Gems Publishing May 2018

My Perfect Storm How We Found Gems in the Middle of Black Friday

By Dr. Tom “The Gems Guy” Orent

When you go to dental school, they give you all the clinical tools and know-how to start out in practice. But they neglect to prepare you for running a business. They tell you to go out and be the best dentist you can be, assuring you the rest will fall into place. However, being clinically proficient is only a small part of running a successful dental practice. You’re not just helping people with their health and smiles; you are the owner and operator of a business. Roughly 20 years ago, after 15 years in practice, my life changed. My perfect storm started on a miserably cold rainy Friday afternoon as I sat in the office of a Boston bankruptcy attorney. My practice was going under. He looked at my books for 10 minutes, charged me $300, and said, “We’ll file on Monday.” It was harrowing, but it was just the tip of the iceberg. divorce lawyer that I was planning to file for bankruptcy protection. Her shark informed mine that if I filed for bankruptcy, they’d motion the family court judge to liquidate my home, my office building, and my dental practice, leaving me with less than nothing — a risk my counsel suggested I couldn’t afford to take. To add fuel to the fire, I’d just learned that my office manager had been embezzling from me. She was the only one who knew how little I had, so she decided to take the rest! Faced with a choice, I chose to fight my way out of the seemingly bottomless pit I’d dug. I shifted my focus to the one area that would eventually separate me from 99 percent of my colleagues/competition: I learned how to build and operate a thriving business. I studied everything I could get my hands on. Direct response copywriting, I had been referred to this bankruptcy shark by my divorce attorney. Word got back to my ex-wife’s

marketing, business operations, ergonomics, systems, psychology, influence, persuasion, leadership, team building — you name it, I discovered it. I would take the basic concepts from the business world, bring them back, craft them to apply to dental practices, and reap maximum rewards. The rough, uncut “Gems” I unearthed and polished later became the foundation for 1000 Gems Seminars TM and today’s Gems Insiders’ Circle TM ! In two short years, I turned the practice around. Remember the building I mentioned that I risked losing in bankruptcy? I turned the tables and was able to pay off 20 years’ remaining mortgage in just 3 years, saving me 17 years of interest payments. We were debt-free just a few years after almost losing everything. The business moved forward at the speed of light, and life couldn’t have been going any better. Bankruptcy was averted, and I’d found an incredible woman to share this success with:

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... continued f rom cover my wife Elizabeth, “the engineer.” We were on a path toward freedom. And then, out of the blue, my father was diagnosed with terminal cancer. My father wasn’t a dentist (and it’s a long story), but he was the owner of a practice 45 minutes west of mine. He’d been healthy (or so we all thought) until the day he was diagnosed. We always knew things were financially tight for him, but he’d been too proud to ever tell us how bad things really were. He called us to his bedside at the Mass General Hospital during his final days and told us that his practice was really struggling. He had a lot of debt and no retirement put away for my mom, and he had canceled his life insurance years prior. His dying wish was for us to turn his practice around, just as I’d done for my mine. He asked me to build financial security for my mother. I called that practice my negative inheritance. The day we took it over, I wrote a check for $100,000 from my account to his … just to keep the doors open. We inherited a failing business, but we weren’t about to let that stop us. We did what we had learned to do: We went in and turned his practice around. My mother needed something to live on. We’d promised my father, and we were determined to come

through for them both. We dove in and transformed his failing practice into a profitable business within just a few years. It was neither witchcraft nor magic — we applied a hefty dose of what Elizabeth calls “willful suspension of disbelief.” We paid no attention to the apparent differences between our two practices. We simply applied the “Gems” that had already proven successful in the first practice to our second. Our mindset was never going to be fixed and limited about what we could accomplish. If you want to successfully serve your patients at the highest possible level and grow your revenue, you must dispel limiting beliefs. Thoughts like, “That may have worked for them, but that’ll never work for us,” or, “We can never make that much money with only a few chairs (or a small team or with our patients)” will hold you back from achieving the level of practice and income you deserve. Our Insiders’ Circle TM Team Training Toolkit is only as useful as your belief in its ability to affect your practice and your life. If you are willing to cast off your limiting beliefs, the tools and systems we share can help you reach or exceed the practice and life of your dreams. That’s what we did for our family, and that’s what we aim to do for you and yours.

