Financially Simple - Business Growth to Sale: Recent Episodes
Justin Goodbread
The Financially Simple Business podcast is an all-in-one resource for small business owners. You will gain valuable insights into navigating through today’s business climate. Each episode focuses on the topics that benefit you the most. Learn effective methods of managing your team, tax mitigation, increasing bottom-line revenues without overloading your current infrastructure, and much, much more. Being a business owner can be a lonely profession, but that doesn’t mean you have to go it alone. Subscribe to the Financially Simple podcast and join the thousands of business owners who have grown and improved their businesses by putting these lessons into action.
In this episode Justin addresses why 80% of financial advisors remain stuck in mediocrity - never breaking $1 million in revenue - and reveals the single decision required to "go pro." Drawing on pivotal advice from industry legend Rick Edelman, Justin contrasts amateur practice habits with master-level enterprise thinking.
He breaks down the "Go Pro" Standard framework, an approach centered on identity, investment, and infrastructure. Learn how shifting from an advisor-first mindset to a business-owner identity, designing your calendar, and reallocating capital into marketing and team-building can double your firm's enterprise value in 18 to 36 months - all while reclaiming your personal freedom.
DecaMillionaire Decoded Links
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Many financial advisors view YouTube as stressful and time-consuming, but with just a few hours a week, it can unlock millions in revenue and enterprise value. In this episode, Justin reveals his step-by-step YouTube framework designed to turn casual viewers into ideal clients. Learn how to ditch industry jargon, craft high-converting hooks, guide your avatar with empathy, and construct simple calls-to-action that create binge-worthy content without taking on a full-time media job.
DecaMillionaire Decoded Links
• YouTube Video Assessment
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Stop chasing viral trends and algorithm hacks. In this episode Justin reveals why standard YouTube advice fails financial advisors and explains how to build a high-converting channel tailored for true practice growth.
Drawing from his journey scaling and exiting an eight-figure RIA, Justin breaks down the "YouTube Academy" approach. Learn why broad appeal, flashy editing, and viral subscriber counts don't build enterprise value - and why hyper-targeted, problem-solving videos do. Discover the three authentic content sources you already possess so you never run out of ideas, attract your ideal avatar, and turn low view counts into massive revenue.
DecaMillionaire Decoded Links
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Are you drowning in your back office ? Most financial advisors stall not from a lack of marketing, but because they spend 70% of their week trapped in non-revenue-generating administrative weeds .
In this episode, Justin introduces the Leverage Grid and the game-changing One-Touch Protocol designed to reclaim five to seven hours of your workweek. By learning how to guard the gate of your time, utilize your team as "ammo," and execute flawless handoffs, you can stop micromanaging and refocus on your highest-value activities. Stop touching tasks multiple times and start scaling your practice toward a multi-million dollar valuation.
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
In this episode of the Decamillionaire Decoded Podcast, Justin tackles the scaling bottleneck plaguing financial advisors making under $3 million in revenue . To break out of the daily grind and achieve true freedom, Goodbread introduces a framework mapping the eight core areas of business onto the DISC personality profile . He emphasizes that a CEO's highest-value work is finding clients and solving problems, yet most advisors dilute their hourly worth by performing low-leverage admin and operational tasks . Ultimately, scaling to a multi-million dollar asset requires shifting all beneath-pay-grade tasks to specialized A-players before finally duplicating oneself to step away from day-to-day operations entirely .
DecaMillionaire Decoded Links:
• Amazon: Your Baby's Ugy by Justin Goodbread
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
In this episode of The Decamillionaire Decoded Podcast, host Justin Goodbread sits down with Kyle Kuyat and Jacob Gardner to discuss breaking through the "advisory doldrums" where 80% of financial advisors stall. After executing a hard reset of their independent RIA, Kyle and Jake scaled their business from just $2,400 in initial monthly revenue to an estimated $2 million top-line run rate, driven by over $1 million in pure planning revenue.
DecaMillionaire Decoded Links:
• DefiningWealth.com
• LinkedIn: Kyle Kuyat
• LinkedIn: Jacob Gardner
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Most financial advisors are trained to believe they need accountability partners, deadlines, and standard check-ins to hit their goals . In this episode Justin argues that the exact opposite is true: traditional accountability is what keeps advisors stagnant . While average advisors search for an accountability partner, top-echelon performers seek a grandmaster who can connect the operational pieces to get them unstuck and generate true momentum .
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
While most business advice focuses heavily on what you should do, true success also hinges on what you must refuse . In this episdoe, Justin states a harsh biblical reality: God will not bless what He has already cursed . When business owners fall into certain behavior patterns, spiritual and financial blessings will not follow - even if they are doing everything else right . To build a business that thrives long-term, owners must actively avoid three specific habit traps .
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Many financial advisors successfully build a practice only to realize they have created their own prison. Sitting at the epicenter of everything - handling scheduling, emails, employees, frustrated clients, and compliance - means the business has ultimately just become a demanding job. To achieve the ultimate goals of more money, more impact, and true freedom, you must eliminate perfectionism and stop acting as the operational bottleneck .
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
Most financial advisors walk into a prospect meeting relying on their presentation, credentials, and charisma to close the deal . If you are counting on the sales meeting itself to secure a new client, you have already lost . The prospect meeting is not where the sale happens; it is where the sale is confirmed . The actual conversion must be engineered long before the prospect ever steps into your office or joins your Zoom room . By architecting a proper system, you can raise your closing rate from a mediocre 30%–60% to nearly 100% .
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread tackles the common myths keeping financial advisors from growing their practices, revealing how his coaching business achieved massive scale in just one year . Justin breaks down the exact marketing framework that allowed him to onboard $106 million in new Assets Under Management (AUM) and scale his coaching business past $1 million in revenue in a single year .
DecaMillionaire Decoded Links:
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread welcomes Larry Hagner, founder of The Dad Edge, for a raw and hard-hitting conversation about the personal cost of professional success. The episode centers on a profound realization Larry had 12 years ago: he had become the "monster" he swore to protect his children from. Larry shares his vulnerable story of looking in the mirror and realizing his family didn't recognize him. He explains how business owners often use work as an excuse to avoid the difficult emotional labor required to be a present father and husband.
DecaMillionaire Decoded Links:
• Larry Hagner on LinkedIn
• Email: info@thedadedge.com
• The Dad Edge Website
• The Dad Edge on Facebook
• The Dad Edge Podcast
• Relentless Value Coaching Workshops
• DecaMillionaire Decoded on YouTube
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread breaks down a major misconception in the financial services industry: the idea that word-of-mouth referrals and general networking are sustainable growth strategies. Justin argues that depending solely on referrals is a flawed system akin to simple hope, and it is the primary reason most advisors remain stuck under $1 million in revenue. Using a fishing metaphor from the Tennessee River, he outlines a 5-step strategic system that professional advisors can use to attract high-value clients and rapidly scale their practices.
DecaMillionaire Decoded Links:
• Million Dollar Advisor
• Relentless AI Toolkit
• Avatar Builder
• Relentless Value Coaching Workshops
DecaMillionaire Decoded on YouTube
• Why 80% of Financial Advisors Never Break $1M
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread tackles the fundamental roadblocks keeping financial advisors from reaching major revenue milestones. He argues that reaching a million dollars in revenue isn't about working harder or being smarter; rather, it requires advisors to identify and completely eradicate five foundational lies that the financial services industry has drilled into them.
Avatar Builder: https://relentlessvaluecoaching.com/avatar-builder-page
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread shares another powerful "God's success secret" centered around the contrasting principles of stinginess and generosity. Addressing Christian business owners, he challenges conventional social media advice and provides a framework for building a company that systematically acts as a local blessing. To move past the "stingy" mindset, Justin advises business owners to bake generosity directly into their company's operational agreements. Rather than treating giving as a sporadic, year-end afterthought, he champions consistent, systematic monthly or quarterly giving.
Avatar Builder: https://relentlessvaluecoaching.com/avatar-builder-page
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread tackles a major statistical contradiction in the financial services industry: while the vast majority of advisors claim to specialize in high-net-worth clients, very few actually narrow their focus enough to achieve rapid scale. He explains to scale an advisory practice successfully, the business model must be designed entirely around a single, highly refined target avatar. Your practice's systems, messaging, and future value depend heavily on this strategic clarity.
Avatar Builder: https://relentlessvaluecoaching.com/avatar-builder-page
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread explains how lack of standardized processes can cost a business millions of dollars. To prevent time waste and inefficiency, Justin introduces a proprietary "nine-element framework" designed to serve as an operating system for the entire company.
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread sits down with Matthew "Whiz" Buckley, a former Top Gun fighter pilot and entrepreneur . The conversation explores the intersection of elite military training, high-stakes leadership, and the psychological hurdles of entrepreneurship . Having started his own company, Whiz equates the intensity and discipline of the cockpit to the world of business ownership . He shares how the principles of focus and excellence from his Navy days propelled him into his current role as a business leader and mentor .
LinkedIn: Matthew "Whiz" Buckley
WWW: whizbuckley.com
Instagram: @officialwhizbuckley
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread addresses the common struggle of the boring financial advisor and the trap of "commission breath". To reach the $10 million enterprise value mark, advisors must decentralize themselves from the business and move beyond "plain Jane" advisory roles - this requires a strategic shift in how they attract, convert, and retain clients through specialized delivery phases. Justin challenges advisors to stop chasing clients and start differentiating themselves in a crowded market .
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread sits down with Jodi Scott, the founder of Green Goo, to discuss her extraordinary journey from brewing herbal remedies in her kitchen to building a global first-aid brand, losing it all in a corporate collapse, and successfully buying it back .
LinkedIn: Jodi Scott
WWW: https://jodiallisonscott.com/
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread dismantles the myth that business growth requires broad appeal and massive client volume . Instead, he argues that reaching a $10 million enterprise valuation is possible with just 100 ideal clients - provided the business is built on extreme focus and high-level service . Justin identifies that the resistance to narrowing a business focus is psychological, not strategic, rooted in loss aversion, uncertainty avoidance, and identity conflict .
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread delivers a direct and challenging message to Christian business owners regarding work ethic. He argues that while many entrepreneurs claim to value hard work, they often fall into laziness and chaos, preventing them from reaching their full potential and divine calling. Justin shares how he personally applies these studies by auditing his own business systems for sloppiness. He looks for areas where the team is "cutting corners" or delivering "good enough" rather than excellence, specifically targeting internal tracking and communication for improvement.
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread and his long-time colleague Raquel dive into the emotional and practical hurdles of transitioning from a controlling founder to a leader who empowers a team to run the firm. The conversation is a vulnerable look at what it actually feels like to step out of the driver's seat. Justin emphasizes that you don't necessarily need to hire high-priced experts to scale. Instead, the energy, values, and systems of the founder, carried out by a loyal and empowered team, are what drive a company to levels previously thought impossible.
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread welcomes Jesse Carstairs to discuss a truth that many high-achieving entrepreneurs ignore: true business success is impossible without success at home. The episode shifts the focus from balance sheets to the "home front," exploring how a leader's ego and misplaced priorities can sabotage both their legacy and their company's potential. Their conversation explores the "ego trap" that many men fall into, believing they must fight every battle alone to prove their worth. Jesse and Justin argue that a business owner can never reach their full capacity if they are fighting a "two-front war" - struggling at the office while their home life is in shambles.
LinkedIn: Jesse Carstairs
YouTube: The Jesse Carstairs Show
Instagram: Jesse Carstairs
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread addresses the sobering reality of the financial services industry: 90% of advisors fail within their first three years, and of those who survive, 80% get stuck in the "no-man's land" between $360,000 and $1 million in revenue. Goodbread explores why success often feels like "more money and more stress" instead of the freedom advisors initially sought.
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread interviews Richard Wilson, the founder of the Family Office Club, the world's largest investor club. Drawing from his experience working with over 7,500 centimillionaires (those with $100M+ net worth) and billionaires, Richard breaks down the mindset and structural shifts required to move from a standard business owner to an elite wealth creator.
LinkedIn: Richard Wilson
WWW: FamilyOfficeClub.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, Justin Goodbread addresses the "epicenter" problem - the common trap where a financial advisor is the sole driver of their firm's sales and operations. He outlines a strategic framework for building a convert phase that allows a business to scale beyond the founder's personal capacity.
Relentless AI Toolkit: https://tools.relentlessvaluecoaching.com/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread takes a nostalgic yet highly practical trip down memory lane. Using the metaphor of the "DeLorean" from Back to the Future, Justin revisits core financial principles he taught years ago on his original show, Financially Simple, to see if they still hold up in the 2026 business landscape. He notes that 80% of financial advisors remain stuck under $1 million in revenue. The reason isn't a lack of information—they are already listening to podcasts and reading books—but a failure to apply the information they have through "hard conversations" with themselves.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread delivers a provocative message to Christian business owners: your money problems are rarely financial - they are almost always spiritual. He argues that issues like poor cash flow, thin margins, and a lack of clients are merely symptoms of a "root disease" caused by being out of alignment with God's principles of stewardship. Justin notes that while business owners often focus on tactical fixes (better pricing, more marketing, or hiring), these cannot fix a business if the spiritual foundation is broken.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, Justin dives into a critical but often avoided topic: fee structures. He argues that many financial advisors are sitting on tens of thousands of dollars in untapped revenue because they are operating with fee models they inherited or were told to use, rather than ones designed for the specific firm they want to build. He explains that fees are not just about how much you get paid; they are a reflection of your firm's "trusses." If your fee structure is weak or misaligned, it cannot handle the "weight of the future" as you attempt to scale toward a $10 million enterprise value.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
DecaMillionaire Decoded on YouTube: https://www.youtube.com/@JustinGoodbread
In this episode of the DecaMillionaire Decoded podcast, Justin addresses a common frustration for financial advisors: knowing exactly what to do to grow, yet resisting the very actions that lead to a breakthrough. He shares the personal secret that allowed him to scale his own RIA to an eight-figure valuation and exit in just 49 months. For advisors stuck between $1 million and $3 million in revenue, Goodbread identifies the "epicenter" problem. To reach DecaMillionaire status, the practice must be built so that the owner is no longer the primary driver of every process.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, Justin Goodbread addresses a silent killer of both business growth and personal relationships: the Email Trap. He challenges financial advisors and business owners to stop being "glorified administrative assistants" to their own inboxes and start acting like strategic CEOs. Justin points out that if you are spending hours a day sorting through CC'd emails, newsletters, and low-priority queries, you are stealing time from high-level vision, scaling, and your family.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread breaks down the exact framework he used to take a startup Registered Investment Advisor (RIA) from inception to an eight-figure valuation in just 49 months. He challenges financial advisors to move past mediocrity and embrace the systems required to achieve DecaMillionaire status -an enterprise value of $10 million or more.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, Justin delivers a wake-up call to financial advisors and business owners who are still using outdated marketing strategies. 80% of financial advisors struggle to break the $1 million revenue mark - this is usually because the owner is still acting as the primary technician rather than a strategic leader, and they lack the systems to convert prospects at scale without their personal involvement. Justin argues that the digital landscape of 2026 has rendered traditional "personality-based" marketing obsolete, and that scaling to a multi-million dollar revenue level now requires a transition from human-driven guesswork to AI-optimized systems.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread discusses a simple yet often overlooked "success secret": the power of radical obedience to God's word in business . He argues that many Christian business owners struggle with scarcity, worry, or stagnation because they treat biblical principles as abstract theories rather than practical commands to be followed without negotiation . Drawing on his decades of studying doctrine and business, Justin emphasizes that there are no shortcuts to prosperity . He asserts that if a business owner is living in a way contrary to scripture—such as failing to keep their word to others—they cannot expect divine blessing on their enterprise .
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread addresses financial advisors and business owners who feel stuck at a revenue plateau . He delivers a counterintuitive message: the very thirst for knowledge and credentials that helped build their initial success is now the primary obstacle preventing them from reaching DecaMillionaire status . Justin contends that for high-level advisors, pursuing more credentials often serves as a way to delay difficult ownership decisions . Studying feels "safe" and productive, but at higher revenue levels, it becomes a form of procrastination that replaces true leadership .
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread is joined by Dan Romer, a multifaceted leader who serves as a pastor, business owner, husband, and father of seven. They discuss how a leader's internal character and spiritual alignment are the true drivers of external business success and personal freedom. Dan explains that if a business owner sows shortcuts, dishonesty, or ego, the harvest will eventually reflect those choices. Conversely, sowing discipline and spiritual obedience leads to divine order and financial acceleration.
WWW: Goshenites.com
LinkedIn: Dan Romer
YouTube: Dan Romer
Instagram: @dan_romer_
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, Justin explores the common experience of feeling stuck in business growth . He argues that when entrepreneurs hit a plateau, it is rarely due to a lack of talent or strategy; rather, it typically stems from internal misalignment or personal lessons that have not yet been learned . Justin challenges listeners to ask themselves: "If I were a new CEO stepping into this company today, what is the first thing I would change?" . He asserts that the answer to that question is the very task the owner is likely avoiding .
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread interviews Nick Perry, a real estate entrepreneur who transitioned from a struggling startup to achieving DecaMillionaire status . The conversation centers on the underdog journey of building a massive real estate company from scratch and the unconventional decision to step away as CEO to achieve true personal freedom .
LinkedIn: Nick Perry Instagram: @nickperryrei WWW: 7FigureCartel.com WWW: 8FigureCartel.com WWW: WantToSellNow.com Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread interviews Stephen Scoggins, an entrepreneur who built a nine-figure empire after overcoming a period of homelessness at age 22 . The conversation centers on the internal shifts required for a business owner to scale from a self-motivated founder to a strategic CEO . While at his lowest point, Stephen experienced a profound spiritual surrender that transformed his mindset . He gained a "second chance" in the construction industry, eventually building the company he successfully sold in 2023 .
WWW: StephenScoggins.com LinkedIn: Stephen Scoggins Instagram: @Stephen_Scoggins Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode Justin challenges the conventional wisdom that business growth is driven solely by marketing tactics or credentials . Instead, he argues that the quality of your clients is a direct reflection of your leadership posture and internal authority . Drawing on biblical wisdom and his experience scaling seven companies, Justin details how advisors and business owners can shift their internal seat to attract the premium clients they desire .
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, Justin Goodbread sits down with Dr. Lee Warren, a neurosurgeon, Iraq War veteran, and author, to explore the powerful intersection of neuroscience and faith . The conversation focuses on the idea that the mind is the ultimate driver of success and that business owners can learn to manage their minds to achieve their callings .
WWW: https://wleewarrenmd.com/
Book (Pre-Order): https://wleewarrenmd.com/books/the-life-changing-art-of-self-brain-surgery/
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin Goodbread explores a foundational "success secret" that often makes business coaches nervous: the intersection of faith and professional achievement. While typical business advice focuses on tactical elements like strategy, systems, and hiring, he argues that for business owners, these are secondary to having a right view of God. Justin emphasizes that when a business owner prioritizes this reverence and delights in God's commandments, they unlock generational blessings that extend beyond personal wealth to their children and legacy.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Contrary to popular belief, scaling a business is not a numbers game, a matter of luck, or purely about talent and strategy. In this episode of the DecaMillionaire Decoded podcast, Justin explores the fundamental difference between business owners who stay stuck in mediocrity and those who successfully scale to 10X their income and achieve decamillionaire status.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread explores why many business owners struggle to achieve significant growth despite immense effort. High-level success is not about outworking everyone, but about having the discipline to say "no" to almost everything others say "yes" to - achieve an 8-figure enterprise value and move past 10–20% menial growth by fundamentally changing how you operate day-to-day.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded Podcast, host Justin Goodbread addresses the recurring question from his audience regarding his frequent use of biblical scripture in a business context. He explores the intersection of faith and professional achievement, arguing that the Bible serves as the ultimate "guidebook" for attaining DecaMillionaire status—defined as scaling a service-based business past $10 million in enterprise value. Justin challenges listeners to stop asking why he uses the Bible and instead ask themselves if they are actually applying the scriptural principles they already know to their businesses.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode Justin Goodbread challenges the common misconception that scaling a business is an overwhelmingly complex ordeal. He argues that reaching $1 million in revenue, and eventually $1 million in take-home pay, is so simple to do if owners are willing to dismantle the bondage of a business that relies solely on their own 20 years of specialized knowledge. To achieve true freedom and scale, he advocates for a radical simplification: picking one ideal client, solving one specific problem, using one particular process, and offering one clear offer. By narrowing their focus, owners can sharpen their marketing and create a path where one plus one plus one leads to the ultimate payoff: freedom.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread addresses a common fear among business owners: financial transparency with their team. Justin explores why many entrepreneurs are afraid that sharing top-line revenue will lead to employees demanding more money or time off. He argues that if employees resent a company's success, the root issue is an immature culture, not transparency.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of Decamillionaire Decoded, Justin explores the unavoidable reality that "everybody pays" for transformation. He challenges the common desire for breakthroughs by explaining that growth always requires a cost—whether it is an early investment in discipline and coaching or a later payment in regret and stagnation.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded podcast, host Justin Goodbread explores the intersection of faith and business success, challenging the common frustration entrepreneurs feel when their financial results do not match their effort. Justin observes that many hard-working Christian business owners feel stuck despite their dedication to their faith and work. He argues that achieving a higher level of success requires more than just "doing everything you know to do"; it requires a relentless pursuit of a specific calling.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the Decamillionaire Decoded Podcast, host Justin Goodbread interviews Brett Swarts, an expert in capital gains tax and the founder of Capital Gains Tax Solutions. The discussion focuses on how high-net-worth business owners and investors can protect their wealth from significant capital gains taxes when exiting an asset. They cover the concept of "Building a Capital Gains Tax Exit Plan" to avoid losing 20% to 50% of wealth during a major sale . Brett shares cautionary tales from the 2008 crash, highlighting how a lack of strategic planning can lead to the loss of both wealth and family stability .
WWW: CapitalGainsTaxSolutions.com
LinkedIn: Brett Swarts
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the DecaMillionaire Decoded Podcast, Justin lays the foundation for a year-long exploration of "success secrets" by debunking common myths about wealth and mindset. Drawing from a personal encounter where a client attributed his success to a "Midas touch", Justin explores the delicate balance between business growth and spiritual principles.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of the Decamillionaire Decoded Podcast, host Justin Goodbread sits down with tax strategist Patrick Lonergan, founder of Vital Wealth, to discuss high-level tax strategies specifically designed for business owners striving for Decamillionaire status. Their conversation highlights that tax planning is not just about adding another zero to a bank account, but about optimizing life.
LinkedIn: Patrick Lonergan
WWW: VitalStrategies.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this special holiday episode, host Justin Goodbread reflects on the significance of Christmas, blending biblical history with business principles . While acknowledging that December 25th is a symbolic date, he highlights the story of the Wise Men as a lesson for Entrepreneurs .
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of DecaMillionaire Decoded, host Justin Goodbread sits down with Michael Walsh, President of the Walsh Business Growth Institute and author of Freedom by Design . With 30 years of experience, Michael discusses how business owners can navigate "danger zones"—critical revenue plateaus between $2 million and $20 million where existing structures fail and mindset shifts are required . Justin and Michael also cover how scaling radically requires moving away from controlling management styles and toward structures that support human behavior and "provoke thought" in employees .
LinkedIn: Michael Walsh
WWW: Walsh Business Growth Institute
Book: Business Growth by Design, by Michael Walsh
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of DecaMillionaire Decoded, Justin interviews Ryan McGarghan, a fractional CFO and founder of Synergy, to explore strategies for scaling businesses to $10 million in enterprise value. Ryan explains that a fractional CFO offers high-level strategic guidance to companies that cannot afford full-time executives, typically targeting businesses with under $25 million in revenue. Learn how, as businesses mature, the focus must shift to long-term strategic planning, optimizing gross profitability, and ensuring alignment between sales, marketing, and finance departments . LinkedIn: Ryan McGarghan
WWW: WeAreSynergySolutions.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we sit down with leadership expert Anton Gunn, who shares his incredible insights on building a thriving business culture. Discover the hidden costs of employee turnover, the importance of trust, and how to avoid the loyalty trap with your top performers. Anton draws from his extensive experience, including his time serving the President of the United States, to provide actionable strategies for business owners looking to foster an environment where employees truly want to stay.
LinkedIn: Anton Gunn
WWW: AntonGunn.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the path to achieving DecaMillionaire status with Justin Goodbread and his guest, Dr. Thomas J. Powell. Together, they discuss the essential frameworks and strategies needed to scale a service-based business beyond $10 million in enterprise value. Tune in as they share valuable insights on clarity, alignment, stewardship, and the importance of building a legacy.
LinkedIn: Dr. Thomas J. Powell
WWW: ThomasJPowell.com
WWW: The Founders Office
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we unpack the mindset of DecaMillionaires with Justin Goodbread as he reveals the four transformative questions that can elevate your decision-making process. Discover how shifting from a 'Can I?' mindset to 'How can I?' can unlock new opportunities and lead you to greater success.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to achieving true freedom and wealth in business with Justin Goodbread and his guest, Dr. Fred Joyal, author of the book 'Super Bold.' They discuss the importance of boldness, the steps to transition from confidence to super boldness, and share actionable insights on overcoming resistance in pursuing one's calling. Whether you're a seasoned entrepreneur or just starting out, this episode is packed with strategies to help you scale your business beyond $10 million and live a fulfilling life.
LinkedIn: Fred Joyal
WWW: FredJoyal.com
Book: Super Bold, by Fred Joyal
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the path to achieving DecaMillionaire status with Justin Goodbread. Discover the blueprint inspired by Solomon's principles and how to build a business that thrives on wisdom, partnerships, and credibility. Justin shares powerful insights on overcoming imperfect beginnings, the importance of strategic alliances, and how to prioritize what truly matters for lasting success.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the path to becoming a Decamillionaire with Justin Goodbread and his guest, Dr. Fred Johnson. Together, they delve into the crucial leadership strategies that can help service-based business owners scale their enterprises beyond the $10 million mark. From the importance of vulnerability in leadership to the necessity of embracing change, this conversation is packed with actionable insights.
LinkedIn: Dr. Fred Johnson
WWW: DrFredJohnson.com
WWW: InitiativeOne.com
Book: The Reality of Change
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Join Justin Goodbread as he and John Mollura break down essential strategies for overcoming hesitation and taking bold action in your business. Discover the six checkpoints that can transform your approach to entrepreneurship and help you build real wealth and freedom.
LinkedIn: John Mollura
WWW: JohnMollura.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we challenge the myths surrounding fitness and its crucial role in achieving deca millionaire status. Join Justin as he shares practical strategies for busy business owners to integrate fitness into their lives without sacrificing time or energy. Discover how just 15 minutes of high-intensity interval training can transform your health and business performance. Plus, learn about the importance of VO2 max and cardiorespiratory fitness for effective leadership.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the contrasting journeys of two financial advisors, both generating $2 million in revenue, yet living vastly different lives. One is trapped in a cycle of overwork and stress, while the other enjoys freedom and a thriving business. Join Justin as he breaks down the mindsets, strategies, and systems that lead to true financial freedom and business value. Discover why revenue alone doesn't equate to success and learn how to build a business that works for you, not because of you.
Case Study: https://relentlessvaluecoaching.com/lead-capture-form-case-study
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the powerful world of referral marketing with Mike Garrison, a master in the field. Join Justin and Mike as they dissect the misconceptions surrounding referrals, emphasizing the importance of giving and service over traditional sales tactics. Discover how adopting a mindset of generosity can transform your marketing strategy and lead to authentic connections that drive business growth.
LinkedIn: Mike Garrison
WWW: CanIBorrowYourCar.com
Amazon: Can I Borrow Your Car, by Mike Garrison
SubStack: Can I Borrow Your Car
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the surprising connection between physical fitness and financial success - discover why weight training is not just for aesthetics but a crucial strategy for enhancing your business performance and mental clarity. Justin shares insights on how building muscle can lead to higher resting metabolism, improved decision-making, and resilience in the face of challenges. Plus, he introduces the DECA Millionaire Decoded Fit Challenge, encouraging listeners to elevate their physical fitness as part of their journey to financial freedom.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover how improving your physical fitness can lead to better decision-making and greater success in your business. Justin shares seven research-backed strategies that can help you clear mental fog and enhance your leadership capabilities.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we challenge the common perception of generosity in business with Justin Goodbread. Discover why giving away your time for free may be sabotaging your success and learn how to charge for your expertise as a means of fostering transformation. Justin shares powerful insights on setting boundaries, building systems that multiply your wisdom, and the true cost of free advice.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin Goodbread unpacks the often misleading nature of success and the mental hurdles that come with it. He shares insights on the Dunning-Kruger effect, emphasizing the importance of humility and seeking expert guidance as you navigate the complexities of business.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover the five essential laws that can help you break through barriers in your business and achieve true freedom. From defining your promise to avoiding the pitfalls of rebuilding what almost broke you, Justin shares actionable insights and real-life examples to inspire your growth.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the realities of business growth and the journey to achieving DecaMillionaire status with Glenn Poulos. Join Justin as he delves into Glenn's remarkable story of resilience, navigating the highs and lows of entrepreneurship, and the lessons learned along the way. Discover actionable strategies for building wealth, creating a legacy, and the importance of being a pleasure to do business with.
LinkedIn: Glenn Poulos
WWW: GlennPoulos.com
X/Twitter Instagram Facebook
Book: Never Sit in the Lobby: 57 Winning Sales Factors to Grow a Business and Build a Career Selling
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Justin shares insights on overcoming burnout, the importance of action over analysis, and the necessity of commitment in the face of discomfort. He draws parallels to the career of Tom Cruise, emphasizing that success requires a framework and a focus on your unique path. Tune in to discover how to break free from the bondage of business ownership and build a legacy that matters.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the hidden obstacles that prevent millionaires from achieving DecaMillionaire status. Justin shares insights from his years of experience coaching service-based business owners. He breaks down common excuses that sound wise but ultimately hinder growth, such as waiting for the right time or believing that one's business is unique.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to achieving true wealth and freedom beyond financial success. Justin discusses how many business owners fall into the trap of playing it safe, mistaking caution for wisdom. He shares powerful insights on how to break free from procrastination and fear, emphasizing that real growth requires taking bold action. Discover the four ways false wisdom can paralyze you and learn how to embrace real wisdom that leads to freedom and fulfillment.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, discover the essential mindset shifts necessary for breaking through personal and financial ceilings, and hear inspiring stories of individuals who have transformed their beliefs to reach their goals. Justin emphasizes that belief precedes breakthrough and that action is essential in realizing your dreams.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of DecaMillionaire Decoded, Justin gets real. Upon learning of the death of Charlie Kirk, Justin reassessed his own truth and values when it comes to Faith, Family, Business, and Freedom. Justin lays down the FREEDOM Framework, an acrostic of guiding principles for Business Owners to follow in pursuit of a truely fulfilling life.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, discover the seven mindset traps that keep entrepreneurs from achieving true freedom and wealth. Justin shares practical strategies to help you break free from the cycle of burnout and frustration, guiding you toward a path of alignment and purpose.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Justin Goodbread shares insightful strategies on how to prioritize relationships intentionally, even during the busiest seasons of life. Discover how true friendships can help you remember your identity beyond your professional achievements, accelerate your growth, and bring joy into your life. Tune in to learn how to foster deeper connections that can support you on your journey to becoming a DecaMillionaire!
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this mash-up episode, Justin shares his insights on the mindset shifts necessary for real growth, wealth, and freedom in business. He recounts his own experiences, from starting a landscaping business at 15 to becoming a best-selling author and speaker. Tune in for practical strategies, the importance of belief, and how to simplify your business for success!
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the vital decision that can transform your business and lead you to DecaMillionaire status. Join Justin as he shares the powerful story of LEGO's turnaround, illustrating how simplifying your business model can lead to extraordinary growth. Discover the importance of focusing on your core offerings and eliminating distractions to achieve real wealth and freedom.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the transformative journey of Hugh Massie, founder of DNA Behavior, as he shares insights on the intersection of finance, behavior, and entrepreneurship. Discover how understanding human behavior can unlock financial success and help business owners break through barriers to scale their enterprises. Hugh discusses the importance of resilience, purpose, and the impact of AI on the future of business.
LinkedIn: Hugh Massie
WWW: DNABehavior.com
WWW: Boys Without Fathers
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover how meaningful connections can propel you towards real growth, wealth, and freedom. Justin shares valuable insights on the guardrails of friendship, emphasizing the importance of challenging comfort zones, handling conflict, and celebrating each other’s successes. Join us as we decode the path to building lasting relationships that support your journey to DecaMillionaire status!
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover how having a clear vision can transform your business and life, guiding you toward achieving DecaMillionaire status. Justin shares personal insights, practical strategies, and essential questions to help you define your vision and align it with your purpose.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover why building genuine relationships is essential for emotional resilience, wise decision-making, and overall growth as you strive for Decamillionaire status. Justin shares personal insights and practical strategies on how to cultivate and maintain these vital connections that can propel your business beyond $10 million in enterprise value.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the transformative power of language in achieving success with Justin Goodbread. Discover the seven words that DecaMillionaires never say and how altering your vocabulary can shift your mindset and trajectory. This is not just about business strategies; it’s about the profound impact of your words on your future.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover how to align your vision and faith to overcome the common hurdles that hinder execution in business. Justin shares a powerful five-part framework that focuses on relentless execution, emphasizing that clarity of vision does not eliminate fear but confronts it. Join us as we explore the intersection of faith and vision, and how to harness them for unstoppable business growth.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this mash-up episode, we explore the journey to achieving true financial freedom with Justin Goodbred, a best-selling author and coach. Discover the powerful strategies and mindset shifts necessary for scaling your business beyond the $10 million mark. Justin shares personal stories, practical advice, and the importance of belief in reaching your goals.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Discover how silence can become your secret weapon for clarity, creativity, and effective decision-making. Justin shares insights from his interviews with DecaMillionaires, revealing how intentional solitude can lead to profound personal and professional growth. If you're feeling overwhelmed and reactive in your business, tune in to learn how to harness the power of stillness and reflection for lasting success.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to achieving true financial freedom and business growth with Scott Couchenour, a seasoned entrepreneur and fourth quarter strategy coach. Scott shares his personal experiences of overcoming adversity in his family business and provides invaluable insights into the emotional challenges business owners face during transitions. We discuss key strategies for avoiding regret, the importance of a holistic approach to life and business, and how to align your identity beyond your role as a business owner.
LinkedIn: Scott Couchenour
Web: ServingStrong.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
Justin explores the real meaning of success and the journey towards becoming a Decamillionaire. Through an enlightening conversation with his son, Justin shares insights on family, mentorship, and the importance of intentionality in both business and personal life.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
n this episode, we explore the journey toward achieving a DecaMillionaire status with Justin and his son Justus. Justin shares candid insights on achieving financial freedom, and the importance of family involvement in entrepreneurship. He discusses the mindset shifts necessary for success and the significance of surrounding oneself with influential mentors.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin Goodbread reveals the true meaning of success and the mindset shifts necessary for achieving real wealth and freedom. He discusses the importance of valuing your services appropriately, the distinction between price and value, and why premium clients are willing to invest in their growth. With practical insights and strategies, Justin shares how to break through the barriers that hold business owners back from scaling their enterprises beyond $10 million.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a deca millionaire with Justin Goodbread and his mother Terri, who shares invaluable insights on raising successful children. Together, they discuss the importance of intentional parenting, the mindset needed for success, and the critical decisions that shaped their family's path.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we tackle the real meaning of success and the importance of discipline in achieving financial freedom. Join Justin as he shares powerful insights on how to break free from "stinking thinking" and build the habits necessary for scaling your business beyond $10 million. Discover the ten key principles that can help you transition from chaos to clarity and create a life of overflow.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin explores the realities of scaling a business beyond $10 million in enterprise value. Discover the true cost of scaling, the importance of systems, and the mindset shifts necessary for success. Justin shares practical advice on funding growth, the pitfalls of bootstrapping, and how to leverage your business as your highest-performing asset. If you’re ready to take control of your financial future and build a business that works for you, this episode is a must-listen!
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin dives into the mindset required to achieve DecaMillionaire status, sharing transformative thoughts and strategies that can propel your business beyond $10 million in value. He emphasizes the importance of confronting limiting beliefs, the power of choice, and the necessity of clarity in decision-making.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin explores the journey to Decamillionaire status with expert Monica Garcia. Discover the strategies that helped her successfully exit a competitive business and learn how to overcome the challenges of scaling your own service-based company.
LinkedIn: Monica Garcia Duggal
Website: Infinitione.com
MonicaGarciaDuggal.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin challenges the conventional notions of success, wealth, and obedience. He encourages listeners to reflect on their commitment to their goals, emphasizing that true faith requires total surrender. Through personal anecdotes and biblical references, Justin explores the importance of stepping out of comfort zones and fully trusting in God’s plan. If you’re ready to break free from fear and unlock your potential, this episode is a must-listen!
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a DecaMillionaire with Justin and his guest Judy Weber. They discuss the importance of faith, boldness, and strategic thinking in business. Judy shares her inspiring story of overcoming adversity to achieve success and emphasizes that playing small is a sin. Tune in for powerful insights on how to align your business goals with your calling and the steps necessary to achieve financial freedom and impact.
LinkedIn: Judy Weber
Website: www.judyweber.co
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin challenges the conventional notion of success and explores the often overlooked aspect of personal presence in the lives of business owners. He delves into the sacrifices many make in pursuit of wealth, revealing the importance of intentional connection with family over mere financial gain. Through heartfelt anecdotes and actionable steps, Justin encourages listeners to prioritize quality time with loved ones, ensuring that while they build their businesses, they do not lose sight of what truly matters.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a DecaMillionaire with guest J.M. Ryerson. Join us as we uncover the importance of self, including strength, energy, love, and freedom, in scaling your business beyond $10 million. J.M. shares his personal experiences, insights on leadership, and actionable strategies to help service-based business owners thrive. Tune in for an inspiring conversation that challenges the grind culture and encourages a balanced approach to life and business!
LinkedIn: JM Ryerson
Website: Let's Go Win
Socials: Instagram & Facebook
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we tackle the hidden barriers that prevent business owners from reaching their full potential. Join Justin as he shares powerful insights on breaking through that glass ceiling, emphasizing the importance of releasing control and letting go of past burdens. Discover how humility and courage can lead to true freedom and growth, and learn actionable strategies to scale your business beyond $10 million in enterprise value.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the reality of achieving success beyond the $10 million mark with our guest, Kyle Danner. Join Justin as he engages in a candid conversation about the challenges business owners face, the importance of mindset, and the critical role of people in scaling a business. Discover actionable insights and strategies to help you navigate the complexities of leadership and create an environment where your team can thrive.
LinkedIn: Kyle Danner
Website: EOS Worldwide
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode Justin shares the seven crucial mindset shifts that every aspiring Decamillionaire must embrace to break through barriers and achieve true financial freedom. From shifting from scarcity to stewardship, to moving from hustle to focus. Justin provides actionable insights and real conversations with successful business owners.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a Deca Millionaire with Justin Goodbread as he shares his personal insights and experiences. Discover the importance of aligning your dreams with your purpose and how to overcome the internal resistance that can hinder your success. Justin discusses the transformative power of faith and the significance of perseverance in achieving your vision.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin shares insights on the importance of self-care for business owners, emphasizing how protecting your personal time can lead to greater productivity and success. Discover how to manage your life both inside and outside the business, and learn about the critical steps to take in order to create a sustainable and fulfilling entrepreneurial journey.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to achieving DecaMillionaire status with expert wealth advisor Jake Falcon. Join Justin and Jake as they discuss the essential strategies for scaling your business to over $10 million in enterprise value. Discover the importance of consistency, the value of mentorship, and the mindset needed to break through barriers.
LinkedIn: Jake Falcon
www.FalconWealthAdvisors.com
Amazon: Retiring Right, by Jake Falcon
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the critical distinctions between merely surviving in business and thriving as a Deca Millionaire. Justin shares insights on the importance of clarity, structure, and sustainable growth strategies. Discover why grit alone is not enough and how to shift from chaotic scaling to building a business that works for you.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the incredible journey of Eric Malka, an entrepreneur who transformed his life from being an illegal immigrant to successfully selling his brand to Procter & Gamble. Eric shares his experiences, the mindset that fueled his success, and the lessons learned from failures along the way.
LinkedIn: Eric Malka
www.StrategicBrandInvestments.com
Amazon: On The Razor's Edge
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin shares insights on how clarity, rather than time, is the key to scaling your business beyond the $10 million mark. Drawing from his experiences and those of successful business owners, Justin emphasizes the importance of understanding your goals, identifying gaps, and focusing on the critical levers that drive growth.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a Deca Millionaire with Alexis Sikorsky, a successful entrepreneur and consultant. Alexis shares his incredible story of scaling a banking software company from zero to 11 million in revenue, navigating the challenges of the 2008 financial crisis, and ultimately selling his company for a substantial profit. He discusses the importance of due diligence when dealing with private equity, the common mistakes business owners make, and the mindset shift required to achieve true financial freedom.
LinkedIn: Alexis Sikorsky
www.asikorsky.com
Amazon: Cashing Out, by Alexis Sikorsky
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we challenge the misconceptions surrounding the sacrifices made by business owners in pursuit of success. Join Justin as he shares powerful insights from his conversation with Joe Strazzeri, emphasizing that the hard work and dedication of entrepreneurs often goes unnoticed. Discover how building a business can be an act of love for your family, even when it seems like you're absent.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we uncover the true essence of achieving DecaMillionaire status with guest Joe Strazzeri, a seasoned expert in guiding affluent business owners. Join Justin and Joe as they discuss the mindset, strategies, and critical questions that every aspiring DecaMillionaire must consider. This episode is packed with insights on wealth creation, family dynamics, and the importance of health and faith in the entrepreneurial journey.
