Time to Spring Clean Your Practice Finances

Spring is in the air. It's that time of year when temperatures can fluctuate 40 degrees in a day. It's also that time of year when people open their windows and do some deep cleaning. In this episode, Casey and Jarrod discuss spring cleaning and how that relates to your practice finances.

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Episode Transcript

(00:03):
Hello, everyone, welcome to theMillionaire Dentist Podcast, brought to you by
Four Quadrants Advisory. On this podcast, we break down the world of dentistry,
finances, and business practices to helpyou become the millionaire dentist you deserve
to be. Please be advised wedo speak with an honest tongue and may
not be safe for work. Helloand welcome to the Millionaire Dentist Podcast.

(00:27):
I'm in studio with co host JaredBridgeman. Hey, Casey, how are
you doing well? Thank you sir. What do you want to talk about
today? Oh? Man, youknow what. I spent some time last
night cleaning the heck out of myplace. I realized I hadn't vacuumed a
couple of rooms in a while,and I was like, oh, and
I started vacuuming. It's one ofthose dicens where you can see what's inside,

(00:49):
and I was like, oh God, I am disgusting. I'm disgusting
human being. So that's not reallywhat I want to talk about, but
I thought i'd bring that up justbecause why not spring cleaning? Right?
I like that? And I hadmentioned night actually last evening with the more
daylight and nice temperatures. I spenta couple hours cleaning up my garage.
Yeah nice, And as I walkedin the day, I had a vision

(01:12):
of how to tie this in towdentists, our listeners, their practices because
a lot of them have a garage. Right, Well, my garage is
going to be the metaphor for theirdental practice. All right, there there's
the foundation. So let me giveyou the quick and dirty punt intended on
my on my garage. Right,garage nice epoxy floors, have cabinetry,

(01:36):
it's it's a lovely garage, towhich one my buddies made fun and said,
wow, do you spend a lotof time in your garage? Like
anyway? Um? And so Igo through my day to day and I
pull my car in and out,and I'm like, yeah, it's a
great garage. It's it's it's great. It's fine, it's fine. Maybe
I need to pick a thing uphere or there, but it's great.
Well, yesterday I took everything outof the garage and two hours later,

(02:00):
it's unbelievable. I found things inmy garage that I was looking for that
I didn't know where they were.Some tools. Also found a dead mouse,
in a trap in the corner.Uh didn't know that was there.
I thought it was just going tobe a quick like brooming of the floor.
It's a good thing you got thathouse out of there with a temperature
getting warmer. Yeah, the thingwould have cooked and started the stink.

(02:22):
So and bear with me, listeners, we're gonna tie this in. So
then I go to sweep the floorand there's lots of dust, and then
I like, you know what,I'm gonna do it again. And then
I got out the shop back andI vacuumed and it was incredible, Like
you said, how much debris andthings came. Then with the epoxy,
I just threw a bunch of waterand started squeezing it. It was black

(02:45):
and and so I mean I wentthrough and did all of that, cleaned
everything up. How long you saythis all two hours? My lower backs
killing me. Um, but ithit me. Great garage, it's great
epoxy. So many practice owners,their practice is it's a beautiful practice.

(03:05):
They've got high tech equipment, stateof the art equipment, and they're going
through their day to day and they'retreating patients and they're doing their thing,
and they feel like everything's pretty good, still functionally fine, They're still they're
still doing their work. Yeah yeah, I looked at my grudge great garage.
But with practice owners, if youtake a deep dive and a forensic
look like we do for folks thatgo through our just our vetting process,

(03:28):
it's incredible what we find. Right, So let me let me ask you,
so with what's compared to like thedead mouse, what is a negative
thing that I let's say a dentistor a practice owner is doing some deep
cleaning in terms of their finances andtheir practice. What's the negative thing that
can be found? I'd say somecommon ones would be their tax management situation

(03:50):
is abhorrent and with potential irs redflags, or we'll go back and look
at previous years taxes and go,hey, we're going to amend these if
you're a client, because there we'vefound anywhere between five to thirty eight thousand
dollars and pass tax returns that weredone incorrectly, that there were there was
money that our new clients ended upgetting. Would that be something like also

(04:13):
like a shareholder loan O the deadmouse and a shareholder loan. Yeah.
Yeah, but a lot of timeswe'll find again the financials are off,
the quick books, the taxes,they don't tie together. When those when
those things don't tie in together,that's a huge problem, all right.
So that's some of the negatives thatcan be found. Did anything positive come
out besides just having a nice cleangarage with there any positives that came out

(04:35):
from cleaning the garage and how thatcan be Well, I found out how
much more space I had when Iactually you know, yeah, I think
that can compare to sometimes practice ownersfind that their capacity. They don't have
to work any harder to make moreand save more and have lower overhead.
That's what our clients enjoy. Sowhen I pulled everything out and cleaned it
up and put it back together,and yeah, there's a water table that

(04:57):
the trash man took today, andthere's a lot of stuff out there.
So it's a lot of organizing andmaking your space more efficient with the space.
Yeah, and not your literal spacein your practice, but almost the
capacity. And so I'm not goingto do anything different when I pull in
and out of my garage and howI use my garage now that it's it's
great and clean, but now it'sjust so much better for a practice owner

(05:20):
getting a deep dive, almost aspring cleaning of having somebody looking at all
the structures and financials and tax Mostoften there are things that we find good
and bad. Well in terms ofthe good. You know, It's like
every winter, I might grab mywinter jacket and put it on for the
first time in eight months, andI found ten dollars in my pocket.

