’m not telling him, “man, you’re screwed. You got to pay for the whole thing.” Right? I’m still open to a couple of different things here. But I’m not going straight to, “Hey, do you have a co-signer anything like that?” Now if they said I want to put no money down and have all the payments and they get in and they’re not approved? What I’m talking about doesn’t work in that situation, then is when you’re like, “hey, that’s what when we’re talking about, is there a co-signer? Do you have any other assets? What do you have that you can sell? We have to come up with some liquidity or somebody else’s close to you to secure financing because you know, they were upfront and honest about not having the cash available.
So th- that’s, that’s again why that question is so critical for you to ask if you don’t ask the question, you’re going to be guessing you’re not gonna know whether to go the route, I’m telling you or to go the route of, “hey, you need to find something that you own, that’s a value to sell, or we need to find somebody that’s close to you that will co-sign it with you to help secure financing.” Two very different people one has money, one has no money. Make sense? [background noise] Okay, so the one that has money, I think about it, I’m going to close it with or without the financing. 10 grand or over? I’m going to assume that they could go at least double and if they can’t go double immediately they can go double over 60 or 90 days. That’s what I am assuming, right? And I’m gonna spin it that for them makes more sense, right? That’s how I’m- look, for you, I’m just not sure that any of these options make sense.
You know, when you’re talking about putting down like 40, 50, 60% to pay a really high interest rate and have terms that aren’t that great for you. It just doesn’t make sense. Like somebody that says, “hey, I don’t have any money to put down right? What can you get me?” They don’t mind paying like higher interest rates and higher monthly payments just the- they can’t do it anyways. Somebody like you, like if you have $10,000 down, why don’t we look at what we can do to get the procedure paid without costing you all the money today, right? Now just hear me out because I got a couple ideas on this. Let’s say you put a $10,000 down today, and we go ahead and get you scheduled. And then we do 7,500 Say in 30 days and 75,000 in 60 days and we just put it on a credit card, right? You can put on a credit card or you can do a check, but just spread it out over three months and you don’t pay any of the interest rate. How’s that sound?
See, what see what they say again, those people, people with money that do financing, hey, if you offer financing to ’em and it’s 0% interest they’re gonna take it every time, right? Just because why not? Like why pay? Why part with- with the cash if I don’t have to part with the cash and spread it out over a year and it’s completely interest free? Whether I have the money or not, I’m probably gonna do that. But when you’re talking about 15, 16, 17, 18, 19, 20% interest, even if that person gets financed, they’re more likely to look at the interest rate and go “Ah geez, I don’t know if I really want to pay it.” Because they don’t have to pay it, makes sense? They can pay it in cash so those big interest rates, when you say like, “hey, for you, somebody like you, you know, that can put 50% down. I’m just not sure any of the financing options I’m seeing are gonna make any sense, you know. With high interest rates, payments aren’t very good, different qualifications. I’m just not, I’m just not seeing anything that’s gonna be palatable for you here.”
So, let’s talk about doing something a little bit better, something that makes a little bit more financial sense for you. Yes. Yeah, it doesn’t sound bad, it doesn’t sound bad. It almost sounds like I’m taking care of ’em a little bit. You know what I mean? And again, like I’m, I’m assuming, I’m pacing and leading, right? That- that’s how the whole tone is like, “yeah, yeah I’m not getting, I’m not seeing anything here that I like. I’m not seeing any favorable terms at all, uh.” You know, none of this stuff really makes sense for somebody like you. [inaudible] a small term is gonna make a little bit more sense. I mean, no reason you paying 25% interest rates when you’re gonna be putting 50% down. I mean, that’s just ludicrous. Here, let’s talk about what we can do to save you some money here, okay? So we can do $10,000 now. What if we spread it over three months, you just pay no interest, right? And we just hold the note here in office, you just pay us directly we don’t even get a third party involved. That’s gonna save you quite a bit of money. For someone like you I think it probably makes more sense what do you think?
