Josh Fox, CEO Talking About Finding Money You Never Knew You Had - CFO Exchange
Josh Fox, CEO and founder of Bottom Line Concepts talks about finding money, which you never realized you had.
So I'm literally that guy, the guy between you and having your first drink tonight. It's a good place to be. The Oscars are tonight too, so drinking and the Oscars might be a pretty good combination also. So my name is Josh Fox, I came in all the way from cold New York when the CFO Exchange told me that I could come here six months ago in February, I said, "Where do I sign?" So here we are. So when a company who's logo is on your badges, so each morning when you wake up, you can think of me. But we just rebranded. We just celebrated 10 years in business and when we hired a company to do that, I was pretty amazed. If you guys look at the logo, it's a money tree. And that's really what we are. We help companies literally grow money on trees. It sounds like a fable, but after 10 years, that's really what we've done. And we're in the cost savings, cost recovery business. And if you can believe this number, we've actually saved our clients over 450 million dollars since we started.
So my goal is to literally create a million dollars per minute during this conversation today. I think that would be pretty good. So 15 minutes, 15 million dollars for each CFO in the room, times 30 CFOs, that's a lot of money. So what I did in a very short period of time was I came up with six awesome ideas that we do for our clients every day, that if you do for your companies will be worth millions of dollars. So here we go.
The statute of limitations in most states is two to three years. You have to do one every two or three years. It's a must. It's a best practice. Perform a Worker's Comp and Unemployment Tax Audit every few years. For everyone again who's in 20, 30, 40 states, the amount of money you're paying to those states in Unemployment Tax is insane. Always look for things like joint account opportunities or voluntary contributions for recovering and saving money on your Unemployment Tax. We can't tell you how often we see on Worker's Compensation policies miscalculations, inflated modification ratings, where you can go back and audit those, and get money back. Your insurance broker does not do this. They may tell you they do this, but they don't. They sell you an insurance policy, they collect their commission, and they're on to the next client.
So at those two speeds alone, there's $22 billion in checks that belong to companies like yours. We have this proprietary software, and what we did was we started to look up some of the companies in this room because it's all public information, if you know where to look. Let's see, if we go to the next slide, who in this money has room. Who in the room has money? So Honeywell, we're talking about-
We found over 200 checks in 17 different states. And it's estimated to be over 500000 dollars. And if you can believe it the oldest check that we found was 1985.
So that means there's money that belongs to your company. You're the CFO. I can't imagine you're spending your day looking for lost checks but that's what we do and we found half a million dollars from people.
Is Nationwide here? Hi how are you doing?
So Nationwide 1977, I mean that's just insane that we can find money from 40 years ago. But that's really what's there.
So for Nationwide we found 400 checks in 10 different states for over 400000 dollars. And again, this is public information if you know where to look. It's not like I ... are doing something crazy here. But that's really what we're finding.
Then GNC ... is GNC here?
I'll find her at drinks. But GNC 200 checks in 9 different states, 200000 going back to 1991.
So of the 45 billion out there, this is ... I don't know. One to two million dollars. Just by plugging in it. It's amazing how many times companies move. I mean you all have hundreds if no thousands of locations. Every time you move a location, think about how many checks go to your old address name and never show up. That's why they wrote lost and if the owner was being honest in every single state-