LinkedIn: Joe Strazzeri
StrazzeriMancini.com
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin shares insights from his conversation with Jerome, emphasizing that purpose isn’t something to be found but remembered. This episode encourages business owners to reconnect with their passions and redefine their paths toward true fulfillment and freedom.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of DecaMillionaire Decoded, we delve into the journey of entrepreneurship with Jerome Myers, who shares his insights on achieving true fulfillment after exiting a business. Join Justin as he and Jerome discuss the common struggles founders face post-exit, the importance of purpose, and the frameworks for finding significance in life beyond business. Discover the six critical steps to ensure your exit leads to a life of impact and joy.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
LinkedIn: Jerome Myers
www.ExitToExcellence.com
Amazon: Exit To Excellence
In this episode, Justin highlights key points of his conversation with wealth advisor Nick Agarker, covering the importance of viewing the IRS as a business partner, the critical role of a competent tax advisor, and the significance of gratitude and discipline in business success.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, we explore the journey to becoming a Deca Millionaire with expert Nik Agharkar. Discover the essential strategies for scaling your business beyond $10 million and learn how to navigate the complexities of tax planning, succession, and wealth creation. Join Justin Goodbread as he engages in a candid conversation about the mindset and actionable steps needed to achieve real financial freedom and growth.
LinkedIn: Nikhil Agharkar
www.CrownePointTax.com
https://www.justingoodbread.com/coaching/
In this episode, Justin shares insights from his conversation with turnaround advisor Paul Davis, emphasizing the importance of aligning inspiration with business goals. Discover why starting with 'why' may not be the best approach for business owners and how to focus on your divine calling instead.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode of Deca Millionaire Decoded, host Justin Goodbread sits down with Paul Davis, a seasoned turnaround advisor from Ireland. Together, they explore the journey of scaling a business beyond the $10 million mark, sharing invaluable insights and strategies that can help business owners achieve real growth and financial freedom. Paul discusses the importance of purpose over profit, the significance of mindset shifts, and the necessity of planning for an eventual exit strategy. Tune in for practical advice and inspiring stories that will motivate you to elevate your business to new heights!
LinkedIn: Paul Davis
Book: Genius Unlocked: Discover Your Life Purpose & Innate Genius
https://www.justingoodbread.com/coaching/
In this inaugural episode of Deca Millionaire Decoded, host Justin Goodbread sets the stage for a transformative journey towards achieving a net worth of over $10 million. He shares his insights on the realities of success, emphasizing that true financial freedom is not just about accumulating wealth, but about building a scalable business that works for you. Justin introduces the concept of a Deca Millionaire and outlines the critical framework necessary for achieving this status, including relentless foundation, examination, execution, exit, and freedom. Join us as we decode the path to financial independence with actionable strategies and real-life stories from successful business owners.
Learn more about Relentless Value Coaching: https://www.justingoodbread.com/coaching/
In this episode, Justin shares a pivotal moment in his journey as a business owner and podcaster. Discover how he has shifted his focus to better serve driven entrepreneurs who are ready to break through their ceilings and achieve greater freedom and efficiency. With a new direction for the show, Justin emphasizes the importance of authenticity, clarity, and the right mindset for scaling and exiting businesses on your terms. Join him as he unveils what’s next for the podcast and how it will empower you to dominate your industry!
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this powerful episode, Justin confronts the challenges that come with pursuing a God-ordained vision. He explores the enemy's tactics that aim to derail our purpose and shares personal insights on how to maintain focus amidst distractions and doubt. Drawing from scripture and his journey, Justin emphasizes the importance of clarity in vision, the power of faith, and the necessity of surrounding ourselves with supportive individuals.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin tackles the pressing issues that business owners face when their companies become overly dependent on them. He discusses the difference between mediocrity and mastery, emphasizing the importance of building systems that allow businesses to scale without the owner's constant involvement.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin explores the intricate world of financial planning and legacy building with attorney Kelly Sturmthal. Discover the importance of knowing your numbers, the value of collaboration between financial planners and attorneys, and how to prepare your business for future transitions. Kelly shares her insights on the emotional journey of business owners and the vital conversations that can lead to successful estate planning.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Kelly Sturmthal
In this episode, Justin tackles the often-overlooked concept of learned helplessness and its impact on business owners. Justin shares insights on how past failures can create mental barriers that prevent growth and success. Discover actionable steps to break through these self-imposed limitations and regain control of your business.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin tackles the pressing issue of burnout among business owners. Discover how shifting your faith from working harder to trusting your team can unlock the potential for scaling your business. Justin shares valuable insights on moving from being the chief technician to becoming a true leader, emphasizing the importance of delegation and building a strong, trustworthy team.
In this episode, Justin explores the transformative power of saying 'No' in business. Discover how rejecting the wrong clients, minimizing product offerings, and avoiding distractions can elevate your brand and profitability.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Join Justin Goodbread as he interviews Jason Yarusi, a successful real estate investor and entrepreneur. Jason shares his incredible journey from chaos and confusion to building a thriving real estate portfolio worth over $300 million. He dives into the importance of taking small steps, eliminating negativity, and being receptive to guidance. Discover how Jason transformed his life and business through self-awareness, discipline, and actionable steps.
Justin Goodbread shares his transformative journey through high-stakes coaching, revealing the invaluable lessons learned during a $20,000 investment in just two days. He discusses the importance of investing in oneself for accelerated success, the pivotal role of coaching, and how to overcome personal and professional hurdles. Join Justin as he uncovers the hard truths that shaped his vision and the actionable insights that can help business owners double their income and achieve their goals.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin explores the essential mindset shifts necessary for financial advisors to escape the trap of trading time for money. Justin discusses the importance of focusing on serving one ideal client exceptionally well, the need for an abundance mindset, and the critical art of saying no to distractions and unimportant tasks.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, we explore the challenges faced by business owners, particularly in the financial advisory sector, and how to overcome them. Justin Goodbread shares five key lessons to help you clarify your vision, improve execution, and focus on the right metrics for success. Discover how to break free from the statistics that plague many advisors and learn actionable steps to scale your practice effectively.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, we dive into the critical landmines that financial advisors face while building and scaling their registered investment advisory firms. Join Justin Goodbread and his guest, Ali Nasser, as they share their personal experiences, mistakes, and lessons learned on their journeys to creating successful practices. Discover how to avoid common pitfalls, embrace growth, and develop a mindset geared towards greatness.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
LinkedIn: Ali Nasser
In this episode, Justin Goodbread addresses the overwhelming challenges faced by business owners and financial advisors striving to double their income within a year. He emphasizes the importance of focus, setting clear goals, and the power of saying no to distractions. Discover the key strategies to overcome confusion, streamline your efforts, and achieve significant growth in your business.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode of The Justin Goodbread Show, we tackle the tough truths financial advisors need to hear. Justin dives into the five lies that are holding advisors back from true success, challenging them to face reality and transform their businesses. From inflated self-perceptions to undervaluing expertise, Justin lays bare the misconceptions that can cost millions. He also highlights the importance of having a coach and aligning fees with value. Whether you're a financial advisor or any type of business owner, these insights could be the wake-up call you need.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode of The Justin Good Bread Show, we delve into the five essential steps for business owners to streamline, optimize, and grow their businesses sustainably. Discover how to identify your main priorities, eliminate unnecessary tasks, and simplify operations before optimizing to accelerate your business's growth. Learn how to effectively automate processes to enhance customer experience and increase efficiency.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode we welcome Gresham Harkless, a dynamic entrepreneur with a decade-long journey in digital marketing. Discover the power of resilience and how it has shaped Gresham's path in the ever-evolving digital landscape. From his childhood passion for journalism to founding Blue 16 Media, Gresham shares insights on navigating the challenges of entrepreneurship.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Gresham Harkless LinkedIn
Blue 16 Media
In this episode, Justin shares five essential truths to make 2025 your breakout year, focusing on self-improvement, embracing discomfort, and creating relentless value. Join us as we explore how to harness radical intensity and master the compound effect for unparalleled success.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this special year-end episode of the Justin Good Bread show, Justin unpacks the most impactful insights of 2024 for business owners. Discover how to build a valuable and transferable business as we explore mindset, timing, and the eight critical value drivers that can elevate your business. Learn why focusing on value can lead to increased profits, and hear inspiring stories of business transformations. Whether you're planning to sell or looking for growth in 2025, this episode is packed with actionable strategies and expert advice to help you achieve your goals.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin reveals four powerful techniques that can transform your time management, allowing you to enjoy life outside of work while scaling your business to new heights. Discover how to maximize your calendar, make every meeting count, stick to time limits, and ensure every meeting leads to a decision. Whether you're overwhelmed by work or looking to optimize your productivity, these insights will help you achieve the freedom you desire.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin Goodbread shares his extensive experience in building successful businesses and offers actionable strategies for hiring the right team members. Discover the importance of having a clear vision, mission, and values, and learn how to automate your hiring process to attract top talent. Justin also discusses the significance of the first 90 days of employment and how to ensure new hires succeed.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode of The Justin Goodbread Show, we explore the journey of Brian Clayton, a successful entrepreneur who transformed his landscaping business into a tech company, GreenPal, the "Uber for lawn care." Discover how Brian scaled his company, achieved financial independence, and now enjoys a life of freedom and travel. Dive into insights on building a business that can operate without you, the importance of systems, and the challenges of transitioning from a service-based to a tech-based business. Whether you're a business owner looking to exit or scale, this episode offers valuable lessons on entrepreneurship, growth, and innovation.
LinkedIn - Bryan Clayton
GreenPal.com
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode of The Justin Good Bread Show, we explore the parallels between high-stakes political campaigns and successful business strategies. Justin delves into five key lessons from President Trump's recent campaign victory that can be applied to business growth and success. From building a strong, consistent brand to engaging your core audience, Justin provides insights on how to lead with confidence, create urgency, and invest in the right marketing team. Whether you're a fan or a critic, these strategies offer valuable takeaways for any business owner.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin shares his journey and insights, from understanding your vision and values to identifying your ideal client, or "Frazzled Frank." Discover how to craft a unique selling proposition, develop a premium brand, and effectively allocate your marketing budget.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin shares his personal success secrets in a message to his children offering 18 proven principles for success, from setting clear goals and having a vision to embracing self-discipline and taking risks, revealing the principles that led him to financial independence and a deca millionaire status before 40.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode we challenge the conventional wisdom of business planning. Justin discusses why a strategic plan is more effective than a traditional business plan for small business owners. Discover the key differences between these two approaches and learn how a short-term, action-oriented strategy can drive value and success.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode we explore the transformative power of values in business and life. Justin shares his personal journey to success, revealing the 12 core values that have shaped his path from humble beginnings to becoming a decamillionaire. With insights on stewardship, leadership, and resilience, Justin challenges listeners to adopt these values to unlock their potential.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode of The Justin Goodbread Show, we turn the tables as Ali Nasser takes over the host seat to interview Justin Goodbread himself. Dive into Justin's entrepreneurial journey, from his teenage lawn care business to his success as a financial advisor and business consultant. Discover the pivotal moments that shaped his career and the principles that guide his life. This episode is packed with insights on business value growth, personal alignment, and the power of mentorship.
Website: Ali Nasser
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin sits down with Julie Keyes, a trailblazing entrepreneur and seasoned business advisor. Julie shares her journey from owning multiple businesses to becoming a certified exit planner, helping countless business owners navigate their transitions. Discover the common traits of successful business owners, the challenges they face, and the importance of having the right advisors. Julie also discusses her book, "Poised for Exit," and offers pearls of wisdom on doing what you're capable of.
Poised for Exit: A Woman Entrepreneur's Guide to Business, by Julie Keyes
KeyeStrategies.com
https://thevaluegrowthacademy.com/learn-more
In this heartfelt episode, Justin dives into a deeply personal journey of reevaluating priorities and redefining success. Reflecting on pivotal moments in his life, Justin challenges listeners with the thought-provoking question: "What is your God?" He shares how a life-altering question from a friend led him to prioritize family, writing, and mentoring, resulting in profound personal and professional transformations.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin sits down with his dear friend and mentor, Gordon Bell, to discuss the highs and lows of Gordon's incredible career journey. From humble beginnings to becoming a CEO and beyond, Gordon shares invaluable insights on leadership, business growth, and the importance of having a life plan after exiting a business. Tune in to hear about Gordon’s philosophy on servant leadership, the significance of having a succession plan, and how to find freedom and finish strong in both business and life.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode Justin explores the theme of "From Stuck to Soaring" and provides actionable insights for business owners looking to break free from stagnation. Justin discusses the importance of simplification, strategic focus, and aligning value propositions to drive business growth.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Justin sits down with Craig West, an esteemed business owner and certified exit planning advisor from Australia. They discuss the challenges and rewards of running a business, the importance of exit planning, and the transformative power of the Value Growth Academy. Craig shares his journey from being a dissatisfied bank employee to founding a successful consulting firm and software company that helps business owners maximize their value and prepare for exit.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Craig West LinkedIn Capitaliz | Digial Platform
Justin delves into the critical importance of focusing on value growth for business owners. Using relatable anecdotes and practical insights, Justin explains why value growth should be the primary focus and how it can drastically affect the future of a business. He breaks down the concept of intrinsic value, the value gap, and offers actionable strategies to increase the value of a company.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Justin sits down with Mark Kravietz, a managing partner at Align Wealth, to discuss the intricacies of exit planning and the importance of financial coaching for business owners. Mark shares his personal journey, and offers invaluable advice on preparing for a successful business exit. They delve into common mistakes business owners make, the significance of setting goals, and the critical role of financial advisors as coaches.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
Is your business stuck in a rut? Join Justin as he shares invaluable insights on how to break through the barriers holding your company back. In this episode, Justin delves into the concept of 'divide to multiply,' using the metaphor of his blackberry patch to illustrate how pruning unprofitable clients and focusing on your most profitable areas can lead to exponential growth. Learn how to reengage old clients, streamline your offerings, and prepare your business for future success.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin sits down with Dr. Tom Deans, a renowned speaker and author on the subject of family business transitions. They discuss the complexities of passing down family businesses, the importance of selling businesses at full market value, and the pitfalls of keeping wealth concentrated in a single, illiquid asset. Dr. Deans shares his personal journey and the lessons he has learned from running and selling multiple family businesses.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
ThomasWilliamsDeans.com
Justin delves into the critical reasons why business owners often feel trapped and unable to achieve the freedom they desire. He shares his personal journey and the lessons learned from 30 years of business experience. Justin outlines six key areas that can hold a business back, including cash flow management, misaligned products and market, centralization around the owner, sacrificing quality for scale, operational inefficiencies, and a lack of innovation. He offers practical advice and actionable steps to overcome these challenges, helping business owners unlock the freedom they seek.
Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more
In this episode, Justin sits down with Ali Nasser, a passionate entrepreneur and wealth management expert, to explore his incredible journey and the valuable lessons he's learned along the way. Ali shares his insights on building a scalable business, the importance of focusing on your strengths, and the challenges of managing a team. He also discusses his unique IP system for business owners and his book, "The Business Owner's Dilemma." Don't miss this inspiring conversation!
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
In this episode of The Justin Goodbread Show, we delve into the critical mistakes that can destroy the value of your business. Justin shares eleven common pitfalls that business owners often fall into, from neglecting financial management to poor leadership and failing to innovate. With practical advice and actionable insights, this episode is a must-listen for anyone looking to safeguard and grow their business. Don't miss out on learning how to avoid these costly errors and take control of your company's future.
In this episode Justin delves into the four key traits that define highly effective business owners. From emotional intelligence to relentless execution, decisive leadership, and visionary thinking, Justin shares invaluable insights drawn from his 30 years of coaching and consulting with top CEOs. Tune in to learn how to foster a positive work culture, execute your vision with precision, make swift and confident decisions, and inspire your team towards unprecedented growth.
In this episode we delve into the heart of scaling your business with five proven marketing strategies for 2024. Justin shares his 30 years of experience and insights on how to conduct a competitive analysis, define your brand, conduct thorough market research, set clear marketing goals, and understand your client avatar. These strategies are essential for any business owner looking to scale and differentiate their business in a competitive market.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Are you feeling stuck in your business? In this episode Justin dives into the four main reasons why businesses stop growing and provides actionable strategies to overcome these challenges. From developing a solid strategic plan to improving leadership and streamlining operations, this episode is packed with practical advice to help you reignite your business growth.
We sit down with Ryan McCaslan, an expert in quality of earnings, to discuss how to prove your business's value and prepare for a successful exit. Ryan shares invaluable insights on normalizing financial statements, common pitfalls to avoid, and best practices for increasing your company's worth. Whether you're planning to sell soon or just want to build value, this episode is packed with actionable advice you can't afford to miss.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
In this episode, Justin Goodbread reveals the five ways the enemy tries to sabotage your ability to create lasting wealth. From distractions and discontentment to division, pride, and anxiety, Justin dives deep into each tactic, providing insights on how to guard against these attacks. Learn how to stay focused, content, united, humble, and anxiety-free to ensure your journey to wealth creation is successful.
In this episode, Justin Goodbread shares ten essential habits for business success that he has developed over his 30-year career. Learn how goal setting, continuous learning, customer focus, personal financial constraint, time management, encouragement, leadership, networking, health and wellness, and resilience can transform your business and personal life.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Are you ready to take your business to the next level? In this episode, Justin Goodbread reveals the four key metrics that every business owner must track to build a $10 million business. Learn about Net Promoter Score, Customer Acquisition Cost, Cash Flow from Operations, and EBITDA. With over 30 years of experience and having sold companies for more than $10 million, Justin provides actionable insights and practical advice to help you scale your business. Don’t miss out on these invaluable tips.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
In this episode, we dive into the journey of John Rogers, a successful dentist and business owner from East Tennessee. John shares his inspiring story of taking over his father's dental practice, the challenges he faced, and the strategies he employed to build a thriving business. From dealing with family dynamics to finding the right mentors and coaches, John offers valuable insights for business owners at all stages. Join us as we explore the importance of passion, the power of mentorship, and the critical decisions that can shape your business's future. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Ready to scale your business to new heights? In this episode, Justin Goodbread shares his seven-step blueprint for building a $10 million business. With insights from his 30-year entrepreneurial journey, Justin covers everything from embracing modern technology and building a dynamic sales team to crafting a detailed marketing plan and prioritizing customer experience.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Are you unknowingly sabotaging your business success? This week's podcast episode is a wake-up call for every entrepreneur. Join Justin Goodbread as he exposes the ten costly lies he believed as a business owner—misconceptions that led to a staggering financial loss. From the dangers of going it alone to the underestimated power of marketing, this episode is packed with eye-opening insights and actionable advice. Don't let these common lies hinder your growth.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Embark on a transformative journey with Justin as he reveals the blueprint to building and selling a multi-million-dollar business. With a track record of successful exits, Justin shares his personal roadmap through the five critical stages of business growth, guiding entrepreneurs from the initial launch to a lucrative exit. If you're aiming for a seven, eight, or even nine-figure sale, this episode is your masterclass in value creation and strategic planning.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Discover the five game-changing lessons that propelled Justin Goodbread to deca-millionaire status in our latest episode. From obsessing over customer value to mastering financial discipline and building a strong team, these insights are crucial for anyone looking to scale their business. Plus, learn why focusing on value over profits can make all the difference. Don't miss out on these valuable strategies – tune in now to elevate your entrepreneurial journey!
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Are you harnessing the full power of your thoughts to drive your business forward? In this episode, Justin shares invaluable insights into how the words we speak to ourselves can make or break our success. Discover five game-changing strategies to shift your mindset and unlock your potential.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Are you feeling the strain of disengaged employees? You're not alone. Join Justin as he tackles the number one frustration for business owners head-on, diving deep into the art of aligning your team's aspirations with your company's vision. Discover how to turn employee engagement from a challenge into your greatest asset.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Are you ready to elevate your business decisions from good to great? In this episode Justin shares a ten-step blueprint for making choices that can lead to monumental success. Discover how to align your decisions with your vision, seek wise counsel, and listen to your internal prompting to navigate the hundreds of choices you face every day.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Have you ever wondered why some entrepreneurs seem to effortlessly achieve their dreams while others struggle to make progress? The answer, as it turns out, might be simpler than you think. In the latest episode of the Justin Goodbread show, we delve into the power of one small but mighty word: goals.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Are you ready to redefine what it means to be wealthy? Join us on an enlightening journey with Justin Goodbread as he shares the secrets to mastering not just financial success, but also social, time, physical, and spiritual wealth. In this transformative episode, you'll learn the difference between being rich and being truly wealthy, and how to align your life's purpose with a wealth strategy that encompasses more than just money. Don't miss out on this opportunity to elevate your approach to wealth and success. Listen now and take the first step towards a richer, more fulfilling life.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
In this episode, Justin delves into the profound impact of having a clear vision, the necessity of discipline, and the urgency that a limited timeframe can impose on achieving our goals. Justin explores the wisdom of Tim McGraw's song "Live Like You Were Dying," the lessons from personal loss, and the strategies to define and pursue your vision with relentless discipline. Tune in to transform the way you approach your aspirations and lead with purpose.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Persistence is the driving force that sets successful business owners apart. It goes beyond talent, genius, or education, and it is the key to achieving your goals in the entrepreneurial world. For middle-aged, educated business owners who may feel weary and disheartened, understanding the true nature of persistence is crucial. It's not just about keeping at something; it's about unwavering determination to achieve your objectives, even in the face of obstacles.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
Have you ever wondered how some business owners can seemingly produce 10X or 20X more than their competition? You may have heard people ask, "How do you manage to do all that you do?" The reality is that we are all given the same 24 hours a day. However, the rich and successful business owners seem to possess a unique ability to create multiplicative wealth that appears almost unfair. This article will delve into one of their secrets – the art of delegation.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
To "think big" means to have a mindset and approach that is characterized by ambitious, expansive, and visionary thinking. It involves setting high goals, envisioning significant achievements, and refusing to limit oneself by conventional or mediocre thinking. Are you limiting your success with small thinking? It's time to expand your horizons! In our latest episode, Justin Goodbread shares the 'weird' secrets of wealthy business owners and how you too can adopt a mindset of abundance. Discover the art of setting ambitious goals, embracing risk, and protecting your mind from negativity.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
In recent years, the allure of entrepreneurship has become a prevalent trend. The idea of being your boss, shaping your destiny, and pursuing innovative ideas has never been more enticing. Yet, beneath the glossy exterior lies a harsh reality. According to statistics, only a fraction of businesses thrive, while many face the grim possibility of failure. In this exploration, we delve into the question that underlies it all: Is entrepreneurship the right path for everyone?
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Fear and anxiety are two powerful emotions that every human experiences at some point in their lives. They can be our allies, warning us of danger or helping us prepare for challenges. However, they can also become formidable foes, holding us back from pursuing our passions and desires. In this episode, we'll embark on a journey through the intricate workings of the human mind to understand how fear and anxiety are processed, how they manifest in our lives, and most importantly, how to overcome them.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Justin Goodbread, host of the Financially Simple podcast, reflects on his 30-year entrepreneurial journey and contemplates the true meaning of success and wealth. He concludes that it's not just about financial achievements, but about fulfilling God's purpose for your life. He announces a relaunch of the podcast with a new mission: to encourage, inspire, and educate business owners to achieve their "aspirational dream."
Key points: • Justin recounts both the highs and lows of his entrepreneurial journey, including business exits, financial freedom, and personal struggles. • Are the traditional definitions of success and wealth complete. • The unique purpose for each person's life and ways to pursue it. • The relaunched podcast will focus on inspiring and educating business owners to achieve their aspirational dreams. • The importance of overcoming fear and anxiety to reach your full potential. • The role of knowledge, wisdom, and a growth mindset in achieving success.
Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.
Friends, when I began this venture, I never thought I’d be celebrating such a milestone. The past five years have been such a humbling experience. I’m honored that so many of you have chosen to come along for the ride. It is so rewarding to know that you’ve entrusted me with guiding you through the complex world of business and finance.
Now, here we are, celebrating 500 shows! It never could have happened without you. So, join me as I look back on this journey and highlight some of the important lessons I’ve learned along the way! This week on The Financially Simple Podcast:
- (02:12) I had a dream…
- (05:43) You don’t have to be perfect, just passionate
- (08:11) Hire people who are smarter than you
- (11:26) Success comes from perseverance
- (19:30) Don’t be afraid to invest in a dream
- (22:33) Be authentic
- (26:01) You’re gonna reap what you sow
- (30:49) What do you want to do?
Our Favorite Quotes:
“We, as business owners, have such an opportunity to speak life into people, to love people, to encourage people by just being who we are.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests. Statements made in this podcast are subject to change without notice.
Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As entrepreneurs, we often discuss our busy work schedules as though they are a badge of honor. While it’s true that owning a business requires a tremendous amount of time and effort, we must be careful not to neglect the other aspects of our lives. Each of us has (or should) areas of our lives that are important to our ethos. Pouring all of your time and energy into your business will inevitably mean that you’re neglecting the other core parts of your life.
In this episode, I discuss the importance of prioritizing your schedule. Whether it’s faith, family, or even your own health, you must work on each area with the same intentionality that you do for your business. I’ll also share some practical tips for making dedicated time for the non-negotiables in your life. This week on The Financially Simple Podcast:
- (00:56) Block scheduling for efficiency
- (02:49) Should your business be the most important part of your life?
- (06:15) The three big rocks
- (10:34) Efficiencies and boundaries
- (13:01) Some simple rules
- (15:40) Scheduling lessons learned from the COVID closures
- (17:13) Pause and “calendar” your life this year
Our Favorite Quotes: “Schedules across multiple different types industries can reflect that we as business owners, often easily, place the business ahead of the big rocks in our life.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Most of us started out in business because we had an idea or product to help people. However, the majority of us didn’t start off as business experts. Although you may have a successful business, knowing how to turn that successful business into a valuable commodity can be challenging.
In this episode, I wrap up the Eight-Figure Exit series with a brief recap of the things we’ve discussed. I explain why I chose to speak directly to financial advisors, and how the information shared is still applicable across most industries. If you’re a business owner who will one day retire (that’s all of us), you don’t want to miss this episode!
This week on The Financially Simple Podcast:
(01:53) Eight key components
(02:22) Why I chose to speak directly to financial advisors
(03:00) Planning
(04:24) Leadership
(07:25) People
(09:00) Operations
(11:37) Sales
(13:04) Marketing
(13:42) Finance
(14:42) Legal
Our Favorite Quotes:
“Whenever it comes to the eight-figure exit, perhaps, there’s nothing more impactful than the operations of your company.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Marketing is one of the eight key areas in business that can directly influence the intrinsic value of your organization. But how can you optimize your RIA’s marketing so that it can help you achieve your dream of an eight-figure exit?
In this episode, I discuss some of the indicators you can track to determine whether your marketing strategy is truly effective. Similarly, I explore some of the metrics that let you look at how each individual strategy is performing as part of your overall plan. If you’ve ever wrestled with marketing, don’t miss this episode!
This week on The Financially Simple Podcast:
- (00:50) Optimizing your marketing
- (02:02) Referral marketing
- (04:05) Seminar marketing & community involvement
- (09:01) Content marketing
- (11:23) Analyze each category’s performance individually
- (12:56) What should you track?
- (18:27) What is funneling?
- (23:24) Common marketing pitfalls in RIAs
Our Favorite Quotes:
“The key is to optimize your marketing specifically for your practice, specifically for your clients, specifically for your personality.” - Justin Goodbread
“You want to use data to drive us toward the efficiency of our marketing dollars. We want to achieve the best results!” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As business owners, we understand that marketing to attract new clients is necessary. But have you ever considered the important role that marketing plays in retaining existing clients? Through effective internal marketing, you can improve customer stickability and prevent clients from exiting through the back door.
In this episode, I dig into the critical role internal marketing plays in preparing your organization for the eight-figure exit. Additionally, I discuss the importance of tracking the client experience and helping them to achieve their purpose. This week on The Financially Simple Podcast:
- (01:01) What is customer “stickiness”?
- (03:56) How do we create stickability?
- (05:41) The populist approach
- (08:30) Internal marketing doesn’t have to be stale and boring
- (09:55) Recognize and celebrate your clients
- (11:39) People never forget how you made them feel
- (16:47) Tracking & communicating client experiences
- (20:01) A three-step process
Our Favorite Quotes:
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” - Maya Angelou About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As business owners, it’s often tempting to work with any and everyone. After all, more clients means more money. Right? In service-based businesses, the reality is that taking on every client that walks through your door can lead to major inefficiencies.
In this episode, I discuss the value of niche marketing and how becoming more exclusive could be the key to growing your RIA for the eight-figure exit. I also explain how to identify when it might be time to explore your niche and provide helpful tips for making the transition. This week on The Financially Simple Podcast:
- (00:46) My very first client
- (01:49) How do you know when to begin working with a niche?
- (06:31) The biggest stressor for financial advisors
- (08:20) The business is bogging you down
- (11:30) Sell to the masses; eat with the classes
- (13:32) Choosing a niche
- (17:06) Get the right people on the bus
- (19:33) Two ways nicheing can impact your business
- (23:00) Making the transition
- (25:38) The Four-Second Rule
- (28:31) My own experience with being part of a company’s niche market
Our Favorite Quotes:
“Sell to the classes; eat with the masses. Sell to the masses; eat with the classes.” - Henry Ford
“As we’re going toward this eight-figure exit, if we have this hodgepodge of clients, we’re not going to get the efficiency of scale that we desire for the eight-figure exit.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
The end of the year provides business owners with a unique opportunity to evaluate their progress toward their goals and reflect on the accomplishments of their teams. It is also the perfect time for RIAs to work through their annual compliance checklists. As you prepare for the coming year, ask yourself, “What worked this year? What didn’t? What actions can we take in the coming year to push the needle further toward the eight-figure exit?”
In this episode, I look at the importance of an end-of-year checklist, and some of the items that it should include. A few of my checklist items could surprise you, but I feel they are critical to sustainable success. You don’t want to miss this episode, friends! This week on The Financially Simple Podcast:
- (00:41) Tempus Fugit
- (02:19) Celebrate the Wins
- (03:54) The CEO and the Receptionist
- (06:09) Financial Review
- (09:18) Will Your Current Goals Continue Into the New Year?
- (12:05) Annual Compliance Review
- (14:04) Rest & Reflect
Our Favorite Quotes:
“Rest is not the absence of performance. It’s part of performance.” - Brent Cassell, VP of the HR group at Gartner About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Marketing often frustrates us, as financial advisors. We don’t always see an immediate return on our investment. Additionally, when hiring a marketing firm, the costs can quickly escalate well beyond what we intended to allocate. Frankly, this “all or nothing” approach and our limited understanding of marketing can leave us feeling a bit disheartened.
It doesn’t have to be this way! In this episode, I discuss the important role a documented marketing strategy has on your overall satisfaction with your marketing return. I’ll also talk about some of the ways you can start small, and gradually grow your marketing spend. Finally, I explore how you can prepare your firm for the influx of new clients your marketing efforts attract.
This week on The Financially Simple Podcast:
- (01:25) Declining satisfaction
- (03:19) Some questions to think through
- (05:24) The Power of a defined marketing strategy
- (09:27) Beware of the “all or nothing” mindset
- (11:50) The value of content marketing
- (14:10) Protect your reputation
- (16:05) Navigate toward the industry norms
Our Favorite Quotes:
“Marketing is not simply one dollar in, one dollar out.” - Justin Goodbread
“Business owners that I’ve communicated with, now, for twenty years, perhaps even you yourself, often feel like it’s an all-or-nothing game.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Oftentimes, as business owners, we take a wrong view of marketing. Because it isn’t foundational to the operation of our businesses, we view marketing as a luxury. However, if we see it for what it truly is—an investment—we can finally begin to measure the return on our marketing investments.
In this episode, I discuss how you can maximize the ROI for your RIA firm’s marketing investment, paving the way for the eight-figure exit. Additionally, I’m going to explore the quantifiable and unquantifiable aspects of marketing, and how a holistic approach yields the results that we often desire. This week on The Financially Simple Podcast:
- (00:50) Business Owners See Marketing As a Luxury
- (02:55) The “Basics” Around Marketing
- (04:27) Two Key Metrics
- (07:03) Calculating a Break Even Point for Your Marketing
- (11:11) How Much Money Should You Spend On Marketing?
- (14:20) Are Your Marketing Efforts Increasing Your CLV?
- (17:22) The Unquantifiable Aspects of Marketing
Our Favorite Quotes:
“Most other industries spend a great deal more than 5%. The RIA industry has been fortunate that we have had the market growing a lot of our revenue over time, and it's caused us to become complacent.” - Tim Kochis, DeVoe Special Advisor
“If you look at your marketing spend as, truly, an investment, then we can track ROI. We can quantify it.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Whether you realize it or not, you likely have some form of intellectual property (IP) in your Registered Investment Adviser (RIA) firm. It could be a system or process that you've developed to help you run more efficiently. Or, perhaps, you have a service offering that sets you apart from the competition. Whatever it may be, your intellectual property is a valuable asset. But is it protected?
In this episode, I'm looking at the incredible impact your IP could have on the multiple for your company. Likewise, I discuss the different ways to protect your IP and preserve (or even increase) its value for the eight-figure exit. Whether you're a financial advisor, or operate within a different industry altogether, this is one episode you can't afford to miss. This week on The Financially Simple Podcast:
-
(02:11) How Value Is Created
-
(05:00) A Powerful Tool In the Exit Planning Process
-
(06:03) What Is Intellectual Property?
-
(08:00) Common Forms of IP Protection
-
(10:00) Trade Secrets
-
(13:44) Businesses Often Invest In IP
-
(16:01) The "Secret Sauce"
- (19:38) How Do You Protect Your IP?
Our Favorite Quotes:
"IP matters. But, unfortunately, very few business owners ever take the time to even present the IP; much less protect the IP." - Justin Goodbread
"Over and above the underlying product or service it protects, IP is a valuable asset in its own right. Indeed, it can become a company's most valuable asset." - Julian Crump, President, International Federation of Intellectual Property Attorneys About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Owning a business is a risky endeavor. This is especially true in the RIA space which is heavily regulated. From civil actions to punitive actions taken by regulating bodies, litigation can be damaging to your business and reputation. So, what should you do if you find yourself facing litigation during your eight-figure exit?
In this episode, I look at some of the measures you can take to mitigate the risk of litigation. Additionally, I discuss ways to disclose pending, past, or present litigation to prospective buyers so that you could still make the ultimate sale. Whether you’re a financial advisor or operate in a different industry; whether you’re in the midst of an exit, or years away, this is one episode you can’t miss! This week on The Financially Simple Podcast:
- (01:24) Industry-Specific Risk
- (05:07) The SEC Litigation Release
- (08:03) Two Areas You Must Separate
- (12:19) How Do You Deal With Litigation During the Eight-Figure Exit?
- (14:47) Representations & Warranties
- (15:41) Disclosure Schedules
- (18:56) What Are the Best Action Steps You Can Take?
- (21:57) Read Your Contracts
Our Favorite Quotes:
“The reality is, anything you attempt to hide from the prospective buyer will be discovered during the due diligence process.” - Justin Goodbread
“If you’re open and honest with the buyer about litigation or pending litigation, there’s many things that can be done to still help carry the deal through and consummate the deal for your eight-figure exit.” - Justin Goodbread
Related Links:
Litigation Releases | U.S. Securities and Exchange Commission
Statistics | FINRA.org About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In this episode, I’m discussing risk mitigation. More specifically, I’m going to look at the insurance coverages you need to have as an RIA owner. Now, I know insurance may not be the most fun topic, but it is important and it could significantly impact the value of your business. So, don’t tune out!
I’ll be covering increases to your required coverages and the core coverages you should have. However, I’ll also discuss how your firm’s legal entity could work to mitigate potential risks to you, as the owner. Finally, I’ll explain how each of these components can affect your eight-figure exit. The information I’m sharing today can’t be missed, regardless of the industry your company operates in!
This week on The Financially Simple Podcast:
- (02:00) Defining risk management
- (04:15) Advice policies you should carry as an RIA owner
- (08:52) Core business policies you should carry as a business owner
- (12:34) Cybersecurity insurance
- (14:12) Business Disruption Policy
- (16:11) Your business entity
- (18:14) C-Corporations, double taxation, and the eight-figure exit
- (21:52) When should you review your coverages?
- (23:13) Exit planning is good business planning
Our Favorite Quotes:
“The type of entity we are will directly impact the exit—style, quality, value, etc.—as we drive forward.” - Justin Goodbread
“We don’t know what tomorrow holds. Insurance is not our enemy; it’s our friend. The business entity selection is not an enemy; it’s an asset that helps us drive the value of our main asset… the business.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As a financial advisor, it can be easy to forget that sales and marketing are part of what we do. We understand that we have to attract new clients in order to grow our book of business. However, we may not always realize that we’re selling our firm and our services when we engage in an initial “getting to know you” phone call. The truth is, as RIA owners (and business owners in general), we don’t always see ourselves as salespeople. Likewise, we don’t always have a strong grasp of how marketing and sales work together to drive revenue growth.
In this episode, I’m taking a deep dive into synergizing marketing and sales within your RIA so you can achieve the eight-figure exit. I’ll discuss how data points like Customer Lifetime Value (CLV), break-even assessments, and churn rate can be used to create synergy in your sales and marketing departments, enabling you to grow your firm organically.
This week on The Financially Simple Podcast:
- (00:55) Common sense definition of marketing
- (02:44) The brass tacks of sales and marketing
- (04:27) Some key metrics
- (08:34) Factors that impact your churn rate
- (12:38) What is your break-even point?
- (14:14) Marketing doesn’t work in a straight line
- (17:27) Create a feedback loop
Our Favorite Quotes:
“If you can tie your sales team, your marketing team, and everybody involved, if you can tie those together, then every data point shows you can drastically improve the growth rate of your company.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Sales projections are important to your organization’s goal identification and planning. But have you ever considered what your sales projections can tell you about the health of your Registered Investment Adviser (RIA) firm?
In this episode, I discuss the significance of the data that informs your sales projections. Likewise, I explore how you can use your sales projections to measure your firm’s performance against industry benchmarks, determine future hiring needs, and more! This week on The Financially Simple Podcast:
- (01:35) How your sales projections can help you
- (03:05) What is a sales projection?
- (05:05) How do we calculate run rate?
- (08:43) Two key data points
- (09:33) Estimated future sales
- (14:16) Average Assets Under Management (AUM)
- (16:42) A word of caution
Our Favorite Quotes:
“In order to affect the future, we must disturb the present. In order for us to grow something that is best-in-class, we have to do things that our peers who are average, are not willing to do.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In the early stages of your Registered Investment Adviser (RIA) firm, it made sense to work with anyone who could fog a mirror. But as your firm grows, many of the clients that you served in the beginning may not offer your business the same value they once did. As a result, these clients can chip away at your firm’s efficiencies, preventing you from gaining ground on your journey toward the eight-figure exit.
In this episode, I discuss the power of saying, “No” to clients who are the wrong fit for your RIA. This tiny word is one that, as business owners, we don’t often like to say. However, embracing the power of no could increase your bandwidth, enabling you to say yes to the clients who can truly help drive you to the exit of your dreams.
This week on The Financially Simple Podcast:
- (00:42) The eight-figure exit requires the correct client base
- (03:27) Business constraints
- (05:56) The Pareto Principle and Dunbar’s Number
- (09:50) Learning the power of “No”
- (12:47) Reasons we “outgrow” particular clients
- (15:14) RIAs don’t scale the way other businesses do
- (17:30) Disqualifying bad fits
- (25:23) Segment your book of business
- (31:25) A question to consider
- (36:31) C-listers typically refer C-listers
Our Favorite Quotes: “The eight-figure exit requires the correct and the right client base.” - Justin Goodbread
“The more often it is that you say, ‘No’ to the wrong clients, it will ever shine a light on those clients that you want to say, ‘Yes’ to.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
If you’re working toward the eight-figure exit, you can no longer be the top producer in your firm. This means “firing” yourself. But how can you step away if doing so will cause a decline in your sales production?
In the previous episode, I gave you some homework. After digging into your firm’s data points, did your company align with the industry averages? Were you surprised by what you found? In this episode, I’m picking up where I left off, and giving you four tools to help you create scalable and repeatable sales processes that enable you to fire yourself so you can achieve the eight-figure exit. This week on The Financially Simple Podcast:
- (0:13) Part one recap
- (3:06) How do you maintain momentum in your absence?
- (3:57) Sales tracking
- (11:26) What are we going to track in the process?
- (14:30) Lead analysis
- (22:55) How do you improve prospect data?
- (27:25) Removing bad prospect data from your system
Our Favorite Quotes:
“In order for us to decentralize, we have to, often, fire ourselves as the chief producer” - Justin Goodbread
“If we can build prospecting data to where we get what we need, then we can drive our team to success.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Sales is the lifeblood of every business. In order to grow, you must attract new clients and gain new revenue. As the owner of your RIA, you’re likely the top producer in your firm. However, this is anathema to the eight-figure exit.