It’s like temperature check, temperature check. You know what I mean? If they’re open to that, cool, you might close them for the full amount, you know, and you just got them in collections. Go ahead and schedule the smile design. Get all that stuff on the books right away cuz they’re paying $10,000. Don’t schedule the surgery until the third payments cleared. That’s the most conservative, easiest way to handle it if they have the money, that makes sense? But you have to separate them out into those two categories, okay? And remember guys, if you have any questions, just write them into the chat, write them into the chat and then we’ll get to ’em. Are you monitoring that? [unintelligible voice] Okay, cool. Okay. Now, if the patient says “well, [background noise] okay, so that makes sense. I can do about, ugh, I don’t think I could do it over three months. You know? [mouth clicking] Can you do it for me for a year? Can you break- I can put 10,000 down and can you break up the rest of payments for a year interest rate?” What do you say? Crickets. [inaudible] my closers. Where’s my closers? You guys are shy or what? I got like 98 people on this call. Not one of you knows? You all know. What do you say? No, right or wrong? Doesn’t matter. That’s why I’m here.
Woman 9: [inaudible] sure. [chuckles]
Bart: Sure? A year? [background noise]
Woman 9: Yeah. 90% down. 10% over a year. [inaudible].
Bart: But he said it’s- so- the- so the arch is 25,000. He said 10,000 down the rest over 12 months.
Woman 9: Oh.
Woman 8: 13,000.
Bart: We’re negotiating here, right? That’s what we’re doing. I didn’t get approved for financing so that’s out the door. So, what are your options? Okay, it’s $25,000 dollars for zirconia.
Bart: So, either come to agreement on something that’s palatable. You don’t want to you guys aren’t a bank and you’re not charging interest, right? So we can’t spread it out too far. Frankly, I don’t like spread things out more than three months personally. Um, so if I’m in three there at 12 right, then we can have a conversation about it. But you know, in the back of your head, something that you can do, right? Is you can start ’em with the surgery in the provisional and get that fee from 25 down to like whatever it is, whatever you’re selling it for. 17, 18, you know what I mean? Reduce the principal, and then they get $10,000 and maybe seven left. So, that’s 10,000 now, 3500, 3500. And then after they get that done, they have a full year to save up for the- for the rest of it, for the next seven or $8,000. Does that make sense?
But they can go ahead and commit right and we tell ’em like listen as far as the surgery goes and proced- t’s all identical. The only difference here is the material of the teeth, it’s the only difference. That’s it, right? But it’s a way to fix the problem that you have get you into this without paying 25, 30% interest or something crazy and let you go get something you can afford for the next three months. We’re gonna get you into the- to- to your new teeth and if you want to upgrade to the zirconia, it’s gonna be another 7,000 but we’re going to guarantee this for 12 months for you. So, you have 12 months to come up with the money and then pay it and again, instead of paying you know some crazy large interest rate for somebody like you, I don’t think it makes sense. I think this makes sense for both of us, it’s a happy medium, you’re on the same exact track that you were before. I think, personally, I think it’s a great compromise. [background noise] I think we should do it. See what they say. You know what I’m saying? But you wanna, that, that’s kind of how, that’s how this is going cuz a lot of times what we’re doing is we’re asking the patient to kinda figure it out. We’re letting the patient tell us everything. Come up with all of these solutions. I don’t want them to come up with solutions. I’m gonna come up with all the solutions. They just need to tell me what the problems are. Make sense?
Brenda: I have a chat question based on that.
Brenda: So Lin- Linda from Apex said, “okay, so that’s for people who can put the money down. What about someone who can’t put anything down and want 3 to $400 monthly payments?”
Bart: Someone that can’t put any money down, they want 3, $400 monthly payments and they don’t get financed, right? They get declined for everything, okay? So my spe- in my head, I’m going, alright, I’ve got like a 5% shot of closing this case at best today, 5%. So, I’m picking up the pace. This is more than likely going to be a triage situation immediately. So, I have to say is, listen, based on where you are, [background noise] um, I couldn’t find any options that made sense. I couldn’t get you approved for any of the options that we have. Uh, I tried 3, 4 different sources. I just can’t seem to get approval here. There can be a di- a, a number of different issues related to that. Could be debt to income you know, we gotta make sure we’re putting your entire household income, but it could also be due to credit score.
Um, so we have a couple options at this point. Number one, we need to find a way, we find a way to get you financing. Either through somebody else, somebody that’s close to you, um, or through different types of secondary financing, right? That’s number one. So, if you have anybody else that will go on as a co-signer with you, give me those names, and let’s explore that. If that’s not an option, then we have to find something that you own that’s a value that you can sell or borrow against. Those are the options. So, if you have equity in your home, you can borrow against the equity. If you have a car that you can put up for collateral, you can borrow or against the car, or you can sell the car. If you have something at home that’s valuable, a collection of some sorts, right? That somebody will pay money for, that’s valuable.
