Dec 6, 2021
In this episode Susan details the case of the Collin Street Bakery embezzlement with Teresa Duncan of Nobody Told Me That Podcast! It was a small business with high revenues - sound familiar? Take the lessons from this case and do an assessment of your office. Are you at risk? To be honest, your practice is always at risk. What matters is how fast you find the shadiness.
This thief was pretty eccentric. Did you know they made mattresses from horsehair? Who knew!
Episode 66 Highlights
- Entitlement
- Collin Street Bakery’s embezzlement case
- Horse hair mattress
- Evolution
- Steps you can take
Quotes
- “Embezzlement is not limited to dentistry.”
- “Over 8 years He wrote 888 checks that totaled $16.6 million."
- Jaw dropper: “They bought a $40,000 horsehair mattress.”
- Owning “gold bars is a next level thing.”
- “I think bringing in an outside auditor is one of the smartest things you can do as a small business owner.”
- “The most money an embezzler will take is at the end.”
- Sometimes this is true: “Lying can be common (among trusted employees)."
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Resources from the episode:
- Just Desserts - article about the case
- Discovering An Eight Year Long Scam | American Greed | CNBC Prime
- Collin Street Bakery | Collin Street Bakery
- ADA Survey: Employee Theft in the Dental Practice
- Horsehair mattress!
- Bernie Madoff - Movie, Sons & Ponzi Scheme
- Harry Markopolos's book on the Madoff case: No One Would Listen: A True Financial Thriller
Links
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Teresa’s Website- https://www.odysseymgmt.com/ (sign up for my newsletter!)
Teresa’s Book Moving Your Patients to Yes! Easy Insurance Conversations
http://odysseymgmt.corecommerce.com/Book/ (use ‘newsletter’ for $3 off