In this episode, I discuss why you must fire yourself, making way for new top producers to emerge. In doing so, you can decentralize and reduce your company-specific risk. I’ll explain the metrics you need to monitor to ensure continuity once you’re no longer pulling all the levers. Likewise, I look at how firing yourself could enable you to meet or exceed industry standards. If you’re an RIA (or any other type of business) owner, you can’t afford to miss this episode!
This week on The Financially Simple Podcast:
- (0:38) Why are you the top producer in your RIA?
- (1:33) A foreign concept
- (3:06) Decentralization from the sales process is a necessity
- (4:51) Multiplicative growth
- (5:53) The ability to meet or exceed industry standards
- (6:41) The day I decided to fire myself
- (10:31) How do RIAs perform (Benchmarks to follow)?
- (18:01) Context matters
- (22:37) Questions to ask yourself
Our Favorite Quotes:
“In order for us to exceed the (industry) standards, we have to empower our team.” - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Over the past few years, business owners have been through the wringer. From lockdowns to the Great Resignation, simply going to work has presented a much larger challenge than it did in the past. As a result, attracting and retaining great talent has become more important than ever. So how can you achieve this in your RIA?
In this episode, I talk about the importance of employee incentive programs and the many different ways to show your team that you appreciate their loyalty and hard work. Likewise, I discuss 10 steps you can take to design and implement an employee incentive program to fuel your eight-figure exit! This week on The Financially Simple Podcast:
- (1:45) Attract, engage, and retain talent
- (3:35) Incentive programs can drive profitability
- (5:13) How does an incentive plan tie into the eight-figure exit?
- (6:31) What should be included in your employee incentive program?
- (7:33) The importance of recognition and bonus pay
- (12:03) Ten easy steps
- (21:26) Something I’ve never seen in business before
Our Favorite Quotes: “One of the very first things we identify with an incentive plan is that it’s there to attract, to engage, and to retain talent.” - Justin Goodbread
“Recognition helps the employee see that your firm or your business values them for all their contributions and successes as part of the team.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Business Advisors, LLC. Business planning services offered and provided by WealthSource Business Advisors, LLC. WealthSource® is the marketing name for a group of financial services companies composed of WealthSource Business Advisors LLC, WealthSource Partners, LLC, and WealthSource Insurance Solutions LLC. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies. All companies are subsidiaries of WealthSource Holdings, Inc.
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
For many of us, compliance can seem like a dirty word. Too often, this necessary aspect of your RIA is seen as “anti-sales” or as being against advisors. However, compliance plays a vital role in protecting you and your clients. So, how can you develop a compliance department that is both effective and efficient?
In today’s episode, I discuss how you can integrate compliance practices with your daily operations. Additionally, I will look at the risks associated with non-compliance. Finally, I will provide practical tips for creating tools that can eliminate compliance bottlenecks and mitigate risks to your firm and your clients.
This week on The Financially Simple Podcast:
- (0:52) Why do financial advisors cringe at compliance?
- (2:50) What types of compliance risk might you have?
- (4:08) The repercussions of non-compliance
- (5:18) Test your processes and team for weaknesses or holes
- (7:40) Create a compliance calendar
- (9:44) Develop a ticketing system
- (11:55) Build processes and structures for your compliance department
- (14:02) Integrate compliance with operations
Our Favorite Quotes:
“If you do it right, the operational flow of your business can actually be a first line of defense to make compliance less burdensome.” - Justin Goodbread
“The compliance department works in a silo and doesn’t think about how operations or technology, or how other things can help them make their jobs easier.” - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Have you ever considered that you could drive greater profitability in your RIA (or any other business) through policies and procedures? Think about it... Your firm's governing documents such as the employee handbook, compliance manual, or company policy are meant to communicate policies and contingencies that can reduce risk and drive efficiency.
In today's episode, I'm going to discuss these important documents. As I do, I will explain which documents you should have in your RIA, and what types of information goes into each one. Finally, I will explain how well-kept governing documents can help you become more profitable and propel you toward the eight-figure exit. This week on The Financially Simple Podcast:
-
(0:57) What are the governing documents for an RIA?
-
(3:34) How does a document written by an attorney impact your eight-figure exit?
-
(6:40) Intrinsic value
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(7:50) Gaining efficiency by enforcing policies and procedures
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(10:33) What happens if you don't set the expectation?
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(11:12) Strategies to drive compliance to your governing documents
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(16:34) Do you have faith in processes to handle regulatory change management?
-
(17:25) Don't simply put these documents on the shelf
Our Favorite Quotes:
"By engaging your team and the governing documents, you can instill a culture of regulatory compliance for you and your RIA. But you can also instill a culture of profitability and value." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
The idea of a flat organizational structure has gained steam in recent years. On its surface, it may seem like a good idea. However, without a clear leader, people often become confused about which direction to follow.
In this episode, I take a close look at some of the most common types of organizational structures. Join me as I explain why the flat org chart might prevent you from achieving the eight-figure exit you desire! This week on The Financially Simple Podcast:
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(0:40) My soapbox
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(1:40) Why organizational charts matter
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(3:48) Different types of organizational structures
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(14:00) The reason we're here
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(15:00) What got us here won't get us where we want to go
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(16:14) The lack of a clear leader can be confusing
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(19:10) Why you can't have a flat org chart in your RIA
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(25:46) Embrace hierarchy
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(26:27) How does an organization that truly conquers things structure its org chart?
Our Favorite Quotes:
"Having a powerful and scalable organizational structure is one of the most important ways that you can help solidify the team, solidify the company, and prepare them for exit." - Justin Goodbread
"It is impossible to find groups or organizations where all members have roughly equal status and power. Whether researchers study people, dogs, or baboons, hierarchies are evident after just minutes of observation." - Robert Sutton, Professor of Management Science, Stanford University
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Key Performance Indicators (KPIs) can provide you with invaluable data to determine the health and direction of your RIA. However, with a seemingly endless number of KPIs to choose from, how can you know which ones to track in your organization?
In this episode, I will uncover some of the mystique around KPIs, as well as explore which ones I believe every RIA should be tracking on their way to the eight-figure exit. This week on The Financially Simple Podcast:
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(0:37) What is a Key Performance Indicator?
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(2:49) Is it a metric? Not exactly...
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(4:07) KPIs that the fInancial advisory business owner should track...
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(7:10) Number of households per advisor
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(9:34) Average number of meetings per advisor
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(13:47) Your industry has KPIs that will drive you toward the 8-figure exit
Our Favorite Quotes:
"What gets measured gets improved." - Peter Drucker
"The KPI is like the roof of the house, and the metrics are like the walls that hold the roof up." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
One of the most challenging aspects of owning any business is building a cohesive and committed team. Different personalities and skill sets have very different needs. On top of this, you must also know which personality types are suited for each role and put people in the correct seats.
In this episode, I continue looking at how to build a committed team for your eight-figure exit. I also discuss the difference between the technician, the manager, and the executive, and putting yourself and others in the best position to succeed. This week on The Financially Simple Podcast:
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(1:30) Your company will change
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(4:55) Who do you need in an RIA?
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(9:30) Why does it matter in light of the eight-figure exit?
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(11:05) Assessing your team's competencies
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(14:55) Developing an assessment plan
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(16:12) Creating micro-alignment for the eight-figure exit
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(18:13) What's the strategy?
Our Favorite Quotes:
"In order to grow, a firm needs to involve more people. With the arrival of more and more professionals, old structures become inadequate and new forms of organizational structure must emerge to unlock the ability of the firm to continue to function at a larger size." - Phillip Pavaleev, CEO, The Ensemble Practice LLC.
"What got us here's not going to get us there." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Have you ever considered what goes into building a team committed to working through an eight-figure exit with you? The phrasing of that question is significant. You see, building a team requires a great deal of forethought because it is a tactical movement. Likewise, you want to build a team that will work through an exit and not just to one. But why?
In this episode, I take a deep dive into this subject. I'll discuss the strategies of developing your team while driving toward your desired exit, as well as growing it through strategic hires. Additionally, I'll examine the impact a committed team can have on your firm's final value.
This week on The Financially Simple Podcast:
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(0:10) Why I chose this title
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(3:57) Why should you be concerned with growing your team?
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(7:35) Why does it matter to your employees?
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(11:52) How do you build a team that's committed to the eight-figure exit?
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(14:57) You might need new team members
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(17:17) Create a compelling EPV
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(18:30) Don't lose sight of the vision
Our Favorite Quotes:
"Before You're a leader, success is all about growing yourself. When you become a leader, success is all about growing others." - Jack Welch
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As you work to prepare your business for the eight-figure exit, change is inevitable. What got you here won't necessarily get you there. This is true whether you own an RIA or an auto repair shop. Because of the disruptive nature of change, you must be prepared to enact proper change management within your team.
In this episode, I discuss why change is necessary for the eight-figure exit, and how proper change management can help you maintain your positive momentum even through periods of transition. If you're dreaming of making your own eight-figure exit, you don't want to miss this episode!
This week on The Financially Simple Podcast:
-
(1:40) Change that necessitates strong change management
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(2:28) Change is hard
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(3:11) Change management is needed
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(6:51) Change is necessary
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(9:15) Six aspects of effective change management
-
(17:08) How to implement change management
Our Favorite Quotes:
"In order to affect the future, we must disrupt the present." - Justin Goodbread
"Growth alone is going to necessitate change." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Client attrition can be devastating to your goal of achieving the eight-figure exit. We work hard to acquire each client and it can feel deeply personal when they decide to leave. But what causes clients to leave an RIA?
In this episode, I look at the top reasons clients leave their advisors. By understanding why clients leave, you can take proactive measures to ensure that your book of business continues to grow and thrive, driving your toward the eight-figure exit.
This week on The Financially Simple Podcast:
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(3:51) From the business owner's seat
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(5:16) Loyal customers are more likely to refer
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(6:05) Why do clients leave their RIA?
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(7:21) Fixing the communication issues in your firm
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(9:35) Perception of value
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(10:46) Aligning the value proposition
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(13:53) Lagging technology
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(16:14) Poor chemistry
-
(22:24) Shifting methodology
Our Favorite Quotes:
"Our younger generations are the generations that will often move the average age range of our book which causes our multiple to increase." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As business owners, we understand the importance of operational efficiency. But did you know your RIA's operational efficiencies could be the difference between making your eight-figure exit and missing the mark? Knowing that the efficiency of your operations has a direct correlation to your firm's valuation is one thing. However, understanding the biggest drivers could position you to take control of your practice and steer it toward the exit you desire.
In this episode, I take a look at how your efficiencies affect your RIA's value. Similarly, I take an in-depth look at some of the biggest drivers of operational efficiency, and how you can use them to maximize value.
This week on The Financially Simple Podcast:
-
(2:18) The drivers of operational efficiency are actually perspectives
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(3:07) The owner's perspective
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(11:40) The customer's perspective
-
(15:54) Your team's perspective
-
(17:35) Client's do not come first
-
(18:07) How do you influence operational efficiency?
Our Favorite Quotes:
"Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients." - Richard Branson
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
If you want to make the eight-figure exit, you need to begin planning for it right now. Too many people fail to realize the complexity of proper succession planning and the time required to do it correctly. As a result, many business owners reach their exit, receiving only a fraction of what they could have or worse, nothing at all!
In this episode, I look back at the relay race and what it can teach us about proper succession planning in your RIA. I also discuss the ways you can begin decentralizing and preparing your firm's leadership for your eight-figure exit.
This week on The Financially Simple Podcast:
-
(0:35) The relay race and business
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(3:40) What causes a poor transition?
-
(6:24) Effectively passing the baton
-
(7:22) Examine your current processes & develop a complete system
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(8:42) Creating capacity & implementing new processes
-
(10:12) Clean the office
-
(11:35) The depth of your bench
-
(13:44) Improve collaboration and training to increase engagement
Our Favorite Quotes:
"One is none, and two is one." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Leadership is one of those things that can make or break any business. Great leaders inspire others to become the best possible versions of themselves. In turn, this could lead your RIA to become best-in-class. But how do you inspire your leadership team to exhibit the authority, responsibility, and accountability that can permeate your entire organization?
In this episode, I'll talk about what it means to have a culture of authority, responsibility, and accountability. Similarly, I'll explore how it can impact your eight-figure exit. Finally, I'm going to take a look at what works and what doesn't, giving you seven ways to implement this type of culture in your own firm. Regardless of the industry you're in, this is one episode you don't want to miss!
This week on The Financially Simple Podcast:
- (1:07) How do you make way for the eight-figure exit?
- (2:02) How are you impacting your employees?
- (3:23) The carrot and stick
- (5:33) Reduction of micro-management
- (7:38) Authority, responsibility, & accountability: defining them as tenets of leadership
- (8:54) 7 Ways to implement responsibility, accountability, and authority
- (12:37) Create "psychological ownership"
- (16:22) ffffThe trickle down effect
Our Favorite Quotes:
“While your leaders may be great at their respective roles, let me ask you the question, 'do they exhibit the traits of authority, responsibility, and accountability amongst your teams?'”
— Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Working toward the eight-figure exit is challenging under normal circumstances. However, attempting to drive real and lasting growth is nearly impossible when your senior management team is operating under a silo mentality. When your team is siloed, it can cost you valuable time and resources as you work toward your objectives. So, what can you do to break down the silos that stand in your way, as an RIA?
In this episode, I discuss the hazards a silo mentality presents to your firm. I also outline eight ways you can tear down the informational and collaborative barriers within your firm. As you work toward your eight-figure exit, ensuring that your organization's leadership is united toward the same vision is imperative. However, don't check out just because you're not a financial advisor. This information could be applied to any business!
This week on The Financially Simple Podcast:
- (2:33) What is the Silo Mentality?
- (3:26) The Issues That Create a Siloed Management Team & Their Consequences
- (6:39) Cross-Functional Projects
- (8:30) Team-Building Exercises
- (9:12) Collaborative Decision-Making
- (9:54) Incorporate Shared Goals & Incentives
- (10:47) Cultivate a Culture of Open Communication
- (12:30) Knowledge Sharing Events
- (12:41) Continuous Improvement & Required Reading
- (14:06) Remind Your Senior Management That Their Team Mirrors Their Behavior
Our Favorite Quotes:
"Silo builds the wall in people's minds and creates the barriers in organizations' hearts." Pearl Zhu
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
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LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As RIA owners, we often make the mistake of thinking that the only way to drive greater profitability is to cut costs. While managing expenses is certainly a factor, company culture is one of the greatest drivers of profitability.
In this episode, I explain how your RIA's culture could be the key to an eight-figure exit. I also look at some of the signs of a toxic company culture. Likewise, I'll discuss the importance of identifying the culture a buyer will want, and provide tips for changing a culture from the inside out.
This week on The Financially Simple Podcast:
● (1:40) Defining Company Culture & its Impact on Your RIA
● (3:17) Culture in the Advisory Space
● (4:04) Firm Culture & What You Can Learn From Your Employees
● (6:55) Why Type of Culture Would the Buyer Want?
● (8:01) Culture Drives Profitability & Other Benefits
● (11:16) The Impact of Employee Recognition
● (11:50) Determining What Your Company Culture Is
● (12:40) Steps to Create A Winning Culture
Our Favorite Quotes:
"People need to feel good and have an environment that supports their ability to do their best work everyday." - Greg Friedman
"Everything rises and falls on leadership." - John Maxwell
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As a financial advisor, does it ever feel like you're trudging through mud? You work, and push, and drive to try to reach your goals but no matter what you do, you just end up exhausted and frustrated at your results. If this is you, strategic planning might be the key to start seeing real movement in your RIA.
In this episode, I explore strategic planning in the RIA space. I discuss some interesting statistics surrounding planning and breakdown how you can predictably plan to reach your eight-figure exit. The strategic planning principles I cover can be applied to all industries, however. So don't miss this episode!
This week on The Financially Simple Podcast:
- (0:25) The Recurring Question I Get from Financial Advisors
- (2:15) An Introduction to Strategic Planning in the RIA Space
- (3:43) Why "Shooting from the Hip" Doesn't Work
- (5:35) 8 Stages of Strategic Planning
- (14:16) The Problem with Strategic Planning
- (16:31) Grandiose Ideas
- (17:59) How to Approach Your Strategic Plans
Our Favorite Quotes:
"A strategic planning discipline creates a shared vision for the
operational, financial, and talent aspirations of your firm. The most
successful strategic plans harness the power of a proven framework
that challenges conventional processes and forces critical thinking
to answer hard questions." - Kim Kovalski, Managing Director, Marshberry
"Strategic planning is simple in terms of concept but it's hard to implement. It's hard to execute." - Justin Goodbread
Reference Links:
Understanding the Difference Between Vision and Mission
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Fintech has come a long way in a very short time. Innovations such as mobile banking, blockchain, and robo-advisors have completely changed the landscape. Although change is rarely easy, embracing fintech could be a path toward the growth you desire in your advisory firm.
In this episode, I take a look at a few of the ways you could embrace the latest fintech trends and implement them to grow your practice. From robo-advisors and AI to blockchain and digital marketing, technology is paving the way for advisors to become more efficient and to provide enhanced customized client experiences.
This week on The Financially Simple Podcast:
- Using robo-advisors to enhance client service
- How AI can be used to analyze client behavior
- Putting the data to use
- Diversified investment strategies through blockchain
- The necessity for digital marketing in today's world
Our Favorite Quotes:
"By incorporating robo-advisors into their practice, financial advisors can offer a hybrid model of human and automated advice, creating a seamless client experience." - Justin Goodbread
"The world is changing and we must change with it. Using every tool at your disposal can help you on the path toward the eight-figure exit." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Defining the ideal client for your RIA is an important step toward the growth you desire. But what if the ideal client you've identified turns out to be more of a hindrance to your success? In this episode, I discuss seven reasons your perfect client persona may be holding you back. I'll also take a look at some of the ways you can refine your client persona to better fit the direction you want to go.
This week on The Financially Simple Podcast:
- (1:18) What Is the Ideal Client?
- (2:48) How Do We Define Our Ideal Client?
- (3:46) Defining Your Target Market
- (4:20) You Haven't Defined Your Ideal Client Well Enough
- (7:33) Geographical Distance Could be Problematic
- (10:19) You're Targeting A Shrinking Market
- (11:56) Cultural Misalignment
- (13:46) You're Not Reaching Them Soon Enough
- (15:50) You Have No Common Ground
- (17:37) You Don't Have an Ideal Client
- (18:12) How to Address the Problem
Our Favorite Quotes:
"You've got to have a common ground with your ideal client. If you don't, you could end up with atrophy within your client base after the sale." — Justin Goodbread
"If your content marketing is for everybody, it's for nobody." — Joe Pulizzi
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Growing your RIA in a highly competitive market can be a difficult task. Not only do you have to monitor the health and scalability of your own firm, but you must also keep your finger on the pulse of your competitors. Yet, competitive research is often met with a series of roadblocks.
In this episode, I look at the significant role that competitive research plays in the growth and direction of your RIA. Likewise, I discuss how to examine and evaluate your practice through the eyes of your competition. Finally, I review some of the most important assignments to take before your next strategic planning meeting, as well as the pros and cons that come with them. Whether you're a financial advisor or not, you don't want to miss this episode!
This week on The Financially Simple Podcast:
- (3:48) Knowing the Destination: The Key to Good Planning
- (4:52) Business Owners Often Fail to Plan
- (5:55) Take Inventory of Right Now
- (6:38) Standard Operating Procedures
- (8:24) The Key Metrics
- (9:29) Take a Holistic Assessment of Your Business
- (12:35) Competitive Analysis
- (14:04) The Ideal Client
- (15:12) Listen to Thought Leaders & Business Experts Across Multiple Industries
- (17:16) The Pros & Cons
Our Favorite Quotes:
"Oftentimes, we're not honest with ourselves, as business owners. We overly justify where we're at. We don't look at our baby quite as ugly as it truly is." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As a financial advisor, it is possible to set your firm up in such a way that the eight-figure exit is possible. But simply trying to take on more clients as a primary means of growth could be a recipe for disaster. Instead, developing and implementing a system of KPIs could be the answer. KPIs or Key Performance Indicators can provide important insights into the health and direction of your firm.
In this episode, I discuss some of the many KPIs you could choose to explore within your finance department. I also talk about the importance of keeping your KPI tracking simple, and getting your team involved. With the correct KPIs, you could generate increased buy-in from your team while also driving more efficiently toward your objectives. You don't want to miss this episode!
This week on The Financially Simple Podcast:
- (2:45) How do we determine if we made the right decision?
- (5:55) What are the KPIs that RIAs need to track?
- (7:56) Financial KPIs common to the financial world
- (12:20) Create a system
- (15:58) Use KPIs to modify behavior
- (16:30) A strong KPI system provides a bottom-down approach and a top-down view
- (18:04) Conclusion
Our Favorite Quotes:
"What gets measured gets improved." - Peter Drucker
"You've got to address the fact that building KPIs, tracking KPIs, and examining KPIs is an investment of time and resources." - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Whether you're an established RIA or just starting, understanding which of your services is the most profitable can be a game-changer for the growth and direction of your firm. However, you must also view your services through the greater context of Client Lifetime Value (CLV). This simple metric could change your whole perspective when it comes to your profitability by service.
In this episode, I dive deep, looking at the many layers that determine each practice's best pathway to profitability. From the impact of CLV and time investment to direct and indirect expenses that could be eating into your profits, this episode will help you discover whether you're firm is truly focused on its most profitable services. Finally, I'll give you some practical tips for changing course, should you determine you've been heading in the wrong direction. This week on The Financially Simple Podcast:
- (1:13) The Productivity Paradox
- (4:27) Define Your Success
- (6:34) Resources Allocated Per Service
- (8:34) Concentration Risk
- (10:05) Lifetime Value for Each Offering
- (12:11) Average Revenue Per Client
- (13:11) Direct Cost Per Service
- (14:52) Time Per Service
- (23:02) Begin Implementing
Our Favorite Quotes:
"Why can't we be profitable with each offering? If we're going to make an offering, do we really want it to lose money?" - Justin Goodbread
"Implementing a strategy is going to cost you. It's going to cost you money. It's going to cost you time." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As the owner of an independent RIA, you likely wear many hats. You're an advisor to your clients, but you could also be overseeing compliance, accounting, operations, and more. Each of these tasks pulls you in different directions, and most importantly, away from your clients. Even if you are succeeding in juggling each of these responsibilities, doing so still presents a problem... your firm is controlling you!
In this episode, I discuss shifting that control back into your hands by hiring a dedicated CFO. I detail what a CFO does for your firm, average compensation in the RIA space, and the education and experience this professional adds to your firm. In addition, I also discuss the importance of looking at your firm's financial health and strategy through an objective lens. You don't want to miss this episode! This week on The Financially Simple Podcast
- (1:35) RIAs Who Use a Dedicated CFO
- (4:25) Difficult to Raise Fees
- (5:26) What does a CFO bring to the table?
- (8:50) The Most Important Thing for Me? Analyzing the Key Metrics
- (10:26) If You Want to Use a CFO, Where Do You Look?
- (12:18) External or Fractional CFO
- (14:56) The Pros and Cons of Hiring an Outside CFO vs Hiring an Internal CFO
- (16:53) Qualities and Designations to Look For
- (21:44) Why Do You Need a CFO?
- (24:09) "Complete Objectivity is Not an Option"
- (25:13) A Dedicated CFO Decentralizes You
- (26:05) An Unbelievable Peace
Our Favorite Quotes:
"When you're focused on growth, and not dealing with the day to day crap that we all deal with, now we're able to take a step back and make decisions that, ultimately, we know we need to make that we just don't want to." - Justin Goodbread
"What we can do is reduce our subjectivity - what I call 'I see, therefore it is.'" - Elizabeth Thornton
"A dedicated CFO has the ability to dig into the granular details of your firm's finances in ways that you just don't have time to do." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Owning an independent RIA offers many rewards. You get to work with the clients you want to work with, receive a greater percentage of revenue, and as long as you remain compliant, you have autonomy to do things your way. Yet many financial advisors struggle to maximize the greatest reward that owning their own firm has to offer... You hold an asset that has the power to change your financial future!
In this episode, I discuss the expense benchmarks for the industry. Similarly, I discuss the impact of how you prioritize spending in your firm, as well as the importance of having financial controls in place. Although I'm speaking directly to financial advisors, many of the principles I cover can be directly applied to businesses across multiple industries. So, don't miss out! This week on The Financially Simple Podcast:
- (0:45) The "Eight Figure" Exit
- (2:30) Are You Tired of Feeling Broke As a Financial Advisor?
- (5:03) A Byproduct of a Lack of Pure Data
- (7:35) Moving Away From Brokenness/Facing Contentment
- (8:51) Industry Averages
- (12:14) How Do You Relate to the Industry Revenue Averages?
- (16:25) Identify the Problem
- (17:26) Financial Controls
- (19:41) At Least, Be Average
- (20:43) Monthly Expense Review
- (23:48) Get True Data By Outsourcing Accounting & Fee Billing
- (24:59) Defined Process/Procedures
- (26:25) Begin Forecasting
- (28:35) The Results of Implementing Financial Controls
Our Favorite Quotes:
"Before you can begin customizing, before you can say, 'Hey, I want an eight-figure exit,' or 'Hey, I want this lifestyle practice where I only have to work X number of hours per month, and I can have X number of revenue,' before you can get there, you have to, at least, be average." - Justin Goodbread
"Providing an educated projection of where your company is headed can enable you to make course corrections and strategic moves that drive your business where you want it to be." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Like many other types of business owners, Independent Financial Advisors are prone to misunderstanding the true potential of their firms. Far beyond a means to a comfortable living, your firm is your greatest individual asset. As such, you must take great care to grow it, maximizing its value in the process.
Unfortunately, many financial advisors fall short when it comes to preparing their firm for the ultimate sale. In this episode, I introduce a miniseries aimed at helping IARs unlock the success in their firms. Although I'm specifically addressing financial advisors, don't tune out! The information contained in this series can be applied across many industries, and could help you when hiring an advisor of your own.
This week on The Financially Simple Podcast:
- (1:46) More questions from financial advisors than any other segment
- (2:33) Why this information is for everyone
- (4:15) One thing that surprises me
- (5:41) Who, specifically, am I speaking to?
- (9:31) The personality profiles of financial planners
- (12:11) The hard conversations
- (19:02) How will you be paid?
Our Favorite Quotes:
"If my planner is the most successful person in my life, that means they know what they're doing." - Justin Goodbread
"I began implementing the strategies I learned from the Exit Planning Institute in my own business, and I watched my company accelerate." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As a business owner, you're a rock star. You are a master of your trade, and provide your clients with the best experience they can have. But what about all those other areas of business? Are you the best HR director? Marketing Specialist? Are you a master of developing systems and processes to maximize operational efficiency? More than likely, you're unequipped in at least one of these areas.
That's why you have a manager on your team. But too often, business owners fail to let their managers manage them. In this episode, I discuss some of the reasons business owners struggle to let go and let their managers also manage them. I also explore the benefits of working with your management team, and offer steps to take to relinquish control for the sake of your business! This week on The Financially Simple Podcast:
- (3:20) The role of an office manager
- (4:17) Hiring your opposite
- (11:26) How I allowed myself to be managed
- (24:00) Don't stand in the way
- (14:13) Benefits of being managed by your office manager
- (26:53) Steps to relinquishing control
Our Favorite Quotes:
"Why have a manager if you don't allow them to manage?" - Justin Goodbread
"If you're clinging too tightly to control, you're probably spending a significant amount of time on tasks that don't maximize the value of your time." - Justin Goodbread
"Emily piped up and she said, 'Amy, he needs somebody to tell him "No," graciously because of his personality.'"
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Selling your business can be a dream come true. But there are some surprising realizations you and your spouse or significant other will make once the sale is done. In this episode, I discuss some of the lessons I've learned about life after the sale of a business. I explain the sense of loss that many entrepreneurs feel after they've sold their companies. I also give some tips to prepare for life outside your business, so you can make the transition to "civilian life" as simple as possible. This week on The Financially Simple Podcast:
- (1:30) Burdens carried by our significant others
- (2:49) The question
- (4:34) There are rewards from selling your business
- (6:50) The emotional toll of selling a business
- (9:15) The link between business owners and their companies
- (11:01) How do you prepare for life after the sale?
- (13:01) Learning to live with your significant other... again
- (14:53) Give like no one else
Our Favorite Quotes:
"When people ask me about my own recent sale, they're often shocked by my answer. You see, while I don't regret selling my companies, there's a sense of loss that I can only compare to the loss of a child." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Few things in life are as emotional and complex as a business sale. You've poured your blood, sweat, and tears into your business for years—even decades—and now, it's time to sell. But should you try to sell your business on your own, or use the services of a business broker?
Is it worth the headache of attempting to facilitate a sale while still operating your business? Are you certain of the real value of your business? Do you have what it takes to negotiate the best price? Can you differentiate between legitimate offers and scams?
In this episode, I look at the pros and cons of working with a broker, as well as detail some of the steps you can take to ensure that you're hiring the right one. This week on The Financially Simple Podcast:
- (0:44) What is a business broker?
- (3:00) A simple analogy: For Sale By Owner vs Realtor
- (4:50) Why you should use a broker to sell your business
- (8:00) Personal experience with an intermediary
- (9:05) How do you choose a broker?
Our Favorite Quotes:
"Doing the right thing at the wrong time is the wrong thing." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Dental entrepreneurs are very near and dear to my heart. Over the years, I've worked with so many of you, and I hear from even more who follow the Financially Simple Podcast. That's why these past few episodes have been especially geared to each of you. Although you experience many of the same struggles that are common across all industries, there's also a uniqueness about the way a dental practice operates.
In this episode, I am wrapping up the miniseries I've devoted to dental entrepreneurs by looking at whether now is the perfect time to open a new office. I discuss the pros and cons of trying to open a new office from scratch while running a fully operational practice. Likewise, I uncover some of the necessary steps to take that will give your new office the best chance to succeed. This week on The Financially Simple Podcast:
- (1:00) Why you might be considering opening a new office
- (3:10) The benefits of starting a new office from scratch (Pros)
- (7:39) The downside of opening a second location (Cons)
- (11:00) What can you do to make it successful?
Our Favorite Quotes:
"Owning a business is one of the most demanding jobs a person could have. However, with the right team in place, you can delegate some of the responsibilities and free up some of your time." - Justin Goodbread
"Believe it or not, opening a new office will be a lot like opening your first office. Of course, no two businesses are ever the same and they will each present unique struggles and opportunities, much like raising kids." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Making a strategic move to grow your dental practice through a merger is a big decision; one that comes with many moving parts. In this episode, I reveal some of the pros and cons of merging a dental practice to facilitate growth. I also discuss the growing trend of dental entrepreneurs joining DSOs and DMSOs. While specifically addressing dental entrepreneurs, this episode is packed full of practical information for any business owner whose exploring the option of a merger. This week on The Financially Simple Podcast:
- (1:23) Why would you consider merging a dental practice?
- (3:49) Benefits of merging
- (4:02) Revenue synergy
- (5:32) Cost Savings
- (7:18) The downside of mergers
- (14:50) How DSO and DMSO models differ
- (17:10) Considerations for merging with DSOs or DMSOs
Our Favorite Quotes:
"All businesses have problem areas and nobody wants to believe their business isn't 'beautiful.' So, you must expect the same to be true with the practice you're considering a merger with." - Justin Goodbread
"Merging companies are often so focused on cost savings and efficiency that the little things making your patient care so personalized and exceptional could easily fall by the wayside." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Recently, I received a very important question from one of our listeners. The question came from a dental entrepreneur who finds himself in a position where his business debts are paid and he has an excess of cash in his reserves. Likewise, he's taken steps to secure his personal finances by diversifying outside the business. He finds himself in a position where he can't take on anymore clients because he's already at capacity, but still wants to grow his practice.
The question is this, "What are the pros and cons of buying a practice to grow my current dental practice?" In this episode, I answer this question, addressing the pros and cons of such a strategic move. I also discuss some of the ways to mitigate the risks involved. Although this question is framed to speak directly to dental entrepreneurs, the information can still be applied to many different industries. This week on The Financially Simple Podcast:
- (1:13) Laying the groundwork/Who asks this type of question?
- (2:26) Why you should think about buying another practice
- (7:06) Calculating market share
- (7:33) Why you shouldn't consider buying another practice
- (10:17) Avoiding the pitfalls
- (12:39) A real-life example
Our Favorite Quotes:
"Knowing where you and your competitors sit within your market can enable you to make informed decisions about a strategic acquisition to grow your practice." - Justin Goodbread
"Remember, your team is an asset. It's necessary to invest in them if you want the best from them." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I'm always amazed at the number of dentists that listen to the show. It's always very humbling when I meet one of you in person and you tell me how much you enjoy our content and how it has helped you in your businesses. So, with this episode, I want to pay special attention to all of the dental entrepreneurs out there.
In this episode, I look at what it takes to grow your dental practice. From calculating the cost of capital to determining your year-over-year average growth rate, I walk dental entrepreneurs through the factors that go into deciding how and when to reinvest in their practices. However, the principles I'm discussing can also be applied to any business. Therefore, this episode is for all entrepreneurs who are ready to maximize their greatest asset... their business!
This week on The Financially Simple Podcast:
- (2:17) A few basic assumptions before we begin
- (5:20) Opportunity Cost
- (7:21) Calculating Opportunity Cost
- (8:27) Highest and Best Use of Reinvestment
- (10:51) What High Revenue Growth practices do differently
- (14:03) Maximize the number of patients seen each day (throughput)
- (16:22) Viewing your practice through a buyer's eyes
- (18:05) Calculating average revenue growth
Our Favorite Quotes:
"Calculating your average growth rate can provide a useful barometer for the overall health of your practice." - Justin Goodbread
"Growing the value of your practice requires deliberate planning and clear, measurable action steps. It's easy to become overwhelmed when working through this. That's where having a trusted advisor to coach and encourage you throughout the process becomes so important." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Selling a business provides many new and exciting opportunities. Although it may be tempting to use the proceeds of the sale to start a new business, there are reasons you might choose to wait. In this episode, I look at the effect our current economy could have on a new business.
I also examine how the mass migration going on in the US could have a variety of impacts on emerging businesses. Perhaps most importantly, I discuss the personal impact that immediately jumping into your next business venture could have on you, your health, and your relationships. This week on The Financially Simple Podcast
- (1:36) Current economic factors
- (4:37) Mass migration's impact on local economies
- (9:20) Personal considerations
- (10:56) Taking care of yourself
- (12:36) Taking care of your relationships
Our Favorite Quotes:
"We have the desire to make a path where there isn't one. In many ways, that's a good and admirable trait. But we must remember that there is a cost to all of this, and it's one that we often don't pay alone." - Justin Goodbread
"How many birthdays and milestone life moments have you missed because you had to be present in your business? Now that you've sold your business, could it be time to spend time with the kids before they're out of the house?" - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Expectations are an important part of business. A CEO sets expectations for growth over time. Your sales department outlines product and service expectations for potential clients. But can expectations be harmful to your business? Inherently working to exceed expectations isn't necessarily a bad thing. However, if you're setting expectations too high and consistently underperforming, that could be a recipe for disaster.
In this episode, I unpack whether trying to exceed expectations is dangerous to your business. I also give some tips for setting clear expectations, opening the door for you to exceed them. This week on The Financially Simple Podcast:
- (2:08) The importance of clear expectations
- (3:39) Communicating expectations with clients
- (4:58) When expectations become dangerous
- (5:31) Creating realistic expectations
- (9:45) Exceeding expectations through transparency
- (11:04) Set boundaries
Our Favorite Quotes:
"Setting expectations is only dangerous when they can't be met" - Justin Goodbread
"Friends, striving to exceed expectations isn't a bad thing. However, consistently coming up short on your promises could destroy your business and your name." - Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Making the transition from business owner to employee after selling your business is something that many entrepreneurs aren't well prepared for. Friends, I'm not referring to those who've sold their companies and must now find a job. Instead, I'm talking about those who do as I recently did, selling their business and staying on as an employee. Are you truly prepared for that type of transition? Can you handle it? In this episode, I'm exploring how to go from owner to employee in your own business. This week on The Financially Simple Podcast:
● (2:15) Employment agreements and Earn-outs
● (5:20) Can you handle the change?
● (7:40) A new set of benefits
● (10:01) Lowered risk
● (11:30) Don't do it alone
Our Favorite Quotes:
"You can handle whatever you desire to handle. Whether you think you can or think you can't, you're right." - Justin Goodbread
"Being at the top is a lonely place. While you might not be truly alone, there are very few people in the entrepreneur's life that really understand what it's like to be a business owner." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Your company's core values are more than just a few "feel good" words plastered on your wall. They have the power to shape the entire culture of your business. Therefore, it's critical that your values actually mean something. More than this, they must be such a part of your daily culture that you and your team embody them without a conscious effort.
In this episode, I discuss the importance of choosing the correct values for your business and how to live them out. I also cover 4 easy ways to communicate your core business values with your customers. This week on The Financially Simple Podcast:
● (1:33) Why core business values matter
● (3:10) Putting your values to work
● (4:34) How Chick-fil-A integrated their values into their culture
● (9:35) 4 ways to communicate your company's core values with customers
● (9:44) Listing values on your website
● (11:08) Displaying values through actions
● (11:34) The power of "Cause Marketing"
● (12:48) Values-based consumer testimonies
Our Favorite Quotes:
"Son, your what you do speaks so loudly that your words, I cannot hear" - Terry Goodbread, AKA, "Momma"
"The point is that a company's core values must be an active part of its culture." - Justin Goodbread
"They can't just be empty platitudes. Your core values have to mean something." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In this episode, I discuss something very near and dear to my heart... the pro forma. You've probably heard of pro forma before. In fact, you may have used them in your business. But are you aware of the many different pro forma documents and their unique benefits?
Using pro forma documents can help you understand what the future holds for your business. I'll discuss this and explain the different types of pro forma and how they can be applied to your business in this episode of the Financially Simple podcast. This week on The Financially Simple Podcast:
● (1:48) What is Pro Forma?
● (2:35) Pro Forma calculation
● (5:03) Budget documents
● (5:24) Company income statements
● (6:24) Earnings projections
● (10:53) Secure funding
● (11:51) Inspire confidence in prospective buyers
● (13:38) Assessing M&A and risk analysis
Our Favorite Quotes: "If you use correct assumptions in creating your pro forma, you can demonstrate viable growth, making your business attractive to investors." — Justin Goodbread
"By changing a few key factors, you can identify risks in your planning well before they have the chance to be realized." — Justin Goodbread
Get the Financially Simple Pro Forma Template:
Financially Simple Pro Forma About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Have you ever wondered why some leaders are more effective than others? The extreme ownership principles taught by Jocko Willink and Leif Babin, both in their book and consulting firm, shine a light on the necessary traits of effective leaders. But how do you take battle-tested (literally) leadership principles and apply them to your business?
In this episode, I explore how extreme ownership applies to small business. I'll also explain 3 ways you can quickly implement extreme ownership principles in your team to supercharge your business. This week on The Financially Simple Podcast:
- (2:02) What is Extreme Ownership?
- (4:52) Accepting Criticism and Deflecting Praise
- (7:17) Self Evaluation
- (7:59) Implementing Extreme Ownership in Your Team
- (10:44) No Bad Teams, Only Bad Leaders
- (11:56) Transforming Leaders
- (16:26) Cover and Move
- (20:09) Steps to Break Down Silos
Our Favorite Quotes:
"With great leadership, any team can succeed." — Justin Goodbread
"Allow your group leaders to lead. Micro-managing their efforts displays a lack of trust and is not conducive to successful operations." — Justin Goodbread
Get Your Copy:
Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink & Leif Babin About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Succession planning and exit planning are terms that are often used interchangeably. However, each one is a vital aspect of business planning that works to achieve different outcomes. So, what is the difference? In this episode, I take a closer look at succession planning vs. exit planning. I also discuss their benefits, why and how business owners should use them, and when to begin planning. This week on The Financially Simple Podcast:
- (1:00) What is Succession Planning?
- (2:01) The Many Benefits
- (5:36) When Should You Begin Succession Planning
- (7:48) Introduction to Exit Planning
- (9:26) How Exit Planning Benefits Owner and Business
- (10:41) Facilitating a Sale Without Making an Exit
Our Favorite Quotes:
"Unlike reactive hiring practices, the succession planning process is well-planned-out. It is a long-term procedure of building several internal pools of qualified candidates who are able to fill vacancies." - Justin Goodbread
"Don't make the mistake of thinking you can wait until you're ready to hand the business over to the next group of leaders." - Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Understanding your customers is a critical aspect of business. But there might be more substantial benefits than you think. When you're just starting off, it's usually necessary to take on as many clients as you can. However, as you grow, this practice could actually stunt the growth of your business.
In this episode, I discuss 3 ways (metrics) to determine your ideal client and how you can use the results to supercharge your business's potential for growth. I'll also explore the individual calculations that go into each of these metrics. This week on The Financially Simple Podcast:
- (3:14) The Recency, Frequency, Monetary Value Model
- (5:31) Customer Lifetime Value
- (11:26) Customer Acquisition Cost
- (13:11) The CLV Over CAC Metric
- (16:02) How to Use the Results to Grow Your Business
Our Favorite Quotes:
"Sometimes you have to say, 'No' to the good things in order to say, 'Yes' to the great things." — Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Business owners are just wired differently than most people. We want to do things our way and we're willing to work twice as hard to make that a possibility. I've often said we're the only people in the world who will work 80 hours per week for ourselves so that we don't have to work 40 for someone else. But it takes a special kind of person to succeed in business. You've got to be tenacious and willing to charge hell with a water pistol.
