Leading Through a Crisis

May 12, 2020 Dental Whale Season 1 Episode 12
Leading Through a Crisis
Leading Through a Crisis
May 12, 2020 Season 1 Episode 12
Dental Whale

BHG co-founder Eric Castro joins Joe to talk about PPP applications, how to qualify, and leadership through the pandemic. Get inside PPP loans, the availability of funds, and what leaders are doing to maintain a tight level of transparency and ability to communicate what’s important with their teams as practices face reopening. Eric shares his personal story of how he built and led his business in the middle of 9/11, and offers practitioners deep insights into leading without fear, approaching a crisis as an opportunity to grow, and being resilient.

Show Notes Transcript

BHG co-founder Eric Castro joins Joe to talk about PPP applications, how to qualify, and leadership through the pandemic. Get inside PPP loans, the availability of funds, and what leaders are doing to maintain a tight level of transparency and ability to communicate what’s important with their teams as practices face reopening. Eric shares his personal story of how he built and led his business in the middle of 9/11, and offers practitioners deep insights into leading without fear, approaching a crisis as an opportunity to grow, and being resilient.

spk_0:   0:09
Hello, everybody. This is Joe Kava, Rhetta again. And this is insider by dental whale. And today I have the great pleasure to have Eric Castro on show. And Eric is one of the co founders of Banker Healthcare Group. And I've known him for a few years, and he's been really instrumental in for me understanding what's been going on during, uh, this crisis. So I thought it was something that the rest of our community would want Teoh, see and hear from Eric. So, Eric, thank you for coming to show and welcome.

spk_1:   0:45
Oh, thanks. So I really appreciate the invite, Natalia, um, you know, listening to the show, and I'll tell you do a great job. Great information. So really, Really, I think good stuff. So, congrats. You know, really good stuff. You're pushing out their entire organization. Dental. Well, so yeah. Good stuff. Yeah, but thanks for inviting me. Looking forward to it.

spk_0:   1:05
Yes. So you know the question that's on a lot of people's mind of yours. And Dennis eyes about tpp And is there still p p p money left or where do we stand?

spk_1:   1:15
You know, it's a great question. You know, originally the second round came out. Obviously, you know, the assumptions out there were that, you know, we had four times the pent up when it came to, you know, the amount of money that was available. They thought that within a day or two, that money would be gone. But ironically enough, it's still here, a big chunk of it, not a big chunk of the bottle, you know, still, enough to the point where if you haven't up applied for a ppd loan and you think it's something that you might qualify for, something that you think you might need to Many people out there don't need it, but nonetheless, I think there's some opportunity there's I would jump on it. But I'm not sure how long it's gonna last again, whether it's gonna be done done by the end of the week or whatever the case might be. But if you are, you know, the last man standing so to speak, I would definitely take advantage of it. We actually have a program that we're running with, um, the help of dental well, to try to get that information out. So for the folks that haven't applied and they want to see if they can maybe get out there. You go to www dot d w dot b h g choice dot com w w dot d w for dental whale dot d h g for Bankers Healthcare Group choice dot com and go there, and you can apply for the P P P. Alone. We're taking loans as of today, and we've been doing it since inception. So yeah, 1% jump on them.

spk_0:   2:32
That's fantastic. I, uh you know, I think everyone's going to be happy to hear that there's still money available. And Eric, you know what you're doing with your group and helping dental. I really appreciate it. Is there? Is there any additional things that the dental community need to be aware of? That pH she's doing?