It’s any way that we can create liquidity for you right now, whether it is financing through somebody that you know, whether it’s borrowing against an asset, or whether it’s liquidating an asset, that’s where we are. So, let’s talk about some of those options and then you bring out the, the funding worksheet and go through different options with ’em and say, listen, these are some of the ways that my patients, some of the different ideas and, and methods that they’ve used when they’re in situations just like yours. And they’ve used this to free up cash and move forward with care. So, I’m gonna go through these with you quickly and you tell me if any of these ring- rings a bell. You have equity in your home? Do you have a 41k? Do you have a pension? You have boom, boom, boom.
And you go through the funding worksheet, get to the end, give ’em the funding worksheet, give them your business card, tell ’em you’re here for them. It’s a direct line for you. Go home, do some research, figure out what they can sell. Talk to friends and family, they’ve got your direct line. If there’s anything you can do for ’em, then you do it. But like, [finger snapping] that’s gonna be- look, I’m, I’m serious. 95% of the time, if they don’t have any money and they get declined for financing, it’s you’re triaging, that’s done. Hopefully like usu- usually those patients kind of, [mouth clicking] you know, [sighs] sometime- they’ll prompt us in the first or second 10 with that and we can have this conversation earlier. But some of them will just be quiet and they’ll wait till the very end, you know. So either way, if they don’t have any money and they don’t have any financing, it’s pretty simple.
Go straight to the funding worksheet and make sure that if they leave with one thought in their mind, I want them leaving with the thought of things are money, that’s what I want them, because people are like, oh, I don’t have money. I don’t have money. Yeah, you do. You got a tv, you know what I’m saying? You got a couch.[background noise] you got all this crap in your gara- like you have money. It’s just not in cash form. That make sense? Because sometimes just that alone, like people might have a second watch or something they’re not using and people have stuff, they have an old boat that they don’t use anymore, right? If we’ve done a good job selling the procedure or selling the outcome, the outcome is gonna be, is gonna be much more valuable to them than some type of personal possession. And that’s the thought you want ’em leaving with…
Jenna Knapp & Tina Ne: Right.
Bart: …is that possessions are money. Yes, ma’am.
Jenna: Um, I would say these people that are getting denied financing, um, their best bet is if they have a friend or family member, um, that can co-sign for them. That’s really pretty much the only time we see them come back. Um, you know, [crosstalk] being [inaudible] to afford it.
Bart: Yeah, but I mean those are, what are their options?
Bart: Right. Like what, where do they go from here? You find a friend or a family member to help you get the financing or you have an asset that you can borrow against or you sell something, that’s it. So, you give ’em all three and see which one strikes- strikes a nerve. Some people have somebody, some people don’t, you know. But I want them walking away thinking, “Hey, maybe I could sell this. Maybe I could borrow against that.” You guys realize if it’s somebody that, like let’s say they’re, let’s say they’re 81, 82 years old. They’re on a fixed income, they don’t have a lot of cash, okay? They get declined financing, but they just don’t have a lot of cash. What would be the first thing that would enter your mind that they might have that would be worth value at their age?
David Overton: A house.
Bart: A house, correct?
Tracy: An RV.
Bart: [inhales] Okay. Okay. [crosstalk] So let’s say that they have a house. Would you say somebody that’s 81, what are the odds they have equity in that house? Extremely high. Extremely high, right? Okay. So what would you guide somebody that’s 81 years old to do?
Woman 1: Someone in the chat said he [inaudible].
Bart: He locked [inaudible]. [crosstalk]
David: [inaudible] house.
Bart: What’s that?
David: Borrow against the house.
Bart: Yeah. And keep in mind, listen, if they’re over 62 guys, they can borrow against the house and never make a payment. Ever. Never. They can never, they can take the money out and never ever make a payment. It’s called a reverse mortgage. It’s fabulous for seniors. They can take out a percentage of whatever the value of the house is, of that equity, and take the money and never ever make a payment. They can still live in the house until literally until they die. They will never make a payment. It’ll be settled with the estate.