Why do we enjoy such a challenging lifestyle? In this episode, I'm joined by Dr. Yvonne Kinney, a business psychologist who specializes in consulting business owners. Together, we look at what makes business owners tick, how to change our thinking so we can get out of our own way, and how to prepare for life beyond business! This week on The Financially Simple Podcast
- The advantage of knowing what makes you tick (3:02)
- Identifying strengths and making good decisions (4:44)
- How a business psychologist can help keep you grounded (8:30)
- Using psychology to motivate business owners into action (11:38)
- Challenging past success for future gains (13:22)
- What to consider when preparing for an exit (17:20)
Our Favorite Quotes:
"Having an assessment instrument that can provide us some insight to which we can create a deep sense of awareness helps us, then, put some actions in place to either grow ourselves, learn some new behaviors, and perhaps let go of some habits and behaviors that aren't serving us so well anymore." - Dr. Yvonne Kinney
"As my mom used to say, 'Son, education without application leads to stagnation.'" - Justin Goodbread
Connect with Dr. Yvonne Kinney:
Consulting Solutions LinkedIn About the Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
As a business owner, you must always be ready for change. Adapting and reacting to shifts in the market, technologies, consumer trends, etc., can help keep your business moving in the right direction. Sometimes, that means pivoting away from your original plan.
Pivoting to a new business model or offering doesn't indicate failure. If done properly, it could be an effective strategy. In this episode, I discuss how to create a successful pivot strategy. I also explain a few important steps to take when implementing a pivot. This week on The Financially Simple Podcast:
- Why you might need to pivot (1:51)
- Pivoting doesn't indicate failure (3:53)
- Take the long view (8:28)
- Don't neglect short-term sustainability (11:41)
- Listen to outside perspectives (14:31)
- Communication is vital (17:06)
- Wrap-up (20:00)
Our Favorite Quotes:
"Pivoting, changing a strategy, changing a key player, changing a product line does not indicate failure. In fact, I would argue, it's the opposite." – Justin Goodbread
"Knowing what our customers are saying as we introduce this new pivot, is paramount." – Justin Goodbread
"Being transparent, being authentic, taking time to explain 'why' will successfully charge a pivot for your company." – Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
One of the greatest parts of entrepreneurship is the freedom to choose how you're going to operate your business. You can choose the type of business you want to run, what your product will be, who you're interested in helping, etc. The possibilities seem to go on and on into eternity. As long as you follow sound business principles, you're at least going to have a shot at success regardless of the type of company you own. However, many business owners overlook one model that could be the key to sustainable growth.
Recurring revenue models can offer predictability and stability, helping you to scale and making your business more attractive to prospective buyers and investors. In this episode, I explore types of recurring revenue models and how they could benefit your business regardless of industry.
"If you think in a constructive manner, in a creative manner, more than likely, you can fit or you can adjust or modify one of these models into your own business or to complement your current offering so that you, too, can increase the value of your company." – Justin Goodbread This week on The Financially Simple Podcast
- What is recurring revenue? (2:31)
- Subscription-based with auto-renewal (4:00)
- Long-term contracts (5:12)
- Cross selling or supplementary products (6:40)
- Why does recurring revenue matter? (9:10)
- Financial predictability (9:34)
- Added stability (11:23)
- Deeper customer relationships (12:50)
- Easier customer experience (16:21)
Our Favorite Quotes:
"Any objection to the downside risk can be easily overcome by the benefits." – Justin Goodbread
"I have yet to see a business where we cannot institute some sort of a recurring revenue model." – Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Mentorship is a valuable asset in the business world. It is beneficial for both the mentor and the mentee. The mentee benefits from your experience. On the other hand, you, as the mentor, get to sharpen your skills and increase your network. Perhaps you’ve identified a promising young talent in your company and want to help them grow. But where do you begin? What’s the most effective path to accelerate their growth? How do you measure progress? And, just as important, how do you know when to end the mentor/mentee relationship?
In this episode, I discuss the ways team leadership and upskilling staff can benefit your business. Likewise, I look at the key components of mentoring an employee from identifying goals and communication to knowing when it’s time to end the mentoring relationship.
“Being a mentor has allowed me to expand my skills.” – Justin Goodbread
This week on The Financially Simple Podcast:
- The Benefits of Mentorship (1:03)
- How to Effectively Mentor an Employee (6:32)
- Set Clear Goals (10:37)
- When to Stop Mentoring an Employee (11:05)
- Unfettered Access, Assigning Blame, and Being Non-Committal (12:05)
- How to End the Mentorship (12:45)
- Conclusion (14:40)
Our Favorite Quotes:
“Both parties, both the mentor and the mentee, should want to have this relationship and it should be clearly established what the outcome needs to be or is desired.” – Justin Goodbread
“Not every time that you enter into a mentor/mentee relationship, is it going to go as expected. I’ve seen this happen in my coaching relationships where business owners started a mentorship, and the relationship turns sour.” – Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
When you own a family business, it’s important to keep family discord and internal conflict out of the business. Those who can manage the family dynamics within their companies will often see them become generational businesses. But that’s not always the easiest thing to do.
In this episode, I’m joined by a father & son team who has made the family business work. My dear friends Chris (CEO) and Scott Snider (President) of the Exit Planning Institute have found the key to dealing with internal conflict as a family-owned business. Together, we will discuss some of the difficulties of operating generational businesses and the solutions they’ve found to combat them. This week on The Financially Simple Podcast:
- What it’s like for the second generation. (02:16)
- Designing the business to prevent family conflict. (03:40)
- Battling an “entitlement” mindset. (07:20)
- Protecting the family culture. (15:30)
- Transition of control. (20:45)
- Knowing when the second generation is ready. (28:15)
- The emotions of making an exit. (35:25)
Our Favorite Quotes:
“You’ve got to run the business from the numbers. You’ve got to treat it like a business. It’s not a family piggy bank.” – Chris Snider
“Life’s like an onion. Every layer that you peel back can either be sweet or it can make you cry.” – Justin Goodbread
“Find that private place where you’re always in a good place, and you can do some soul searching about what you really want.” – Chris Snider
“Stop following the same path. Get off of it. Do something different and once you get there, continue to stay hungry.” – Scot Snider
Connect with Chris & Scott Snider:
Exit Planning Institute
Chris Snider LinkedIn
Scott Snider LinkedIn
Resources Mentioned:
The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations
The Hidden Life of Trees: What They Feel, How They Communicate
Walking to Destiny: 11 Actions an Owner MUST Take to Rapidly Grow Value & Unlock Wealth
The 7 Habits of Highly Effective People
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Owning a family business is as much a part of the American dream as having a house with a front porch swing and white picket fence. It’s a fine dream to have, and for many, it can be a reality. However, owning a family business is hard. You’re dealing with all the usual problems business owners face while adding complex family dynamics to the mix. Things can grow even more complicated when it’s time to leave the business.
In this episode, I discuss some of the pitfalls that can arise when your kids take over the family business. I look at why the three-generation rule may not be entirely accurate and explain how entitlement isn’t just a problem in the younger generation. Likewise, I examine how misaligned dreams, poor planning, and even sibling rivalry could create major problems for the future of your family business.
“Education helps us and, if we apply it, we can often sidestep pitfalls.” – Justin Goodbread
This week on The Financially Simple Podcast:
- The Three-Generation Rule (1:10)
- “Most of it is nonsense!” (1:50)
- Entitlement (4:09)
- Is your dream your child’s dream? (10:22)
- Planning for future generations (12:20)
- Sibling rivalry and the family business (15:10)
- Mitigating the pitfalls of your kids taking over the family business (16:27)
Our Favorite Quotes:
“Do we not give any credence to the fact that these children have been in the business and have grown up seeing the business nurtured, seeing the business morph, seeing the business grow?” – Justin Goodbread
“You want to start thinking about your exit long before you ever plan on exiting the company, whether that be through a sale outside the company or whether that be a transfer internally, to the children. – Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Recession is a very real part of the economic cycle. Yet, it’s one that nobody really likes to talk about. Understandably, the term conjures many negative emotions. People become fearful during periods of uncertainty in the economy. But we must think differently, as business owners.
Although your instinct may be to draw back and cut spending during economic uncertainty, this will likely prevent you from taking advantage of the opportunities it presents. Knowing how to weather a recession could put you and your business in a very advantageous position when the economy recovers.
In this episode, I look at five ways you could take advantage of the next recession. I explain how a recession fits into the normal economic cycle and how you can access more affordable advertising, vendor pricing, and more. Join me to find out how your business could benefit from a recession.
“Be fearful when others are greedy, and greedy when others are fearful.” – Warren Buffett This week on The Financially Simple Podcast:
- What is a recession and where does it fit within the economic cycle? (01:30)
- How can business owners take advantage of the next recession? (04:00)
- Affordable advertising. (05:50)
- Search Engine Optimization (SEO). (08:14)
- Market expansion. (09:57)
- Negotiate better vendor pricing. (12:01)
- “Level up” your employees. (13:06)
Our Favorite Quotes: “Discomfort is essential for growth... if you’re a successful business owner then pain, and suffering is familiar to you.” – Justin Goodbread
“A recession can feel like a storm coming upon us. The reality is, a wise business owner leans into that wind.” – Justin Goodbread
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Luke Acree is the President of ReminderMedia, an organization that helps businesses generate leads, develop repeat clients, and capture referrals. Under Luke’s leadership, ReminderMedia has expanded its product line to include turnkey social media management, digital magazines, email marketing, and analytics. He holds a Bachelor of Science degree in Computer Science from Longwood University and also. In addition to his responsibilities as President of ReminderMedia, Luke serves as the Vice Chairman for the Calvary Vision Church’s board of directors and hosts the StayPaid podcast, a show where he, his co-host Josh Stike, and their guests give listeners actionable sales and marketing advice that will help them live a life of freedom.
Luke joins me today to discuss the pillars of building great relationships with clients. He describes who your company’s raving fans are and shares the key methods to creating more of them. He explains what makes Chick-fil-A an exceptional company and how billion-dollar companies like Facebook and Google leverage data to empower their marketing campaigns. Luke also highlights the value of building trust with clients, explains why you can’t make too many touchpoints with clients, and underscores how you can stay relevant through impact.
“When the unexpected happens is when you can turn somebody into a raving fan.” - Luke Acree
This week on the Financially Simple Experience:
- Why marketing has a bad reputation among business owners
- Luke’s background and what led him to become passionate about marketing
- Reminder Media’s growth over the years and its specialty in creating raving fans
- Empowering entrepreneurs to live a life of freedom
- What raving fans are and how to create them
- What makes Chick-fil-A special and how unexpected experiences create raving fans
- How to create great, unexpected experiences in your business
- The FORD methodology and a tactical tip for segmenting your client list
- Building trust through accolades, client testimonials, and educational content
- Delivering educational content through podcasting
Resources Mentioned:
- Book: The Power of One More: The Ultimate Guide to Happiness and Success by Ed Mylett
- Podcast: The Ed Mylett Show
Our Favorite Quotes:
- “To build frequency, impact, and trust, you have to plan, enact, and continue the plan.” - Justin Goodbread
- “You need to have marketing paramount; it should be leading and permeating every area of your business.” - Justin Goodbread
- “The currency of business is relationships; the best businesses are the ones who can create great relationships.” - Luke Acree
Connect with Luke Acree:
- ReminderMedia
- Podcast: StayPaid
- ReminderMedia on LinkedIn
- ReminderMedia on Instagram
- ReminderMedia on Facebook
- ReminderMedia on Twitter
- ReminderMedia on YouTube
- Luke Acree on LinkedIn
- Luke Acree on Instagram
- Luke Acree on Facebook
- Luke Acree on Twitter
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Business owners all over the country are feeling the effects of inflation in their organizations. The longer it goes on, the harder it becomes to simply “wait it out.” The truth is many business owners are facing a tough choice… continue watching their profit margins diminish until they’re forced to close their doors or increase their pricing.
But how can business owners raise their rates without losing customers?
In this episode, I detail the necessary steps to increase your pricing without scaring away your customers. I explain the importance of quantifying your changes with real data, communicating increases with your sales team, and following up with customers after the increase has taken place. Additionally, I look at why timing is critical to successfully executing a price increase.
This week on The Financially Simple Podcast:
- The effects of the current inflationary trend (02:35)
- A multi-faceted approach to determine what your price needs to be (04:45)
- Gauging competitor pricing (08:25)
- Peanut Butter Allocation (09:40)
- Determining your increase (10:55)
- Communicating your findings with your team (12:24)
- Transparency and Value (14:21)
- The value of a great customer experience (16:50)
- Monitor the impact of price increases (18:21)
Our Favorite Quotes:
“People value authenticity. People value vulnerability. People value truth. People value good work.” – Justin Goodbread
“We have to look at standardizing the sales process even further as we begin increasing pricing.” – Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In the tough economy we’re in, we frequently see fierce price wars raging between companies. Business owners are tenacious, bullheaded, and ferociously competitive people. We want to win at all costs, and all the time. But winning a price war can be dangerous—when we’re not careful with our emotions, we can find ourselves trying to win a race to the bottom. So, when you see your competitors drastically driving down their product or service price, don’t lower yours just yet.
In this episode, I discuss how we should respond as business owners whenever we find ourselves in a price war. I explain the negative impact of lowering your prices on your business, profit margins, product or service quality, and labor power. I describe how Apple increased its product sales by creating differentiation strategies and how Chick-fil-A outpaced its competitors without lowering their prices. I also share some strategies to implement in your business when facing a possible price war and outline other alternatives to lowering the price of your product or service.
“Whenever you see yourself engaging in a price war, you don’t necessarily need to respond in kind—you can create a differentiation and still keep your margins.” - Justin Goodbread
This week on the Financially Simple Experience:
- Teen Wolf, Sears and Roebuck, and competing with prices
- What price wars are and why they should be avoided
- How engaging in price wars can reduce quality control
- Why price wars and eliminating competitors can lead to higher prices in the long-run
- The importance of assessing your competitors’ motives when they drop their prices
- Creating creative differentiators instead of decreasing your prices
- Developing strategic partnerships and creating great customer experience over low pricing
- Educating your market on your quality and knowledge value
Our Favorite Quotes:
- “We’re at a time in the economy where we may find ourselves in a war on price. Don’t race to the bottom of the prices. Instead, hold them firm.” - Justin Goodbread
- “If you want to be a successful business owner and drive value in your company, you cannot compete on price. If you need to change anything, look at expense cutting or investing in marketing.” - Justin Goodbread
- “We need to assess why our competitor is drastically reducing their prices on a product or service. A price reduction may have nothing to do with you—perhaps your competitor is just liquidating.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Christopher Shea is the Chief Investment Officer at WealthSource Partners, a financial advisory firm dedicated to helping financial advisors thrive with business resources, innovative solutions, and ongoing support. Chris’s diverse career in the investment management industry includes security research, portfolio construction consulting, investment product development, and portfolio management. Before joining WealthSource, he was the Co-founder of CataMetrics Management, a firm focused on providing investment advisors with an integrated investment solution. He also served as the CIO of US Wealth Management and Vice President of Goldman Sachs. Chris holds a Bachelor of Arts degree in Economics from the University of Massachusetts Amherst in addition to a Chartered Financial Analyst designation.
Chris joins me today to offer advice on how business owners can invest. He shares his background in investment management and describes how he became the Chief Investment Officer of WealthSource. He discusses asset classes and why business owners need to invest differently from other kinds of investors. He also outlines his ideas on building a diverse portfolio tailored to a business owner’s unique needs and highlights why investing is all about patience.
“Good investing is about how you think about yourself, how you confront the world, and patience.” - Chris Shea
This week on the Financially Simple Experience:
- Understanding company-specific risks and why business owners need to decentralize
- Why publicly traded companies have lower company-specific risk
- The Chartered Financial Analyst designation and how to earn it
- Chris’s role and responsibilities as Chief Investment Officer at WealthSource
- Why small business owners have high-risk businesses
- Concentration risk and the value of setting aside cash reserves
- Why business owners need to invest differently
- Other asset classes to which business owners can diversify their holdings
- Building a custom, diversified portfolio that will help small business owners de-risk and decentralize their businesses
Resources Mentioned:
- Book: Gems from Warren Buffett: Wit and Wisdom from 34 Years of Letters to Shareholders by Mark Gavagan and Warren Buffet
- Book: Think and Grow Rich by Napoleon Hill
Our Favorite Quotes:
- “The lower the risk of a company, the higher the value.” - Justin Goodbread
- “You need to have enough dry powder—cash reserves in your business and personal finance—to weather something like a COVID-19 pandemic.” - Justin Goodbread
- “Everybody is different, but business owners possess a unique set of characteristics that, from an investment perspective, they would want to be mindful of.” - Chris Shea
- “As we de-risk and decentralize ourselves through investing in various asset classes, we have to accept the notion that we’ll get boring returns; not all assets have to return at the highest possible number.” - Justin Goodbread
Connect with Chris Shea:
- WealthSource Partners
- WealthSource Partners on LinkedIn
- Chris Shea on LinkedIn
- Email: cshea@wealthsource.com
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Business owners and leaders always set visions not only for their companies, but for products and services as well. The thing is, life happens, and not everything turns out exactly as we plan. While we leaders and managers can push through change, disruptions, or obstacles, it’s not necessarily the same for teams and employees—and we’re inclined to go so fast that we don’t think about how the people around us perceive change and disruption.
In these circumstances, it’s easy for employees to become critical. That’s something we always want to avoid; when we’re driving change or adapting to disruptions like a pandemic, we need to get employee buy-in to have advocates for the success of the organization.
In this episode, I outline how you can build employee buy-in, especially during times of change and disruption. I define employee buy-in and differentiate it from employees’ adoption of your company’s mission. I explain why adoption—of company values or product and service vision—will quickly fall apart without employee buy-in. I also highlight how empathy and transparency create trust and buy-in and underscore how turning employees into advocates affects company success.
“Employee buy-in means the team has caught the vision and trusts you as the leader; they believe in what you’re trying to accomplish and are willing to climb mountains not for you, but with you.” - Justin Goodbread
This week on the Financially Simple Experience:
- Acknowledging the difference between adoption and buy-in
- How employee buy-in impacts the success of operational changes in a company
- Building employee buy-in by cultivating honesty and empathy
- Explaining the ‘why’ before the ‘how’ and the importance of communicating change
- Gaining buy-in through incentivizing success
- The power of transparency and tracking
Resources Mentioned:
- Book: Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
- Book: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink
Our Favorite Quotes:
- “Adoption without buy-in means your team is simply following orders, and we may not be able to receive the best from them.” - Justin Goodbread
- “Before you can get buy-in, you need to articulate what you’re trying to accomplish in such a way that employees can connect. Then, you can bring them to a point where they feel essential and valued.” - Justin Goodbread
- “Every single employee has something rocking their worlds, and we need to be empathetic to that. It’s not all about work.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Many of us business owners are like drivers: our heads are always in the future, thinking about where our companies are headed. On the other hand, many of us aren’t experts in human resources and have difficulty working with groups of people with different personalities and skill sets. Still, people are an essential aspect of a company and we have to have a core group of high-performing employees aligned with the direction of the company we’re driving. And, amid the Great Resignation, it has become more imperative for business owners to keep their A-level employees happy.
In this episode, I outline the different ways to make your top-performing employees happy and retain them. I discuss how voluntary turnover rates have increased since the pandemic began and describe new workforce issues and needs today’s business owners face. I explain why flexible working arrangements are vital to retaining key employees. I also highlight the multigenerational impact of employee recognition and underscore how happy employees can increase your profit margin.
“If you have 10 employees, you are likely to have two to three voluntary departures in the near future, and it could be disruptive for your business.” - Justin Goodbread
This week on the Financially Simple Experience:
- How voluntary turnover increased throughout the pandemic
- The transient workforce and the stigmatization of remote work
- Understanding employee demographics and their needs
- Investing in employee engagement
- How improving employee engagement can lead to increased profit margins
- Daily actions that could increase employee engagement in your company
- Supporting your top employees’ professional development
- The multi-generational impact of employee recognition
- Healthy corporate culture and avoiding toxicity in the workplace
- Embracing workplace flexibility
- Why flexible schedules and remote work are vital to retaining employees
- Building friendship and camaraderie in the organization
- How employee turnover drags profitability and team morale
- How working with a business coach can help you overcome familiarity bias and retain your high-performing employees
Our Favorite Quotes:
- “Commit to your A-players’ movement and development. You can build a professional development system, no matter what industry you’re in.” - Justin Goodbread
- “We have to maintain motivation. We need to build a healthy corporate culture, strengthen our employee relationship, and reduce micromanagement as much as possible.” - Justin Goodbread
- “We have to rule with empathy. If we’re completely rigid and demanding peak performance with no empathy, someone who’s going through a hard time in their lives will not stay with the company.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
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LinkedIn
Twitter
Subscribe Here:
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Undoubtedly, in our lives as business owners, we will reach a point where we find ourselves considering selling our businesses. Some owners may feel like they've already achieved a certain goal while others may want to sell their business to raise funds for a new venture. Whatever the reason is, we business owners need to be prepared, and we need to take a step back and evaluate whether it’s really time to exit our businesses.
In this episode, I outline the factors that determine whether a business owner is ready to sell their company. I explain why many business owners feel regretful within a year of selling their businesses and discuss how you can avoid experiencing an identity crisis after exiting your business. I also describe the "trigger" events that make owners want to transition their companies and underscore why an exit plan is essential to a successful business sale.
“With real estate, it’s ‘location, location, location.’ With business exits, it’s timing, timing, timing.” - Justin Goodbread
This week on the Financially Simple Experience:
- The factors that determine you’re ready to sell your business
- Thinking about the goals and life you want to have after business
- Evaluating your personal finances
- How to avoid regret and identity crisis after selling your business
- Putting together a transition team before selling your company
- Building a solid contingency plan
- Understanding your "trigger" events and defining the "win" for your business
- The contents of an exit plan
Resources Mentioned:
- Book: Walking to Destiny: 11 Actions An Owner MUST Take to Rapidly Grow Value & Unlock Wealth by Christopher Snider
Our Favorite Quotes:
- “Without an exit plan, you could put yourself in a position where you’d regret selling your company within a year.” - Justin Goodbread
- “We want to build the business—and you—in a way that whenever opportunities and wins cross paths, you are completely prepared.” - Justin Goodbread
- “It was because of exit planning that I was able to accomplish an unbelievable dream of mine: to reach a certain number, and to position employees and clients to where they can win.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
What do you do when you hire the wrong person into your company?
One of the most difficult aspects of owning and running a business is human resources—people, and hiring them. As business owners, we spend a lot of time, money, resources, sweat, intellectual equity, and energy trying to hire the right people: we articulate and write the perfect job description and go through hours of countless interviews. So, when we realize that an employee isn’t a good fit for the role, it becomes a difficult challenge for us to approach.
In this episode, I discuss the steps to take when you’ve hired the wrong person. I explain why cultural fit is non-negotiable in your organization and outline passive and proactive approaches to identifying poor cultural fit. I describe the signs that tell you’ve hired the right person for the wrong role and how you can fix the issue. I also highlight how you can mitigate legal action following the termination of an employee due to poor fit or performance and underscore the importance of leading with empathy and grace.
“Cultural fit is non-negotiable. Positive corporate culture enhances productivity through collaboration and creates engagement. A poor cultural fit can demoralize the team and cause burnout.” - Justin Goodbread
This week on the Financially Simple Experience:
- Leadership and providing a pathway to success for employees
- Why cultural fit is non-negotiable when hiring employees
- The tell-tale signs of an employee with a poor cultural fit
- Passive and proactive approaches to identifying cultural anomalies in your company
- Addressing workplace toxicity and the importance of creating safe reporting mechanisms
- Avoiding the “Me” monster and the importance of valuing growth over ego
- Leading with empathy and how to deal with low-performing employees
- What to do when you’ve hired the right person into the wrong role
- Mitigating legal action and lawsuits from firing an employee with a poor fit
Resources Mentioned:
- Book: Good to Great: Why Some Companies Make the Leap…And Others Don’t by Jim Collins
- Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly
Our Favorite Quotes:
- “As leaders, we need to ensure that we’ve done our very best for our employees—those whom we’ve hired into our companies to excel and succeed.” - Justin Goodbread
- “Identify and address the problems of a cultural fit before they can make major problems; if you allow them to fester, your company’s productivity and profitability can dive.” - Justin Goodbread
- “Lead with empathy and be transparent. However, we need to always be ready to make hard decisions and let people go.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
We entrepreneurs have an unbelievable propensity for optimism. When it comes to cutting ties with something familiar, we often face familiarity bias. So, when it’s time to phase out a product or service, we tend to cling to it. Or because it’s familiar to us, we never know the right time to innovate our product or service mix and lose out on opportunities to widen our margins. But, friends, the world of business is a world of change. The economy ebbs and flows, and consumer trends always evolve. And as things change, we business owners have to be adaptable and in constant creation mode.
In this episode, I outline the factors that tell us it’s time to let go of an offer in our business. I explain what the product life cycle is, the characteristics of its different stages, and the variables that impact its phases. I discuss some key considerations we must make before discontinuing a product or service. I also highlight how tracking the profitability of a product or service can help us evaluate if we should discontinue it and underscore how you can effectively communicate to your customers the discontinuation of a product or service.
“When we understand our biases, we can take an objective look at whether or not we should continue a product offering.” - Justin Goodbread
This week on the Financially Simple Experience:
- Understanding the product life cycle and its four phases
- Signs that a product has reached its growth and maturity phases
- Different factors that impact the different phases of a product’s life cycle
- Tracking the profitability of a product or service
- How focusing on one product too much can harm your product mix and your business
- Looking at employee costs and the cost of production
- A quick and dirty math tip for business owners
- How highly engaged and motivated employees can increase your profit margins
- How to make cross-selling opportunities work
- Considering your product array and the power of cross-selling
- How products can “cannibalize” others in your product array
- How to effectively communicate product or service discontinuation to your customers or clients
Our Favorite Quotes:
- “We could be harming ourselves by chasing an old, dying product or service when we should be focusing on a new one which could make a greater margin for our business.” - Justin Goodbread
- “As we try to navigate the world of business, we have to look at the offering we deliver to customers and clients. We want an offering that makes clients stick around—that drives profitability, scalability, and the value of our companies.” - Justin Goodbread
- “The way you communicate a product’s discontinuation drives perception. And, as we say: perception is reality.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Every day when I turn on the news I see the word “inflation” and never in my life have I seen this word so much. Just the other day, my wife and I went to our local grocery store and purchased bacon, but the cost has been getting increasingly expensive. It’s not just food—we’ve seen inflation impact power bills and gasoline. Every time we turn around, it seems like inflation is rearing its ugly head. It’s a nemesis: an enemy to wealth creation
As business owners, we’re not just facing inflation at home. It’s not just impacting our checkbooks, but our daily business operations too. As we question how we can deal with inflation, we must also consider how we can increase our profits during these times.
In this episode, I discuss inflation and how your business can maintain or increase profit margins during inflationary times. I outline some actions to take to mitigate the effects of inflation on your business. I share some inflationary trends and insights from the Harvard Business Review and describe how one company broke down silos and saved $300 million on annual expenses by appointing and empowering a spending czar. I also discuss how technology and automation can help save money and make processes more efficient and underscore the importance of remaining vigilant during inflation.
“Inflation is here and, as business owners, it’s imperative that we focus. To weather this particular storm and survive its attacks is going to require vigilance.” - Justin Goodbread
This week on the Financially Simple Experience:
- Annual inflation rates in 2022
- How inflation changes the nature of business
- The pros and cons of adjusting the pricing of your products or services
- The ‘five by five principle’ and controlling your spending during inflationary times
- Differentiating strategic and non-strategic expenses
- The power of accurate accounting and inventory controls
- Using the efficiency of technology
- Prioritizing high-profit margin products during inflation
- The economic cycle
Our Favorite Quotes:
- “Inflation drastically changes the nature of our business, and loss of profit and decrease in margins impact us directly.” - Justin Goodbread
- “You must be vigilant and agile. Every day you have to keep a finger at the pulse of your businesses. If you don’t, you may not be able to move fast enough to keep your margins in place.” - Justin Goodbread
- “There are things we don’t have to spend money on in our business, and when we're in inflationary times, we want to be protective of our resources.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
You’ve probably heard me preach—shout from the mountaintops, even—several times that for us to drive the values of our companies, we have to decentralize ourselves. We have to remove ourselves from the epicenter of our business—position ourselves where it can function without us. But if decentralization is crucial to the success of our companies, why do we keep returning to the fray?
In this episode, I discuss recentralization, why business owners do it, and what to do to avoid it. I share the different factors that make business owners jump back into the center of their business and explain how decentralization drives the growth of your business. I also highlight the power of business systems and standard operating procedures and underscore the importance of cultivating your company’s culture.
“Don’t recentralize yourself. Your team, your customers, and your business are incumbent on you decentralizing—removing yourself from the epicenter of the business.” - Justin Goodbread
This week on the Financially Simple Experience:
- How the process of decentralization helps drive up the value of a company
- What is business recentralization
- Pride and fear and how they drive us to recentralize
- The unwillingness to balance quality and growth
- Quality control and how to prevent recentralization
- The introduction of the Six Sigma quality methodology
- How robust systems and processes help prevent recentralization
- The right way to disseminate standard operating procedures in the company
Resources Mentioned:
- Book: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael Gerber
Our Favorite Quotes:
- “Until your business processes become second-nature to your team, the fire will continue to entice you to jump back into your system and recentralize yourself, costing you the hard work you’ve done to increase the value of your company.” - Justin Goodbread
- “Create a happy team. If your employee base is content, your client base is content. If your employee base is not content, your client base will not be content.” - Justin Goodbread
- “When we decentralize ourselves from the company, we can see the growth of the company, but we also drive quality. But if we don’t balance growth and quality, we cause ourselves to recentralize—to jump back into the fray.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Sales and marketing teams play similar roles in a company. However, many business owners fail to understand the relationship between sales and marketing, costing them resources and the opportunity to efficiently scale their businesses. When it is understood, cultivated, and optimized, a balance of sales and marketing can create happy, long-term customers while boosting a company’s growth.
In this episode, I discuss the relationship between sales and marketing. I define what sales and marketing teams are and describe their tasks and responsibilities within a company. I explain how the collaboration between sales and marketing teams increases efficiency and creates long-term, happy clients. I also highlight why margin matters more than volume and underscore why business owners need to include sales and marketing together in their strategic plans.
“Sales and marketing are like a hand and a glove, like pepperoni and pizza, and like peanut butter and jelly.” - Justin Goodbread
This week on the Financially Simple Experience:
- Why many businesses don’t see the relationship between sales and marketing
- The definitions of sales and marketing
- How sales teams convert qualified prospects into satisfied customers
- The importance of growing your business through a long-term relationship strategy
- The sales team’s mission to convert prospects into long-term, happy clients
- How marketing teams identify the perfect customer
- Why sales and marketing teams need to collaborate
Resources Mentioned:
- Book: Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business by Jay Conrad Levinson
Our Favorite Quotes:
- “People do business with people, not companies. Humans are built for relationships, and people do business with people who are interested in long-term relationships.” - Justin Goodbread
- “In simple terms, sales brings to people the opportunity to say ‘yes’ or ‘no’ for your product or service.” - Justin Goodbread
- “It’s paramount that the marketing team can create collateral that can convey the message of what you do as a company for the consumer to understand.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there’s no amount of preparation that can prepare you for the emotional rollercoaster you’re going to ride as you exit your business.
What you can prepare for when you exit your business, however, are the blind spots.
In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.
“A blindspot is only going to be revealed and repaired for your ultimate sale when you couple yourself up with clear thinking, determination, and a guide who has walked that path.” - Justin Goodbread
This week on the Financially Simple Experience:
- The benefits and challenges of selling your business to a key employee
- The advantage and disadvantages of transitioning your company to a family member
- Tax planning in estate planning
- Selling to an open market and its pros and cons
- The biggest blindspot in exit planning and how to fill it
- Working with a certified exit planning advisor and avoiding the familiarity bias
- Working through a SWOT analysis
- The three types of businesses
- Why we need to work with coaches outside of our industry
Resources Mentioned:
- Book: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley
Our Favorite Quotes:
- “If we business owners delay, we might not be prepared for the opportunity of exiting our businesses. We might miss it, get less than desirable value, or even regret the sale.” - Justin Goodbread
- “We want to make our assets as valuable as possible. If we invest in it properly, it can give us better value than the open markets and real estate can. We can control it. We can drive it.” - Justin Goodbread
- “Coaches are powerful. I challenge you to hire a business coach that’s not in your industry and let them challenge you, ask you lots of questions, and make you defend what you’re doing.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there’s no amount of preparation that can prepare you for the emotional rollercoaster you’re going to ride as you exit your business.
What you can prepare for when you exit your business, however, are the blind spots.
In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.
“A blindspot is only going to be revealed and repaired for your ultimate sale when you couple yourself up with clear thinking, determination, and a guide who has walked that path.” - Justin Goodbread
This week on the Financially Simple Experience:
- The benefits and challenges of selling your business to a key employee
- The advantage and disadvantages of transitioning your company to a family member
- Tax planning in estate planning
- Selling to an open market and its pros and cons
- The biggest blindspot in exit planning and how to fill it
- Working with a certified exit planning advisor and avoiding the familiarity bias
- Working through a SWOT analysis
- The three types of businesses
- Why we need to work with coaches outside of our industry
Resources Mentioned:
- Book: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley
Our Favorite Quotes:
- “If we business owners delay, we might not be prepared for the opportunity of exiting our businesses. We might miss it, get less than desirable value, or even regret the sale.” - Justin Goodbread
- “We want to make our assets as valuable as possible. If we invest in it properly, it can give us better value than the open markets and real estate can. We can control it. We can drive it.” - Justin Goodbread
- “Coaches are powerful. I challenge you to hire a business coach that’s not in your industry and let them challenge you, ask you lots of questions, and make you defend what you’re doing.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
There are a few ways to sell your business: you can sell to a family member or your employees or managers. But what if none of your family members want to take over your business? What if your managers don’t feel ready to take an entrepreneurial role? In that case, you may want to sell your business to an open market. Just like other exit strategies, selling your company to an open market comes with blindspots that every business owner should be wary of.
In this episode, I discuss the three common exit planning blindspots every business owner needs to consider when selling their business to an open market. I explain why many business owners are unsatisfied with the sale of their business and how to avoid renegotiating against yourself. I also reveal how a business advisor can help you manage your time and maximize value when selling your company.
“Selling your business to a third party has the highest value ceiling among all the exit strategies.” - Justin Goodbread
This week on the Financially Simple Experience:
- Some surprising M&A statistics in Q2 2022
- How to avoid being unhappy with the sale of your business
- Dealing with the financial side of transitioning your business to an open market
- Why entrepreneurs don’t get to sell their businesses for a high price
- How much time to invest in selling your company to an open market
- Avoiding renegotiating against yourself
- Tax issues you have to consider when selling your business to an open market
Resources Mentioned:
- BizBuySell
Our Favorite Quotes:
- “If you build your business to have best-in-class value, it’ll shine like a lighthouse—a beacon to buyers who have a hard time finding the right business they want to buy.” - Justin Goodbread
- “When selling a business, there’s a tax landmine that you have to navigate through—and you want to navigate it before you have your letter of intent signed.” - Justin Goodbread
- “Exit planning isn’t for the faint of heart. Building value in your company to create a business that’s worth selling takes hard work and somebody in your corner that helps you to be better.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
The idea of selling a company to a manager or a group of employees isn’t unheard of. In my decades of being an entrepreneur and consultant to other business owners, I’ve listened to many conversations about transitioning organizations to workers. But should you actually sell your business to your employee? What are the holes and blindspots that you need to consider?
In this episode, I discuss the advantages and disadvantages of selling your company to a key employee. I reveal the tax and legal risks involved in transitioning your business to an employee or group of employees. I also explain how hiring financial advisors can help manage risks during the selling process and share some different exit planning tools and approaches to use when selling your company to an employee.
“A key employee—because they have tenure and understand the mission, values, and legacy of the company—will more than likely remain committed to the direction and charge of the company.” - Justin Goodbread
This week on the Financially Simple Experience:
- The advantages and disadvantages of selling your company to a key employee
- The survival rate of transitioning a business to a key employee
- The different exit planning tools and approaches to selling your company to a key employee
- The installment sale approach to selling your business
- Legal and tax risks associated with the installment sale approach
- Exit planning with the employee stock option plan and how it works
- The disadvantages of using the employee stock option plan
Our Favorite Quotes:
- “There’s a certain fire in the belly of business owners that many employees may not have or may not be comfortable with; just because they’re a great employee doesn’t mean they’re a great entrepreneur or business owner.” - Justin Goodbread
- “If the key employee is willing to take on their own capital and use that to put the down payment, you know that they’re sincere.” - Justin Goodbread
- “You, as a business owner, should be able to know where your business is heading just by looking at your critical success factors: your key performance indicators, performance indicators, and key results indicators.” - Justin Goodbread
Related Content:
- Pros and Cons of Selling Your Business to Employees Using an ESOP with Ben Wells
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Whenever I sit down with business owners and ask them where their business is going to end up, the majority of them have the same answer: they’ll give it to their kids. But even if business owners transition their business to their family, it is not without risk. So, if you’re an entrepreneur who wants your children to continue your business legacy someday, what are the things you can do to make a successful transition?
In this episode, I discuss selling your business to a family member and transitioning your company to your children. I describe the “Three Generation” rule and share some studies about the longevity of family businesses. I also highlight the risks involved in selling to family members and share my advice on how to groom your children to be your business successor.
“Start your child in the business as soon as possible working from the bottom up. Let them get to know every aspect of the business.” - Justin Goodbread
This week on the Financially Simple Experience:
- Why it’s important to assess whether a family member is a viable business successor
- The “Three Generation” rule and how long businesses usually last
- The reason family businesses last longer than publicly-traded companies
- What makes businesses cease operations and why companies quit
- The oldest companies in the world and what contributes to their longevity
- The risks involved in transitioning a business to a family member
- Preparing your child to take over your business
Resources Mentioned:
- Book: The Centuries of Success by William T. O’Hara
Our Favorite Quotes:
- “Family business is not without risk if you’re dealing with a transfer.” - Justin Goodbread
- “As you’re picking your successor, you need to figure out if the business is in line with the future of the successor.” - Justin Goodbread
- “If you’re going to transfer your business to your child or children, your employees, customers, vendors, and bankers all have to have confidence that this child knows what they’re doing.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
This past year—after over three decades of being a business owner—I finally sold my business. There were a few things that I was fortunately prepared for and I was able to avoid devastating blindspots. Unfortunately, not a lot of business owners plan for their exit and, when they do eventually sell their company, they sell it for well under their expectations. How can you avoid this and ensure that you sell your business to its full value?
In this episode, I discuss the value of exit planning and building your business for the perfect buyer. I outline different business blindspots and how to detect them. I explain why it’s difficult for business owners to detect blind spots and why it can be challenging to let go of a business. I also describe the emotional struggles of selling a company and how I felt after selling mine.
“Preparing today through exit planning—planning the business for transaction—is just good business strategy.” - Justin Goodbread
This week on the Financially Simple Experience:
- Where a business owner’s net worth is locked up
- What a business concession is and the importance of exit planning
- What proximity blindness means for your business
- Why it’s hard for business owners to let go of their companies
- How business coaches have helped me see my business’s blindspots and challenged my thinking
- Business attractiveness and how to measure it
- Thinking about your ideal client and target persona for a business sale
- Owner readiness and why business owners should think about their personal wealth gap
- The emotional struggles of selling your company
- How I’ve felt since selling my businesses
Resources Mentioned:
- Book: The E-Myth Revisited: Why Most Small Business Don’t Work and What to Do About It by Michael Gerber
Our Favorite Quotes:
- “The perfect client is the individual or company who’ll acquire us and create a liquidity event.” - Justin Goodbread
- “A business owner who has gone through a transaction understands the emotion that you face as you consider a transaction.” - Justin Goodbread
- “Consider what your business’s attractiveness looks like right now and if you’re ready to sell it. And if they look good, consider who you’re selling your business to.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
If something in your business can be measured, it’s something you can improve. But we business owners often don’t measure; instead, we’re keen on licking our forefingers and sticking them up in the air to see which way the wind blows. If we want to scale our businesses and increase their value, we need to create a systematic guideline that’s objective, measurable, and repeatable.
In this episode, I discuss what standard operating procedures are and why every business needs to have them. I explain the importance of putting standard operating procedures (SOPs) into writing and how you can choose the appropriate format for your SOP manual. I also discuss how writing a solid SOP document can increase the value of your company and underscore how having effective SOPs can give you the freedom that you deserve.
