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Steve Friedman from Rockstar Excel provides a bonus video on standardizing names in Excel, focusing on converting names into first initial last name format. Starting with first and last names in separate columns, use the left function to extract the first initial, followed by a period and space, and then the last name. Fill this formula down to complete the process. If starting with a different name format, refer to the main video for guidance on converting to the required format. This method only works for extracting last names from first initial last name format.