If You Had to Do It All Over Again …

By Tom Rich, MBA

Regardless of what your schedule looks like or the balance of your bank account (personal or practice), this is the one thing you know for certain: You have earned the right to be called “doctor.” You are improving your patients’ health and lives each and every day. What they didn’t tell you in dental school is that the earning potential and personal satisfaction of that title is directly proportional to your ability to harness opportunity. That’s why it’s critical to remember you have control; it’s your name on the door. Your patients come to see you. They trust and need you to do what only you can. The best part is that you don’t have to do it alone. In fact, you shouldn’t. It may be hard to believe, but the most successful, satisfied, and profitable dentists have discovered they can do more for their patients and have more time, money, satisfaction, and freedom … while working less.

When I ask dentists to finish that thought, many of the dentists I talk to say they would have taken a slightly different path. Some wish they had been more aggressive in marketing, team training, or leadership. Others say they should have been more cautious about who they trusted, how they made decisions, or the business risks they took. Both types of answers are completely understandable.

The most heartbreaking answer I ever heard was “I would have picked a different profession.”

No doubt, dentistry isn’t as easy as it was in the ‘80s, ‘90s, or before the Great Recession. But that doesn’t mean it has to be hard. Those who want to throw in the towel or dream about a life where they went down a different path have forgotten the nobility and prestige of the profession. They’re looking at what’s missing rather than what they achieved.

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Advertising Magic in Dentistry

Sorry, but there is no magic in advertising. It’s a whole lot of science combined with a touch of art. About 20 years ago, I was in what has become known as my “perfect storm year.” My practice was drowning along with my personal life. I’d lost sight of the shore and had no idea how to get back to dry land. The only thing that helped me slowly turn the tide was my determination to learn everything there is to know about marketing. Thus began my 20-year “street doctorate” in direct response marketing. I began doing research and intently focused on arming myself with the tools needed to fight back and rebuild my practice. Our GoldMine Underground Team Training Toolkit focuses on some of the takeaways I gathered. It also goes deep into detail about what has been proven to work. These are strategies that you can insert directly into your practice. Everything in marketing is a test. Some strategies will work for you, while others won’t. Simultaneously and consistently deploy six or eight marketing strategies that have been proven effective, and you will see immediate and ongoing return on investment.

advertising budget should be? It’s a trick question, because you should never limit your advertising to a fixed budget!

Putting a budget on your ads just straps limitations to what you can do. If you were to hand me $1, and I gave you $2 back, you’d probably say that’s a good deal, right? So, what if you then handed me $5, and I handed you back $10 or even $20? That’s a great deal, now. How long would you play that game if given the opportunity? COUPONS AND SPECIAL OFFERS I’m often asked about the use of coupons and special offers. The common worry with this is that a coupon attracts all the “wrong” patients. These tire kickers just want to get the deal from you and move on. Here’s a fact: The use of enticing special offers limited in time or quantity (a motivation to “act now”) works ! Effective use of coupons and special offers will measurably increase response to your marketing. Some folks will no-show. Others will come in once just for the special offer, never to return. Others will become amazing, long-term patients who accept major restorative care and refer their friends and family. The trouble is that until you’ve actually met your new patients, you don’t know who your next great patients might be. That’s why I developed the 20-20-20 new patient exam. The patient has 20 minutes with the assistant, then 20 minutes with me, followed by another 20 minutes with the assistant if needed (e.g., for models, additional radiographs, or the like). The patient is with us for an hour, but they only require 20 minutes of my chair time. If you’re looking for deeper analysis and substantial takeaways, the GoldMine Underground Team Training Toolkit 035 is a must. You’ll find this Toolkit at InsidersCircle.com (click “Site Map,” then “GoldMine Underground Team Training Toolkit,” and then “035 Extreme New Patient Flow: Advertising Magic in Dentistry”). This GoldMine Team Training Toolkit could be exactly what your practice needs to achieve your goals. GoldMine 035 takes a deep dive into extreme new patient flow to fill up your chairs. If you’d like to add 6 figures extra revenue this year through increased new patient flow, check out Advanced Marketing Braintrust 036, “9 Keys to Rapidly and Consistently Increasing New Patient Flow and Adding at LEAST $150,000.00 v2.”