Does that make sense? It’s different than a loan. A regular loan, they’re gonna take out the loan, they’re gonna have to start making payments immediately, right? With the reverse mortgage, they never make any payments and they can never foreclose on the house. Does that make sense guys? It’s like a- It’s more like a conservation easement. Like people that have land, if they wanna put the land in a conservation easement, they can take the money out. They never make a payment on it, but, and the land can never be developed but it’s kinda, it’s kinda like that. It’s kinda like mortgaging a, a portion of the home. So, whoever they leave the home will get the home, less what they borrowed from the bank. Make sense? But again, another good option, the more you guys know about financing, the more you know about money, how it works and how to get it, the more help you can be to people.
Okay? And everybody has something to sell. That’s what I want them leaving with but I’m not taking a ton of time. At that point I kn- I, I know for the most part that this is not getting done today. Not getting done today. So I give ’em some homework, make sure they leave knowing I’m gonna borrow against an asset. I’m gonna sell an asset, or I’m gonna find a friend or a family member to co-sign. Those are the three things for them to do. N- and then I go through the funding worksheet and it just gives ’em ideas. It’s just light bulbs, light bulbs, light bulbs. You’ll be surprised when you go through it. You’re gonna, you’re gonna hit, you’re gonna hit the ball every once in a while doing that and go, “oh, you know what. Well, I do have this. Well, lemme check into this.”
And sometimes they’ll call you back 2, 3, 4 months later and they’ll have it. That’s it. That’s all you can do. You can’t close a deal that can’t be closed. They ain’t got the money and they don’t have the financing. Let’s move on. Then it’s all about saving time. Moving on to the next one. Make sense? And make sure that you guys are picking up on their cues. Pick- you’re picking up on their cues in terms of money. Anytime someone talks about money, it gives you an opportunity to talk about it and triage them upfront. They talk about it in the first 10, let’s, let’s talk about it. They wanna ask about money, then I’m gonna get a number from ’em, what they want to pay, right? What ballpark are they in? That’s my triage to make sure that I don’t have somebody moving all the way through the process with absolutely no money. And if they have absolutely no money and they bring it up, I’m gonna see if I can get ’em approved before we even do the CT scan.
Make sense? [background noise] Cool. But the main thing I want you to remember on the sequencing, right? You close on the bundle, you ask ’em how they want to pay for it. Cash, credit, or you want a credit card check or a bag of money. They’ll laugh and they’ll look at you like you got 6 heads, most of ’em, like, are you serious? Okay, cool. Well, tell me what works. I’m open, I’m whatever works easiest for you. You wanna put a portion down now and later you tell me what works. Uh, well, I don’t know. I mean, I can’t, I can put a portion down, but I can’t put that much. Say, well, well let me ask you a question. Would it help if I could take this fee? The, the, the $25,000. If I could break it up over a series of months would that help?
Yeah, that would help. That would be great. Okay, cool. Gimme an idea of what you’re looking for cause I had a lot of different options here. Gimme something to shoot for. You wanna put less money down, have a higher monthly payment or more money down have a lower monthly payment. Uh, I’d rather put less money down. Have a higher monthly payment. Okay, so how much do you wanna put down? Gimme an idea. You wanna put down what? 10,000, 5,000? Nah, I’d like to put down, if I could put down zero, that’d be great. You know, the entire deal hinges on financing before you ever run ’em. Make sense? You don’t have to go back and ask ’em for money cuz they ain’t gonna give it to you. Cool. The other way, I’d like to put more money down and have a lower payment. Okay, cool.
How much you like to put down? You wanna put down what, 60, 70%, 50%? Gimme an idea. 10, 15,000? What’s easy? What works for you? Just gimme something to shoot for here. Okay, cool. I have 10, 12,000 bucks. Okay, so 12 down. And then for a monthly payment, what’s ideal for you? We looking like 500 a month. Is that good? 400 a month, something like that? Yeah, I can do 500. Okay, cool. 12 down 500, I ain’t worried, right? That’s is- in my mind, that’s done deal. But it has to be done in that sequence guys, in that sequence. If you give them a number, they’re not sure and they look at it [mouth clicking]. Some of these people will not voice their objections. They’ll just say thank you and let me think about it. And that’s how they’re walking out. So remember this, gain conceptual agreement before you make a presentation, before I even present the treatment.