“SOPs are instruction manuals for your company; they ensure that you’re documenting every step you’ve done, so you can control the quality in your company.” - Justin Goodbread
This week on the Financially Simple Experience:
- What standard operating procedures mean for your business
- What tasks require standard operating procedures
- Why SOPs need to be put into writing and what it means to “train-scale”
- The KISS theory of business and how to write company SOPs
- Choosing the appropriate format for SOP documents
- Different CRM systems for your SOPs
- Deciding who writes your operating processes
- Outsourcing the creation of your SOPs
- How creating solid standard operating procedures can give you freedom and liberation
Resources Mentioned:
- Zoho CRM
- Confluence
- LucidChart
- Loom
- Process Street
Our Favorite Quotes:
- “There are so many tasks in a company. If you see a major process, you’ll want to make an SOP for that, especially if it’s a repeated task.” - Justin Goodbread
- “When you delineate SOPs into writing, it gives your team the rules on which it can operate, providing them with consistency while decentralizing management.” - Justin Goodbread
- “You don’t have to let your business own you. Processes and SOPs are the keys to efficiency and liberty in business; they give you freedom.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and does not necessarily represent the views and/or opinions of WBA, WSP, or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP, or their representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I have been helping business owners and entrepreneurs reach their dreams and goals through consulting for over two decades. And over the years, one thing is obvious to me: the companies that have detailed and implemented processes are the companies that often yield the best results. So how do you build and implement impactful business processes that can help you scale your organization?
In this episode, I outline what a business process is and the four characteristics that make it effective. I explain how writing your company’s business processes in detail can help your organization be more efficient and reach your goals. I also discuss why you need to communicate to your team that a new business process can help them reach their goals and highlight why a business process needs to remain flexible and replicable.
“The ability to pause and put into writing your processes creates more efficiency, helping your company reach your goals.” - Justin Goodbread
This week on the Financially Simple Experience:
- What a business process is
- Creating business processes and why they matter
- The importance of identifying business processes and putting them into writing
- The four characteristics of an effective business process
- Why a business process should be finite
- Creating repeatable business processes
- Why business processes should be flexible at all times
- Identifying, outlining, and mapping the necessary steps in a business process
- Implementing a business process in your organization
- Perfecting the adoption or execution of a business process
Our Favorite Quotes:
- “There are so many processes to help our businesses turn, but a business process is simply an action that helps us reach our goal.” - Justin Goodbread
- “When we write our process and give each clarifying step, we create valuable things for our company.” - Justin Goodbread
- “As business owners, we are amazingly creative when it comes to reaching something we want to reach. When someone tells us we can’t get something, we’ll find a way to get them.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In our business or personal lives, it’s probable that we sometimes step on other peoples’ toes. We’re only human, after all. As entrepreneurs and business owners, it’s also probable that there will be times when we need to handle a conflict or complaint brought to us by an employee or stakeholder. Whenever there’s a workplace issue, we need to follow some key actions and guidelines to effectively deal with conflict.
In this episode, I discuss how you can handle conflicts and complaints in the workplace. I examine why you may want to consider hiring an outside investigator when handling disputes in the workplace. I explain why you need to have a working knowledge of employment law whether you decide to hire an external investigator or not. I describe the Society of Human Resource Managers (SHRM), the work that they do, and their guidelines for handling workplace investigations. I also underscore the importance of protecting all parties involved and highlight why you need to be detail-oriented when proceeding with an investigation.
“We have a lot to carry as business owners. What’s at risk are our reputation, livelihood, net worth, and the reputation of our team and the livelihood of families we’ve been entrusted with.” - Justin Goodbread
This week on the Financially Simple Experience:
- The value of hiring external investigators when dealing with workplace issues
- The Society of Human Resource Managers: its mission and goals
- Employment laws and regulations every business owner should know
- SHRM’s guidelines for conducting a workplace investigation
- “Need-to-know” confidentiality and how to enforce it
- How to protect the parties involved in a workplace complaint
- Hiring an external investigator
- Characteristics to look for in an external investigator
- Why creating a plan of investigation matters
- Developing investigation interview questions and why they need to be detailed
- What investigation summaries should contain
Resources Mentioned:
- Society for Human Resource Management
Our Favorite Quotes:
- “If you are to do an investigation, you have to maintain strict, need-to-know confidentiality.” - Justin Goodbread
- “You need to have a working knowledge of employment law, have strong interpersonal skills, and be able to build rapport, so you’re perceived as neutral or fair.” - Justin Goodbread
- “You need to bring everything to light to ensure to the ultimate tribunal that you’ve done everything in your power to bring the truth.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
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Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Whether you realize it or not, we are all playing the Wealth Game. Some never get off first base; others sprint and find themselves in second base; a lucky few reach third base. However, no matter where you are in the game of wealth, you must finish the game and reach the home plate of your financial life. So, what does winning the Wealth Game look like and how do you get there?
In this episode, I discuss why it’s important to finish the wealth game by reaching home plate and outline how to get there. I enumerate the three characteristics of people who have reached home plate. I share the financial tools you can leverage as you generate wealth—including life and disability insurance—and explain why the IRC is the single greatest wealth generation tool in America. I also highlight the value of working with coaches and financial advisors.
“The game of wealth is plausible. You can reach home plate. Run as fast as you can, and listen to your coach.” - Justin Goodbread
This week on the Financially Simple Experience:
- What winning the Wealth Game looks like
- How you know you’ve reached home plate
- The three characteristics of people who reach home plate
- Teaching others financial literacy
- The books and people who taught me about the principles of wealth and financial literacy
- The definition of generational wealth
- Financial tools to leverage as you generate wealth
- The value of working with coaches and financial advisors
Resources Mentioned:
- Book: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki
- Book: The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey
- Book: Financial Peace: Restoring Financial Hope to You and Your Family by Dave Ramsey
Our Favorite Quotes:
- “The game of wealth isn’t about creating money, but creating wealth so we can reach home plate and bless others.” - Justin Goodbread
- “This is what I notice about people who have reached home plate: it no longer becomes about them. They take care of their families and then they become generous by setting up foundations.” - Justin Goodbread
- “The people who win the game of wealth understand the importance of one thing: the importance of having a coach to lay out their plan and hold them accountable to reach their goals.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
If you’ve reached third base in the Wealth Game, congratulations! You more than likely have achieved your financial goals. You know, without a shadow of a doubt, that you and your family are financially secure and that you can meet your goals, whatever they are. At this point of the Wealth Game, you might think that that’s it—you’ve won. But the game is not over yet. Your journey is not complete until you make it to home plate.
In this episode, I discuss the trap of third base. I describe what it feels like to be on third base and why you can’t stay there. I explain why money shouldn’t be your focus when playing the Wealth Game, what you should aim for, and the Rule of 4%. I also highlight why money is only a tool and underscore how a team of advisors can help you successfully win your journey to home plate.
“As you stand on third base you need to start thinking outside of your own needs, for money is no more than a tool to meet our needs and to bless others.” - Justin Goodbread
This week on the Financially Simple Experience:
- What reaching third base feels like and why you can’t stay there
- The Rule of 4%
- The value of having financial advisors at third base
- Why money shouldn’t be the focus of the Wealth Game
- “The Sandcastle Effect” and how to avoid it
Our Favorite Quotes:
- “Life’s not about getting all you can, canning all you get, and sitting on your can. The same thing is true about money.” - Justin Goodbread
- “If you’re reaching third base, now is the time to meet with your advisors and develop a plan so you can make your wealth last and use it to bless others.” - Justin Goodbread
- “At this point in the game, your advisors and your team become invaluable to continuing the growth of your wealth so you can finish the wealth game.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In baseball, moving to third base is a natural progression: you hit the ball, turn first base and run to second, then move to third. Of course, you wouldn’t stand idly on second base if you wanted to win—the same is true for the Wealth Game. At the second base of the Wealth Game, you might consider yourself successful. You’re living within a budget; your income is sustained and stable; you’re making regular contributions to your retirement plan; maybe you have a business you’re expanding. But don’t stop just yet—it’s time to move to third base.
In this episode, I discuss the transition from second to third base and how it differs from the previous moves. I explain how you can calculate your net worth to assess whether you’re ready to move to third base. I also reveal the secret sauce to accumulating wealth and describe how to make your assets support the lifestyle you want to live.
“The goal of the third base is to go where our assets provide us with enough income to cover the cost of our lifestyle.” - Justin Goodbread
This week on the Financially Simple Experience:
- How to know if you’re ready to move from second to third base
- How the move from second to third base differs from the move between first and second
- The Millionaire Next Door Calculation Gap and the power of compounding interest
- Using your income increase to expedite your transition from second to third base
Our Favorite Quotes:
- “Compounding interest is the secret sauce to making your track easier to the third base and providing you the income that you need.” - Justin Goodbread
- “As your income increases, allow the spread of your lifestyle and earnings. If you can increase your investment and take your surplus over your lifestyle to magnify the speed at which you move from second to third, it’s a win-win.” - Justin Goodbread
- “Shift your mind away from reliance on income—the job that you have, and the business you sacrifice so much for—and move into the assets you’re accumulating.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Where are you right now in your journey through the wealth game? Do you have savings or emergency funds? Are you investing in your future? Do you have a 401k? Have you started your own business? If you have, congratulations, you’re in second base! As we continue our journey through the wealth game, we want to begin saving, investing, and accumulating assets while we cast our eyes to third base. Yet—just as the run from first to second was difficult—the run from second to third can be arduous. So, how can you get there?
In this episode, I outline how to move from second to third base in the game of wealth. I define the Prestigious Accumulator of Wealth category and explain how you can get there. I describe why entrepreneurs should build assets inside and outside their businesses. I also highlight the role of coaches in playing the game of wealth and underscore why staying the course to third base is worth it.
“Those of us who make prudent investments, who make wise decisions, who keep the targeted mind—those of us who focus on that intensity—reach third base.” - Justin Goodbread
This week on the Financially Simple Experience:
- Reaching second base and beginning to invest in your future
- How to calculate your net worth
- The Prestigious Accumulator of Wealth category
- Why business owners should pull their businesses out of their net worth statement
- How owning a business can quickly propel you to third base
- The importance of building a portfolio of assets inside and outside your business
Resources Mentioned:
- Book: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley
Our Favorite Quotes:
- “Stay the course. If you find it hard to guard yourself against the naysayers in your world, find an advisor or coach that can encourage, push, and strengthen you.” - Justin Goodbread
- “We need coaches, no matter where we are in the game of wealth.” - Justin Goodbread
- “Moving from second to third base is tough. The reality is we’ll spend decades of our lives there, but it’s worth it. Keep the journey—stay focused.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
There are so many traps along the way of the Wealth Game that could keep you from achieving financial independence. Emotions, financial habits, and lifestyle choices can all tie us down to the Wealth Game’s first base and prevent us from moving to second—yet, it is not impossible. Those of us who aspire to move beyond first base have to figure out what it takes to reach second base: the stage of asset accumulation.
In this episode, I discuss how we can steal second base in the Wealth Game. I explain what lifestyle creeps are and why so many people get stuck in first base. I differentiate appreciating from depreciating assets and enumerate the many ways individuals can accumulate assets. I also highlight the importance of budgeting, discuss how budgeting can liberate our financial lives, and underscore how you can begin efficiently building and accumulating assets.
“In playing the game of wealth, what we’re truly after is something that appreciates in value. Otherwise, we won’t get much of a lead-off from first base.” - Justin Goodbread
This week on the Financially Simple Experience:
- A recap on home plate and first base of the Wealth Game
- Lifestyle creeps and the trappings of first base
- Understanding the power of compound interest
- The statistics on savings and retirement funds
- What the second base represents in the Wealth Game
- What an asset is and the differences between appreciating and depreciating assets
- Some examples of assets that we can grow in value
- Getting started in building assets that help us gain financial independence
- What I love about employer-sponsored retirement plans
- Capitalizing on the cryptocurrency buzz
- The importance of creating budgets and paying yourself first
Resources Mentioned:
- Book: The Richest Man in Babylon by George Clason
Our Favorite Quotes:
- “If we could teach the power of compounding interest to our children, the youth, and those whom we mentor and have the privilege to serve, we could change the narrative.” - Justin Goodbread
- “Nothing in life is free. If it doesn’t cost you money, it costs you time and emotions.” - Justin Goodbread
- “Look where you’re headed. Have a strategy, a plan, and a coach, or you’ll get stuck on first base.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I vividly remember playing baseball while I was growing up. I remember hitting the ball, running the bases, and hearing the fans go crazy. And, of course, there’s my dad on the sideline, jumping up and down, pumping his chest like a peacock, and shouting that he’s proud of me. The wealth game can have the same effects on our lives if we play it correctly—moving from home plate to first base, then setting our eyes to second.
In this episode, I discuss what it takes to move from home plate to first base. I describe the first base of the wealth game. I explain why many people get trapped in this first stage and outline how to avoid it. I discuss what a “lead-off” means in baseball and how it applies to the game of wealth. I also underscore the power of our aspirations.
“The game of wealth is super easy. Turn at first base and look at second; keep the destination in mind; don’t get sidetracked by the allures of a company. Focus on what matters most: second base.” - Justin Goodbread
This week on the Financially Simple Experience:
- The inequality of life and the goal of the first base of the wealth game
- How lifestyle choices can get people trapped in first base
- Avoiding the trappings of the first base and the value of getting a coach
- What a “lead-off” means in baseball
- Taking a lead-off from the wealth game’s first base
- Reviewing the rules of the wealth game
Resources Mentioned:
- Book: Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom by Robert Kiyosaki
Our Favorite Quotes:
- “In the game of wealth, our desire is to turn first base and head towards second as rapidly as possible.” - Justin Goodbread
- “It doesn’t matter what income you make–what matters are your aspirations and visions.” - Justin Goodbread
- “The lifestyles we choose at first base is the single detriment, the single deterrent, the single determinant for us reaching second base.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
What is wealth to you? Is it happy relationships with friends and family? Or, like Virgil, do you think that wealth is health? What about financial wealth? For so many people, the idea of financial wealth is something mystical—something that belongs to fantasy. But I genuinely believe that wealth is a game and, if we can teach people how to play it, it can be easier, less intimidating, and more enjoyable. In this episode, I discuss the wealth game and explain its rules. I define financial independence and describe the different kinds of wealth. I also outline the different stages of financial wealth and underscore why your attitude toward money can affect your wealth.
“Money is no more than a magnifier of your true character.” - Justin Goodbread
This week on the Financially Simple Experience:
- What wealth is and the different aspects of life it entails
- The rules of the wealth game
- Defining financial independence
- The baseball diamond and the different bases of financial wealth
- How your attitude toward money can affect wealth
Our Favorite Quotes:
- “No amount of money is worth losing yourself. The moment you make this game of wealth about money, you’ve lost the game.” - Justin Goodbread
- “Being financially independent means allowing your hard work and all your blessings—everything that has culminated at this point—to not just provide for yourself but also bless others.” - Justin Goodbread
- “It’s a privilege for us to work: a blessing to be able to toil so we can get paid—an honest day's work for an honest day’s pay.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
The role of video in our everyday lives has become more and more prominent. In fact, Business Insider has observed an unprecedented growth in digital video viewership between 2019 and 2020. Yet, despite this rapid increase in viewers, we small business owners don’t really tap into the power of video in marketing. I believe that if we took the time and energy to create video-based assets for marketing our businesses, we could drastically increase their value. In this episode, I discuss the power of video in marketing. I share statistics on the growing demand for video as well as the increasing viewership brought about by the pandemic. I discuss why video marketing doesn’t have to be expensive and is feasible with just your smartphone. I also highlight how video marketing has helped us get quality leads and underscore why video facilitates a more connected form of communication.
“Companies who use video to improve their business increase their sales, brand awareness, retention rate, and social capital, and drive their greatest client to their door.” - Justin Goodbread
This week on the Financially Simple Experience:
- The power and importance of video marketing
- How COVID-19 impacted the rapid increase of video viewership
- Why creating videos for marketing doesn’t have to be expensive
- How the service sectors can make use of video marketing for their business
- Why creating how-to videos can help grow your market
- How using videos can help in lead generation
- Incorporating the power of video into your business
Our Favorite Quotes:
- “By getting into the regular habit of sharing what you do in business with your followers, you create an unbelievable return on investment.” - Justin Goodbread
- “The minute we started making videos, we started seeing our engagement and the quality of our leads become more impactful.” - Justin Goodbread
- “Video allows us to be more involved and intimate. It allows facial recognition, nonverbal communication, tone, and inflection—so much more than just audio alone or just the static picture.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
If you’re like me, you spent 90% of your time speaking face-to-face and engaging with clients and groups of people before Covid-19. When the pandemic hit, my world changed. I, like many business owners, had to transition from doing in-person communication to interacting with clients and other people through the phone or video conferencing. But if a business owner isn’t using all the video capabilities an app has, they’re missing out on the true power of video and visual communication. In this episode, I discuss how the pandemic has impacted the use of video conferencing for business. I describe how I did most of my communication before the pandemic and outline the advantages of phone calls. I highlight how video calls can provide a more personal experience and improve information retention and focus when conferencing. I also underscore how visual communication can help us tell stories.
“We use video to tell a story—we are in an animated world and our eyes are used to moving objects.” - Justin Goodbread
This week on the Financially Simple Experience:
- One of my all-time favorite movies
- How Covid-19 changed my world and my pivot to online video conferencing
- The advantages of using phone calls for quick communication
- How Covid-19 increased the use of video-based communication
- How video conferencing helps participants to stay engaged
- Why visual communication is highly effective in supporting memory and information retention
Resources Mentioned:
- ChangingMinds.org
Our Favorite Quotes:
- “We’re able to recall, through visual effects, with 65% greater accuracy; that’s why it’s important to have the videos turned on when conferencing.” - Justin Goodbread
- “Sometimes a quick phone call or a text message is all we need; but when you need to touch base on several topics, video conferencing is your best option.” - Justin Goodbread
- “Face-to-face meetings are the best options, where we use all our senses. But in today’s fast-paced world, go with the more personal conferencing with all the video capabilities on.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
David DeCelle is the President of Model FA, a community for financial advisors to come together to learn about sales, marketing, and business development from experts and other financial advisors. David and his team at Model FA are dedicated to empowering financial advisors by helping them build the practice that they envision. Before becoming President of Model FA, David was a financial advisor himself and served as the Director and Financial Advisor for Northwestern Mutual. David joins us today to share his perspective on me as a business owner and my businesses. He discusses the different reasons individuals hire business coaches and explains how having a 1-year vision could be more beneficial than having longer-term goals. He offers advice to entrepreneurs who are experiencing difficulties in life. He also describes his journey as a financial advisor and what he learned from it, as well as the importance of keeping an open mind. “Regardless of someone’s age, revenue, or personal income—or how buttoned up their business is—if you can suppress your ego and have an open mind, you can learn anything from anyone.” - David DeCelle
This week on the Financially Simple Experience:
- The Model FA company and the advantages of hiring business coaches as thinking partners
- The reasons people hire business coaches
- Why David recommends envisioning goals in a 12-month timeframe
- David’s advice for business owners wrestling with difficult emotions
- His observations on my biggest struggles as a business owner
- Why business owners need to onboard their employees when transitioning their organizations
- David’s journey as a financial advisor
Our Favorite Quotes:
- “If we sit back every morning and write down the things we’ve been blessed with, we’ll never finish that list because we’re indeed blessed as humans.” - Justin Goodbread
- “Every good business owner has an excellent team behind them.” - Justin Goodbread
- “When you handle conflict directly and with grace, it can shake out for the better.” - David DeCelle
Connect with David DeCelle:
- Model FA
- The Model FA Podcast
- Model FA on LinkedIn
- Model FA on Instagram
- David DeCelle on LinkedIn
- David DeCelle on Instagram
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
We business owners are a unique breed. In addition to the many plates we spin and the responsibilities we have, we want to see our businesses move forward. And, whether you realize it or not, we have a destructive habit that, if left unchecked, can undermine our dreams, our team, and our vision—and that habit is self-sabotage. In this episode, I discuss what self-sabotage is, why it happens, how to identify it, and how to limit it. I outline the roots of self-sabotage and describe how fear prevents us from seeking growth. I explain what impostor syndrome is and how it is a detriment to our chance of success. I also share different ways to overcome self-sabotage and underscore the value of self-awareness for business owners.
“When we have an abundance mindset we often never harm ourselves.” - Justin Goodbread
This week on the Financially Simple Experience:
- How we bend our values and goals to pursue immediate gratification
- The negative mindset, how self-sabotage stems from it, and how to reframe it
- My love for pizza and the difference between conscious and unconscious self-sabotage
- Finding the roots of self-sabotage
- How fear triggers self-sabotage
- Impostor syndrome and how it detriments our chance of success
- The common forms of self-sabotage
- Perfectionism and how it leads us to self-sabotage
- Celebrating small victories and other ways to combat impostor syndrome
- Why micromanaging and not asking for help is self-sabotage
- The importance of continuing education
Related Content:
- How Business Owners Can Overcome Imposter Syndrome
Our Favorite Quotes:
- “If you’re too wrapped up in menial tasks to invest in your own thought patterns, you’ll fall behind your competition.” - Justin Goodbread
- “We don’t look for perfection in business—there are too many moving parts. We look for best-in-class movement.” - Justin Goodbread
- “Perfectionism prevents the business owner from reaching good and great. Sometimes we don’t have to be the best in everything; we just have to be good at some things.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
I’ve been in the business game for over 30 years, and in that time, I’ve helped many business owners sell or buy businesses (I also wrote The Ultimate Sale and Your Baby’s Ugly to tell the tale). However, it’s one thing to write about an event and another to go through it yourself; so, when I sold my companies, I was reminded of the key principles all business owners need to consider when preparing for great business change—whether they’re about to launch a new product or sell a company. In today’s episode, I share the key lessons I’ve learned from selling my businesses. I explain why preparing your team is vital when selling your business. I discuss why your customers are your most essential source of lessons when undergoing any kind of organizational transition. I also highlight the role of attitude in a successful business sale and underscore the importance of strategic planning in a business owner’s career.
“As you go through transitions and major events, your customers will be your greatest source of learning.” - Justin Goodbread
This week on the Financially Simple Experience:
- My first trip to the Rocky Mountains in Montana
- The failure rate of businesses when undergoing great transitions
- Preparing and supporting your team through times of great change in business
- The importance of increasing employee engagement
- Letting your team be the driver of change
- Preparing your customers through organizational change and communicating with them
- The value of knowing your customers and overcommunicating with them
- The role of attitude in successful business transitions
- Being ready for extra negotiations in the process of selling your company
- The three special people you need in your life as a business owner
- How I almost cost myself six figures in taxes
- Writing a personal financial plan, a strategic business plan, and getting a best-in-class valuation
Resources Mentioned:
- Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
- Book: Your Baby’s Ugly: Maximize the Value of Your Business or You’ll Have Nothing to Sell by Justin Goodbread
- Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly
Our Favorite Quotes:
- “If your customer is with you—if they're engaged with you and your service—they will want to see you succeed as well.” - Justin Goodbread
- “Through any time of change initiative, let your team drive the change; let your team be the catalyst. You, the business owner, set the vision, the direction, the value, and the tempo, then get out of the way.” - Justin Goodbread
- “Before you even get to the time where you consider selling your business, you have to have everything lined up. Planning is vital to us business owners.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Patrick Brewer is the President and Chief Marketing Officer of WealthSource, a company dedicated to helping financial advisors thrive with business resources and innovative solutions. He is also the founder of the Model FA family of companies that supports financial advisors in growing sustainable businesses. An entrepreneur and speaker, Patrick is passionate about helping advisors and the people they serve realize their full potential and find financial freedom. Patrick joins us today to discuss the factors that attracted WealthSource into buying Financially Simple, Heritage Investors, and Heritage Business Advisors. He explains how WealthSource executed its due diligence process while buying our businesses. He outlines the key characteristics that make an organization attractive to buyers. Patrick also highlights the importance of organizational culture and underscores why business owners need to continue improving themselves. “People don’t want to be sold; they want to be part of the process by being educated.” - Patrick Brewer
This week on the Financially Simple Experience:
- Patrick’s background and his work with WealthSource
- WealthSource: its services and its mission to help people maximize the value of their money
- The eight key areas of a successful business
- How WealthSource implemented its due diligence in acquiring our team’s businesses
- Two methods of growth and how dynamic companies scale
- Decentralization and how companies can improve their workforce and leadership to attract the ideal buyer
- The future of Financially Simple
- The role of business owners in society
- Patrick’s advice to business owners on growth and success
Our Favorite Quotes:
- “Companies can grow through two methods: marketing and acquisitions. Companies who make dynamic footprints do both.” - Justin Goodbread
- “Build the business where it can operate and grow without the key stakeholders involved.” - Justin Goodbread
- “Create systems and points of collaboration between your team, processes, and technology; that’s what a buyer is looking for.” - Patrick Brewer
Connect with Patrick Brewer:
- WealthSource
- Patrick Brewer
- WealthSource on LinkedIn
- Patrick Brewer on LinkedIn
- Patrick Brewer on Instagram
- Patrick Brewer on Facebook
- Patrick Brewer on Twitter
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
“If you had limited time and resources, what would you do tomorrow that you’re not doing today?” This is a question I’ve thought a lot about since 2021—a time when my wife and our family experienced severe ups and downs that had us reevaluating what’s truly important to us. As we evaluated what mattered the most to us, one word kept coming back to me: “impact.” It has always been my mission to share knowledge and help people reach their destination; once I remembered this, I decided that it was time to make a change in my life and business. In this episode, I share some of the biggest news in my business career. I reveal why only less than 20% of business owners sell their companies and explain the reason I wrote The Ultimate Sale and Your Baby’s Ugly. I explain why we hired consultants for our businesses and reveal what they taught us about the wealth gap we needed to fill. I also describe our fight with COVID-19 and underscore how the experience inspired me and my wife to reevaluate what truly matters to us.
“Life is hard, but life is good; we are blessed beyond measure. It could be frustrating, but it doesn’t have to be. Let’s continue making our lives financially simple.” - Justin Goodbread
This week on the Financially Simple Experience:
- Impacting people’s lives and why cemeteries are the saddest places for me
- The reason I wrote Your Baby’s Ugly and The Ultimate Sale
- Why only less than 20% of business owners sell their businesses
- Our fight with COVID-19 and how it impacted our outlook on life
- What it would take for me to quit and the value of hiring consultants for our businesses
- Determining our wealth gap to meet our financial goals
- How I decided to partner with a larger organization and sell my businesses
- Making the ultimate sale and getting the “best-in-class” valuation
Resources Mentioned:
- Model Financial Advisors
- Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
- Book: Your Baby’s Ugly: Maximize the Value of Your Business or You’ll Have Nothing to Sell by Justin Goodbread
Our Favorite Quotes:
- “We can reach our dreams; we don’t have to forsake them. We don’t have to lose our family, our hobbies, or our identity trying to build wealth.” - Justin Goodbread
- “We don’t have to sacrifice our family, our person, our dreams, or our aspirations on the altar of success.” - Justin Goodbread
- “You can reach your goals. If I can do it, you can.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
Throughout my career as a business owner and entrepreneur, I’ve had several people ask me why I put myself through this. Some naysayers have even blatantly told me that I’ll never make it. Whether you’re a seasoned business person or an aspiring entrepreneur, you’ve probably had someone tell you the same things. But, in the world of entrepreneurship, you’ll need to learn to put your earplugs on and keep working—because here, attitude is everything.
In this episode, I discuss the value of attitude in the life of an entrepreneur and business owner. I reveal the key characteristics that differentiate seasoned business owners from novice entrepreneurs. I explain how success is highly dependent on your goals and why it’s essential to define what success means for you. I also highlight the value of having a vision and the role of crystal-clear plans.
“Your attitude is everything. The way you approach every single day is everything.” - Justin Goodbread
This week on Financially Simple:
- Why entrepreneurship can be exhausting
- Why life doesn’t care about your success
- The best practices and tricks for ignoring the naysayers (in business and in life)
- The relationship between success and the goals you set
- What makes some business owners bitter and unhappy
- The attitude of success and its cost
Resources Mentioned:
- Tony Robbins Podcast
- John Maxwell Leadership Podcast
- Les Brown Greatness Radio
Our Favorite Quotes:
- “Success is dependent on your goals, but don’t lose sight of what's important.” - Justin Goodbread
- “Grow your business purposefully. Profitability is good and necessary, but so are people—you want somebody on your side to enjoy this journey with you.” - Justin Goodbread
- “To achieve your vision, you must have a crystal-clear plan to achieve it. You’ve got to have laser focus. When you do, you can overcome the obstacles and the naysayers, and you’ll never be swayed.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.
In episode 403 of Financially Simple, Justin looks at how your attitude as a business owner can determine your business’s success.
The mindset of a business owner and how they approach their dealings with their clients and suppliers will ultimately set them up for success or failure. In this episode, Justin considers the meaning of success to an individual business owner, and how that can influence their dealing with others as well as the security and prosperity of their business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
Attitude = Success: The Seasoned Owner
-
How Do You Define Success
-
Is Money Success?
-
Pride Poisons Success
USEFUL LINKS:
Allie Taylor: The Paradox of Success
Tennessee 1998 National Champions - Clint Stoerner Fumble
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 402 of Financially Simple, Justin considers the emotional and psychological impact that selling a Business can have on the Owner.
You’ve devoted a chunk of your life to building a successful business, and now you’re ready to sell it - but are you, personally, prepared for the mental shocks to come? In this episode, Justin looks at what it is like to sell a business from the emotional and psychological side of things - the sudden realization and change that comes somewhat unexpectedly.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
The Emotions of Making the Ultimate Sale
-
The Unexpected Weight of Emotion
-
Winning The Lottery
-
After the Initial Thrill
-
The Personal Side
-
How Will You Occupy your Time
-
Separating Your Identity From Your Business
-
Impression Management
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 401 of Financially Simple, Justin lists some of the obstacles that might impede the closing of a sale.
You’re selling your business, you’ve got an interested Buyer, so far so good - except for the other things that still need to be overcome, such as having both parties' legal counsel agree, the banks that are financing the business approve the deal, and your employees and customers are as happy about the sale as you are. In this episode, Justin looks at the potential roadblocks to a successful business sale, and how planning will help to make the process a smooth one.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
Roadblocks to Closing
-
Attorneys
-
Bankers
-
Employees
-
Customers
-
The Seller and the Buyer
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 400 of Financially Simple, Justin looks at how a Business Owner can map the Sales Process of their Business so that they can easily step away from it.
As a Business Owner, being able to step away from your business and have it continue to run smoothly is key to making the business sellable as the processes are transferable and scalable. In this episode, Justin goes over the process of extracting yourself from the Sales Process, making sure that your team continues to follow indoor steps.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
Decentralization: Mapping Your Sales Process
-
The Tug O’War of Business
-
Letting Go of the Ropes
-
Defining the Sales Process
-
Write Out the Steps
-
Invite a Protegé
-
Remove Yourself from the Process
-
The Six Steps of the Sales Process
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 399 of Financially Simple, Justin goes over the different types of criteria that a Business Owner can use to define their Perfect Persona.
A "perfect" buyer persona is a business's ideal client, the type of person or company that best suits the services that that business provides and aligns to the same values. In this episode, Justin looks at the various principles and methods of defining your ideal client.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
How to Create the Perfect Buyer Persona
-
The Theory of Constraints
-
The Pareto Principle
-
How to Define the Perfect Persona
-
Passion
-
Profitability
-
Procedural
USEFUL LINKS:
Good to Great, Jim Collins
The Theory of Constraints, Dr. Goldratt
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 398 of Financially Simple, Justin concludes his review of what a Buyer will consider when looking for a business to purchase.
Potential buyers that are considering purchasing your business will look at your assets - from the location, structure, and physical assets, to the intangible as well as potential liabilities such as OHSA regulations. In this episode, Justin considers the tangible and intangible assets, and legal aspects such as taxes, industry regulations, and insurance that a buyer will want to review before making an offer for your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
The Business Sale Process Through the Eyes of a Buyer, Part 3: The Business's Assets
-
Facilities
-
Location
-
Fixed Assets
-
Technologies
-
Digital Footprint
-
Risk Mitigation and Management
-
Taxes
-
Environmental Regulations and OSHA
-
Insurance and Intangible Property Protection
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 397 of Financially Simple, Justin expands on the business sale prices through the eyes of the Buyer, looking at the relationship side of things.
A potential buyer of your business is going to evaluate your company on a number of criteria, including the relationships that you have in place with your existing clients, vendors, and your employees. In this episode, Justin goes over these relationships and explains how each can affect the value of your business when it comes to selling.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
The Business Sale Process Through the Eyes of a Buyer, Part 2: Clients, Vendors, and Teams - Oh My!
-
Your Customer Mix
-
Customer Relationships
-
Vendors
-
The Quality of the Goods that You are Using
-
Employee Teams
-
Compensation
-
Development Programs
-
Wrap Up
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 396 of Financially Simple, Justin begins to examine the flip side of the coin - what do prospective buyers see when they look at your business as they consider its worth.
As the owner of a business, you know your company the ins and outs, the team and processes that you have in place - but have you considered what a buyer sees from the outside looking in? In this episode, Justin goes over some key points that a business owner needs to consider if and when they decide to sell their company, and what they can do to make it more appealing to potential buyers for a smooth transition.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TOPIC INDEX:
-
Through the Eyes of a Buyer, Part 1: The Owner
-
Motivation
-
Attitude
-
Expectations
-
Decentralization
-
Wrap Up
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 395 of Financially Simple, Justin explains how you can analyze your business’s performance year-on-year using five simple Key Ratios.
A Key Ratio uses your business’s financial data and compares the information to another data set to help determine the state of the company’s finances and more. In this episode, Justin explains the five Key Ratios that you should be using to measure your business growth path from one year to the next so that you can make changes in the sectors that are required to improve the overall value of your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:20 - Key Financial Ratios for Your Business
01:27 - What is a Key Ratio?
03:27 - Gross Profit Margin Percentage
06:36 - Net Operating Margin Percentage
09:02 - Debt to Equity Ratio
10:12 - The Quick and Current Ratios
12:28 - Your Return on Equity
16:30 - Summary
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 394 of Financially Simple, Justin takes a moment to go over what you as a business owner can do to try to prepare for the next financial crisis.
National and global catastrophes that happen unexpectedly, such as the current COVID-19 pandemic or even the 2008 financial crisis can make or break a business. In this episode, Justin goes over nine ways to help you protect your business and yourself during troubling times and to even potentially come out better.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - How to Use Your Business's Revenue to Prepare to Maximize the Next Crisis
04:01 - Positioning
05:46 - Handling Company Cashflow
08:12 - Cover Expenses
09:35 - Home Emergency Fund
11:27 - Operational Expenses
14:48 - Line of Credit
16:33 - Receive Retirement Plan Match
17:26 - Fully Fund HSA
18:17 - Max Out Your ROTH IRA
19:04 - Tax Planning
20:50 - Non-Qualified Assets
23:12 - Summary
26:30 - Wrap Up
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 393 of Financially Simple, Justin talks to author Les McKeown about Predictable Success. Can the success of a business be predicted with any certainty, and if so what are the indicators or paths that can be followed to measure the progress of the business? In this episode, Justin and Les discuss Les’s book Predictable Success, and cover the broad strokes of the path and indicators that Les has discovered in his many years of business. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Predictable Success with Les McKeown
01:19 - Backstory
07:41 - The Umbrella Path
16:07 - Should We Strive for Predictable Success?
26:13 - Investigation, Interpretation, Implementation
32:50 - Scale
40:57 - Recommended Reading
43:25 - A Piece of Wisdom
44:44 - Wrap Up
USEFUL LINKS:
Work with Our Team
Les McKeown, LinkedIn
PredictableSuccess.com/Justin
Predictable Success, by Les McKeown
Synergist, by Les McKeown
Do Lead, by Les McKeown
Do Scale, by Les McKeown
Advance Child Tax Credit Payments in 2021
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 392 of Financially Simple, Justin looks at the five levels of leadership according to authors Jim Collins and John C. Maxwell.
Do you lead your team from the front or behind? Are you highly capable or an executive? Do you need to level up your leadership to get more from your employees and improve your business? In this episode, Justin analyzes the two books on Leadership by Jim Collins and John C. Maxwell and asks the question, where do you fit as a leader in your own business?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - The Five Stages of Leadership
02:06 - Top Down vs. Bottom Up
05:01 - The Five Levels of John C. Maxwell
05:23 - Position
05:46 - Permission
06:57 - Production
07:49 - People Development
08:54 - The Pinnacle
10:37 - The Five Levels of Jim Collins
11:18 - The Highly Capable
12:01 - The Contributor
12:43 - The Competent Manager
13:16 - The Effective Leader
14:06 - The Executive
14:28 - What Level are You?
16:38 - Summary
USEFUL LINKS:
Work with Our Team
5 Levels of Leadership, John C. Maxwell
Good to Great by Jim Collins
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 391 of Financially Simple, Justin talks to Paul Metler of Initiative One about facing the changes that come with running a business.
Change is one of the few things you can bet on being consistent, and as a business owner being able to handle the changes that we face both internally and externally with our businesses is key to making it day-to-day. In this episode, Justin and Paul looks at the common metrics of change, and how we can guard our businesses from this constant flux.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - The Reality of Change, with Paul Metler
03:27 - Predictable Change Metrics
04:25 - A Common Catalyst
05:54 - Blowback
09:29 - Lessening the Pushback
11:37 - Where Business Owners Miss the Mark
12:43 - Accountability
13:46 - One Piece of Advice
15:19 - Focus
17:10 - Recommended Reading
18:32 - Summary
20:02 - Wrap Up
USEFUL LINKS:
Work with Our Team
Paul Metler, LinkedIn
Initiative One
The Reality of Change, Paul Metler and Fred Johnson
Frankenstein, Mary Shelly
Think Again: The Power of Knowing What You Don’t Know, Adam Grant
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 390 of Financially Simple, Justin gives an overview of the risks one might face in retirement and what can be done to mitigate those risks.
You’ve cashed in your chips and are ready for retirement, looking forward to living a comfortable life without the pressures of work, but what if there’s a market crash, what if X Y or Z happens - will you be OK? In this episode, Justin looks at the risk and returns of retirement, what you can control to reduce the potential stresses if a market crash occurs and threatens your nest egg, and how being flexible and rolling with the uncertainties of life will help you to maintain your lifestyle.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Understanding Risk in Retirement
03:10 - Risk and Return
08:27 - What We Can Control
10:16 - The Flexibilities of Retirement
12:18 - The 4% Rule
13:31 - Am I Going to be OK?
14:29 - Key Take-Away
15:55 - Wrapping Up
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 389 of Financially Simple, Justin talks to Jonathan Addington of JM Addington Technology Solutions about Business Cybersecurity.
You’ve probably heard of hackers and cyber scammers that target people for money or just to cause chaos, but have you taken active steps to protect yourself and your business from such threats? In this episode, Justin and Jonathan go over the basics, the most common types of cybersecurity threats business owners face, and how to go about protecting your business and your clients.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Cybersecurity, with Jonathan Addington
02:56 - What is Cybersecurity
04:49 - Case Scenario
09:58 - How to Deal With It
12:51 - The Most Common Type of Attack
15:28 - Why it’s Such a Pervasive Problem
17:52 - Making a Plan
20:03 - Budgeting
21:42 - Recommended Reading
23:09 - A Nugget of Wisdom
25:26 - Summary
USEFUL LINKS:
Work with Our Team
JMAddington.com/FinanciallySimple
Extreme Ownership, by Jocko Willink and Leif Babin
About Face, by Col. David H. Hackworth
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 388 of Financially Simple, Justin and Jeff Jeter discuss some common retirement myths.
When you’re planning on selling your business and settle in to retirement, there might be one or two things that you’ve heard and believe that actually are not true, and so when the time comes you might get an unexpected shock. In this episode, Justin and Jeff consider some of the most common retirement myths that Business Owners believe, and the truth behind them.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Retirement Myths Business Owners Believe, with Jeff Jeter
02:32 - Your Baby is Ugly
03:59 - Timing, Timing, Timing
05:51 - What’s Your Number
07:04 - Intent and Due Diligence
08:47 - Timeframes
10:57 - Diversification
13:00 - The Tax Triangle
14:28 - Take-aways
15:40 - Money, Money, Money
17:37 - Summary
USEFUL LINKS:
Work with Our Team
Jeff Jeter, WealthSource Partners
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 387 of Financially Simple, Justin wraps up this Legal miniseries on preparing to sell your business.
If you’re thinking of selling your business in the near future, or even much further down the line, being prepared and knowing the legal issues that can arise from those eventualities will be a boon when the time comes. In this episode, Justin summarises the last few episodes covering the legal aspects of selling a business, and asked the question: are you ready?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Are You Ready to Sell Your Business: Series Wrap Up
02:46 - The Wealth Gap
04:31 - The Value Gap
06:01 - How Value is Determined
10:41 - The Four Cs
16:16 - Ifs and Buts
19:36 - Summary
21:00 - Wrap Up
USEFUL LINKS:
Work with Our Team
Walking to Destiny, by Chris Snyder
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 386 of Financially Simple, Justin talks to Mital Patel of Triamicus Law about the legalities of selling your business.
With the “do-it-yourself” attitude of most business owners, some of the important, complex, and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement and consider the important fundamentals that must be addressed in the document so both the buyer and seller and even third parties involved are not liable for preventable issues.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - The Legalities of Selling Your Business, with Mital Patel
03:56 - What is a Purchase Agreement
06:24 - The Importance of Language in Provisions
09:11 - When is an Agreement Needed
14:17 - Be Prepared
17:10 - Other Areas an Agreement Covers
18:31 - Red Flags
21:19 - Recommended Reading
23:26 - A Nugget of Wisdom
25:07 - Wrap Up
USEFUL LINKS:
Work with Our Team
Mital Patel on LinkedIn
Triamicus Law
What Would the Rockefellers Do? by Garrett B. Gunderson
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 385 of Financially Simple, Justin talks to Dr. Grace Yum about selling her dental practices by herself.