AN APPROPRIATE BUDGET Before we go into some simple conceptual strategies, it’s important to debunk a myth. How much would you say your office

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PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411 GG12 Coaching Members and GIC Gold & Gold Plus Wednesday, September 12th through Saturday, September 15th, 2018 1000 Gems Seminars Presents...

These Events Are INCLUDED in Your Membership Fee.

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September 12th - 14th Programs are Exclusive for Current GG12 Team Training Toolkit Members & Active GG12 Alumni

6:30 pm to 10:00 pm.

At Boston’s PREMIER Steakhouse, Flemings. Annual GG12 Members’ FIVE STAR Gourmet Celebration Dinner

4:30 pm to 8:30 pm.

GG12 Dinner at the Orents At our home in Sherborn, Massachusetts (40 min from Boston)

GG12 TEAM: Special Team-Only Breakout Sessions. 8:00 am to 5:00 pm. GG12 DOCTORS: Advanced Brainstorming Session

9:00 am to 12:00 pm.

Keynote Speaker—TBD

1:30 pm to 4:00 pm.

GG12 Coaches’ Presentations

September 14 & 15, 2018 GIC GOLD & Gold Plus, GG12 & GG12 Alumni

6:30 pm to 9:30 pm.

Gold, Gold PLUS & GG12 TEAM: Special Team-Only Breakout Sessions Gold, Gold PLUS & GG12 DOCTORS: Lightning Mastermind Session 8:00 am to 5:00 pm

Join Elizabeth and me for endless appetizers, "family dinner" and desserts at our home in Sherborn, MA (40 min from Boston) GIC Gold, Gold PLUS, & GG12 Dinner:

PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411 GG12 Coaching Members and GIC Gold & Gold Plus Wednesday, September 12th through Saturday, September 15th, 2018 1000 Gems Seminars Presents...

These Events Are INCLUDED in Your Membership Fee.

b y

FIRST-CLASS MAIL US POSTAGE PAID BOISE, ID PERMIT 411

PRSRT FIRST-CLASS MAIL US POSTAGE PAID BOISE, ID PERMIT 411

September 12th - 14th Programs are Exclusive for Current GG12 Team Training Toolkit Members & Active GG12 Alumni

6:30 pm to 10:00 pm.

At Boston’s PREMIER Steakhouse, Flemings. Annual GG12 Members’ FIVE STAR Gourmet Celebration Dinner

4:30 pm to 8:30 pm.

GG12 Dinner at the Orents At our home in Sherborn, Massachusetts (40 min from Boston)

GG12 TEAM: Special Team-Only Breakout Sessions. 8:00 am to 5:00 pm. GG12 DOCTORS: Advanced Brainstorming Session

9:00 am to 12:00 pm.

Keynote Speaker—TBD

1:30 pm to 4:00 pm.

GG12 Coaches’ Presentations

September 14 & 15, 2018 GIC GOLD & Gold Plus, GG12 & GG12 Alumni

6:30 pm to 9:30 pm.

Gold, Gold PLUS & GG12 TEAM: Special Team-Only Breakout Sessions Gold, Gold PLUS & GG12 DOCTORS: Lightning Mastermind Session 8:00 am to 5:00 pm

Join Elizabeth and me for endless appetizers, "family dinner" and desserts at our home in Sherborn, MA (40 min from Boston) GIC Gold, Gold PLUS, & GG12 Dinner:

becomes available, the relationship between dental hygiene and significant medical diseases has become impossible to ignore. By ignoring periodontal disease, you put your patients (and potentially your practice) at significant risk. “Supervised neglect” is no longer an option. When speaking with our GG12 members, I emphasize that I’m not trying to overhaul their entire practice. Although 70 percent of adult patients have some level of gum disease, not all of those patients need periodontal therapy. Start by diagnosing and treating even just two cases of periodontal disease, or about eight quadrants, per week. I don’t know of a practice in the country where this isn’t a relatively reasonable request. We can’t get into specific fees, and they will certainly vary from region to region. However, the math can be amazing. By adding just two phase I periodontal patients per week, your revenue increase could exceed $100,000 per year — a significant financial lift for your practice and a crucial health service for your patients. After the audit, we dive deeper and address tracking and accountability systems. We provide each GG12 member with the tools to do this, and on our weekly coaching calls, we review their progress and make additional recommendations. As a GG12 coach, I carry out Dr. Orent’s mission: Help you help your patients to get better care … to achieve optimal health and longevity. To help your team reduce stress, and inject more fun into daily practice … to increase your feeling of professional fulfillment … and to make a whole lot more money (doctor and team!). GG12 Members ... Contact your Personal Gems Concierge today to schedule your Periodontal Audit. You will improve the health and lives of your patients — and your practice!

Supervised Neglect is No Longer an Option

By Lisa “ The 600K RDH ” Weber

As a practicing dental hygienist, I’m in the trenches every day, just like you. We were all taught how to diagnose, develop treatment plans, and deliver the very best possible care. But your clinical education doesn’t set you up for success running your practice. So many dental professionals know how to perform clinically but are lost when it comes to running a business. That’s where I was in my early days in practice, and that’s why I’m so passionate today as a GG12 Coach. In my role as a GG12 Coach, I empower dentists to take responsibility for the hygiene care they offer and their practices. One of the first places I start with our GG12 Family Members is the “Periodontal Audit.” It never ceases to amaze (and sadden) me how few practices are actively treating periodontal disease. Although members may initially say they do focus on periodontal diagnosis and treatment, the audit inevitably reveals otherwise. It’s not uncommon to find new GG12 members who only have 2 percent of their patients receiving periodontal therapy. Yet roughly 70 percent of Americans have some form of periodontal disease! Most hygienists will attempt to lump periodontal scaling and root planing in during cleanings, thinking they are doing the patient a favor. This couldn’t be further from the truth. You’re not only doing them a disservice, you’re doing your practice a disservice — the patient doesn’t get the proper care they need, and your practice isn’t addressing a serious concern to their health. There is a well-documented link between periodontal disease and many serious systemic diseases. Research into the “oral-systemic link” has provided many eye-opening revelations recently. As studies evolve and more information

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For the latest up-to-date information about what’s happening on Planet Gems, go to InsidersCircle.com and click on “Calendar” on the menu bar at the top of the page. If you have questions, please contact your Personal Gems Concierge or call 1-888-880-GEMS (4367). 90-Minute GG12 Team Training Webinars: GG12 Team Training Toolkit Dental Practice Transformation members, please block out time for this monthly program. These occur just once each month, but they could easily be the most important 90 minutes you and your entire team will invest. GG12 Office Hours: Twice each month, my office door is open for your visits. This is an opportunity for GG12 doctors and teams to reach me directly with your questions about dental practice management. Gems Insiders’ Circle TM Quarterly Webinars: Four times each year, I host a special guest guru on topics ranging from clinical aspects of bonding and occlusion to just about every practice management, marketing, and business-building topic. Gems Insiders’ Circle TM Quarterly Q&A Webinars: Four times each year, I’m available in the evening for up to 90 minutes to answer your questions about dental practice management topics of your choice. GG12 and Insiders’ Circle TM Members’ Spring and Fall Retreats: Doctors and team members often tell us they have never experienced anything like our retreats in all their years attending dental continuing education. Experience it for yourself, and form a lifelong bond with other GG12 and GIC family members. Register now.

Monday, May 7; 11:30 a.m. to 12:30 p.m. — GG12 Office Hours

Wednesday, May 16; 11:00 a.m. to 12:30 p.m. — GG12 90-Minute Monthly Team Training Webinar

Tuesday, May 22; 11:30 a.m. to 12:30 p.m. — GG12 Office Hours

Wednesday, May 23; 8:30 p.m. to 10:00 p.m. — GG12 and GIC Gold/Gold Plus Quarterly 90-Minute Q&A

Tuesday, June 5; 11:30 a.m. to 12:30 p.m. — GG12 Office Hours

Wednesday, June 6; 8:30 p.m. to 10:00 p.m. — Gems Insiders’ Circle TM Webinar With Mr. Greg Rahall