spk_1:   2:52
You know? Obviously, Bankers Healthcare Group is a finance company. We provide capital to healthcare professionals all around the condo. Primary customer base is a dentist, But for the most part, if you are in a situation, I think just for some of the folks that are out there is I know dentistry has been hit hard. When it came to you, the academic in Corona virus. And at the other day, if you haven't, you know, apply for the TPP loan. Or maybe for whatever reason, you just don't qualify. Or maybe just not interested. But you still need additional capital. Maybe just to kind of catch up to what you know, we're all dealing with. Whatever the case might be bankers, health care groups, Primary program is ideal for that. This is basically working capital loan that has, you know, really very flexible. So basically, you get the working capital and you got to do with it with what you need to do with it. You know whether it's at the business level or if you have a consumer need. We also the consumer product, but nonetheless, it's an unsecured loan, and we do it fairly quick. And then we also developed the program where, at least for right now you can defer your payments for close toe three months, which is probably a needed added, but definitely for that program, you can go to www dot beach g Hyphen Inc dot com, Bankers Healthcare group dot com, or just type in Bankers Healthcare Group. And you can take a look, but yeah, definitely if you're in need of toe rice and we're in that 300 to $4000 range as low as $20,000. So that's something that you know some of your dentist might

spk_0:   4:21
need that that's fantastic. I mean, the community needs all the help it can get as

spk_1:   4:26
well. I'm sure, dunce, we all do

spk_0:   4:28
up here to be coming at a covert and were silly coming out of it, and everyone's cautious, but I think there's a lot of light at the end of the tunnel. So no, thank you for all your help with that.

spk_1:   4:39
No, it's my pleasure. We gotta stick together in order for all of us to get out. And that's what we tell our people. You know, it's, you know, because the appreciation that we've received on this P P P program, let alone just being able to help on the working capital, said it's been enormous. It's incredible when people come together, how things dio, you know, change. And, you know, like you said earlier, just you see some light at the end of the tunnel. So yeah, I would just be glad to be part of it,

spk_0:   5:03
so I want to switch gears a little bit going from the financial peace to, ah, leadership peace. Because you've been in a leadership position for quite a while And we just mentioned before, you know, we went into Cove in which was a little bit of a shock, and we try to figure it all out and figure it out together. And now there seems to be a pathway diplomatic, all of it from from your standpoint of being a leader of a big T What are you doing today? T help lead your team, whether through communication or messaging or just overall leadership.

spk_1:   5:36
Uh, you know, I think, you know, we talk about leadership. It's, you know, such a broad perspective. But I think it encompasses a lot of the things that you need to do in a situation like this when it comes to what you would call a crisis, so to speak. And I think, like you said earlier, communication is a big part of that, you know, level of transparency, just the ability to over communicate is probably more important Now. They're in these times, then ever before, and that's a big part of leadership is all about. It's not only being, you know, transparent, but really communicating what's what's important and what's needed up there and just managing expectations on a variety of different levels of communications. It's tea, and the other thing I think it's important is to make sure that you really tighten your your window when it comes to your perspective, you know? So a lot of cases before this crisis came along problem 60 days ago, we were in a situation we would forecast out quarter. We would forecast out a year, and because of this in such a situational type of dynamic that you really got to keep it tight, which means we don't know what next week brings. We don't know what next month, let alone next quarter brings. And so you have to be very situation when you kind of just you take it almost like one day at a time, one week of time, one month at a time, and I think that that's a mantra that I think is important for everybody to appreciate and really understand the priorities within that period of time. And then that's what you need to communicate those priorities and making sure that you do everything you need to do the manage expectations, but also that you celebrate the quick winds. You know, you celebrate the little wind systems. I think that that's an important piece. And we talked about it earlier. Where, you know, we see that corona virus come off a little bit. We start seeing the flattening of the curve and you see the government, you know, potentially coming online, you know? So, you know, I hope in the little wins I think are important to recognize as well.

spk_0:   7:22
Yeah, that's for sure. Because you know this this can really beat you down. If you just focus on the

spk_1:   7:28
negative 100%.

