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Spring Cleaning Your Practice: What’s Hiding in Your Financial Garage? · The Millionaire Dentist™

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  Hello, everyone, welcome to the Millionaire Dentist Podcast, brought to you by
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  Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
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  finances, and business practices to help you become the millionaire dentist you deserve
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  to be. Please be advised we do speak with an honest tongue and may
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  not be safe for work. Hello and welcome to the Millionaire Dentist Podcast.
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  I'm in studio with co host Jared Bridgeman. Hey, Casey, how are
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  you doing well? Thank you sir. What do you want to talk about
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  today? Oh? Man, you know what. I spent some time last
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  night cleaning the heck out of my place. I realized I hadn't vacuumed a
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  couple of rooms in a while, and I was like, oh, and
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  I started vacuuming. It's one of those dicens where you can see what's inside,
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  and I was like, oh God, I am disgusting. I'm disgusting
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  human being. So that's not really what I want to talk about, but
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  I thought i'd bring that up just because why not spring cleaning? Right?
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  I like that? And I had mentioned night actually last evening with the more
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  daylight and nice temperatures. I spent a couple hours cleaning up my garage.
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  Yeah nice, And as I walked in the day, I had a vision
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  of how to tie this in tow dentists, our listeners, their practices because
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  a lot of them have a garage. Right, Well, my garage is
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  going to be the metaphor for their dental practice. All right, there there's
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  the foundation. So let me give you the quick and dirty punt intended on
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  my on my garage. Right, garage nice epoxy floors, have cabinetry,
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  it's it's a lovely garage, to which one my buddies made fun and said,
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  wow, do you spend a lot of time in your garage? Like
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  anyway? Um? And so I go through my day to day and I
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  pull my car in and out, and I'm like, yeah, it's a
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  great garage. It's it's it's great. It's fine, it's fine. Maybe
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  I need to pick a thing up here or there, but it's great.
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  Well, yesterday I took everything out of the garage and two hours later,
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  it's unbelievable. I found things in my garage that I was looking for that
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  I didn't know where they were. Some tools. Also found a dead mouse,
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  in a trap in the corner. Uh didn't know that was there.
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  I thought it was just going to be a quick like brooming of the floor.
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  It's a good thing you got that house out of there with a temperature
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  getting warmer. Yeah, the thing would have cooked and started the stink.
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  So and bear with me, listeners, we're gonna tie this in. So
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  then I go to sweep the floor and there's lots of dust, and then
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  I like, you know what, I'm gonna do it again. And then
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  I got out the shop back and I vacuumed and it was incredible, Like
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  you said, how much debris and things came. Then with the epoxy,
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  I just threw a bunch of water and started squeezing it. It was black
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  and and so I mean I went through and did all of that, cleaned
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  everything up. How long you say this all two hours? My lower backs
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  killing me. Um, but it hit me. Great garage, it's great
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  epoxy. So many practice owners, their practice is it's a beautiful practice.
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  They've got high tech equipment, state of the art equipment, and they're going
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  through their day to day and they're treating patients and they're doing their thing,
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  and they feel like everything's pretty good, still functionally fine, They're still they're
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  still doing their work. Yeah yeah, I looked at my grudge great garage.
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  But with practice owners, if you take a deep dive and a forensic
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  look like we do for folks that go through our just our vetting process,
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  it's incredible what we find. Right, So let me let me ask you,
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  so with what's compared to like the dead mouse, what is a negative
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  thing that I let's say a dentist or a practice owner is doing some deep
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  cleaning in terms of their finances and their practice. What's the negative thing that
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  can be found? I'd say some common ones would be their tax management situation
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  is abhorrent and with potential irs red flags, or we'll go back and look
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  at previous years taxes and go, hey, we're going to amend these if
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  you're a client, because there we've found anywhere between five to thirty eight thousand
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  dollars and pass tax returns that were done incorrectly, that there were there was
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  money that our new clients ended up getting. Would that be something like also
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  like a shareholder loan O the dead mouse and a shareholder loan. Yeah.
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  Yeah, but a lot of times we'll find again the financials are off,
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  the quick books, the taxes, they don't tie together. When those when
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  those things don't tie in together, that's a huge problem, all right.
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  So that's some of the negatives that can be found. Did anything positive come
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  out besides just having a nice clean garage with there any positives that came out
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  from cleaning the garage and how that can be Well, I found out how
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  much more space I had when I actually you know, yeah, I think
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  that can compare to sometimes practice owners find that their capacity. They don't have
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  to work any harder to make more and save more and have lower overhead.
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  That's what our clients enjoy. So when I pulled everything out and cleaned it
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  up and put it back together, and yeah, there's a water table that
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  the trash man took today, and there's a lot of stuff out there.
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  So it's a lot of organizing and making your space more efficient with the space.