Wednesday, June 20; 11:00 a.m. to 12:30 p.m. — GG12 90-Minute Monthly Team Training Webinar

Dr. Daniel Mulligan, North Chesterfield, VA

Friday, June 22; 10:30 a.m. to 11:30 a.m. — GG12 Office Hours

Dr. David Hanle, Shalimar, FL

Wednesday, Sept. 12; 6 p.m. to 9 p.m. — GG12 Dinner at Dr. Orent’s Home

Dr. Robert Dernick, The Woodlands, TX

Wednesday, Sept. 12 through Saturday, Sept. 15 — GG12 and GIC Members’ Fall Retreat, Boston, MA

Dr. Steve Schulte, Auburn, NE

Dr. Jay Yi, Kensington, MD

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and Why It Is Imperative You Start Now! How to Maximize the Value of Any Company

B. Investors also look at consistency. How long do your team members stay? Has someone been there too long? (Side note: This is a huge problem. You’re loyal to Bertha because she has been there for 12 years, but Bertha is screwing you with her inability to perform her job at a high level. I see it literally every day.) Is your business basically a different business each year because you see the next new internet hype and start chasing it? Do you jump on the marketing bandwagon for the next way to magically get new patients? How consistent is your core patient base? Do you even have a core base of patients? C. Investors surely want to know what systems you have in place to run the business. Does everything go by you before it can get done? Do you have a process for ordering dental supplies or for working with your labs and suppliers? Other vendors? Do you have marketing systems? What about a sales system — do sales happen due to luck? What about patient complaints? Do you have a system for those? Every business needs systems, and so few have any except for the systems employees make up on their own. Those systems don’t count unless they were created on purpose and are documented. D. Your numbers need to be solid. What does growth in your practice look like? Do you cheat on your taxes and have two sets of books? What is the growth plan for 12–24 months? How’d it go the previous 12 months? Is a large majority of your marketing plan from the previous year still being used for the next 12 months, or do you have shiny-object syndrome, or are you simply guessing at sales and marketing? E. Investors will make sure they know your real numbers. If they think there’s any chance you’re guessing, they’ll want to dig even deeper to see if you know your numbers. By the time they are done checking up on you, they will know the truth. For example, do you have any idea what the sales numbers were last month? No, the real ones, not the guesstimate. How many leads (prospective patient calls, emails, or web forms filled in) did you get last month? How many times did you follow up with them? What was your closing percentage? F. Finally, they want to know what your churn is (lost patient rate per month and per year) and what you are doing to decrease that number. The more patient churn, the more revenue you have to put back into the practice just to stay flat. For every patient who leaves, you have to replace them or start dying. High churn will have a larger negative effect on overall valuation than any other single item we’ve talked about because most investors aren’t looking to buy a sinking ship.

By Shaun Buck, CEO of The Newsletter Pro

I want to ask you two questions, and I really want you to think about them for a second. Once you have your answers, continue reading, and I’ll give you my thoughts. I know it would be super easy to simply not answer the questions and keep reading, or to get distracted by something while thinking about the answer, but let’s agree ahead of time not to do either. One final note on this — don’t judge the questions or try to guess what I’m going to say based on the questions. Just do the exercise; you’ll get better results.

1. What do investors look for when determining the value of a business?

2. Do you have the right goals for the year?

Do you have your answers? Last chance to make a change to them.

Now that you’re ready, let’s start with the first question.

1. What do investors look for when determining the value of a business?

Before I jump into this question, I want to monologue for a minute.

If you started to read this question and thought it didn’t apply to you because you’re not ready to sell your practice, you are dead wrong. Every single entrepreneur needs to focus on this question as part of their overall plan. When you build a business worth selling, you build a business worth owning. One that can run without you there every day. One that grows in value while you sleep. A. How stable is your business plan? What I mean by this is, are you jumping from shiny new object to shiny new object? Are you simply guessing at what works in your business? This can’t be the plan. I know business gets boring, but find areas that you enjoy, and dig in. Do you think newsletters are the most exciting business I could be running right now? Of course not. But there are many areas I do enjoy in my niche, and I had to seek them out and focus on them. Since this question is broad and deep, let’s break it down.