(05:40):
Boom. Is there any any caseslike that where like something positive like money
has been found? Yeah? Yeah, And when when we go back and
look at those taxes, Like Isaid, we've we've found anywhere from five
thousand to thirty eight thousand dollars inprevious tax returns that were just flat out
not done well. Um, youknow, having a forensic dental accountant CPAs

(06:01):
doing your taxes. Yeah, findingthe metaphorical ten dollars. Yeah, we
have found significant moneies. We evenhad a specialist fairly successful into the career,
you know, had a lot ofassets on liquid assets. But I
believe we found like nine hundred thousanddollars in an account that they didn't even

(06:23):
know that they had, which soundscrazy, but it's all relative numbers wise.
Ten dollars in the coat pocket ninehundred thousand dollars and you know again
doing the spring cleaning. I meanthat ten Bucks got me quite a bit
of taco bell. Yeah, Ithought you were a candado guy. Yeah,
more quantity. But yeah, thespring cleaning aspect of you know a

(06:46):
lot of times we talk about andwe're going to have some more experts come
on. We like to give avariety of topics on this podcast, but
the spring cleaning. So many practiceowners. There's good and bad, but
they just need to to have somebodyhelp them with doing an inventory, and
that's ultimately what we do. Butagain, if I looked at it through

(07:06):
the lens of ah, it's great, right, my garage is better than
most. That's what dentists do.That's what specialists do. I'm doing better
than most. So my not knowingit was a dirty rat involved, it
was a cute little mouse. Ishowed my two girls because I go,
this is why Daddy says, keepthe doors shut in the garage and don't
just leave it open. So itwas like a little project, little science

(07:28):
project showing them the dead mouse.Well, I actually felt bad. My
allergies kicked in with all the dustand I was sneezing. I was Unfortunately,
I kept my wife up all night, and not for a fund reason,
but because I was sneezing uncontrollably allnight. Yeah, with all the
dust and things of that nature.But well, and that makes it.
You know, that can prove somestuff too, which is if you're not

(07:48):
taking care of your business of keepingthings on the up and up and clean
like, it could cause health problemswith the practice. Listen for practice owners,
Eventually it's going to catch up toyou at point. And unfortunately a
lot of times it doesn't catch upto be getting their financial house in order
until there's in their sixties, there's, god forbid, their seventies, and
and ultimately it's going to catch upto you. We're talking to a lot

(08:09):
of folks through all of our outreachesand education and heck, even this podcast,
who in their thirties. They're saying, Hey, I've got to I've
got a fee for service, youknow, one point four million dollar practice.
I don't want to wait, Idon't want to screw up. Can
you guys just get me on thatpath? Those people can retire at fifty

(08:30):
with eight digits. A lot ofthe time, these people will either speak
to you on the phone or speakto you in person. Are there some
events you're going to be at anytimesin where someone can come and to speak
to you. Yeah, it was. Yeah, there's a lot of them.
We're doing the Georgia State Meeting.We're doing the Florida State Meeting.
What we've got Top Golf end ofApril, nice northern suburb of Dallas up

(08:52):
in the colony. We're also goingto be in Elsa Gundo in California in
May May twelve. Yeah, that'sright. Yeah, going to West coast,
right, I lived. I livedout in Hermosa Beach, California first.
It'll be good to get back there. It's interesting. The Top Golf
that we're going to be presenting ceat and having fun at used to be

(09:13):
a small, like executive Part threegolf course that I used to go hack
around at. Neither here nor there. But yeah, there's lots of opportunities
for practice owners. We exhibited somelarge shows as well. People find us
and they go wow, but know, you guys could do this, and
you know, six weeks later they'renow finding eight thousand dollars in unfound taxes

(09:35):
refunds that they should have gotten s. Yeah, so I'll go to poor
Quadrants Advisory dot com slash events tocheck out everything we're doing. We're gonna
be adding more and more things allthe time. I really want everybody to
come out and see us and comevisit our boots and things like that.
Um casey, I really want tothank you for your time and thanks for
cleaning your garage. Amen. Yes, every time I come visit, it'll

(09:56):
be nice. Now you're gonna loveit. That's right. Thanks, that's
all the time we have today.Thank you to our guests for their insight
and for sharing some really great information. And thank you to you the listener
for tuning in. The Millionaire Dentistpodcast is brought to you by four Quadrants
Advisory to see if they might bea good fit for you and your practice.
Going over to four Quadrants Advisory dotcom and see why year after year

(10:18):
they retain over ninety five percent oftheir clients. Thank you again for joining
us, and we'll see you nexttime.