Taking the reins and selling your business by yourself can be challenging, and immensely rewarding, especially if you’ve taken the right steps to understand the process and your desired outcomes. In this episode, Justin and Grace discuss the events of her starting, building, and eventually selling her dental practices on her own.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Selling Your Business Yourself, with Dr. Grace Yum
03:46 - Backstory: Education, Experience, Development
09:30 - Exiting
12:04 - Seeking Guidance
13:38 - Leaving a Legacy
15:57 - Doing it Yourself
19:27 - The Buyer
21:16 - The Process
23:25 - Crossing the Finish Line
25:40 - The Next Step
31:01 - Recommend Reading
31:50 - A Nugget of Wisdom
32:54 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Dr. Grace Yum, LinkedIn
Mommy Dentists in Business
Selling Your Practice: The Essential Guide to Successfully out of Dentistry, by Dr. David Phelps
The Energy Bus, by Jon Gordon
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 384 of Financially Simple, Justin talks to James Pugh of Pivot Capital about creating capital for your business’s growth.
Whether transitioning or planning the next step of growing your business, having the financing in place to support the move is vital. In this episode, Justin and James explain the role of investment bankers in increasing the value of your business, building your capital stack, and reducing risk.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Investment Banking and Business Transition, with James Pugh
03:13 - Who Do Investment Bankers Work With
06:08 - Investment Bankers as Facilitators
07:00 - The Current Market
08:16 - Risk Mitigation and Increasing Value
09:11 - Low Hanging Fruit
10:31 - Effects of COVID
12:22 - Small Market vs. Middle Market
13:01 - Tips to Increase Value
14:45 - What Should Business Owners Ask
16:07 - What is a Capital Stack
16:53 - How to Build Your Capital Stack
19:52 - Recommended Reading
21:21 - The Right Team Members
22:54 - A Nugget of Wisdom
24:36 - Summary
_________________
USEFUL LINKS:
Work with Our Team
James Pugh, LinkedIn
Pivot Capital
The Handbook of Financing Growth, by Kenneth H. Marks
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 383 of Financially Simple, Justin talks to Matteo Valles a Business Broker at Sunbelt Network.
Having a Broker on your side when it comes to selling your business might seem unnecessary, but the value they can add in helping value the business, assisting in getting prepared for sale, and with the sale itself, far outweighs any costs. In this episode, Justin and Matteo look at the transaction process from both the seller and buyer’s point of view and give some insight into the complexities of the undertaking.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - The Business Process: Transitioning, Selling, and Buying, with Matteo Valles
02:04 - A Typical Transaction
03:39 - Intangible Assets
04:59 - Valuation
06:51 - What to Focus on as a Seller
08:30 - Looking to Buy
10:19 - Are You Really Prepared
11:51 - Expectations vs. Reality
13:08 - Banks vs. SBA vs. VCs
14:41 - Recommended Reading
15:56 - One Piece of Advice
18:09 - Strategic Buyers
18:51 - When Should a Business Owner Approach a Broker
19:36 - Wrap Up
_________________
USEFUL LINKS:
Work with Our Team
Matteo Valles, LinkedIn
Sunbelt Business Brokers
Matteovalles.com
mvalles@sunbeltnetwork.com
How Did You Do It Truett??, S. Truett Cathy
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 382 of Financially Simple, Justin discusses Estate Planning with guest Julie Eisenhower of Triamicus Law.
Estate Planning is essential for every business owner, having a legal document in place in case the unexpected happens to you or if you are the principal beneficiary of another business owner. In this episode, Justin and Julie go over the differences between Estate Planning for a business owner and a non-business owner, considerations of inheriting a business, co-mingling, and giving someone the power of attorney on your behalf.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Estate Planning, with Julie Eisenhower
02:26 - Business Owner vs. Non-Business Owner
04:37 - Case Example
08:04 - Inheriting a Business
10:57 - Co-Mingling
13:15 - Power of Attorney
16:49 - Recommended Reading
18:48 - A Nugget of Wisdom
20:10 - Wrap Up
_________________
USEFUL LINKS:
Work with Our Team
Julie Eisenhower, LinkedIn
Triamacus Law
What Would the Rockefellers Do? by Garret B. Gunderson
The E Myth Attorney by Michael E. Gerber
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 381 of Financially Simple, Justin introduces a series of episodes looking at the legal side of selling your business.
Is now the right time to sell your business? Have you planned everything out, prepared your employees and team? Have you considered what happens after? In this episode, Justin introduces the series of episodes that will answer these questions and more, with upcoming interviews with professionals and business owners that have gone through the process.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Introduction to Legal: Is Now the Right Time to Sell Your Business?
04:26 - Tax Planning
06:58 - Business Planning
08:24 - Employees
09:13 - What if the Sale Doesn’t Go Through
10:29 - After the Transition
11:42 - Coming Up in This Series
14:43 - Summary
_________________
USEFUL LINKS:
Work with Our Team
The Ultimate Sale, Justin Goodbread
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 380 of Financially Simple, Justin looks at the top Social Media platforms for Business Marketing.
There are a number of different social media platforms each catering to a different age group and or mindset. In this episode, Justin goes over each platform in turn, considering the main user group and demographics of the platforms as well as the form of media used on each, and how to leverage this data to better target your ideal customer.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Social Media for Business Owners
01:46 - Not All Social Media Platforms are the Same
03:42 - Facebook
06:33 - Twitter
10:08 - Instagram
12:17 - LinkedIn
15:03 - YouTube
18:42 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 379 of Financially Simple, Justin goes over some of the most common misconceptions regarding Social Media Marketing.
Social Media platforms have grown in number and popularity in the last few years, becoming powerful tools for businesses that are able to leverage the opportunities the platforms afford. In this episode, Justin looks at reasons why business owners can be hesitant to utilize Social Media and explains why they shouldn’t.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Social Media Marketing Strategies: 5 Digital Media Misconceptions
02:00 - What is Social Media
04:13 - Time
05:48 - ROI Measurement
06:37 - The Generation Game
09:39 - Platform Differentiation
12:48 - The Right Strategy for Your Business
16:29 - Create a Plan
19:25 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 378 of Financially Simple, Justin looks at five current trends in Marketing that could make your marketing strategy more effective.
In recent years we’ve seen the business landscape change as new technology and innovation disrupts how we do business. In this episode, Justin goes over five marketing trends that have become instrumental in modern business strategies.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - 5 Trends to Make Your Marketing More Effective
05:09 - Innovation/Evolution
07:56 - Market Research
11:04 - Electronic Data
15:12 - Marketshare Disruption
18:23 - Tied to Profit
21:40 - Practical Application
23:22 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 377 of Financially Simple, Justin goes over the basics of Marketing for Business Owners.
Having a business that provides a service or product is one thing, finding the people that the service or product is intended for and telling them all about it so that they’ll buy the service or product is another. In this episode, Justin explains the five key aspects of marketing and their importance.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - 5 Elements of Marketing
06:05 - Create a Strategy
08:12 - ROI
09:22 - Rate of Success
11:12 - Your Target Audience
14:14 - Engagement
15:40 - Conversion
19:14 - Analyze and Refine
19:50 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 376 of Financially Simple, Justin wraps up the series of episodes on Financial Readiness by taking a look at your own finances.
Having gone over all of the aspects making sure that your business is financially secure and ready for when you decide to retire or sell, it’s time to check your own status. In this episode, Justin goes over the checklist of items that you must consider when planning your retirement or business exit.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Financial Readiness
04:34 - New Beginnings
07:46 - The Gap
11:39 - How Much Do You Make
13:25 - Taxes and Investments
17:30 - Personal Tax Plan
18:47 - Debt
20:54 - Insurance
22:00 - Estate Planning
23:44 - Having a Comprehensive Planner
27:17 - Wrap Up
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 375 of Financially Simple, Justin takes a look at assessing a Business Owner’s readiness to leave their work.
When planning to sell and exit your business, you should have all the paper work done and dusted - but are you personally ready and capable of leaving it all behind? In this episode, Justin goes over issues that a Business Owner should consider as they prepare to move on to the next chapter of their life.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Personal Exit Readiness Assessment
03:49 - Are You Ready?
05:03 - Personal Goals
06:56 - Power
08:39 - Finances
12:26 - Planning
16:55 - Insurance
17:25 - Wrap Up
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple - The Wealth Gap
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 374 of Financially Simple, Justin continues his examination of making a business ready for selling or your exit from running it.
Knowing the state of affairs within your own business is one of the key fundamentals to having it ready to sell, or to continue running like clockwork in your absence. In this episode, Justin lists more of the matters that require attention - are your affairs in order, or are they in need of improvement.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Is Your Business Exit Planning Ready? Part 2
02:33 - Management Systems and Forecasting
04:27 - Company Documentation
07:59 - Expense Contracts
08:46 - Personal Knowledge
09:43 - Systems and Processes
11:07 - Compliance
12:12 - Improving Profits
16:43 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 373 of Financially Simple, Justin starts to look at the Exit Planning of your business strategy.
Whether you are looking to sell your business soon, or in twenty years time, it’s important to know the state of readiness of the business so that everything is in order and not a scramble to impress buyers. In this episode, Justin goes over the key aspects to consider when preparing to sell your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Is Your Business Exit Planning Ready?
03:01 - Valuation Expectations
06:11 - Do You Know What You’re Doing After Selling
09:08 - Shareholder’s Goals
11:42 - What is Going to be Sold
13:26 - Is the Business Consistent
14:59 - Are the Current Products or Services Attractive
15:45 - Credibility
16:40 - Branding
18:29 - Marketing
19:58 - Employee Management
24:12 - Financials
25:28 - Wrap Up
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 372 of Financially Simple, Justin continues to look at working with a Business Advisor and goes over the questions posed to determine a business’s attractiveness.
Any business owner that has started from the ground up and made their business their own might be unable to take a step back and see the business for what it is in the eyes of outsiders. In this episode, Justin goes over the question set that will be asked in order to determine the attractiveness of a business to potential buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - The Business Attractiveness Question Set
04:43 - The Scoring System
07:31 - The Business Factors
17:37 - Future Prospects
23:21 - Market Factors
28:03 - Why are You Considering Selling Your Business
32:17 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 371 of Financially Simple, Justin begins a series of episodes that take a look behind the curtain of working with a Business Advisor.
If you own a small business and haven’t yet hired an advisor to assist you in achieving the goals that you have for the business and for yourself, perhaps you’re undecided, then the following episodes will help you by explaining exactly what is provided and involved in having a dedicated Business Advisor. In this episode, Justin looks at growing the value of your business, your end goals of retirement, and how an EBITDA assessment can put you on the right track.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - What it is Like to Work with a Value Growth Advisor
02:05 - The Assessment
05:55 - A Bit of Backstory
17:11 - What are the Business’s Goals
23:22 - Business Attractiveness
28:15 - EBITDA Examination
31:23 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 370 of Financially Simple, Justin tackles the issue of Imposter Syndrome.
Despite the success and accomplishments of your business, you may fee like you’re a fraud or undeserving of the achievements you have made. In this episode, Justin looks at the phenomenon of Imposter Syndrome - what it is, how it can affect us as business owners, and how we can overcome it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Imposter Syndrome
01:08 - What is it all about?
06:24 - “Because I said so!”
10:34 - Imposter Syndrome and Small Business Owners
14:43 - Types of Imposter Syndrome
17:04 - How to Overcome Imposter Syndrome
28:19 - Summary
USEFUL LINKS:
Work with Our Team
Kajabi Study: A Majority of Entrepreneurs and Small Business Owners Feel Like Imposters
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 369 of Financially Simple, Justin goes over the recent Child Tax Credit offered by the IRS.
The IRS has made some changes to the Child Tax Credit it offers to individuals, so it provides an opportunity for small business owners. In this episode, Justin explains the recent changes to the CTC, going over who qualifies and how it affects you as a small business owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - The 2021 New Child Tax Credit
04:05 - Qualifications
07:54 - Providing Correct Information
08:58 - FAQs
13:42 - Should You Un-Enroll
14:18 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Advance Child Tax Credit Payments in 2021
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 368 of Financially Simple, Justin explains the rates and fees of hiring a Business Advisor.
Hiring a Business Advisor for their objective opinion and expertise might be a daunting prospect, however necessary in order to achieve your business goals. In this episode, Justin breakdown the costs of a Business Advisor, and provides some insight as to how you can determine their value for yourself.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:41 - How Much Does it Cost to Hire a Business Advisor
04:26 - Rates and Pricing
07:54 - Stats and Facts
11:57 - How are Fees Determined
20:40 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 367 of Financially Simple, Justin answers a question on the cost of hiring a comprehensive financial planner as a small business owner.
There are a multitude of benefits and gains to be had by having a financial planner as a part of your team and business strategy, however, the term “comprehensive financial planner” can be misrepresented. In this episode, Justin discusses what “comprehensive” means in relation to small businesses, and the role a financial planner should play in the success of your business - as well as what you might expect it to cost depending on a few variables.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:28 - How Much Does it Cost to Hire a Comprehensive Financial Planner
04:18 - Are They Truly “Comprehensive”
09:20 - What Makes for a Good Financial Planner
13:40 - So, How Much Will One Cost
18:55 - Specifically for Business Owners
25:34 - Summary
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 366 of Financially Simple, Justin considers the costs of having a financial advisor manage your wealth.
As a Business Owner, you always have an eye on the future - your future and retirement; however, it can be difficult to decide how to manage your investments, with manager’s fees differing from one service to the next. In this episode, Justin looks at the costs and weighs the benefits comparing the different options available.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - What is the Average Cost of Hiring an Investment Advisor to Manage $1,000,000 or More
03:39 - How Much Does a Financial Advisor Cost
08:56 - Is The a Cheaper Option
16:12 - Risk
21:07 - Summary
_________________
USEFUL LINKS:
Work with Our Team
Financial Advisor Fees - US Rankings
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 365 of Financially Simple, Justin looks at the preparations for having a mid-year strategic meeting.
The last six months have breezed by, and now it’s time to take stock and assess where we are with the strategic business plan that we laid out at the beginning of the year. In this episode, Justin goes over the preparations necessary to allow you and your team to reflect on your business plan in order to effectively stay on track and achieve the goals that you had set out six months ago.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - How to Prepare for Your 6 Month Strategic Planning Meeting
05:59 - Create an Agenda
17:28 - Choose an Appropriate Location
19:34 - Have a Facilitator
23:47 - Summary
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 364 of Financially Simple, Justin provides a quick guide to creating a budget for your business.
According to Small Business Genius, half of all small businesses don't have an official, written operating budget to record their expenses. Many times those business owners who begin maintaining a budget, start to see more profit because their business account is no longer a blank check for spending. In this episode, Justin goes over a four-step plan for creating and maintaining a budget for your small business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:43 - Four Easy Steps to Creating a Small Business Budget
03:15 - Some Facts
06:08 - Have Separate Accounting Software
06:57 - Profit and Loss
09:12 - Adjust the Historical to Reflect the Future
11:32 - Program the Budgeting Tool
12:09 - Summary
13:53 - Wrap Up
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Intuit Quickbooks
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 363 of Financially Simple, Justin provides an overview of Inflation.
Inflation is an economic factor that influences so much of the goings on in our business matters, yet few of us really know what it is and how it affects us and our work. In this episode, Justin gives the run down on Inflation - what it is, how it works, why it matters, and how business owners can respond to changes in the rate of Inflation.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Is Inflation Approaching?
01:46 - What is Inflation
03:43 - Why Measure Inflation
05:19 - Why Does it Matter
06:41 - Indicators of Inflation
11:58 - Responses to Inflation
14:54 - What About Our Businesses
17:19 - Example
20:04 - Wrap Up
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 362 of Financially Simple, Justin gets digital, giving an overview of Cryptocurrencies.
In recent years we have seen the rise of digital currencies like BitCoin, but amidst all the noise, as people have rushed to embrace this new technology, few have stopped to understand it and ask whether or not cryptocurrencies are a legitimate investment opportunity. In this episode, Justin explains what cryptocurrencies are, how they work and provides some guidance on whether or not these digital coins are a good investment.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:52 - Should Business Owners Go “All In” On Cryptocurrency
02:50 - The Block-Chain
07:53 - Cryptocurrency
11:35 - What’s the Fuss All About?
13:23 - Are Cryptocurrencies a Good Investment?
16:02 - If Not Now, When?
18:07 - Have An Investment Philosophy
22:45 - Diversification
24:45 - The 7 Basic Asset Classes
28:31 - So, Should You Invest?
29:24 - Summary
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 361 of Financially Simple, Justin continues the allegory of his fishing trip in relation to Business Owners setting out and seeking better waters.
If you’ve had to pivot, or change course and deviate from the business plan you had crafted, you will inevitably have to deal with some negativity and noise from the naysayers. In this episode, Justin shares his experience setting out to find better fishing grounds, and likens it to Business Owners and Entrepreneurs who are charting a new course, giving some guidance on how to succeed.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - When You Leave The Shore, Expect To Hear Some Noise
02:30 - The Types of Noise You May Have to Deal With
13:29 - How to Succeed Despite The Noise: Visualize Your Dreams
17:34 - Value Endurance
19:15 - Mental Strength
21:45 - A Word of Caution
23:41 - Summary
USEFUL LINKS:
Work with Our Team
The Reality of Change, by Fred Johnson and Paul Metler
Start with Why, Simon Sinek
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 360 of Financially Simple, Justin shares his recent fishing adventure.
The last year or so has been unprecedented and extremely tough for business owners, with many having to make difficult decisions in order to keep on track with their business plans. In this episode, Justin recounts battling a Bull Shark, and likens the experience to handling the challenges many business owners are facing - you could cut loose, or just take it head-on.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Sometimes You Have to Fight The Shark
10:22 - So, What Do You Do?
13:44 - What’s Your Shark
15:38 - Wrap Up
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 359 of Financially Simple, Justin takes a look at the Business Cycle.
To paraphrase The Byrds, to every business there is a cycle, and knowing at which stage of the cycle your business is at can help you to move on to the next stage and also avoid the bad phases. In this episode, Justin goes over each stage of the Business Cycle, highlighting the importance of recognizing when you’re headed for a rough patch and how you can continue on a smooth growth path.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - The Business Cycle
03:10 - Launching Your Business
05:13 - The Growth Phase
05:56 - The Washing Machine
08:53 - Auto-Pilot
11:11 - Atrophy
12:34 - Recovery
13:55 - Summary
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 358 of Financially Simple, Justin answers a listener’s question regarding Formal and Informal Valuations.
If you are planning on selling your business, having the business accurately valued is important to determine its worth in order to get a fair offer. In this episode, Justin compares Formal and Informal Valuation criteria, and gives a breakdown of each.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Formal vs. Informal Valuation
02:45 - What is a Business Valuation
04:55 - What is Value
07:18 - When are Valuations Needed
09:12 - The Difference
15:30 - Summary
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 350 of Financially Simple, Justin talks to The Go-Giver author Bob Burg about the importance of Leadership in a business.
While the objective of a business is to make money, it is not the most important factor when deciding how to run a business. In this episode, Justin and Bob ask the important questions that result in money being the by-product of the answers and subsequent actions.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Leadership, with Bob Burg
04:03 - “Does it make money?”
08:11 - A Bit of Backstory
14:51 - Coaches and Mentors
22:17 - Always Learning
26:46 - A Pearl of Wisdom
USEFUL LINKS:
Work with Our Team
The Go-Giver, by Bob Burg and John David Mann
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 344 of Financially Simple, Justin gives an overview of how a Business Owner can go about letting go of some of their responsibilities.
Burn out and stress are two common issues Business Owners face in the running of their company, and as the business grows there comes a point when you can’t continue to do everything and will need to start delegating tasks in order to maintain that growth. In this episode, Justin explains how you as a business owner can begin relinquishing control over areas of your business, and handing those responsibilities to other team members so that you can have more time to focus on the work you want to do.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - How a Business Owner Can Relinquish Control of Their Company
01:29 - Key Points
02:33 - Delegation
07:57 - How Do We Relinquish Control?
12:35 - Summary
USEFUL LINKS:
Work with Our Team
Financially Simple Energy Audit
Erisaminer Webinar - Sign Up
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 343 of Financially Simple, Justin gives a quick explanation of why keeping Meeting Minutes is useful as a Business Owner.
Who said what, when, where, and what happened next - knowing these things from your business meetings is important to keep track of important decisions and growing your business successfully. In this episode, Justin explains how to keep meeting minutes effectively.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - How to Keep Effective Meeting Minutes
01:54 - Who is Required to Keep Minutes?
03:05 - What Should be Included in Meeting Minutes?
03:34 - Putting it into Practice
07:04 - Keeping a Record
09:04 - What Do You Do With Your Minutes?
09:47 - Wrap Up
USEFUL LINKS:
Work with Our Team
Erisaminer Webinar - Sign Up
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 342 of Financially Simple, Justin looks at improving efficiency with effective time management.
Time is money, as the saying goes, and most business owners would agree that they would rather use their work time effectively rather than squander it on frivolous tasks. In this episode, Justin explains how having a schedule that is properly organized to manage your time between work and life will improve your efficacy and happiness.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - How Small Business Owners can Build a Schedule for Maximum Efficiency
06:54 - Time Management
07:59 - Decide When To Work and When Not To
10:00 - Block Out Your Schedule and Inform Your Team and Clients
11:19 - Schedule High Priority Items at Peak Times
12:59 - Provide Blocks in Your Daily Schedule
14:41 - Build an Efficiency List
17:05 - Delegate Low Revenue Activities
17:40 - Refine Your Schedule
18:13 - Summary
USEFUL LINKS:
Downloadable Productivity Worksheet
Work with Our Team
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 341 of Financially Simple, Justin goes over the benefits of having an Operations Manual for your business and how to use technology to make the process easier.
Having an Operations Manual for your business can make your life as the owner much easier, as the manual helps to bring new hires up to speed on the processes that you currently use. Furthermore, the manual will help the new CEO or owner of the business understand how you run things when you sell or retire. In this episode, Justin explains the reasons why having an Operations Manual is important and gives tips on how to use technology to document the processes that you use.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - How to Use Technology to Accelerate Your Operations Manual
04:29 - What’s in the Operations Manual?
06:31 - Does it Matter?
09:59 - Where to Start
15:07 - The Results
17:00 - Summary
USEFUL LINKS:
Work with Our Team
Eli Goldratt - The Goal
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 340 of Financially Simple, Justin looks at the three main causes of stress for small business owners.
Running your own business is incredibly stressful, there are so many factors that you as a business owner must consider daily and it can take a toll if you don't manage yourself and your business effectively. In this episode, Justin goes over the three biggest stress factors for small business owners and offers guidance on handling it all to avoid burnout.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - How to Stop Stress as a Business Owner
01:08 - Why are We Stressed Out?
01:56 - Cashflow Concerns
04:18 - Tax Regulations
06:29 - Time Management
11:49 - Wrap Up
USEFUL LINKS:
Work with Our Team
Subscribe to the Financially Simple Newsletter
[BOOK] Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 339 of Financially Simple, Justin considers why Business Owners’ personal finances can be such a mess.
Running your own business is like spinning plates, there’s a lot going on and if we don’t pay attention something gets overlooked and crashes, and, oftentimes, this is our own financials. In this episode, Justin looks at reasons why the business owner’s personal finances are usually overlooked, and gives some ways to address the problem.
There are many different ways that business owners can allow owning a business to harm their personal finances. For the sake of time, I'm only going to outline a few of the primary offenses that get business owners into personal financial trouble. If you read through this list and find that you can personally relate to any of them, don't worry. I'm going to follow up with ways to help you protect yourself, so you don't end up looking at your personal finances in your 30s or your personal wealth in your 40s, 50s, or 60s and think, "I'm going to have to work well into my 80s!"
- Operating your business as a sole proprietorship. Leaving your business unincorporated means that you and any partners you might have in the business are personally responsible for any business debts. This may seem like something you can control, but what happens when you find yourself on the wrong end of litigation?
- Use personal lines of credit to finance your business. Full disclosure, I've done this before. The problem is that it can lead to massive amounts of personal debt and limit your ability to secure financing in the future.
- Providing a personal guarantee to a lender. Like the previous two offenses, personally guaranteeing a loan places your personal finances directly in the cross-hairs of your creditors. Even if the business is dissolved, you will be held liable for any outstanding debts that you've guaranteed.
- Being unprepared for an unbalanced cash flow. Some businesses have an unbalanced cash flow. These are typically seasonal in nature, like water parks, landscaping companies, and outdoor sports shops. But cash flow is vital to your business. In fact, 82% of failed businesses cite a lack of cash flow as the primary reason they failed. Business owners can often cause serious harm to their personal finances by not preparing for the lean times that come in the "down" months of a business with an unbalanced cash flow with an emergency fund.
How Do We Protect Ourselves? Now that we have an idea of some of the typical ways business owners harm their personal finances through their businesses, let's shift gears. As business owners, what are the simplest ways to protect our personal finances from our businesses? How do we protect ourselves? Finances don't have to be difficult. So, whatever season of life you find yourself in, protect your personal finances. Pay yourself first and move on from there.
- Create an entity. I know operating as a sole proprietorship is easy. However, there's a tradeoff for that. In my opinion, the risk outweighs the reward. Whether it be a partnership or an LLC., you're protecting yourself from personal liability by creating an entity. Filing within your local jurisdiction is simple, and it provides you with the protection of a corporate veil.
- Build an emergency fund. This is finance 101. Like I said before, pay yourself first. You might think you don't need to keep very much liquidity, but that's what many of us thought before COVID-19. If you have 3 - 6 months' worth of expenses stashed in an emergency fund, you can typically handle the curveballs that life throws at you.
- Be sure to have enough insurance coverage. Having the correct insurance coverages is extremely important, but so is having enough coverage. All it takes is one lawsuit, one catastrophe to wipe out your personal finances. If you're unsure whether you have the right coverage or enough of it, speak with a licensed insurance agent.
- Don't sacrifice your retirement savings. I realize that many of you view your business as your retirement savings, but I want to unpack a couple of things here. I work with 50 to 60-year-old business owners all the time and their retirement savings compared to their non-business-owning counterparts are abysmal. But if you diversify your income, placing some of the money into retirement accounts, those accounts are often off-limits to creditors. Furthermore, retirement isn't a "get rich quick" scheme. Use the "slow money" of Wall Street to protect your future from the possibility that your business doesn't sell. By investing in retirement accounts, you can take advantage of the eighth wonder of the world... compounding interest.
- Keep debt to a minimum. I hate debt. To me, debt is a four-letter word. However, I am aware that there are times when taking on debt makes sense. Regardless of your personal view of debt, whether you're 100% against it or see it as an opportunity to leverage, keep it to a bare minimum.
As we wrap this up, I hope you've taken a good hard look at a very personal subject. You might be one of the fortunate ones that can look at this subject and say, "I'm doing great!" If you are, then I applaud you. But, maybe you've seen some things that you don't like. If that's you, what are you going to do about it? What are you going to do today to change the trajectory of your life? What you do today can affect your personal finances in your 30s or your personal wealth in your 40s. It will likely impact your retirement when you've reached your 60s.
Believe it or not, these aren’t uncommon issues for business owners. I see it day in and day out. We help business owners put their personal and business finances on track to work in unison to reach their goals every day. We aim to teach business owners how they could double their net worth every 3 - 5 years. If you would like to learn more about how we can help you, reach out to us!
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - Life as a Business Owner Has Wrecked My Personal Finances
02:42 - How Did We Get Here
03:41 - The Primary Offenses
07:57 - How Do We Protect Ourselves
08:29 - Make an Entity
08:54 - Build an Emergency Fund
09:53 - Have the Correct Insurance Coverage
10:18 - Don’t Sacrifice Your Retirement Savings
14:22 - Keep Debt to a Minimum
16:06 - Summary
RESOURCES:
Work with Our Team
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 338 of Financially Simple, Justin looks at the main reasons that a small business will likely fail within the first few years.
Failure to plan is planning to fail, and never is this more true than with new businesses that start out without proper planning. In this episode, Justin lists the seven main reasons that small businesses don’t last more than a few years and offers solutions to overcome each of the issues.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - 7 Reasons Small Businesses Fail
02:58 - Failure to Create a Business Plan
05:13 - Failure to Investigate the Market
07:21 - Financing Obstacles
08:33 - Poor Marketing Decisions
09:57 - Failure to Innovate
12:06 - Expanding too Quickly
13:11 - Poor Management
14:47 - Summary
RESOURCES:
Work with the Financially Simple Team
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 337 of Financially Simple, Justin goes over having a vision for your Business.
The majority of Small Business Owners begin with an idea of their business, and this vision of what could be inspires and motivates them to start and to keep going. In this episode, Justin talks about having a vision for your business and how it can drive your team forward to be a success, as well as some advice on keeping the vision alive.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:44 - Can You Cast Vision as a Business Owner
02:02 - Personal Example
05:55 - Define Your Vision
08:38 - Be Inspiring
10:23 - Follow Up Consistently
12:01 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 336 of Financially Simple, Justin talks to David Kent of Heritage Investors about the Power of Two to Influence One.
Two heads are better than one, so the saying goes, and as a business owner running your own business it can be helpful to have a second in command to free up your own time and resources and to make the business more efficient. In this episode, Justin and David introduce and explain the concept of The Power of Two to Influence One, and how it can improve your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:58 - The Power of Two to Influence One
02:22 - Numbers Matter
05:19 - The Concept
11:45 - How it Works
17:43 - Reducing Owner Dependence
21:21 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 335 of Financially Simple, Justin continues his examination of Wall Street as an investment option for Business Owners.
Investing in your own business can only get you so far, especially when the vast majority of small businesses won’t sell which can jeopardize the owner’s retirement plans. In this episode, Justin looks at Wall Street as an option for Small Business Owners to invest in as part of their retirement plan.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Business Owners and Wall Street: The Love-Hate Relationship
01:32 - What is Wall Street?
06:34 - What This Means for Business Owners
07:19 - The Wall Street Model
11:17 - Retirement Options
13:59 - Summary
16:38 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 334 of Financially Simple, Justin asks the question Why Do Business Owners Hate Investing in Wall Street?
In the light of past and recent events involving the financial advisors of Wall Street, it’s a wonder how anyone without a hedge fund can trust the stock market. In this episode, Justin looks at reasons why Business Owners in particular are hesitant to put their hard earned cash into an investor’s hands.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - Why Business Owners Hate Investing in Wall Street
01:20 - Personal Reasons
03:26 - Invest in Your Own Business
05:40 - Trust
07:56 - Politics
09:13 - Control
10:42 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 333 of Financially Simple, Justin answers a listener’s question - What do Financial Planners Do?
There are many different professionals that can be described as Financial Planners, from Wall St. investors to Insurance Brokers, but what is an actual Financial Planner, and what do they do? In this episode, Justin answers this question and explains the role and benefits of using the services of a Financial Planner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:59 - What Does a Financial Planner Do For Business Owners
02:01 - Different Types
04:07 - Requiring a Different Approach
08:14 - The Four Quadrants
13:46 - The Role of a Financial Planner
18:36 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 332 of Financially Simple, Justin takes a look at Disability Insurance for Business Owners.
In the event of an accident occurring, either within your business or in your daily life, that results in you being disabled and unable to continue working in your current position, it’s important to have insurance cover - however, there are some caveats. In this episode, Justin explains what Disability Insurance is, why it is important, and most importantly how it works with Social Security and conditions of work.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:51 - How Much Disability Insurance Does a Business Owner Need?
01:01 - What is Disability Insurance?
04:52 - How Does it Work?
08:24 - What About Social Security?
10:34 - Why it Matters
11:43 - Costs and Coverage
14:18 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 331 of Financially Simple, Justin looks at how much Life Insurance a Business Owner actually needs.
As a business owner, there are a lot of "What If?" scenarios, one of which is, "What if I die? Will my family be taken care of?" In this episode, Justin explains how to calculate how much life insurance you should need in order to cover the living costs of your family, as well as factoring in outstanding debts and loans on your business and a few common mistakes business owners make when taking out insurance.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - How Much Life Insurance Does a Business Owner Need?
03:09 - Personal Factors
06:38 - Factoring in Debt
07:59 - What Matters?
10:43 - A Common Mistake
13:37 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 330 of Financially Simple, Justin considers whether or not a Business Owner should pay off debt or invest their second stimulus check.
When receiving a second stimulus check, it might be the case that your business is already in a good place, having successfully weathered 2020. However, you can still put that money to good use. In this episode, Justin looks at the benefits of paying off any debt you or your business might have, and once that is done consider investing the money.
Follow along in our article.
_________________
TIME INDEX:
00:45 - Stimulus: Should a Business Owner Pay Off Debt or Invest?
01:33 - It Depends
05:57 - The Decision Tree
09:52 - Other Debts
13:47 - Taxes
16:10 - Investing
17:22 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
The Million Dollar Difference… $1,000 per Month Toward Your Mortgage vs. Investing
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 329 of Financially Simple, Justin asks the question, How Much Should You Pay for a House?
The majority of us desire to own our own home at some point in our lifetime, to settle down and enjoy the fruits of our labors - it’s a right in the Constitution and a part of the American Dream. In this episode, Justin looks at buying a house, factoring in the costs and expenses that it will incur, and considers what you can afford and what you should aim for.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - How Much Should Business Owners Pay for a House?
01:23 - The American Dream
04:21 - How Much House CAN You Afford?
07:33 - How Much SHOULD You Afford?
09:56 - Why Does it Matter?
16:27 - Affecting Your Future
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 328 of Financially Simple, Justin looks at the cashflow state of Businesses in the wake of COVID-19.
2020 was a year that tested many businesses and their ability to weather a financial storm - and many were not adequately prepared. In this episode, Justin explains why cash reserves are important as a means to cover yourself and your business in times of stress, and in the wake of COVID-19.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - How Much Cash is Necessary in a COVID World?
01:23 - Are Business Owners Poor Money Managers?
03:46 - Two Main Reasons Why
07:36 - The Reality
08:54 - How Much Cash Do We Need?
12:16 - What About the Alternatives?
13:13 - Cash is Freedom
14:41 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 327 of Financially Simple, Justin looks at calculating your Lifetime Savings.
How much money will you make over the course of your life? How much will you save up during the working period of your life? Will you be able to rest comfortably once you retire? In this episode, Justin explains how to calculate your Lifetime Savings and why knowing matters; he also covers some ways to improve on your numbers so that come retirement, you will be in a better position financially.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - How to Calculate Your Lifetime Savings Results and Why It Matters
01:07 - The Average Lifetime Income
05:10 - The Math
07:44 - How To Improve
10:33 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 326 of Financially Simple, Justin goes over how to calculate your Income Savings Rate and why it matters.
With all that occurred last year, it’s worth taking the time to assess your financial situation and see what can be done to improve matters to secure your financial future. In this episode, Justin looks at how you can calculate your Income Savings Rate, bearing in mind that the majority of us are not active with our savings, and how we can make ourselves better off with this self-assessment.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - How to Calculate Your Income Savings Rate
04:22 - Don’t Bury Your Talents
07:06 - Self-Assessment Calculation
12:03 - What You Can’t Include
14:06 - Pay Yourself First
15:40 - What is Your Income Savings Rate?
18:21 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 325 of Financially Simple, Justin shares some of the technologies that are used in providing financial services.
It takes a lot to run a business, a solid plan and strategy, and a great team. Increasingly technology is becoming more and more a part of the functions of a business too. In this episode, Justin looks at the numerous applications and web services that his businesses utilize to assist their clients.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:10 - The Financial Software We Use to Help Your Business
02:36 - Inbound Clients
03:38 - Financial Planning
04:47 - Adding Up
05:09 - Risk Assessment
06:15 - Assets and Investments
06:46 - Billing
07:29 - Filing and Organization
08:16 - CRM Management
09:11 - Data Retention
10:23 - Business Planning
11:33 - Marketing
12:23 - Costs
13:14 - Simplify and Streamline
16:10 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple Business Planning Course
Financially Simple Webinar
Hatchbuck.com
Calendly.com
EmoneyAdvisor.com
Riskalyze.com
MorningStar.com
TDAMeritrade.com
OrionLaw.com
AdvicePay.com
Smarp.com
RedTail Technology
Erado.com
VOP
Maus.com
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 324 of Financially Simple, Justin provides an outline to a roadmap for the year ahead.
The new year has begun, and it’s important to start off on the right foot. In this episode, Justin goes over the importance of having a strategic business plan, and how to set up goals for the coming year to help your business get to where you want it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:10 - How to Set Business Goals You Can Actually Achieve in 2021
02:00 - Review the Last Year’s Strategic Plan
03:38 - Set Yourself and Your Team Goals
05:34 - SMART Goals
06:12 - Write Them Down
10:03 - Create Accountability
11:20 - Strategic Planning
14:24 - Summary
USEFUL LINKS:
Work with Our Team
Additional resources about Setting Business Goals
Subscribe to the Financially Simple Newsletter
Financially Simple's The Ultimate Sale - Selling your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 323 of Financially Simple, Justin shares a Christmas message of hope.
’Tis the season, a time to pause and reflect. In this episode, Justin tells two short stories of peace and hope, with lessons that we should all learn from as we take this time out to rest and celebrate.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - My Christmas Message
02:27 - The Christmas Truce
07:54 - The Birth of Jesus
10:02 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 322 of Financially Simple, Justin reflects on 2020 and considers the lessons learned over the course of the year.
The past year has been one for the books, with so much happening that it has left many of us with our heads spinning. So, what have we learned? In this episode, Justin goes over eleven lessons that 2020 has taught us, and how we can use these experiences to be better prepared for 2021.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - Business Lessons from 2020: Using What We’ve Learned to Take on 2021
03:22 - People Matter
05:01 - Trust is the Cornerstone of Business
06:54 - Be Authentic
08:43 - Operate from a Position of Gratitude
10:45 - Have a Disaster Plan
11:35 - Profitability per Department
12:17 - Cash Reserves are More Important than Cashflow
14:12 - Scalability
15:45 - Embrace Technology
17:26 - Never Stop Innovating
18:48 - This Too Shall Pass
21:24 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 321 of Financially Simple, Justin takes a close look at Santa Claus’s business operations.
For most small businesses things start to wrap up as we approach the holidays, but for one individual, and his many, many, many employees, things are only just getting started. In this episode, Justin examines Santa’s North Pole operation, looking at the eight key areas of this business empire that has been running for centuries.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - What Can Santa’s Operation Teach Us About Business Value Growth?
01:50 - A Little History
03:10 - The Eight Key Areas of Santa’s Business
05:38 - Planning
06:28 - Leadership
08:16 - People
09:10 - Operations
11:34 - Finance
12:22 - Legal
14:24 - Summary
16:24 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 320 of Financially Simple, Justin looks at appropriate ways to reward your employees with a year-end bonus.
As 2020 comes to a close and the holidays draw near, many business owners will be considering giving their team a bonus for their efforts through this tough year. In this episode, Justin shares some guidelines on giving out bonuses, and also provides a few ideas on what makes for a good bonus gift (and a bad one).
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - How to Bonus Employees at Year-End
03:17 - Bonus Guidelines: The Why
04:41 - Communicating the News
07:40 - Having a No Bonus Situation
07:55 - Ideas for Bonuses
10:50 - Bad Ideas
12:50 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 319 of Financially Simple, Justin gives tips on avoiding Christmas strife.
It’s the most wonderful time of the year, except that up to now it’s been a very difficult year for many of us. In this episode, Justin shares some wisdom on how to avoid adding to the stress of the Christmas holidays by having effective communication between yourself and your significant other, and spending wisely and with intent.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - How to Avoid Christmas Conflict
04:37 - The Five Love Languages
07:05 - How to Avoid Conflict: The Saver vs. The Spender
09:25 - Budgeting
11:27 - Write Down Your Gift List
14:06 - Sage Advice
18:31 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 318 of Financially Simple, Justin looks at a number of ways to lower your Tax Bracket in order to reduce your Effective Tax Rate.
How much you earn determines which tax bracket you fall in to, and that determines how much tax you will end up paying. In this episode, Justin explains the US taxation system, how understanding it helps, and a few simple ways to use your money to actually lower your Tax Bracket and reduce your Effective Tax Rate.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:48 - How to Use Tax Brackets to Reduce Your Effective Tax Rate
01:47 - The Progressive Taxation System
05:51 - Why it Matters
07:35 - The Basics
09:26 - Example
10:31 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 317 of Financially Simple, Justin gives an overview of Effective Tax Rates and how you can reduce yours.
As tax season approaches, it’s always a good idea to review your tax status especially after the turbulence of 2020. In this episode, Justin explains what your Effective Tax Rate is and why it matters, and what can be done to reduce it so that you and your family will have greater financial security.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:07 - How to Calculate Your Effective Tax Rate
02:49 - What is the Effective Tax Rate?
04:53 - Why it Matters
06:59 - What You can do to Reduce Your Tax Rate
10:17 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 316 of Financially Simple, Justin gives a concise list of 20 ways to reduce your tax bill.
As 2020 comes to a close, the time to figure out your taxes draws nearer. In this episode, Justin lists 20 ways to reduce your taxes, both as an individual and as a small business owner, from tax-free accounts to having a baby!