We’ve already gained agreement in the second 10 that’s it. We’ve already gained agreement and you already know that they’re excited about it and they value it and they’re excited about the outcome and they’re emotionally invested. All that has already been decided before I ever even present the treatment. If that’s not the case, don’t present the treatment. Get them excited about it. If they’re not emotionally invested, why are we even doing it? So, you’ve gotta be able to get ’em there, okay? So that’s the whole concept here with negotiation is I’m not gonna give ’em, the only time I’m ever gonna give ’em one number to say yes or no to, is after I do the bundle closing and get down to the number. That’s the goal of the sales call is get to that point. Because once I do a close and I say, “okay, this is gonna be, it’s 35,000 for these reasons you’re gonna get at 25. How’d you like to pay for that? You wanna do check, credit card, bag of money?”
Like what works? That is the close every single time. And that’s the only time that we’re ever gonna give a number for them to say yes or no too. Everything else after that is a, is a hypothetical question that we pose to them that we’re open to any options. Makes sense? I don’t wanna run ’em through financing and present ’em with a, with 4 options to choose from. Guys, that’s a disaster. They’re gonna go talk to their wife, they’re gonna go talk to their husband. There’s [inaudible] options, tell me the option that works and once you get close to it that it’s done and then you’re assuming the close. Okay, got everything we need. No problem, sign here, let’s go, I’ll get you scheduled. Now for you, probably mid-afternoon probably works best, right? I’m gonna try to find something this week. That’s the- that’s the cadence here.
Does that make sense? If you’ve gained conceptual agreement, there’s no question. The question only comes when you haven’t [background noise], right? And then it say what if- what if they say no? A lot of people don’t wanna say no. So they’ll just get outta the office and say, let me think about it. And that’s what’s happening in the close. We’re not- we’re not setting it up correctly. We’re making little tiny errors in the close that leads to them going, [mouth clicking] “okay, well you know what, let me think about which option is best. I also have a pretty good relationship with my bank. Let me just kind of think about what op- what option is best and I’m gonna get back to you.” And it’s like, “oh my God, that person should have been done. That was a done deal. We did everything perfectly right up until that point.”
And then we give ’em 3 options. I don’t give ’em 3 treatments. I don’t give ’em 3 financing options. We don’t give them any options. It’s just what do you want? And I’m gonna give you that. What do you want as far as an outcome? I’m gonna give you a treatment that gives you that and that’s the only treatment you’re gonna see. What do you want as far as how to pay for this? Which- what do you want? And I’m gonna give you that one. What do you want in terms of financing monthly payments and money down? I’m gonna give you that and it’s done. Make sense? No? Awesome.
Brenda: I have chat questions.
Bart: Okay, chat question. Go.
Brenda: Uh, Lisa, from the [inaudible], if we spread out treatment over time due to finances and we’re waiting for it, waiting out [background noise] for funds, how do you protect the practice with patient obligation and our obligation [background noise] to finish? [inaudible]? [mouth clicking]
Bart: It depends on how you schedule it out and how far you’re running it. That’s why I don’t like holding a note for 12 months or 18 months when we’re gonna be done with all of our work in 3. I’m gonna be done with my work in 3 then, then I’ll finance it for 3. It’s gonna take us 4, then I’ll finance it for 4. If we’re talking about in-house financing for no interest. Explain to the patient, look, we’re not a bank. You know what I mean? But if this is just a matter of allowing you to that, that pain, everything up front is just too much heartburn right now just to pay that total amount. I know that you probably could, but if that’s just too much heartburn for you, if I ain’t- listen, we’re gonna be done with the final in 3 months.
If you need me to spread it out and do 10 now and then 5 and 5, I’ll do that for you, right? But if we’re talking about, hey 10 now and then spread out the other half of the payment throughout a year, you know, we’re just not set up to, to hold a note for that long that- that’s kind of why we work with the third parties. I’m just kinda doing something special for you because a lot of third-party and interest payments just don’t make sense financially for somebody like you. So, I don’t have a problem doing that, but you know, let’s get this thing paid by the time we’re done, [background noise] that sound fair? And go try to close him. If he is like, yeah, it’s fair, I just can’t do it. Okay, you can do 10,000 down now, could you do, say, gimme an idea of what you could do? You can’t do 10, 5, and 5. What could you do over the next 3 months? [background noise] Could you do 10, 3 and 3, 10, 4 and 4, 10, 2, and 2? What could you do? I could do 10, 3, and 3. That’s 16,000 bucks over the next 3 months. What can you get done in 3 months for $16,000? Surgery? Smile- smile design surgery, provisionalization, done, and done. Make sense?