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... continued f rom page 6 So now, what I want to ask you is: What are you doing to fix these areas we just talked about?

• First we spend 2–3 days on annual planning for the upcoming year. The annual plan is broken down into quarterly goals, and those goals are reviewed at the start of each quarter in a planning meeting of 1–2 days, where we plan the details of accomplishing each part of the quarterly goals. • Next, we have a daylong monthly planning meeting, and each week, we meet as a management team for two hours to make sure we are driving in the right direction and can solve any problems that come up. At any point, we can — and have — changed the plan when it was in the best interest of the employees, the clients, or the company. Please also note the order: employees, clients, company. That’s how we organize our priorities.

Fixing the items above is very important to your long-term future and profits, which leads me to my second question.

2. Do you have the right goals for the year?

If your plan for next year is to grow, and that’s the only plan, you have the wrong plan. I see “business plans” that only talk about new marketing tactics, but marketing is only one component of a business. If you’re just starting out (maybe $200,000 or less), having 85 percent of the plan devoted to marketing is fine. At a million-plus, though, there had better be a section on systems and processes. There had better be a plan for churn. The year is early. Still, if you don’t have a plan for some of what we’ve talked about above, change the plan. There’s no law that says you can only plan once per year. At my company, our meeting rhythm (planning) looks like this:

So, I’ll ask again. Do you have the right goals for the year?

If not, you have my permission to change the plan.

... continued f rom page 2

It’s a counterintuitive thought process, but these dentists have discovered that leveraging their teams is the key to unlocking the “practice of their dreams.” They also realized that there was more power, control, and profit available when they had someone else train their teams for them, which is where Dr. Orent and his team come in. Because, as hundreds of other dentists have discovered, your practice is so much more when you personally have to do less. You already decided to be a dentist — now you just have to decide how you want to live the rest of your life. So, if you’re ready to have the life and practice of your dreams, make it happen. And if you don’t know how, well, we have a “Gem” for that! That way, whenever you’re asked, “If you had to do it all over again …” you can honestly answer, “I wouldn’t change a thing.”

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Dr. Tom “The Gems Guy” Orent 47 Mellen Street C2

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Gems Inside

1. My Life’s Defining Moment 2. Designing the Rest of Your Life 3. Extreme New Patient Flow 4. Coach Wants to End Neglect 5. Welcome New Members Check Out Our Webinar and Fall Retreat Schedule 6. Maximize the Value of Any Company

end up stuck underground or in the air, you can still keep tabs on upcoming events. You can also sync your itinerary with your favorite calendar app or share your entire travel plan (or parts of it) with team members, friends, and family. All of these features are included in TripIt’s free tier of service, but TripIt Pro takes this level of convenience a step further. With this additional service, which costs $49 per year, you get real-time alerts and reminders. TripIt Pro can also locate alternative flights in the event of a delay, track reward points, look for better seats, and more. Anyone who frequently travels knows that you need to have a backup plan if a flight gets canceled. TripIt Pro will let you know the second that happens, giving you more time to find an alternative. If we lived in a perfect world, nobody would ever experience a travel headache. As we know, that’s simply not the case. At least with TripIt, you can be sure that managing your itinerary won’t be an issue. As the company slogan succinctly states, TripIt gives you “All your travel plans, in one place.”

For most business owners, travel is a fact of life. From conferences to client visits, many of us spend as much time out of the office as we do in it. Travel often involves managing all sorts of information, including flight details, accommodations, dinner reservations, and rental cars. These days, almost all of these services come with digital apps you can use to track relevant information, but that requires cycling through a handful of programs and trying to remember how all the pieces fit together. Wouldn’t it be easier if all that information was in one place? Well, that’s exactly what TripIt offers. TripIt is a desktop and mobile service that aggregates all of your travel plans into one convenient location. All you have to do is forward your confirmation emails to TripIt. The data will automatically be assembled into an easy-to-read itinerary that’s accessible from any of your devices. The interface is organized and clear, with a detailed schedule of where you need to be and when. Even better, you don’t need Wi-Fi to access an itinerary once it’s been created. So, if you

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