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:48 - 20 Ways to Reduce Your 2020 Taxes
01:46 - Retirement Account Contributions
03:09 - Tax-Loss Harvesting
03:43 - Tax Bunching
05:11 - Health Insurance
05:35 - Health Savings Account
06:16 - Flexible Spending Account
06:41 - Medical Expenses
07:16 - Budget Tracking
07:57 - Income Adjustments
08:45 - Business Deductions
09:13 - 529 Plan Contribution
09:39 - Lifetime Learning Credit
09:56 - Have a Baby
10:22 - Give to Charity
11:04 - Buy a House
11:50 - Property Reassessment
12:05 - Improve Home Energy Efficiency
12:30 - Buy a Car
12:51 - Move to a Lower Income Tax State
13:37 - Donor Advised Fund
14:27 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 315 of Financially Simple, Justin reflects on the pilgrim settler’s attempt at Socialism and the subsequent establishment of Private Ownership.
William Bradford wrote on the efforts of the first settler’s establishment of a communal system of government, and the hardships and costs it effected before shifting to a more individualistic approach. In this episode, Justin recounts Bradford’s journals, and on how a failed system led to private ownership and personal responsibility, setting the foundations for the modern American way.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:02 - What the First Thanksgiving can Teach Us about Socialism
02:02 - Bradford’s Journal
09:29 - Private Ownership & Personal Responsibility
14:54 - Conclusion
16:39 - Wrap Up
RESOURCES:
Of Plymouth Plantation - William Bradford
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 314 of Financially Simple, Justin answers a listener’s question on measuring value improvement.
It can be difficult to take in the bigger picture when running your own business, and seeing the effect of small adjustments and improvements can take time. In this episode, Justin goes over the factors that can be used to measure value improvement, specifically the intangible capital factors that are often overlooked by small business owners.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:55 - How to Measure Value Improvement
01:41 - What is Value Growth?
03:21 - Determining the Current Value
04:59 - Intangible Capital
08:01 - How to Measure Improvement
09:22 - Seeing Improvement
11:34 - Summary
15:19 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 313 of Financially Simple, Justin continues to examine the Profitability Gap, and how to reduce it.
Being Best in Class is no easy feat, it requires some tough choices and a resolute commitment to change some practices that might push Business Owners out of their comfort zone. In this episode, Justin looks at the different aspects of a business that can be adjusted to help reduce the Profitability Gap, with a real-world client as an example.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:58 - How to Bridge the Profitability Gap and Make More Profit
01:38 - What is the Profitability Gap (Recap)?
03:54 - Adjustable Factors
05:16 - Case Study
07:15 - How to Bridge the Gap
09:46 - Further Adjustments
12:39 - The Results
14:10 - Conclusion
16:09 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 312 of Financially Simple, Justin returns from his hunting trip with some insights into the realities of running a business.
In many ways, being a business owner and running your business is a lot like hunting elk in the Rocky Mountains - or any challenging and life-defining experience for that matter. In this episode, Justin reflects on his hunting trip, and how his adventure on the mountain side demonstrates the trials and rewards of being a business owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:57 - Thoughts From The Rockies
11:12 - The Highest Mountains Take More Time
12:47 - Life at the Top is Lonely and Volatile
14:25 - The Downward Path is Harder than the Ascent
15:49 - Repositioning Gives Perspective, But Costs Time
16:43 - Guides Save Time, Money, Frustration, and Potentially Harm
18:30 - Nothing Ventured, Nothing Gained
20:29 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 311 of Financially Simple, Justin gives a simplified overview of the Profitability Gap.
Is your business fulfilling its potential and among the best in your industry’s class? If there is room for improvement, how much more could you be earning? In this episode, Justin explains what the Profitability Gap is, and how to calculate it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:54 - What is the Profitability Gap?
02:30 - Basic Income Statement Accounting
07:04 - Industry Specific
09:05 - Comparing Within Your Own Industry
10:00 - Best in Class
12:39 - Calculating Your Profitability Gap
14:48 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 310 of Financially Simple, Justin and David Kent of Heritage investors go over the 10 benefits of using an Organizational Chart.
As a Small Business Owner, it’s important to have a smooth-running, well-oiled machine for a business, in which each component knows its place and role within the company. In this episode, Justin and David list the 10 benefits of having an Organizational Chart, explaining each in turn.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:58 - 10 Benefits of Using an Organizational Chart in a Small Business
04:43 - A Visual Representation
05:23 - Hierarchy
06:23 - Clarification
06:51 - Positioning
07:56 - Employee Management
10:05 - Avoid Overlap
10:58 - Identify Tasks
11:54 - Workload Management
12:33 - Faster Decision Making
14:20 - Promotion Optimization
15:20 - Connecting the Dots
17:06 - Wrap Up
RESOURCES:
Article Transcript
Work with Justin's Team
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 309 of Financially Simple, Justin and Chris Mahan of Mahan Associates discuss Tax options as the year wraps up.
This year has been one for the books with the various loans and reprieves that have been implemented to help Business Owners deal with the fallout of COVID-19. In this episode, Justin and Chris go over the basic Tax options that should be considered to minimize costs that may have been incurred in the past year.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:52 - Year-End Tax Power Plays
02:55 - Why This Year is Different
04:56 - What We Can Do
09:23 - Other Ideas
13:07 - Advance Expenses
17:23 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Mahan Associates
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 308 of Financially Simple, Justin and John Riley of Dental Revolution discuss Marketing strategies going into the next year.
The COVID-19 pandemic has left many small businesses in the lurch, and at these times it can be tempting to cut marketing costs in order to save money. In this episode, Justin and John go over a year-end Marketing strategy to get businesses back on their feet and growing as they go into the year ahead.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:53 - End of Year Marketing
03:22 - What to Do to Prepare for 2021
12:30 - Remote Workforce
19:37 - Marketing Plans
27:52 - Consistency
34:45 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
John Riley, LinkedIn
Dental Revolution
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 307 of Financially Simple, Justin gives a brief explanation of how to bridge the Value Gap.
In the last episode, we talked about your Value gap. Now we talk about Bridging the Value Gap. It might seem like an unachievable task, requiring a lot of blood, sweat, and tears. In this episode, Justin gives a simplified overview of the process of overcoming the Value Gap, by focusing on the multiple.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:30 - How to Bridge the Value Gap
01:54 - Focus on the Multiple
07:20 - Why it Matters
08:14 - Moving the Multiple
10:31 - Unkinking the Water Hose
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 306 of Financially Simple, Justin gets mathematical defining the Value Gap.
There are many definitions of the word Value, and not all may apply to your Business. And then there’s what defines the gap between where your business is and where you want it to be. In this episode, Justin starts off the process of determining a business’s Value Gap by defining the term and explaining how the Value Gap relates to your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:11 - What is the Value Gap?
01:24 - What is Value?
03:01 - Determining the Value Range
04:25 - Finding Where Your Business Lies on the Performance Bell Curve
10:40 - What Does All This Have to do with Value?
12:22 - The Rule of 5
15:21 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 305 of Financially Simple, Justin introduces the topic of the Value Gap by taking a look at the five stages of Value Maturity of a business.
As a Small Business owner, your business is like the goose that lays the golden egg - the golden egg being the eventual pay-off of all the hard work you put into the business - but as Justin says, you need to keep that goose fed. In this episode, Justin goes over the five stages of Value Maturity before addressing the Value Gap, to help business owners assess where they are in terms of their goose laying that golden egg, or being cooked.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:09 - The 5 Stages of Value Maturity
04:04 - Identify
08:09 - Protect
09:46 - Build
12:08 - Harvest
16:14 - Manage
18:19 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Walking to Destiny, Chris Snider
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 304 of Financially Simple, Justin and Dane McFarland discuss the issue of Identity Theft which has seen a rise during the COVID-19 pandemic.
Over the last few months this year, there has been an increase in attempts of Identity Theft as scammers take advantage of those going through this difficult time. In this episode, Justin and Dane go over the most common types of scams used, and how to avoid falling victim to the scammers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:17 - Identity Theft
02:26 - Seven Types of ID Theft
12:08 - The Most Popular Form of ID Theft
15:09 - Business ID Theft
16:26 - 5 Precautionary Steps to Take
20:33 - Summary
RESOURCES:
Work with Justin's team
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Kim Komando, Security & Privacy Measures
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 303 of Financially Simple, Justin talks to Don Pippin of the Sunbelt Network about the Main Street Lending Program for Business Owners.
The Main Street Lending Program is a loan available to small and medium-sized businesses during the COVID-19 pandemic. In this episode, Justin and Don discuss what the MSLP is, who it's for, how it works, and the best use for the loan by business owners.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:47 - The Main Street Lending Program
05:02 - MSLP Overview
06:57 - The 4 Types of MSLP: New Program
10:34 - Priority Program
13:52 - Expanded Program
14:24 - Non-Profit Program
14:34 - Factoring in EBITDA
15:10 - MSLP Requirements
16:51 - What is the Best Use of the Loan?
19:02 - What Makes a Business Not Ready to Sell?
22:18 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
The Sunbelt Network
Don Pippin, LinkedIn
What is the MSLP, YouTube
MSLP, BostonFed
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 302 of Financially Simple, Justin recaps the Wealth Gap Formula.
Over the last eight episodes, we have looked at the Wealth Gap and the factors involved in determining and reducing it as Business Owners. In this episode, Justin gives an overview of the factors that need to be addressed, summarizing the Wealth Gap Formula.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:47 - The Wealth Gap Formula
03:34 - Calculate Your Current Net Worth
05:09 - Set Clear Quantifiable Goals
07:39 - Normalize Your Personal Income
08:21 - Inflation
09:14 - ROI Calculations
12:09 - Taxes
13:37 - Summary
16:25 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 301 of Financially Simple, Justin looks at the expected ROI when calculating your Wealth Gap.
Few things are constant especially in the world of finance, and it is important to bear that in mind when considering your investment returns as the markets fluctuate up and down going through their various cycles. In this episode, Justin goes over the factors and types of cycles that can affect your investments, and how best to approach these uncertain market conditions.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - What ROI Should I Assume When Calculating My Wealth Gap?
02:23 - Investment Assumptions
04:29 - Timeframes Matter
07:28 - Dividend Rates
09:41 - Economic Cycles
12:48 - Business Cycles
14:49 - Cycle-Type Investing
19:14 - The Glide Path of Your Financial Plan
23:09 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 300 of Financially Simple, Justin gives a brief introduction to calculating the Return on Investment for Real Estate properties.
One of the most popular types of investment is Property, buying a house or apartment, and either occupying the home or renting it out. In this episode, Justin takes a look at how you should calculate the ROI of an investment property, and goes over the potential benefits of leveraging debt by taking on a Mortgage in order to maximize your returns.
For a complete transcript with additional resources, visit https://financiallysimple.com/calculate-roi-investment-property/
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:54 - How to Calculate the ROI of Your Investment Property
02:23 - Investing in Real Estate
03:22 - Location, Location, Location
05:16 - Calculating ROI on Real Estate
09:26 - The Closing Costs
10:31 - Leveraging Mortgage Debt
14:43 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 299 of Financially Simple, Justin goes over the Taxes involved when it comes to selling your business and how they can affect your Wealth Gap.
When it comes to selling your business, it’s a balancing act between the interests of the Buyer and those of the Seller, and negotiations are necessary to ensure a good outcome for both sides. In this episode, Justin looks at the Taxes involved at the time of sale of a business, and the approaches a Seller can take to minimize the costs.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:23 - What is the True Value of My Business?
02:30 - Taxes at the Time of Sale
04:54 - Why Does This Matter?
06:40 - What is the After-Tax Value?
07:47 - Two Primary Types of Sale
09:50 - Tax Basis
11:05 - Capital Gains
14:09 - Alternative Routes
15:52 - IRS Rules
19:28 - So, What are You to Do?
22:18 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 298 of Financially Simple, Justin looks at the effect Taxes have on our Wealth Gap.
With the COVID-19 stimulus of $3.6 Trillion, a lot of money has been created to help keep the economy going, and that means a tax increase as government needs to recoup that money. In this episode, Justin looks at Taxes, with a bit of a history lesson, and explains why and how Taxes affect the Wealth Gap.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:15 - Do Taxes Matter?
04:22 - The Internal Revenue Code is a Tool for Wealth Creation
05:42 - What Do These Numbers Mean For Us
10:31 - A Brief History of Taxes
12:59 - So What does All This Mean
14:27 - And What Does it Mean for Us
15:52 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.
In episode 297 of Financially Simple, Justin goes over the basics of calculating the Return on Investment of your Business.
As we continue to look at ways of narrowing the Wealth Gap, it’s important to consider the Return on Investment that our Business provides and how it impacts the value of the Business. In this episode, Justin looks at ROI, why it’s important to know, ways to calculate it, and the intangible aspects of a business’s value.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:33 - Calculating the ROI of Your Business
02:33 - The Basics of ROI
04:52 - The Simplest Method
06:18 - Case Example
10:31 - Intangible Qualities
13:47 - Goodwill
14:50 - Valuing Goodwill
17:30 - Another Approach
19:43 - Why Do All This?
23:57 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jim Strauder, How to Value Goodwill When Selling a Business
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 296 of Financially Simple, Justin looks at Inflation and how it affects Retirement.
Inflation is a complex market force that differs for most commodities and can swing like a pendulum depending on external factors impacting the world at large. In this episode, Justin explains what Inflation is, how COVID-19 and the CARES Act have influenced inflation over recent months, how it will affect your Retirement Plans, and what can be done about it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - Could the CARES Act Cause Inflationary Concerns to Our Retirement Wealth Gap?
02:44 - Inflation in the Light of COVID-19
04:17 - The CARES Act
06:07 - What is Inflation?
10:00 - The Power of Inflation
14:26 - How Do We Deal With Inflation And Why is it a Big Deal?
17:32 - Summary
19:30 - One Last Question
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 295 of Financially Simple, Justin looks at Normalizing your Personal Income as a Small Business Owner.
Normalizing your personal income by adjusting it, based on certain expenses, will help you to plan for retirement by giving a reliable benchmark of what your actual income and expenses are. In this episode, Justin goes over the areas that may require attention as a Small Business Owner, and the types of expenses that qualify.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - Should I Normalize My Income?
01:49 - What is Normalization?
02:59 - Which Areas Do You Normalize?
05:38 - Normalizing Personal Income
10:38 - Getting to the Point
12:53 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 294 of Financially Simple, Justin explains the concept of the Wealth Gap.
All Small Business Owners plan to retire one day, sell their business, and enjoy their hard-earned wealth - but will you have enough to cover the expenses of the lifestyle you want for your retirement. In this episode, Justin defines the Wealth Gap, outlines the basics of its calculation, and how to reduce it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:48 - The Wealth Gap
03:12 - Where to Begin: Valuing Your Assets
06:28 - Know Where You Are Going
09:19 - Taxes
11:06 - Calculating the Wealth Gap
13:12 - Closing the Wealth Gap
16:24 - Your Number One Asset
18:25 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 293 of Financially Simple, Justin kicks off Season 4 of the Financially Simple Podcast.
Being a Business Owner isn’t easy. Aside from the day-to-day challenges of owning and operating a business, there are the fears, anxieties, and stresses that come along with it. In this introductory episode, Justin lays out the fears and concerns of all Business Owners and reminds us that we’re not alone in this as he sets out to help dispel these fears in the coming Season.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:12 - The Fears and Anxieties Business Owners Face
02:22 - Harvard Review: How Fears Helps and Hurts Entrepreneurs
06:57 - Forbes’ Study: Fear and Entrepreneurship
15:12 - Collective Fears
18:12 - So, What Do We Do About It?
20:32 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Harvard Review: How Fear Helps and Hurts Entrepreneurs
Forbes: The Eight Biggest Fears
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 292 of Financially Simple, Justin gives his thoughts on buying an expensive new toy to treat yourself as a Small Business Owner.
Perhaps you’ve had a phenomenal few months, with your business thriving through the pandemic, or perhaps it’s been tough and you want to let off some steam. Either way, Justin provides some perspective and some considerations you should have before making the purchase of that new yacht - how will it affect your retirement plan? What other unforeseen costs will splurging have? Is it really worth it?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:37 - Treating Yourself to a New Toy
03:56 - A Case Study Example
05:52 - The Retirement Calculator Math
08:56 - Looking to the Future
11:55 - What About Above Market Returns?
14:05 - The Missing Pieces: Taxes
15:28 - “But I’ve Got The Cashflow”
16:51 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 291 of Financially Simple, Justin and family are on vacation but still take some time out to discuss the importance of taking a break.
Small Business Owners are some of the hardest working individuals in any given industry, working 70+ hours a week, which can be exhausting. Justin, Miss Emily, brother-in-law Brian and Lori get around the mic on a rainy day in Florida, to discuss the importance of taking vacations and unwinding as business owners, as well as the inevitable wind-up to get back into work, and the significance of having good systems in place so that the business can run while you put your feet up.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:32 - Business Owners on Vacation
02:48 - Business Owners are not Employees
04:14 - Harvard Business Review
05:27 - Pre-Vacation Prep
10:19 - The Three Phases of Unwinding
12:36 - The Wind-Up
17:13 - The Post-Vacation Period
20:16 - Preparation Advice
22:00 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Harvard Business Review - The Data-Driven Case for Vacation
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 290 of Financially Simple, Justin is joined by David Kent to give a short pep talk to all the Business Owners out there.
The global Coronavirus pandemic is still a factor for many businesses trying to operate at the moment. Justin and David provide words of encouragement, not to give up during this hard time, to stay the course, and adapt.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:29 - Caution: Don’t Stop!
02:54 - Don’t Stop Working on Your Business
07:36 - Revisiting Your Plan
09:55 - Making Adjustments
10:58 - Do You Need to Start From Scratch?
12:01 - Coaching
14:15 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 289 of Financially Simple, Justin talks to Dan Rawls of Trustegrity about the importance and value of connecting to other professionals.
There’s more to networking than having a high number of contacts, it’s about how deep the connections that you have are. Justin and Dan discuss how to go about building a solid network of trusted professionals, something that is needed now more than ever.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:40 - Dan Rawls: The Connector
02:18 - The First Step to Building a Network
06:15 - What is a “Connector?"
07:33 - Width and Depth
12:17 - Connecting in a Time of COVID-19
15:40 - The Most Important Aspect of Roundtable Discussions
24:05 - How to Attract the Right People to Your Network
30:36 - One Piece of Advice
32:15 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Trustegrity.com
Dan Rawls, LinkedIn
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 288 of Financially Simple, Justin talks to Ryan Stanley and Kaleb Buckner of Always Abounding video production services about using video social media to boost business growth.
The internet and social media platforms offer an opportunity to leverage affordable media marketing campaigns to grow businesses. Justin discusses the ins and outs of online video production with Ryan and Kaleb, from the How-To of production to the Where and When of publishing.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:51 - How to Properly Shoot a Video for Major Business Growth?
02:53 - Tips to Drive Growth
04:59 - Where to Publish?
07:19 - Quality Control
10:24 - Image and Aesthetics
13:18 - Timing
17:37 - Educating Your Audience
19:24 - DIY vs. Calling in the Pros
22:09 - A Hybrid Approach
26:28 - The 5 Videos a Business Needs
28:40 - Summary
30:21 - Wrap Up
RESOURCES:
Always Abounding
The 5 Videos Your Company Needs
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 287 of Financially Simple, Justin talks to Todd Sklar of GBS Insurance about the types of insurance Business Owners need.
As a small business owner, having the right insurance is key - what if something happens to you, or one of your key team players? Justin and Todd discuss the types of insurance, and why they are needed.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:18 - What Insurance Policies Do Business Owners Need And Why?
04:02 - The Role of Insurance in the Life of a Business Owner
05:47 - Most Common Types of Insurance
07:05 - Personal vs. Business
08:02 - Overhead Coverage
09:24 - Disability Insurance and Buy-Sell Agreements
11:55 - Long-Term Disability Insurance
12:38 - Life Insurance
14:20 - Cross-Purchase Agreements
15:50 - Key Person Life Insurance
17:36 - Long-Term Care Insurance
19:39 - Summary
21:40 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Todd Sklar, LinkedIn
GBS Life
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 286 of Financially Simple, Justin is joined by Brandon Jordan to talk with Joseph Strazzeri of Strazzeri Mancini Attorneys about building a Success Team.
The Short-Stop between second and third base is one of the most important positions in Baseball, so having the right person there is imperative. Justin, Joe, and Brandon discuss the importance of having the best possible legal expertise on your Business Success Team.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:43 - The Shortstop Legal Advisor, with Joe Strazzeri
03:56 - Why Should a Business Owner Hire Legal Counsel?
05:33 - Prepping for Taxes
08:15 - The We-Driven Mindset
11:26 - Care To Know
17:09 - How and Where
22:34 - The Planning Table
28:04 - One Piece of Advice
29:39 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
www.Strazzerimancini.com
www.caretoknow.info
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 285 of Financially Simple, Justin is joined by Brandon Jordan to continue their baseball analogy and discuss the role of the Legal Team in the Left Infield.
In baseball, the left infield covers much of the offensive and defensive roles needed to run a winning game; likewise, a solid legal team is necessary for any business owner to ensure that they have their bases covered. Justin and Brandon discuss the role of the legal team, the qualities that make for a good team, and how to find a best-in-class team member.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:50 - Building a Success Team: The Short-Stop Legal Team
02:54 - The Left Side of the Infield
04:25 - What Makes for a Good Legal Team?
06:03 - Specialization is Key
09:25 - Technical vs. Big Picture
10:53 - Working Within a Team
13:08 - How to Find the Best-In-Class
18:10 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 284 of Financially Simple, Justin is joined by David Kent to talk about the return of business to the relative normality of a post-COVID world.
With the Coronavirus pandemic seeming to turn the corner and businesses having made adjustments to their business strategies, it’s important to take stock and assess the changes of what is now the norm. Justin and David look at what has changed, how aspects of running a business have had to adapt to the current environment, and how to best manage the situation for the foreseeable future.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:58 - Will We Ever Get To Business As Normal?
06:03 - Operations: What Has Changed?
07:37 - Operations Excellence
09:29 - How to Identify Areas of Excellence
11:58 - People: Who Has Changed?
13:14 - The Employer-Employee Relationship
15:08 - Making Changes
18:23 - How-To
20:04 - Financial: Do We Have the Necessary Resources to Face the Future?
22:43 - Conserving Cash
25:33 - The Big Take-Away Point
26:52 - Summary
29:11 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 283 of Financially Simple, Justin is joined by Jeff Jeter to discuss whether or not, as a Small Business Owner, you should buy or lease a vehicle.
With the current COVID-19 pandemic affecting our finances and remote work, it might be time to consider either buying a vehicle or leasing one to make the most of the situation. Justin and Jeff go over the pros and cons, and practical realities, of buying or leasing a vehicle.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:57 - As A Business Owner Should I Buy Or Lease A Vehicle?
02:13 - Things to Consider
02:46 - How Far Do You Drive?
04:32 - Recurring Payments & New Cars
08:59 - Short On Cash, Strong On Credit
10:07 - Do You Use Your Car for Business?
11:42 - Cleanliness & Customization
13:42 - Summary
15:51 - Final Thoughts
16:35 - Wrap Up
RESOURCES:
Jeff Jeter
Standard Mileage vs. Actual Expenses: Which Is Best?
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple - Ep. 163
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 282 of Financially Simple, Justin, Brandon Jordan, and special guest Tom Barrick of Waldron H. Rand & Co. discuss the benefits of a forwarding thinking CPA on your Team.
As a Business Owner building your Success Team, it is important to have the right players on your side. Justin, Brandon, and Tom continue the baseball analogy and talk about the importance of having a capable CPA that knows the ins and outs of taxes and the law to make the best possible decisions when it comes to growing your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:57 - Having a Forward-Thinking CPA on Your Success Team
04:24 - Client Persona
06:01 - What’s the Pitch?
08:21 - Professional Costs
11:27 - Tax Planning
13:30 - Teamwork
16:07 - CPAs and CFPs
19:48 - Other Team Members
21:48 - Communication
23:44 - Words of Wisdom
26:29 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Tom Barrick CFP, Waldron H. Rand & Co.
Brandon Jordan
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 281 of Financially Simple, Justin and Jeff Jeter go over the different types of debt and how to use debt to your advantage.
Most people fear the word Debt, but is it all bad? Justin and Jeff talk about their own personal experiences of having to deal with debt, and discuss the differences between Consumptive Debt and Productive Debt, as well as considering when and how to best leverage debt to your advantage.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:13 - How to Leverage Business Debt
03:48 - Two Camps of Thought
04:54 - What is Debt?
05:32 - Personal Experiences
08:15 - Good Debt vs. Bad Debt
09:56 - Consumptive Debt
13:29 - Productive Debt
14:30 - When Do We Use Debt As Leverage?
18:58 - When Not to Leverage Debt
21:12 - How and Where?
24:30 - Summary
28:26 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jeff Jeter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 280 of Financially Simple, Justin goes over the Payment Protection Program Loan Forgiveness Application Form 3508EZ.
The PPP Loan Forgiveness form is intended to provide financial relief for business owners during the COVID-19 pandemic. Justin looks through the different sections of the application form to provide guidance and explains each part for you to follow along.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - PPP Forgiveness Application 3508EZ
03:22 - Business Details
04:06 - Loan Details
05:21 - Time Period
06:26 - The Calculations
10:52 - EIDL Advance Loan
11:50 - Terms, Conditions, and Signing Off
15:21 - Additional Information
15:39 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple PPP Expense Tracking Calculator
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 279 of Financially Simple, Justin talks to Chris Steward about Factor Investing.
Is there a good way to invest, or is it down to luck and the markets? Justin and Chris discuss Factor Investing, what it is, and how best to approach it as a small business owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:29 - What is Factor Investing and why do so many use this Strategy?
02:44 - What is a Factor?
04:10 - What is Market Cap?
05:15 - The Capital Asset Pricing Model
09:15 - Small Caps
13:05 - Value Investing
14:51 - Is Three-factor Modeling Still Relevant?
17:16 - The Five-Factor Model: Profitability
19:42 - What is Good Investing?
23:04 - Wrap Up
RESOURCES:
Chris Steward, CFA, CFP® Certificant
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 278 of Financially Simple, Justin talks to athlete, author, and mentor Derrick Furlow about making a transition in business during hard times.
With the current COVID-19 pandemic affecting businesses, many Small Business Owners are having to think out of the box, and come up with alternative solutions to stay afloat. Justin and Derrick talk about what it takes to make a pivotal change during tough times.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:38 - How to Pivot During a Sudden Change
03:38 - A Pivotal Moment
17:50 - Three Points
18:14 - Controlling the Controlable
21:57 - Minimise the Variables
24:09 - Massive Action
28:49 - What Actions to Take
32:21 - One Piece of Wisdom
34:59 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
DerrickFurlow.com
Derrick Furlow on YouTube
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 277 of Financially Simple, Justin and David Kent take a look at the Emergency Injury Disaster Loan (EIDL).
In light of the COVID-19 pandemic, the government has set terms for the EIDL that are favorable for business owners to help them get through the crisis. Justin and David go over the terms and conditions of the loan and give their thoughts on how best to use it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:39 - The Emergency Injury Disaster Loan (EIDL)
02:45 - Repayment of the Loan
04:13 - Interest
04:32 - Collateral
05:24 - Use of Loan Proceeds
05:51 - Requirements
06:41 - Limitations
07:46 - What to Do With the Loan
14:12 - Summary
16:40 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 276 of Financially Simple, Justin looks at the Paycheck Protection Program Loan Forgiveness Application.
With the ongoing COVID-19 pandemic, new legislation is in the works to help Small Business Owners keep their business running. Justin goes over the PPP Loan Forgiveness Application, step-by-step, to help Business Owners understand how it works and how to fill it out.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:05 - The PPP Loan Forgiveness Application
03:39 - Modifications to the Cares Act
07:34 - Exceptions
09:28 - Cover Period
11:05 - How the Calculation Works
13:08 - Compensation
16:51 - Other Types of Obligations
17:52 - The Calculation
20:43 - Documentation
24:26 - Unable to Operate
25:10 - Summary
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Application Form Link
Financially Simple Tracking Calculator
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 275 of Financially Simple, Justin is joined by Jeff Jeter to cover the ins and out of Dollar-Cost Averaging.
Buy low, sell high - that’s essentially what Dollar-Cost Averaging is, but there’s more to it than that. Justin and Jeff discuss what Dollar-Cost Averaging is, and break down the math behind it in Financially Simple terms.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:18 - What Is Dollar-Cost Averaging?
04:48 - What is DCA?
05:57 - Frequency
11:14 - Breaking Down the Math
15:28 - Fire and Forget
18:28 - Other Advantages to DCA
19:45 - DCA Uses
23:13 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jeff Jeter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 274 of Financially Simple, Justin is joined by Chris Steward to consider whether the Stock Market can be beaten?
Investing in the Stock Market is more than just picking a few stocks that look good, there are many, many factors that should be considered when taking the plunge. Justin and Chris discuss the idea of beating the system, and why it’s more complex than “buy low, sell high”.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:14 - Is It Possible To Beat The Stock Market?
02:57 - What is Benchmarking?
06:29 - What is an Index?
07:34 - Price-Weighted Index
09:03 - Market-Weighting
11:27 - Comparing to the S&P 500
13:22 - Diversification
16:06 - Can You Beat The Market?
19:07 - Friction vs. Frictionless
22:43 - Conclusion
23:24 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Steward
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 273 of Financially Simple, Justin reconnects with Brandon Jordan to continue their discussion on building a Business Success Team.
Carrying on with the Baseball analogy, the First Base player of your Success Team is your CPA. Justin and Brandon go over what makes for a good CPA, and how to find one.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:49 - Building Your Success Team: 1st Base, the CPA
03:31 - Why Do We Think of the CPA as 1st Base?
05:06 - What Makes a Good CPA?
09:38 - The Most Expensive CPA is a Cheap CPA
12:36 - What is a Forward-Thinking CPA?
17:01 - How Do You Find a Best-in-Class CPA?
22:48 - Conclusion
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 272 of Financially Simple, Justin talks to Sarah Alexander of Results HR about the effects of COVID-19 on employer-employee relations.
The COVID-19 pandemic has caused a shift in the operations of many businesses, as employees have been forced to work from home which, in some types of business, has been challenging. Justin and Sarah discuss the role of HR pre-COVID, and how Small Business Owners can make improvements for better HR practices post-COVID.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:17 - HR Issues Amidst COVID-19 with Sarah Alexander
05:03 - Pre-COVID Components
09:44 - The Most Common Points of Risk During COVID
16:10 - Employee Readjustments
23:10 - Better Planning to Combat Racism
27:05 - One Pearl of Wisdom
28:05 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Sarah Alexander, Results-HR.com
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 271 of Financially Simple, Justin and Chris Steward talk about the 4% Rule of investing and why it could be a dangerous rule to follow.
For many Business Owners, an investment portfolio is a key to wealth creation and retirement. Justin and Chris discuss the 4% Rule of return, and why it’s not an accurate rule of thumb to follow along with the importance of seeking qualified advice when contributing to an investment portfolio for retirement purposes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:02 - How Should Business Owners Adjust Their Plans Given The Dangers Of The 4% Rule?
03:58 - What is the 4% Rule?
06:02 - A Rigid Timeframe
08:35 - Sequence of Return Risk
12:58 - Rule of Thumb
17:17 - What Does All This Mean?
20:33 - Conclusion
21:55 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Steward
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 270 of Financially Simple, Justin and Jeff Jeter discuss the impact of COVID-19 on retirement plans.
The ongoing Coronavirus is taking a toll - financially and emotionally; with no certain end in sight, what can Business Owners do to keep control of their retirement plans? Justin and Jeff look at how the Social Security Trust Fund has been affected by COVID-19, what that means, and what can be done to cope with the changes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:49 - How COVID-19 Affects Retirement Planning Through Social Security
04:09 - What is the Social Security Trust Fund?
08:22 - Impact of COVID-19
09:10 - Approaching Retirement: What to Do
13:03 - Considering a ROTH
14:53 - Time to Re-Evaluate Your Retirement Plan
18:15 - Summary
19:17 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jeff Jeter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 269 of Financially Simple, Justin looks at the upcoming changes to the Payment Protection Program.
With the ongoing COVID-19 pandemic, Congress is having to adapt and make some changes to legislation to accommodate developments for Business Owners. Justin looks at the new changes that have been made with the PPP Extension.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:15 - COVID-19: Paycheck Protection Program Extension
03:17 - Overview
04:05 - Old vs. New
05:49 - The Changes
11:31 - Tax Payment Delay
13:03 - The 40 Hour FTE: Unanswered Questions
18:27 - What if There is a COVID-19 Relapse?
20:09 - Summary
21:31 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 268 of Financially Simple, Justin and Jeff Jeter discuss how much risk a Small Business Owner should expose themselves to in their portfolio.
As a Small Business Owner, or individual with an investment portfolio, striking up the right balance of risk against what you can afford will help you on your financial success journey. Justin and Jeff look at what Risk is, compare Risk Tolerance and Risk Capacity, and consider what makes for a good balance between the two.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:48 - How Much Risk Should You Take as a Business Owner in Your Portfolio?
02:57 - What is Portfolio Risk?
04:16 - Measuring Risk
05:35 - Risk Tolerance
10:32 - Knowing Your Limits
12:23 - Risk Capacity
15:40 - Younger Risk vs. Older Risk
18:50 - Marrying Risk Tolerance & Capacity
20:41 - Getting the Balance Right
23:13 - Summary
24:37 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jeff Jeter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 267 of Financially Simple, Justin is rejoined by Brandon Jordan to discuss the key players of a Success Team... the advisory people, often outside your business, that support you in vital areas.
If there’s an analogy to life, the world, and everything including business, it’s baseball! Justin and Brandon go through the key members of a Success Team business owners need on their side, likening them to the various positions of players on the diamond field.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:20 - Members of the Success Team
03:17 - A Lot Like Baseball
05:43 - The Catcher: Your CFP® Professional
09:25 - The Power Hitter: The CPA
11:38 - Second Base: The Insurance Experts
14:20 - Short: Trust & Estate Attorneys
15:21 - Third: The Business Attorney
17:53 - The Left Outfield: Your CVGA
19:21 - Center Field: The Exit Planner
20:38 - The Right Outfield: An Out-Sourced CFO
24:02 - The Cost
26:26 - The Fans in the Stands
29:32 - Wrapping Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 266 of Financially Simple, Justin discusses recent movements in the stock market in response to developments during the COVID-19 pandemic with Chris Steward.
The recent recovery in the stock markets has some curious as to the cause of the improvements, considering many businesses are still compromised by the Coronavirus lockdown. Justin and Chris consider the cause of the rebound, what indicators are worth following, the role of the Fed, and what Business Owners can do.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:48 - Why is the Stock Market Going Up with Such Bad News in the Media?
04:05 - Ups and Downs
06:48 - Indicators to Follow
09:48 - A Return to Normal
11:03 - Role of the Federal Reserve
12:59 - V- or U-Recovery
14:05 - Review Your Checklist
15:43 - Summary
17:05 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Steward
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 265 of Financially Simple, Justin speaks to financial podcaster David Stein about money, national debt, and more.
The Coronavirus is causing governments, globally, to take measures to protect citizens and business interests. Justin and David discuss what money is, what National Debt is and how it affects Small Business Owners, and how businesses should conduct themselves accordingly.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:40 - David Stein: Money For The Rest of Us
02:45 - What is Money?
05:22 - How is Money Created?
08:52 - Quantitative Easing
13:16 - Does National Debt Matter?
19:05 - Should Business Owners Conduct Business Differently?
22:15 - Tracking Trust
24:18 - A Pearl of Wisdom
26:41 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Money for the Rest of Us - Ep. 94, Ep. 157, Ep. 169, Ep. 295
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 264 of Financially Simple, Justin is joined by David Kent to go over using a SWOT Analysis to assess your business.
As the pandemic fades away small business owners are making time to re-evaluate their business plans and strategies. Justin and David discuss how to conduct a SWOT Analysis and use the results to make changes based on your business’s strengths and weaknesses.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:30 - How To Do A SWOT Analysis
02:42 - What is a SWOT Analysis?
05:11 - Strengths
08:10 - Opportunities
11:23 - Weaknesses
13:12 - Threats
15:57 - How to Use This Information
16:57 - Summary
18:22 - Wrap Up
_________________
RESOURCES:
How to Do A SWOT Assessment
Financially Simple on YouTube
NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell
Financially Simple - SWOT Analysis Worksheet
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 263 of Financially Simple, Justin teams up with Jeff Jeter to talk about the differences between Non-Qualified accounts, IRAs, and ROTHs.
Investing your savings can be confusing with the number of different options available - which should you consider? Justin and Jeff look at each account type, evaluate their purposes, and discuss when to use one or the other.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:34 - What is The Difference Between a Non-qualified account, IRA, and ROTH, and Why Would I Choose One Over Another?
04:18 - Tools for Growth
05:48 - Differences Explained
11:37 - When to Use One Over Another
17:55 - Dollar Goals
20:19 - Levers of Control
21:50 - Positioning
23:40 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jeff Jeter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 262 of Financially Simple, Justin is joined by Brandon Jordan to discuss the tentative relationship Business Owners have with Financial Advisors.
Who knows best what is in the interests of a Small Business Owner on how to increase their wealth? Wall Street execs? Financial Advisors? Or a guy their friend knows? Justin and Jordan take a look at the relationship between Business Owners and Financial Advisors, how it can be improved, and having success in business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:33 - Why Do Business Owners Dislike Financial Advisors?
08:28 - Wary of Wall Street
18:32 - Big Money
22:36 - The Success Team
26:49 - Success Stories
29:47 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
How a Small Business Owner Should Interview a Financial Advisor
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 261 of Financially Simple, David Kent joins Justin to go over Team Management practices during COVID-19.
As Small Business Owners prepare themselves for when the current crisis passes, it’s important to address Team Management in order to effectively carry out your strategy. Justin and David go over five key points to help Small Business Owners address Team Management.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:59 - Ask Justin feat. David Kent: 5 Things You Need to Know to Successfully Manage a Team
02:56 - Some Background
04:39 - Be Flexible
07:02 - Have High Expectations and Make Them Crystal Clear
09:40 - Ban Office Politics
12:40 - Empower People
15:31 - Be Nice to Your People
16:29 - Positivity
18:12 - Summary
20:10 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 260 of Financially Simple, Justin and Chris Steward take a look at what’s going in with Oil at the moment.
With the Coronavirus reducing demand for products and limiting travel, the knock-on effect with regards to oil futures has been interesting, to say the least. Justin and Chris take a look at the causes and discuss an appropriate stance to take against such volatility.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - Ask Justin feat. Chris Steward: What’s Up and Down and Up with Oil?
03:55 - What is Oil?
05:16 - Supply and Demand
06:53 - Creating a Glut
09:16 - The Rebound
10:31 - Buying Oil
12:56 - What the Pros Know
17:14 - Financially Simple's Position
19:39 - Conclusion
21:25 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Steward
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 259 of Financially Simple, Justin and David Kent go over the strategic planning process.
As small business owners start to plan their turnaround strategies, it is important to remind ourselves of the steps needed. Justin and David go over the strategic planning process, breaking it down in this review.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:36 - Ask Justin feat. David Kent: The Strategic Planning Process
02:38 - What is Strategic Planning?
05:26 - Core Values
09:03 - Vision and Mission
10:50 - SWOT Analysis
15:11 - Three Key Objectives
18:31 - Prioritise Objectives
20:36 - Implement the Strategies
22:50 - Wrap Up
_________________
RESOURCES:
Using the SWOT Analysis to Increase the Value of Your Business
Strategic Planning Checklist
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 258 of Financially Simple, Justin talks to Jennifer McConnell of July Services about amendments to the Cares Act.
The Cares Act is a living document, being altered and improved upon as the situation calls for changes to best help those that the Act is meant to help. Justin and Jennifer go over recent changes to the Act and discuss how business owners can best respond to the changes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:56 - Ask Justin featuring Jennifer McConnell: The Cares Act and Qualified Plans
04:52 - Changes to the Cares Act
07:31 - Time and Cost
08:43 - Employee Sponsored Plans
11:54 - Other Changes
14:07 - Defined Benefits
16:42 - Safe Harbour Matches
18:08 - Standard Adjustments
21:59 - Fees
24:47 - Most Common Areas of Adjustment
26:26 - Justin’s Thoughts
35:00 - One Pearl of Wisdom
37:13 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
July Services
Jennifer McConnell
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 257 of Financially Simple, Justin talks to Steve Waldrop of Wyatt Insurance about reviewing policies.
With the Coronavirus lockdown still in effect across much of the world, small business owners should make use of their downtime to review their insurance policies. Justin and Steve discuss the review process of your insurance policies - what to review, things to consider, and planning ahead.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Follow along in YouTube: https://www.youtube.com/watch?v=mMHt2qFSCDk
_________________
TIME INDEX:
01:37 - Ask Justin featuring Steve Waldrop: Having Trouble Sleeping? Let’s Talk Insurance!
03:59 - The Insurance Review Process
04:53 - Types of Insurance to Review
07:38 - BOP vs. Commercial
09:14 - Planning Ahead
10:28 - Example: Cyber Security
13:32 - Addressing Concerns
15:26 - Business Trajectory
17:49 - Anything Else?