Then you let ’em pay for the extra 9,000 for the permanent later. [background noise] Get ’em done. You got conceptual agreement, it’s spread out. Their last payment comes on the day of surgery. Their first payment comes today, the next payment comes at the smile design, last payment says surgery. And go close it now. Collect the money, get the credit card, go. But I’m not a big fan of of, of spreading it out- again that’s what financing is for. You know, they need to pay the interest. You guys aren’t banks. I, I don’t even- with my company, well we’re not set up like that either. We’re not a bank. You know, if I’m gonna sell something where all of the work’s gonna be done in 3 or 4 months, say to do a video for you guys, I don’t wanna write that note for 12 months or 24 months, you know what I mean? And charge 0% interest.
We’re just not- that’s what credit lines are for. That’s what banks are there for, right? But remember you got somebody in front of you that has 10 grand, they got 10 grand, they said they can pay right now, 10, 15, 10, 16, all day long. So, be ready [finger snapping] with the scale, right? And be ready to spread it out over the course of finishing the case of doing the actual surgery. I don’t think any doctor would ever have a problem with doing that. Where the doctor’s gonna have a problem is, hey, you gave him 12-month financing, you know, and we’re getting that. We’re gonna be done. This case is gonna be completed in 30 days. Then you have way too much exposure, right? With 10, 10 grand is gonna pay for all of your overhead and then some. So you’re already profitable at $10,000 on the case anyways. So your risk is extremely low [background noise] on a 3-month plan like that.
Brenda: Here’s, here’s another question.
Brenda: What’s a good suggestion for a patient who paid in full and then starts getting cold feet a couple of days later due to them realizing how much money they have invested?
Bart: Okay, so if somebody gets cold feet and they paid in full, it’s called buyer’s remorse. So where does buyer’s remorse come from? Buyer’s remorse, if you get patients with buyer’s remorse, it actually is a good thing for you. It speaks a lot to you because that means that you made a really good emotional sale. You got ’em excited, that’s what happened. You got ’em excited. They’re like, “oh my God, I want this. Look at the- look how I look. You know, I saw like the smile design, I look amazing. I have to have it. I’m gonna do it, I’m gonna do it, I’m gonna do it.” And they made an impulse [finger snapping] buy. But what happened? When you make an impulse buy the next day you start thinking about it and your brain starts playing tricks on you.
Your brain starts going, “man, you have done that? Maybe you should have shopped around.” Or they go home and tell someone, they’re like, “oh, did you look into this? Did you look into that?” Any of that little doubt in their mind, right? Can get them to say, ‘Hey, I, I changed my mind.” Right? So what has to happen is the, the emotional side, getting ’em excited about it, that’s what’s gonna get them to close now. But the logical side is gonna give them the logical justification for doing what they did, which is absolutely critical. It’s imperative that they know that and understand it. So the justification for what they did is, hey, no matter what, I’m gonna have to do this one day. Right? My situation’s not getting any better no matter what. I’m gonna have to do it one day with these guys. I’m getting everything, making no compromises and I’m getting about a 25% discount to do it now, I’m gonna spend the money down the road no matter what. So, I might as well do it with them where I’m getting a great deal,. They’re not cutting any corners, I’m gonna get a great outcome and, and they just have to know like they’re gonna spend the money one way, shape, or form.
It’s gonna happen, right? And if they have that logical justification, that’s what the bundle closed does. It shows ’em they’re getting a great deal and makes ’em feel comfortable about spending the money. Cuz they feel like they got a good deal like they got a bargain. Like the money they spent, yeah, they spent 25 but it’s worth 30 or they spent 25 but it’s worth 35. That’s the logical justification they need that really helps to curb buyer’s remorse. When you don’t have it, you start to question, did I get a good price? Should I maybe I, maybe I move too quick, maybe I should get a second opinion, right? And they start talking to other people and one thing leads to another. If they have an airtight logical justification for why they spent the money, which is the bundle, that’s that story I was telling you about. Then they’re not seeking any information from a third party once they leave. To them, they made a smart decision, it’s done. And you know what they feel okay with it cuz they’re gonna have to do it anyways. Might as well do it now, get it done right and save 20%. Make sense? Any other questions?
Brenda: Yep, we have one more from Brandy. Can you explain if a patient is qualified, but questions the interest rate, how do you split that with the patient?