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  Yeah, and not your literal space in your practice, but almost the
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  capacity. And so I'm not going to do anything different when I pull in
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  and out of my garage and how I use my garage now that it's it's
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  great and clean, but now it's just so much better for a practice owner
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  getting a deep dive, almost a spring cleaning of having somebody looking at all
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  the structures and financials and tax Most often there are things that we find good
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  and bad. Well in terms of the good. You know, It's like
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  every winter, I might grab my winter jacket and put it on for the
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  first time in eight months, and I found ten dollars in my pocket.
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  Boom. Is there any any cases like that where like something positive like money
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  has been found? Yeah? Yeah, And when when we go back and
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  look at those taxes, Like I said, we've we've found anywhere from five
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  thousand to thirty eight thousand dollars in previous tax returns that were just flat out
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  not done well. Um, you know, having a forensic dental accountant CPAs
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  doing your taxes. Yeah, finding the metaphorical ten dollars. Yeah, we
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  have found significant moneies. We even had a specialist fairly successful into the career,
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  you know, had a lot of assets on liquid assets. But I
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  believe we found like nine hundred thousand dollars in an account that they didn't even
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  know that they had, which sounds crazy, but it's all relative numbers wise.
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  Ten dollars in the coat pocket nine hundred thousand dollars and you know again
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  doing the spring cleaning. I mean that ten Bucks got me quite a bit
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  of taco bell. Yeah, I thought you were a candado guy. Yeah,
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  more quantity. But yeah, the spring cleaning aspect of you know a
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  lot of times we talk about and we're going to have some more experts come
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  on. We like to give a variety of topics on this podcast, but
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  the spring cleaning. So many practice owners. There's good and bad, but
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  they just need to to have somebody help them with doing an inventory, and
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  that's ultimately what we do. But again, if I looked at it through
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  the lens of ah, it's great, right, my garage is better than
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  most. That's what dentists do. That's what specialists do. I'm doing better
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  than most. So my not knowing it was a dirty rat involved, it
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  was a cute little mouse. I showed my two girls because I go,
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  this is why Daddy says, keep the doors shut in the garage and don't
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  just leave it open. So it was like a little project, little science
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  project showing them the dead mouse. Well, I actually felt bad. My
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  allergies kicked in with all the dust and I was sneezing. I was Unfortunately,
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  I kept my wife up all night, and not for a fund reason,
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  but because I was sneezing uncontrollably all night. Yeah, with all the
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  dust and things of that nature. But well, and that makes it.
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  You know, that can prove some stuff too, which is if you're not
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  taking care of your business of keeping things on the up and up and clean
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  like, it could cause health problems with the practice. Listen for practice owners,
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  Eventually it's going to catch up to you at point. And unfortunately a
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  lot of times it doesn't catch up to be getting their financial house in order
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  until there's in their sixties, there's, god forbid, their seventies, and
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  and ultimately it's going to catch up to you. We're talking to a lot
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  of folks through all of our outreaches and education and heck, even this podcast,
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  who in their thirties. They're saying, Hey, I've got to I've
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  got a fee for service, you know, one point four million dollar practice.
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  I don't want to wait, I don't want to screw up. Can
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  you guys just get me on that path? Those people can retire at fifty
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  with eight digits. A lot of the time, these people will either speak
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  to you on the phone or speak to you in person. Are there some
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  events you're going to be at anytime sin where someone can come and to speak
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  to you. Yeah, it was. Yeah, there's a lot of them.
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  We're doing the Georgia State Meeting. We're doing the Florida State Meeting.
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  What we've got Top Golf end of April, nice northern suburb of Dallas up
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  in the colony. We're also going to be in Elsa Gundo in California in
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  May May twelve. Yeah, that's right. Yeah, going to West coast,
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  right, I lived. I lived out in Hermosa Beach, California first.
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  It'll be good to get back there. It's interesting. The Top Golf
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  that we're going to be presenting ce at and having fun at used to be
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  a small, like executive Part three golf course that I used to go hack
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  around at. Neither here nor there. But yeah, there's lots of opportunities
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  for practice owners. We exhibited some large shows as well. People find us
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  and they go wow, but know, you guys could do this, and
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  you know, six weeks later they're now finding eight thousand dollars in unfound taxes
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  refunds that they should have gotten s. Yeah, so I'll go to poor
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  Quadrants Advisory dot com slash events to check out everything we're doing. We're gonna
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  be adding more and more things all the time. I really want everybody to
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  come out and see us and come visit our boots and things like that.
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  Um casey, I really want to thank you for your time and thanks for
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  cleaning your garage. Amen. Yes, every time I come visit, it'll
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  be nice. Now you're gonna love it. That's right. Thanks, that's
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  all the time we have today. Thank you to our guests for their insight
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  and for sharing some really great information. And thank you to you the listener
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  for tuning in. The Millionaire Dentist podcast is brought to you by four Quadrants
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  Advisory to see if they might be a good fit for you and your practice.
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  Going over to four Quadrants Advisory dot com and see why year after year
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  they retain over ninety five percent of their clients. Thank you again for joining
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  us, and we'll see you next time.