spk_0:   7:30
It's our job to also point out the positives to the team and give some kudos, because that's really important. Um, So you've been You have a really interesting story, Eric. And really, when I would say that is the American dream and congratulations to you and your brother for, um, you know, the business that you built and created, it's it's been fantastic. And I'm just curious as you're going through this cove it And as you have gone through all the different experiences you've had in your life. What? What are some of the lessons that you've learned in this period of time, Whether it's leadership or life lessons, that going through this,

spk_1:   8:12
You know, it's interesting, because when I look back, you know, you know, pass and you can kind of just isolated the bank of South care groups on myself. Bobby, my brother, you mentioned. And also I, Albert, um, a current partner right now CEO of the company, started the company. You know, one of these that we actually started it in 2001 which was 9 11 and obviously that's when we started it. And then we went through 2000 and seven and 2000 8009. Which was that Riel, You know, great depression when he came to the real estate, tobacco and entire process there. And then now that crisis here. So we've been pretty good about not only understanding the dynamics of what you need to do in these type of situation, but also the value at that comes from him. And what we found was that it really makes you better at the end of the day, you know, most people won't put that in perspective when they're in it, because all you're thinking about is you know the tough stuff. But when you leave it and you look back in hindsight, I always found it the situation where the pressure is the most. That's when the diamond shine the most. And I think that, you know, it's an opportunity not just to grow individually, but also to really see what you're made of, not just you but your organization. And I'll tell you what, It's a great opportunity. Not only Teoh see that stuff that really works well. But you can also see the stuff that doesn't work well, understand how you yourself let alone your company, your individuals actually perform under this type of pressure. And so it's interesting what comes from that and also the dynamics that come from the market. Because a lot of times situations like this change the dynamics of the playing field sort of speaking, So it changes the way we look at business with its the technology we're using today. We're questioning whether you know what tomorrow might represent is far is going to work that we go to work because we're pretty functional here remotely. So how does that future looking? So it's interesting how how crisis like this does bring that out as well. But you know what? The other day, you know, it's tough getting through it, but, you know, if you kind of change your mindset and really look at it as an opportunity to grow kind of like a great workout where you know you gonna benefit from it, it's kind of like that, you know? And I think if you attack it in that way, usually come away with, um, a lot of gold nuggets.

spk_0:   10:24
Yeah, that's great. And I have just one more question for you. Thank you for time. Today is you had mentioned to me before how you really look at the dental industry and its and its resiliency. It's very resilient. And also the dentist you see is resilient. Can you just take a second just toe to share with the team? Your your thoughts on that?

spk_1:   10:47
Yeah. So you know, when you kind of look at the markets Brazilians, it's not just the actual business model itself to give an example. Basically, when you kind of look at the dentistry industry, it's probably that along with the health care industry is, it's not going anywhere. For all intents, purposes. If you think about it, a lot of what the world might have to do will change. But when it comes to health care and dentistry, specifically, it's pretty resilient, which means that you're gonna need to get your teeth clean. And if you don't clean those teeth with a certain amount of time, you're gonna get a cabin in that cavity is gonna hurt. Fundamentally, there is no solution outside of industry that really helps you with that pain. And obviously that's huge. So having a really great you know market where you know it's not going anywhere number one, so that in itself is resilient, which is the reason why dentistry health care in general is just phenomenal. We'd love to be in that space. That's reason why were there. And then the second piece is really the individuals that make up the sector, the actual dentist, you know, because there are resilient in nature. If you think about what they have to go through, to actually become a dentist is tough enough and then figure out a way to be successful in your own business, let alone working with others, is very challenging. Is so you have a twofold approach where you have a great market that is resilient amongst anything else. It's not going anywhere. And then the other pieces, just the individuals that make up that mark. And so I find that, you know, that's the way I look at it. And so I think there's a lot to be said for the dentistry industry. And so I think that they're gonna be in good shape again. We're gonna have to go and get this workout in. It's gonna be a tough workout. But at the other thing, I think when it's all said and done, we're gonna be in much better shape. You know, when it's done.

spk_0:   12:28
It's one of those grinding workout street at the chip away, but eventually makes him project

spk_1:   12:32
right. You gotta You gotta keep stacking like my brother says. You gotta keep stacking rack your way out of this situation. Yeah, Herring

spk_0:   12:44
man. Thank you so much for your time. It was very informative. And, man, I just appreciate everything that you do for me also, so thank you so much.

spk_1:   12:53
Thanks to appreciate good luck out there. Stay positive. Stay safe. We'll talk to you later.

spk_0:   12:58
Thank you. X