Bart: If a patient is qualified and questions the interest rate? So let’s say the interest rate is 20%. Uh, hey Brandy, are you on still?
Brandy: Yeah, I’m here.
Bart: So gimme a for instance. Let’s say it’s 20%. When you say question it, what are they saying exactly?
Brandy: Well, I mean not even being that high. So I’ll just scenario. I had a lady co- come in while ago. Um, she qualified for the fu- full 60,000. She is ready to do a full upper and lower. Her interest rate was like, I don’t know, 3.9. It was ridiculous.
Brandy: So, I was like, “okay, no-brainer.” Right? Um, she said that she needed to go ask a family member for help to put money down to lower her monthly payment, but it was already pretty, pretty- it worked out. So, I’m like, okay. I know you had said something…
Brandy: …not too long ago about splitting that interest with them as you know, helping them.
Bart: But where’s the fundamental issue here? Fundamental issue took place before you [inaudible] with financing.
Brandy: Mm-hmm. Clearly.
Bart: You know what I’m saying? Because we didn’t ask her what kind of payment do you want? You wanna put more money down, lower payment, less money down, higher payment. Which one? You would’ve already known this.
Bart: That, that way when the financing comes back, you know how exactly what you need to say and how to frame it…
Bart: …to make it a no-brainer. If not, you’re gonna present them with an option and you don’t know how they’re gonna receive what’s being presented. That’s why it’s dangerous to do it blind…
Bart: …right? because if she said [inaudible], “Hey, I want something that I could put nothing down”, right? Then it’s like, “okay, well what kind of payment do you want? Oh, this, that, or the other.” Right? Let’s say that she said, “I don’t know, $600”, and you got her something for 400. I’m gonna close ’em and tell, you know what, like if it comes back at 400, I’m gonna say, “you know, I was able to do way better than you even asked for [laugh]. This thing is done. I got this not at 600, I’m working some magic here. I didn’t get it 600, I get it at 400. I saved you 33% right off the bat. How’s that?” Cause what- what is she gonna say… [background noise]
Bart: …that’s [inaudible]. No, she’d be like, “oh my gosh, awesome. Cool, let’s go through it.” Sign right here. I’m gonna get you scheduled. We got this done baby. No money down, 400 a month. Let’s go put it in front of her. Tell her to sign it. I’m not making a big deal out of the interest rate, I don’t care about the interest rate. The interest rate to me, it’s not an issue. You guys do not wanna sit down and start going through the details of the financial product that they’re using.
Brandy: So, I guess I’m referencing one of the things that was mentioned at one of the power sessions and I was brief and it was quick and I just kind of caught and then someone mentioned it this morning about taking some of their interest off…
Bart: I’ll tell you. So… [crosstalk]
Brandy: …putting It back on or somehow.
Bart: Yeah, I’ve gotcha. So, let’s say that you knew that if you, if you did it and you ask the questions beforehand, you get to the interest…
Bart: …would exactly what I just said. You didn’t bring it up. And they look at the interest, right? And they go, “oh geez, 3.9, you know what, I’m gonna see if I can get a family member to help me with down payment to lower it.” Now the first thing I’m thinking is, who’s to say that’s gonna be lowered if you put down more money?
Brandy: Right. [crosstalk]
Bart: Right. 3.9 unsecured loan, it ain’t gonna lower anymore…
Bart: …regardless of that, right? So off the bat, I’m a little bit confused with it, but let, let’s just say for the sake of the example, let’s say it was 10%, okay? And they’re like, “10%. Geez, I can do better than that. I never paid 10%. That’s insane. Geez. It’d be better to pick cash but 10%, that’s way too much. I can do better at my bank. I’m gonna- I’m- you know what, let me go to talk to my bank and I’ll get back to you.” Okay? So say, “okay listen, I get it, I get it, but 10%, let me, let me just put this in a little bit of perspective. Okay?” So what the 10% represents is what’s called an unsecured loan. That means that you’re being approved on stated income. We don’t request tax documents, you don’t have to put up any collateral and it’s done instantly. Unsecured loans are the highest risks for the banks to take. Plus there’s no car, there’s no house, there’s nothing to, to repossess or foreclose on and sell for the [clears throat] lender.
So those unsecured loans, the reason why, unsecured loans, the reason why people do ’em is because they’re [finger snapping] easy, they’re [finger snapping] quick and allows you to get this done and scheduled and moving forward today. And it’s super convenient and easy. You go to a bank, they do tax documents, you put something up for collateral, yeah, you can do better it just takes so much time. But at the end of the day, let’s say that you went to your bank, what interest rate would you actually be expecting? Like what interest rate are you looking for? If 10% is too high and we know something like 2% is impossible, prime’s what four and a half? Like what, what interest rate would you, would you be expecting with any type of financing? And then I set a baseline, right? And let’s say they go, well I would be expecting something like, you know, 5%. Okay, so you know you’re 5% away from a close, they’re expecting 5%, 5% with tax documents and collateral.
What do you say we do this. So cuz again, I wanna make it easy for you. The financing company banks, they can just be such a pain in the butt to deal with honestly, like to get changes they’re regulated like crazy. What if we did something like this to make it easy? Okay, keep in mind with the [background noise] unsecured loan, there’s no prepayment penalty. Okay, I get it, 10% is too much. Why don’t we do this? You wanna be at 5, we’re at 10. I don’t even have to talk to the doctor about this. What if we do this? I can take 2.5% right off the principle, which lowers your total principle by two and a half percent. That’s basically me pre-paying the interest for you. And then I’ll have to mess with them about the interest rate. That’s gonna get you halfway there. So now you’re at seven and a half percent.
If you still want to go to the bank and invest the time and energy right into doing tax documents and getting your traditional loan, let’s say you get it, no big deal. Let’s say they give it to you for four and a half, you get the loan, you pay off the unsecured loan and you’re done. But this way I can get you locked in. I’ll give you an additional 2.5% off the principal and I can get your schedule and we’ll get your smile design done this week and we’ll get moving on this. I mean there’s absolutely no downside here. None. Let’s do that. That’s it. You know what I mean?
Brandy: Yeah, that’s actually what I was looking for was right there. Cuz I’ve, I’ve come across this a couple of times cause those unsecured loans are very high in interest and that has been a deterrent for a lot of our patients. So [background noise] that’s kinda, that’s exactly what I was looking for. [background noise]
Bart: So [inaudible] so the first thing is make sure that you, that you state the difference between a secured loan and unsecured right off the bat. Justify that they’re all gonna be hired by nature of that type of financial product. Number 1. Having- number 2, having said all of that, what interest rate would you be expecting? Because now I’m trying to determine…
Brandy: Do they know the difference?
Bart: …where I am, where are they… [crosstalk]
Bart: …because I don’t wanna get to seven and a half, if they’re thinking 2%, which is impossible. I’m gonna, I’m gonna correct that, right? So I need to know what they want. Well, geez, if it was at 7%, you know, I wouldn’t be so upset about just 10 is ridiculous. Okay, so if I can get it to 7%, we’re good. Listen, instead of going back and forth with financing, here’s what I’m gonna do. Boom. You know what I mean? But you gotta, first establish the difference, unsecured or secured. Second, establish their baseline where they want to be as far as an interest rate and you’re gonna make a call, how big is that gap? Is the gap realistic? And can I get all the way to the number they want by reducing the principle, right? Or are we gonna have to compromise, I’m gonna have to, to to compromise meeting in the middle and then do a push close? [background noise]
Bart: If it’s a push closing and it’s a compromise, then your- your silver bullet is the fact that there’s no prepayment penalty and they can still get it done. So, we can get it done now, move forward, get you on the schedule, and you can still talk to your bank and pay it off and there’s literally no downside. This is the perfect solution. Let’s do it or why will we not do it? There’s no reason not to do it and it’s a push close and then you find out how serious they are. Make sense guys? [background noise]
Okay. Awesome. And for those of you that didn’t, didn’t get to the power session, we went through ’em, we did, um, different closing styles in the po- in the, uh, the power session this last month. So, you guys make sure that you get scheduled for the power sessions in the future. Um, whether it’s just you or whether it’s with the doctors, look at the schedule and figure out the ones you wanna come to and get scheduled for ’em because they are, they are filling up. We have a, a max capacity of those of 120. Cool. All right guys. I hope that was helpful. Go close somebody, go get ’em. Make that money. Bye-bye.
Tracy: Thank you. Have a good one. Thank you.
Bart: Thanks, bye.
Brandy: Thank you.
Tracy: I’m excited.
Bart: Get ’em.