19:57 - One Pearl of Wisdom
21:41 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Wyatt Insurance
Steve Waldrop
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 256 of Financially Simple, Justin and David Kent discuss the 10 steps of a turnaround Strategy.
On your marks, get set, GO! Justin and David list and detail the ten steps a small business owner should go through in order to be ready in the starting blocks for when the gun goes off to get ahead of their competition when business starts to return to normal.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:26 - Ask Justin featuring David Kent: 10 Moves for a ProactiveTurnaround
01:56 - Write Up Business/Sales/Marketing/Operations Plans
04:56 - Meet With Key Personnel and Advisors
06:06 - Revise Plans
06:48 - Meet With Your Team
08:02 - Meet With Your Customers
08:30 - Meet With Vendors
10:16 - Contact Tax Authorities
11:08 - Contact Your Bank
12:00 - Restructuring Your Team
14:01 - Cut Unnecessary Costs
16:34 - Recap
18:42 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple - Strategic Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 255 of Financially Simple, Justin is joined by Brandon Jordan to about downtime planning.
With many businesses on hold at the moment leaving business owners with time on their hands, it is important to not sit idle and let this opportunity to plan and strategize go to waste. Justin and Brandon discuss the type of tactical thinking small business owners should adopt at this time, in order to have their business in a better position when the Coronavirus passes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:34 - Ask Justin featuring Brandon Jordan: Getting Business Back to Normal
03:04 - What is a Turnaround vs. a Start-Up?
04:23 - Demand
06:41 - What to Do in This Downtime
08:10 - Where Will Your Business Be in 5 Years?
09:42 - The Eisenhower Matrix
13:24 - Highest and Best Use
17:03 - Strategic Planning
21:14 - Those Who Plan Will Succeed
22:53 - One Piece of Advice
23:42 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
Financially Simple - Strategic Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 254 of Financially Simple, Justin discusses Turnaround Strategies with David Kent.
As the Coronavirus continues to affect our daily lives, it’s important to keep in mind that it will pass, and when it does business owners must be prepared and in a position to get going as soon as possible. Justin and David talk about having a Turnaround Strategy, the stages of the process, and steps that a business owner can take.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:55 - Ask Justin featuring David Kent: Turnaround Strategies
04:09 - Coronavirus Stats
05:53 - Turnaround Management
07:16 - 5 Stages of Turnaround
08:50 - Current Preparedness
10:16 - 4 Strategies
13:14 - Service Profitability
14:48 - Repositioning
15:56 - Replacement
16:54 - Posturing Change
18:39 - Renewal
20:08 - 6 Steps
23:08 - Summary
24:11 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
David Kent
Financially Simple - Strategic Planning Course
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 253 of Financially Simple, Justin and Andy Huddleston discuss insurance coverage concerns during the COVID-19 crisis.
The global Coronavirus pandemic is unprecedented, and as such has taken businesses and business insurers by surprise. Justin and Andy look at the struggles of business owners and of business insurers, and discuss making claims during this period.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - Ask Justin featuring Andy Huddleston: Loss of Income Insurance Policies
05:05 - Struggles and Concerns of Business Owners
05:59 - What Constitutes ‘Loss of Income?'
08:41 - Who Might be Eligible?
11:19 - Natural Disasters
12:58 - Do You Have a Claim?
14:59 - Claiming Risks
16:17 - Potential Harm to Insurers
19:38 - Current Trends
22:00 - One Tip
22:55 - One Pearl of Wisdom
25:53 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Wyatt Insurance
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 252 of Financially Simple, Justin talks to Chris Steward CFA about market trends during the COVID-19 pandemic.
The Stock Markets are incredibly volatile at the moment, with developments regarding the Coronavirus crisis changing every day. Justin and Chris compare the current market crash to the 2008/09 crash, and discuss leading indicators that might give a clue as to when and how the market might move in the future.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:33 - Ask Justin featuring Chris Steward: Market Volatility
02:08 - What is a CFA?
05:46 - Is This Market Crash Comparable to 2008/09?
07:55 - Can it Get Worse?
08:35 - Leading Indicators
12:30 - Bear and Bull Markets
14:27 - Reduction to the Ridiculous
17:40 - Time to Buy?
20:50 - One Pearl of Wisdom
23:11 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Steward
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 251 of Financially Simple, Justin talks to Andy Brasfield of the Knoxville chapter of BNI about networking during the COVID-19 pandemic.
Due to the ongoing pandemic, and lock-down regulations, many businesses are having to temporarily close their doors or adjust their business strategy. Justin and Andy discuss the importance of networking and establishing connections, in order to be able to get through these trying times.
Watch on YouTube: https://youtu.be/wonq_5yXDDE
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:45 - Ask Justin featuring Andy Brasfield: Networking and Making Connections
03:54 - BNI Knoxville
04:52 - What is Networking?
05:36 - Prospecting & Networking
07:11 - Who?
09:39 - How?
12:35 - When?
15:03 - Connecting
18:09 - Expanding Your Network
22:36 - One Pearl of Wisdom
25:26 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
BNI Knoxville
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 250 of Financially Simple, Justin makes an appearance on The Dental Guys’ podcast with Chris Mahan to discuss recent changes made to the CARES Act.
As the COVID-19 pandemic continues, the situation regarding aid for businesses and business owners is adapting to this unprecedented scenario. Justin, John, and the Dental Guys discuss the changes to the CARES Act, and how to apply for loans.
This podcast is also available on their YouTube channel:
https://youtu.be/WxDwW1uvrus
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:39 - Update on CARES Act 7a and 7b-What Do We Know and What Should We Do Now?
03:57 - The Economic Injury Disaster Loan (EIDL)
06:24 - What if a Business Owner has Applied for PPE but not EIDL?
07:33 - What Does it Cover?
09:02 - Should You be Applying Now?
10:21 - Understanding the PPE
18:59 - Understanding Recommendation and the Forgiveness Period
23:18 - What to do if You Have Already Applied
29:05 - Withdrawing an Application to Amend it
38:23 - Turning Around
40:11 - Positive Mindset
41:24 - Wrap Up
_________________
RESOURCES:
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Chris Mahan
The Dental Guys
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 248 of Financially Simple, Justin talks to Scott Cagle of Northstar Church in Knoxville, about keeping perspective in a time of crisis.
The Coronavirus pandemic has upended businesses and personal lives, as we live through this unprecedented event. Justin and Scott discuss keeping a level head and maintaining a perspective of the bigger picture during this period, knowing that it will pass.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:56 - Ask Justin featuring Scott Cagle: Perspective Amidst Crisis
04:40 - Communicating Perspective to Your Team
10:59 - Having One Thing to Look Towards to Give Perspective
13:59 - One Piece of Advice
18:38 - One Question to Ask
21:20 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Northstar Church, Knoxville
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 247 of Financially Simple, Justin talks to Gavin Baker of Baker Labs, about best practices for marketing while business takes a downturn during the COVID-19 pandemic.
As the COVID-19 crisis takes its toll on small businesses, it’s important to keep positive and maintain a presence in your sphere of business. Justin and Gavin look at scaling back on your marketing budget while keeping engagement with present clients and making connections to potential new clients for when the pandemic is over.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:26 - Ask Justin featuring Gavin Baker: Small Business Marketing During the COVID-19 Pandemic
03:35 - Should You Stop Marketing?
04:32 - Maintaining Momentum
07:21 - The Bare Minimum
10:27 - Jump-Starting a Stalled Marketing Plan
14:32 - Targeting Top Clients
20:18 - Case Example
25:28 - Communication Coaching Tips
29:55 - Marketing Tips & Tricks Going Forward
33:54 - Summary
35:36 - One Piece of Advice
38:28 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Baker Labs
Gavin Baker
Shoe Dog, by Phil Knight on Audible and Amazon
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 246 of Financially Simple, Justin talks to Allen Brown of the South Carolina Small Business Development Center about the special conditions of SBA Loans made available during the COVID-19 pandemic.
Difficult times require exceptional measures, and the Small Business Association is taking those measures to help Small Business Owners during this time. Justin and Allen go over the guidelines, qualifications and terms of the SBA disaster loans that are being made available to Small Business Owners.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:51 - Ask Justin featuring Allen Brown: SBA Disaster Loans for Small Business Owners
03:51 - What is the SBA?
04:24 - What Small Business Owners can Expect
05:25 - Qualifications for Lending
07:01 - Is the SBA Underwriting the Loans?
08:59 - Who is Eligible?
09:22 - Solopreneurs
11:16 - When is This Available?
11:57 - How to Calculate Your Losses
14:41 - Where to Apply
15:33 - How Long Does it Take?
17:56 - Further Qualifications
20:11 - What is Included in Fixed Expenses?
21:00 - Three Phases of the Program
24:53 - $300 Billion in Lending
25:45 - SBA Bank Approval
29:04 - One Piece of Advice
31:20 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
SBDC.org
SBA Disaster Loan
South Carolina SBDC
Allen Brown, SC SBDC
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 245 of Financially Simple, Justin is joined by The Dental Guys, Jon and Wesley, to talk about closing down a dental business while taking care of their teams.
The current COVID-19 crisis is forcing the hand of many businesses, both small and large, to close and lay off staff or, where possible, pivot into other areas. Justin, Jon, and Wesley discuss how the pandemic has affected their dental practices, and how they have managed the closures and supported their teams.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:08 - Ask Justin featuring The Dental Guys: Handling the COVID-19 Crisis
03:11 - Decisions Made Due to the Virus
09:27 - Telling the Team
12:30 - Closing Down: The Thinker Approach
18:06 - The Feeler Approach
22:32 - Starting Back Up
29:35 - Retaining Laid-Off Team Members
36:35 - Jon’s One Piece of Advice
41:47 - Wesley’s Advice
45:47 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
The Dental Guys Podcast
Jonathan Rogers, Rogers Family Dental
Wesley Mullins, My Family Dentistry
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 244 of Financially Simple, Justin discusses using Credit to finance a Small Business through the current pandemic with Gerri Detweiler at Nav.
Many businesses are experiencing financial challenges at the moment and may need to take on debt to make sure they can get through the crisis. Justin and Gerri look at choosing credit cards, using debit cards, and the financial assistance that's available to Small Business Owners during these times.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:15 - Ask Justin featuring Gerri Detweiler: Managing Debt and Credit When Financing a Business
02:57 - What is Nav?
03:53 - Which Credit Card to Use as a Business Owner
05:44 - Credit Card Rewards
07:59 - Using a Bank vs. Brand Card
10:03 - Using a Business Debit Card
11:18 - At What Point Can the Business Handle the Debt?
12:50 - Credit Scores
13:33 - Level Up Requirements
14:53 - Advice to Business Owners
17:17 - Credit Institutions Available
19:07 - One Piece of Advice
20:40 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Gerri Detweiler, Nav.com
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 243 of Financially Simple, Justin talks to Kathryn Cimera of Mallor Grodner Attorneys about the Families First Act.
The recently passed Families First Coronavirus Response Act is aimed to assist Business Owners and their employees through the current pandemic. Justin and Kathryn break down the act to its fundamentals to help Business Owners understand it better.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:06 - Ask Justin featuring Kathryn Cimera: The Families First Coronavirus Response Act
03:06 - Breaking Down The Act
04:54 - How Does the Act Help Cover Your Team?
06:58 - Interpreting the Jargon
10:51 - Exemptions
12:49 - Penalties
13:47 - One Piece of Direct Advice
16:04 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Kathryn Cimera, Mallor Groener Attorneys
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 242 of Financially Simple, Justin and John Riley of Dental Revolution discuss marketing strategies Small Business Owners, specifically dental practices can take to weather the COVID-19 pandemic.
The COVID-19 outbreak is affecting normal day-to-day life, and businesses both big and small, as measures are taken to reduce it’s spread. Justin and John look at ways to maintain a marketing presence throughout this time in order to be in a position to recover quickly when things get better.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:31 - Ask Justin featuring John Riley: How to Weather the Storm With the Right Marketing Strategy
04:43 - Why Does Marketing Have Such a Bad Rap With Business Owners?
06:10 - Simply Put, What is a Marketing Plan?
09:08 - The Four Quadrants
11:14 - What is the Best Method of Marketing?
12:22 - How Much to Budget
14:37 - How Long Before Getting an ROI
17:02 - COVID-19 & Marketing
21:33 - Being a Change Agent
23:48 - One Piece of Advice
25:38 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
John Riley, Dental Revolution
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 241 of Financially Simple, Justin talks to Biren Patel, owner of Biren Patel Engineering, about running a business with a remote workforce.
With the outbreak of the COVID-19 virus, many businesses have shifted to a remote work-from-home setup for their employees in order to reduce the spread of the virus. Justin and Biren discuss setting up a business with a remote workforce, the pros and cons of the system, and important things to consider as a business owner when using this work model.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:24 - Ask Justin featuring Biren Patel: How to Run a Business with a Remote Workforce
02:56 - The How & Why of Having a Remote Workforce
04:35 - The Remote Work Experience
06:21 - Tips to Separate Work from Home Life
08:51 - Does a Work-From-Home System Help Attract and Retain Employees?
11:54 - Best Practices for Businesses and Employees
16:32 - Are Different Performance Metrics Required?
17:57 - Remote Communications
21:14 - Insurance
22:29 - The Importance of Having a Great Team
23:41 - One Piece of Advice
26:02 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
LinkedIn: Biren Patel
Biren Patel Engineering
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 240 of Financially Simple, Justin talks to Paula Harriss, a Business Leadership Coach.
Many listeners have asked for some insight on a difficult topic as a Small Business Owner - having the right Leadership and being able to communicate the vision for their business to the Team Members and keep them focused. Justin discusses the issues of Leadership with Paula, from sharing the vision to working with difficult Team Members.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:07 - Ask Justin featuring Paula Harriss: Business Leadership
02:20 - What Does it Take to be a Leader?
04:58 - “Whatever it Takes” in 5 Steps
07:24 - Which Step Do Leaders Often fail to Address?
08:39 - How to Set The Vision of Your Business
11:06 - Training Programs
14:08 - How to Handle Team Members Who do not Share the Vision
18:18 - Employee Conducted Meetings
20:03 - How to Deal With Saboteurs
24:19 - Deciding to Terminate
25:36 - Additional Advice
26:47 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Paula Harriss Business Coaching
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 239 of Financially Simple, Justin talks to Michael Gamboli of Partridge, Snow & Hahn LLP, about the Family First Act.
The Family First Act is due for publication in the next few days, but in that time it has changed and will continue to change according to government recommendations. Justin talks to Michael about the meaning of the Act and how it will affect Business Owners and their Employees, as it currently stands, and how Business Owners can make the most of the Act.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:17 - Ask Justin featuring Michael Gamboli: How Does the Family First Act Affect Small Business Owners as Employers
02:29 - Sick Leave: How It Works
04:09 - The Two Parts
05:38 - Healthcare Providers & Emergency Responders Exemption
07:03 - Pre-Emptive Layoffs
09:35 - What is The Benefit Amount?
10:48 - Does the Act Benefit the Owner/Self-Employed?
11:58 - One Piece of Advice for Business Owners
13:49 - Concluding Thoughts
17:05 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Michael Gamboli, PSH LLC
PSH: Family First Act
PSH: COVID-19 Advisory Group
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 238 of Financially Simple, Justin is joined by Brandon Jordan to go over the recently published Family First Act regarding Medical Practitioners.
As a result of the COVID-19 crisis, the government has recently passed a bill to assist Small Business Owners and Medical Practitioners that were not prepared, to weather this storm. Justin and Brandon go over a few issues that might have caused Small Business Owners to have been caught out by the crisis, and look at Section 602 of the Family First Act that will help those in difficulty.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:07 - Ask Justin featuring Brandon Jordan: What About the Business Owner Who Wasn’t Prepared?
03:21 - Why Do Some Business Owners Duck Their Heads in the Sand?
04:12 - How Are Entrepreneurs Reacting to the Current Crisis?
07:20 - Cashflow: Personal & Business
13:27 - Entrepreneurial Ingenuity
18:01 - Mindset Matters
22:10 - Family First Act: Section 602 - Medical Practitioners
31:58 - Working With Vendors
33:19 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Brandon Jordan
Family First Act
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 237 of Financially Simple, Justin talks to Chris Mahan of Mahan Associates on how Medical Practitioners like dentists, chiropractors, and optometrists can weather the current COVID-19 crisis.
Many Medical Practitioners, as well as other types of small businesses, are feeling the pinch as the COVID-19 pandemic spreads. Justin and Chris talk about what Medical Business owners like dentists, chiropractors, and optometrists should be looking at, checking, and preparing for, to get through the coming weeks.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:23 - Ask Justin featuring Chris Mahan: Advice to Medical Entrepreneurs During the COVID-19 Crisis
03:48 - The Main Thing to Keep in Mind During These Times
05:15 - Today’s Agenda
06:22 - Cashflow
11:34 - Balance Sheet Management
15:56 - Insurance
21:25 - Investing
27:58 - Practice Management
30:16 - Time Off for Employees
33:15 - How to Turn This into a Positive
42:18 - Increasing the Working Week
44:54 - Wrap Up
_________________
RESOURCES:
Mahan Associates LLC, Healthcare Business Professionals
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 236 of Financially Simple, Justin talks to Chris Steward about the current movements in the markets caused by COVID-19.
In recent days (March 2020) the local and international markets have seen significant drops, along with a big price drop in Oil. Justin sits down with Chris to discuss the causes behind the market drop, and where the markets might go from there.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:00 - Chris Steward discusses market fluctuations due to the Coronavirus
03:06 - What Triggered the Decline?
05:26 - Comparable to 2007-08 Crash
06:27 - Is a Recession Coming?
08:02 - How Do Recent Market Trades Compare to Past Events?
09:46 - How Much Further Can it Go: Is Now a Time to Invest?
12:11 - Cause of the Rapid Decline
13:49 - Chris’ Final Thoughts
15:14 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 235 of Financially Simple, Justin looks at how the Covid-19 epidemic is affecting the stock market.
The Novel Coronavirus (2019) is a cause for concern, with a number of listeners asking the same question: How will it affect the Markets? Justin takes a look at the history of the virus to date, as well as its effect on local and international markets, and gives his opinion on whether to buy, sell, or hold your market options.
If you have any questions about anything covered here: Ask Justin
Overwhelmed and need help? Let's talk: Work With Us
_________________
TIME INDEX:
01:19 - Ask Justin: What Are Your Thoughts on the Coronavirus Outbreak and the Markets?
02:37 - What is a "Corona?"
04:59 - The Covid-19 Virus
06:28 - Effect on the Markets So Far
09:49 - Spread of the Virus
13:33 - Knock-On Effects
15:09 - Justin’s Thoughts
18:12 - Preventing Infection
18:50 - Future Market Movements
21:29 - Wrap Up
_________________
RESOURCES:
Coronavirus Podcast #1
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Youtube: Coronavirus Causing a Stock Market Crash? REALLY?!
John Hopkins University Covid-19 Map
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 234 of Financially Simple, Justin answers a question on Retirement.
A listener of the podcast asks, How Much Do I Need to Retire? Justin breaks down his answer into the Key Points that you should consider when trying to determine how much is necessary.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:49 - Ask Justin: How Much Money Do I Need to Retire?
03:16 - What is Your Current Lifestyle Like?
04:59 - What Would You Like Your Retirement Lifestyle to be Like?
06:14 - Your Current Asset Level
07:36 - Life Expectancy
09:48 - Rate of Return From Assets
11:37 - What Will Your Tax Bracket Be?
12:46 - What About Debt?
13:36 - Many Changeable Variables
17:10 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 233 of Financially Simple, Justin answers a listener’s question on Saving for Retirement.
As an employee of a business, you might have a Pension Plan, but it is also a good idea to have your own Savings Plan in place, just in case. Justin compares Gross Income to Net Income, and considers how much is enough to put aside each month, as well as providing some insight into Pension Plans and why it’s a good idea to have your own Savings Plan.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:12 - Ask Justin: Is $500 per Month Enough for an Investment Saving Plan?
04:22 - Gross Income vs. Net Income
05:47 - Is 15% Enough?
08:30 - Savings And Taxes
10:51 - Pension Plans
14:43 - Are You Saving Enough?
16:03 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Investopedia - 3 Ways You Could Lose Your Pension & How To Fight Back
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 232 of Financially Simple, Justin talks to Scott Snider of the Exit Planning Institute about working in a second generation family business.
Coming into a family-owned business, whether second generation or older can be a trying experience - maintaining family ties through good communication, receiving offers, and expanding the business can test family bonds. Justin and Scott discuss what it’s like to come into a family business, and how to best manage the stresses that might occur.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:04 - Ask Justin featuring Scott Snider: What is it Like to Work in a Family Business as the Second Generation?
03:31 - Selling Your First Business
05:45 - Receiving an Unsolicited Offer
07:24 - Lessons Learned
13:33 - The Value Acceleration Method
14:46 - Communication
20:00 - Once Piece of Advice
21:30 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Every Family’s Business by Dr. Thomas William Deans
OwnerReadiness.com
Certified Exit Planning Advisor Program
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 231 of Financially Simple, Justin answers a question on handling finances when planning to save and starting a business at the same time.
If you’re debt-free and have a modest lifestyle, and are planning on starting a business as well as to start saving for retirement - what is the best way to utilize the excess income to best achieve those goals? Justin breaks down the question, addresses each part, and gives his advice on taking on good debt when starting a business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:22 - Ask Justin: How Should I Prioritize Excess Income When Starting a business, and Can I Grow My Savings at the Same Time?
03:46 - A Different Perspective
05:20 - Prioritizing Goals
07:14 - Maximizing Finances
14:06 - Starting a Business
17:10 - Savings Growth
19:27 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 230 of Financially Simple, Justin welcomes back Jonathan Mills Patrick to the podcast to discuss the pros and cons of being an Entrepreneur.
In an earlier "Ask Justin," episode, the question of whether or not to become an Entrepreneur over an Employee was asked. Justin and Jonathan revisit the question and compare the pros and cons of following either route.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:18: Ask Justin feat. Jonathan Mills Patrick: Should I Become an Entrepreneur?
04:24 - The Pros and Cons of Being an Employee
08:13 - Employee Job Satisfaction
11:22 - The Pros and Cons of Being an Entrepreneur
14:02 - How to Choose Which Way is for You
17:01 - Do Your Research
18:20 - A Career Path is Not a Straight Line
22:35 - Conclusion
28:05 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Jonathan Mills Patrick.com
The Ladder or The Grind by Jonathan Mills Patrick on Amazon
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 229 of Financially Simple, Justin answers a question on when to hire a Financial Planner.
Cindy asks, "At what point should I consider hiring a Financial Planner - How much should I be making to necessitate having one?" Justin goes over a few factors that you might consider when thinking about hiring a Financial Planner and gives his own opinion on when it’s best to do so.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:25 - Ask Justin: Do I Make Enough to Necessitate Wealth Management Services?
04:38 - When Does it NOT Make Sense to Have a Financial Planner?
05:28 - How Much Money Do You Need to Hire a Financial Expert?
05:42 - Based on Income
07:47 - Based on Age
09:04 - Based on Debt
09:44 - The Generation Gap
14:09 - Conclusion
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 228 of Financially Simple, Justin answers a listener’s question on inheriting a Family Business.
Jack has taken over his late father’s business, and asks for guidance on whether he should continue with the business and grow it further or sell it. Justin gives advice based on his own experiences as a business owner and a financial advisor to other business owners.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:13 - Ask Justin: I’ve Inherited a Family Business, Should I Sell It or Grow It?
03:47 - A Few Things To Consider
07:09 - Owning A Business In The Real World
10:25 - The Responsibility
14:54 - Personal Choices
17:35 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
Ask Justin a Question
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 227 of Financially Simple, Justin gazes into his crystal ball to answer a listener’s question on predicting the stock market during an election year.
Tiffany asked, "How does the Stock Market react during a Presidential Election Year?" Justin looks at different studies that have tried to analyze the market’s movements, in order to predict outcomes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:45 - How Does the Stock Market React During a Presidential Election Year?
03:06 - Not The First To Ask This, And Won’t Be The Last
04:13 - A Way to Beat the Market
06:49 - Past Performance is Not Indicative of Future Results
08:49 - Can the Presidential Election Actually Influence the Stock Market?
11:23 - The Pepperdine Study 1942-2002
14:32 - Bear Markets
15:34 - Conclusion
18:34 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
The Pepperdine Study 1942-2002
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 226 of Financially Simple, Justin answers two questions from different listeners, relating to his own business practices.
Cindy asks Justin, "How do you, as a Business Owner, handle the stresses of running your business?" And Himan asks, "How do you handle decisions and doubt?" Justin has a candid “fireside chat” about these issues, and how he personally deals with them.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:41 - Ask Justin: How Do You, Justin, Handle The Stresses Of Being a Business Owner?
03:24 - Guard Your Heart And Mind
05:56 - Have a Positive Mindset
07:41 - Keep Good Counsel
08:32 - There’s Always a Way
11:39 - Doubt In Your Vision
16:22 - How To Make Decisions
20:14 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 225 of Financially Simple, Justin answers a listener’s question on what steps to take if you receive an offer for your business.
Charlie asks Justin, "What steps should I take to decide if I should accept an offer for my business?" Justin explains what factors to assess in your personal life, and within the business itself, to determine whether or not the business should be sold.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:40 - Ask Justin: What Steps Should I Take To Decide If I Should Accept An Offer To Buy My business?
03:19 - Review Your Current Financial Position
03:42 - What Total Income Do You Need
05:02 - Life Expectancy
06:33 - Is Your Business Sellable?
07:46 - What If Your Business Isn’t Sellable Yet?
08:58 - Will The Sale Cover Retirement?
10:42 - Plan Ahead
12:06 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Blog Post: The Re-Trade In A Business Sale
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 224 of Financially Simple, Justin and guest co-host Jeff Jeter look at the personal finance needs of Retirement.
Podcast listener Sarah asks, "How Do I Determine How Much I Need to Retire?" Justin and Jeff look at the personal and business criteria, as well as other considerations to take into account when determining How Much.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
03:09 - Ask Justin & Jeff: How Do I Determine How Much I Need To Retire?
03:45 - What Does Your Retirement Look Like?
06:21 - Domestic & Business Expenses
08:36 - How Much Will You Spend In Retirement?
10:11 - How Long Will Retirement Last?
12:57 - Other Considerations
13:36 - Financial Calculators
16:20 - How To Work It Out For Yourself?
18:39 - Summary
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 222 of Financially Simple, Justin answers the second part of a question regarding plans for the new year.
Tim asks, “What is the number one thing I should be doing right now in my Personal Finances, and Business?” Justin addresses the second part of the question, regarding Business Plans, and briefly goes over the need for Strategic Planning.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:27 - Ask Justin: What Should I Be Doing Right Now in my Business Finances?
03:18 - Get a Handle on Your Business by Planning
06:48 - What is Strategic Planning?
11:04 - Why Does it Matter?
13:48 - In Summary
15:07 - Wrap Up
_________________
RESOURCES:
Financially Simple's Strategic Planning Course
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 221 of Financially Simple, Justin answers a question regarding plans for the new year.
Tim asks, “What is the numbering thing I should be doing right now in my Personal Finances, and Business?” Justin gives his opinion for having a fresh start to the year 2020, and addresses the issue of Personal Finances in this first part of of the answer.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:58 - Ask Justin: What Should I Be Doing Right Now in my Personal Finances?
02:52 - 2020, a Fresh Start
04:16 - Have a Clear Vision
08:55 - What do YOU Want to Accomplish?
13:16 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 220 of Financially Simple, Justin answers a question about having a Health Reimbursement Arrangement.
A listener of the podcast asks, "I am a CPA about to get clients involved in a Spouse-Only HRA - What did you mean in your article 'You must have a health plan to participate,'?" Justin responds, explaining what HRAs are, how they work, and the rules that apply.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:08 - Ask Justin: The HRA
01:55 - The Question
02:25 - Hiring a Spouse as an Employee
03:58 - What is an HRA?
05:18 - 1: The Business Sets a Monthly Allowance Amount
10:33 - 2: Employees Buy What Fits Their Personal Needs
11:15 - 3: Employees Submit Proof of Purchase
12:26 - 4: The Business Reimburses Employees
12:50 - Answering The Question
17:09 - Special Rules
19:19 - Summary
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Article: Hiring a Spouse as an Employee… A Smart Option with Many Benefits
Article: Group Health Insurance for Businesses
IRS Publication 502
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 219 of Financially Simple, Justin answers a question posed to him by a listener of the podcast.
Podcast listener, Allan - recently divorced and coming up to retirement - poses the question, "How should I go about starting an investment fund with my specific situation, and what are the costs?" Justin goes over the question and gives his suggestions for a plan of action.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Listener Questions: Starting an Investment
02:38 - Allan’s Question
04:23 - Breaking it Down
07:13 - Taxes, Income, and Benefits
09:00 - Home Improvement vs. Saving
12:27 - Retirement Ready?
16:31 - A Plan of Action
18:10 - Investment Fees
22:07 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 218 of Financially Simple, Justin answers a question posed to him by a listener of the podcast.
Podcast listener, Adam from Grand Rapids MI, poses the question, "Should I pay off my house early and invest until retirement, or sell and buy my retirement home with the plan to have it paid up by retirement?" Justin breaks down the question, bit-by-bit, and gives his take on the matter.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:21 - Ask Justin: Q&A Session
02:09 - Getting in Touch to Ask a Question
03:45 - Adam’s Question: Should I Stay or Should I Sell?
05:52 - Breaking it Down
17:26 - The Big Question
24:47 - Justin’s Take
27:08 - Wrap Up
_________________
RESOURCES:
Ask Justin a Question
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 216 of Financially Simple, Justin wraps up Season 2, looking back on what has been covered and achieved, and looking forward to what’s still to come in Season 3 of the Financially Simple podcast.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:46 - A Wrap Up to Season 2
03:09 - Season 1 Recap
06:23 - Season 2 Recap
09:45 - What’s Happening Behind the Scenes
11:10 - Coming Up in Season 3
15:08 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Opportunity Zone Map
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 215 of Financially Simple, Justin continues his examination of reducing tax costs when selling Real Estate.
When selling property, the 1031 Exchange route might not be the best option with so many disadvantages. So, what other options are there? Justin explains the Opportunity Zone, what it is, how it works, and provides a case study example of Comprehensive Tax Planning.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:54 - How to Minimize Taxes When Selling Real Estate: Part 2
01:54 - The O-Zone
03:49 - Tax Advantages of Investing in O-Zones
05:11 - The Process
06:43 - Case Study Example
08:35 - The Fourth Strategy: Comprehensive Tax Planning
13:20 - Conclusion
14:12 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Opportunity Zone Map
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 214 of Financially Simple, Justin begins to look at how to go about selling a Real Estate investment.
As you grow your Real Estate investment portfolio, you will want to sell off property to be able to invest in other real estate opportunities and minimize the taxes incurred in the process. Justin goes over the types of exchanges that are possible when selling real estate to buy new property, as well as the rules and disadvantages of the processes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:59 - How to Minimise Taxes When Selling Real Estate
02:25 - Your Primary Residence
04:09 - 1031 Exchange
06:02 - Four Types of Exchanges
06:06 - Simultaneous Exchange
06:43 - Delayed Exchange
08:00 - Reverse Exchange
08:39 - Construction or Improvement Exchange
09:29 - The Seven Rules of a 1031 Exchange
15:44 - The Disadvantages
18:01 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 213 of Financially Simple, Justin lists the ways in which you can pay for Real Estate investment.
As you consider getting into Real Estate investing, you might need to take out a loan to buy the property. Justin looks at the different types of loans available, as well as other possible lines of credit, that you can use to purchase an investment property.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:31 - How Can You Pay For Investment Real Estate?
02:42 - Conventional Loans
04:28 - Federal Housing Authority Loans
05:40 - 203k Loan
08:20 - Veteran Affairs Loan
11:44 - Adjustable-Rate Mortgage
12:47 - Private Money
13:37 - Hard Money
15:06 - Home Equity Line of Credit
16:08 - Retirement Money
16:21 - Conclusion
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 212 of Financially Simple, Justin considers whether or not you should use your IRA to buy investment property.
Can you use your IRA savings to invest in real estate? Yes, you can - but should you? Justin looks at the ins and outs of using your IRA to invest in property, and gives his advice on whether or not it is a good idea.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
02:00 - Should You Use Your IRA to Buy Investment Property?
03:07 - Real Estate IRA Rules & Regulations
04:18 - You Cannot Buy Your Own House
05:45 - You Cannot Have “Indirect Benefits”
06:33 - You Cannot Use Your Personal Name
07:18 - Real Estate Can Be Purchased Without 100% IRA Funding
08:25 - UBIT Tax
09:16 - Expenses Must Be Paid From Your IRA
10:20 - Real Estate IRA Income Must Return to Your IRA
10:49 - So, Should You?
15:56 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 211 of Financially Simple, Justin looks at options for investing in Real Estate without the headache of buying property.
When it comes to investing in Real Estate, there are options to invest without buying property and having to deal with the hassle of managing the property yourself. Justin goes over Real Estate Investment Trusts, and Crowd Funding options for Real Estate investing.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:50 - How to Purchase Real Estate Without Real Property Headaches
03:56 - Real Estate Investment Trusts
10:49 - REIT: Non-traded
14:35 - REIT: Publicly Traded
16:07 - Which is Better?
17:51 - Crowd Funding Options
23:43 - The Bottom Line
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 210 of Financially Simple, Justin explains Cash-On-Cash Return for Real Estate Investments.
Keeping track of the value of a Real Estate investment can be difficult - Cash-on-Cash Return is one way to follow the income of a property investment. Justin gives the Financially Simple what, why, and when of Cash-on-Cash Returns.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:05 - Investors Must Focus on Cash-on-Cash Return
01:19 - What is Cash-on-Cash Return?
03:06 - Example Scenario
08:10 - Why is Cash-on-Cash Return So Important?
10:16 - What is a Good Cash-on-Cash Return?
11:57 - When Should I Calculate Cash-on-Cash Return?
14:51 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 209 of Financially Simple, Justin consider why you should invest in Real Estate.
With so many possibilities when it comes to investments, what makes investing in Real Estate an attractive option to Small Business Owners? Justin lists 11 reasons why Real Estate investments should be a serious consideration for your portfolio.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:56 - Why Should You Invest in Real Estate?
04:06 - Real Estate Typically Increases in Value
07:16 - It can Provide Cashflow Pre-59.5
08:08 - It Can Be Improved
09:27 - Real Estate Can Provide a Tax Deduction
09:59 - Real Estate is Depreciable
11:05 - Real Estate Can Have Lower Tax Rates
13:03 - You Can Defer Real Estate Gains
14:15 - It Provides For Equity Build Up
14:48 - If Purchased Right, It Can Align With Retirement
15:59 - It Can Be Leveraged
16:48 - It Acts as a Diversification Tool
17:38 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 208 of Financially Simple, Justin takes a look at the timing of Real Estate investments.
When is the best time, and when is the worst time to invest in Real Estate? Justin explains the cycles of the Real Estate market and goes over the important points to consider when planning to invest in Real Estate.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - When Should You Invest in Real Estate?
01:49 - Personal Experience
03:32 - A Certain Time of the Year
04:26 - The Cycle
06:36 - The Six Stages
08:37 - So When is the Best Time to Buy/Sell Real Estate?
11:34 - Where are We Now?
17:19 - What Does the Future Hold?
17:43 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 207 of Financially Simple, Justin introduces Real Estate Investing.
If you own your home, or business premises, you’ve invested in Real Estate; but besides investing in your own property, did you know you can invest in much, much more? Justin begins looking at the potential of Real Estate investing, by listing the various categories and sub-categories of Real Estate that you can invest in.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:22 - The Different Types of Real Estate Investing
02:59 - The Hollywood Dream
03:56 - Categories of Real Estate Investments: Residential
07:01 - Commercial
10:11 - Retail
13:37 - Hotels
15:10 - Multi-family
17:05 - Industrial
18:37 - Land Investing
21:36 - Special Purpose
23:26 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 206 of Financially Simple, Justin compares Active and Passive Funds and ETFs.
What are Active and Passive Funds, how do they work, and which is better? Justin looks at both Active and Passive Funds and ETFs, comparing the pros and cons of each.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
Transcription & Additional Resources:
BLOG: Should I Invest in Active or Passive Funds and ETFs?
_________________
TIME INDEX:
01:24 - Should I Invest in Active or Passive Funds & ETFs?
01:38 - Active vs. Passive
03:30 - How Passive Funds Work
08:12 - Important Points About Passive Funds
12:49 - How Active Funds Work
15:32 - So Which is Better?
22:09 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 205 of Financially Simple, Justin provides a simple guide for picking Mutual Funds.
When deciding which Mutual Funds to invest in, a lot of new investors can make the mistake of only looking at the numbers. Justin breaks down what investors should be looking at when selecting Mutual Funds to invest in.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:50 - A Guide for Picking Mutual Funds
03:22 - Some Guidelines
03:27 - The Mutual Fund's Star Rating
07:35 - Expense Ratio
09:40 - Investment Style
10:37 - Manager Tenure
11:56 - Turnover Ratio
12:54 - Tax Efficiency
13:49 - Style Drift
15:18 - What About Performance?
18:59 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Financially Simple podcasts are recorded on a Blue Yeti Microphone & Samsung Notebook 9.
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
H
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 204 of Financially Simple, Justin gives a very simplified explanation of what Mutual Funds are.
If you’re considering investing, but are not wanting to go for individual stocks and shares, a Mutual Fund might be a good option for you. Justin looks at what Mutual Funds are, the pros and cons, as well as the costs.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:49 - A Simple Guide to Understanding Mutual Funds
02:14 - What is a Mutual Fund?
04:09 - How Do Mutual Funds Work?
09:31 - How Much Do Mutual Funds Cost?
21:04 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 203 of Financially Simple, Justin examines the perceived added value of having an Investment Advisor when investing.
When you decide to invest, you might hire the services of an Investment Advisor or you might decide to go it alone using information that is readily available. Justin looks at two reports that investigate the topic of hiring an Investment Advisor, and the real and perceived value that having a professional on your side has.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:03 - Should I DIY My Own Investing or Hire a Professional?
04:06 - What The Research Says: Vanguard Study 2016
07:52 - The Value of an Investment Advisor
10:54 - Vanguard 2019 Study
12:40 - Perceived Value: Morningstar Study
14:01 - Investors Perceived Value of Advisors
16:02 - Advisors Perceived Value of Their Services
18:34 - What Does All This Mean?
20:49 - Wrap Up
_________________
RESOURCES:
Vanguard Alpha Study
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 202 of Financially Simple, Justin looks at another reason to invest: Compound Interest.
There are many reasons to invest, and Compound Interest is one of them. Justin explains what Compound Interest is, how it works, and why it’s an integral reason for investing for future generations of your family.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:07 - Why Should We Invest: Compound Interest
02:59 - Time Sensitivity
07:50 - Making Millionaires From Average People
10:22 - Requires Patience
13:37 - Changes for Generations
17:05 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Dave Ramsey: How Teens Can Become Millionaires
Ramit Sethi: I Will Teach You To Be Rich
Ben Franklin’s Gift
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 201 of Financially Simple, Justin gives an outline of Diversification in Investing.
Just as you shouldn’t invest solely in your business, you should also avoid investing in only one or two portfolio options outside of your business. Justin looks at the process of Diversification: what it is, why it’s a good idea, the options available, and the dangers to be aware of.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:54 - What is Diversification?
02:38 - Reasons to Diversify
07:35 - An Interconnected Free Lunch
10:27 - The Seven Most Popular Asset Classes
13:01 - Diversification Within Diversification
16:57 - The Danger
18:05 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 200 of Financially Simple, Justin revisits the topic of investing outside of your Business.
As a Business Owner, most of your wealth is tied up in your business and you plan on unlocking that wealth when you decide to sell or retire - but what if you can’t sell, or don’t get the best possible deal? Justin gives a quick revision on why you shouldn’t invest exclusively in your business and should look outside of your business for investment opportunities.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:42 - Financially Simple: 200th Episode
02:46 - Why Should a Business Owner Invest in Assets Outside of Their Business?
06:21 - Some Stats
09:33 - Some Interesting Numbers
11:49 - Plan B
13:17 - Having All Your Eggs in One Basket
15:20 - Tax ROI
17:19 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 199 of Financially Simple, Justin considers the investment strategy of Timing the Market.
When to buy, when to sell; when to invest, when not to invest - these are questions most investors ask. But, the answers are not as simple or straightforward as they might hope. Justin explains what Timing the Market is, and examines whether or not it really does work the way everyone thinks.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:36 - What is Timing the Market, and Does it Work?
05:57 - If You Have Cash, When Should You Invest It?
07:26 - What is Market Timing?
08:08 - Does it Work?
12:24 - Diving Deeper…
18:28 - In Summary
22:54 - Opportunity Cost & Crazy Taxes
24:41 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 198 of Financially Simple, Justin continues with the Investing 101 Overview, looking at Dollar-Cost Averaging.
Dollar-Cost Averaging is a simple investment method that takes the complexity of reading the market and timing your investment strategy out of the equation. Justin looks at the pros and cons of Dollar-Cost Averaging, and explains some advanced strategies to get the most out of this investment technique.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:45 - Dollar-Cost Averaging
03:28 - Benefits of Dollar-Cost Averaging
07:07 - Drawbacks of Dollar-Cost Averaging
11:29 - Where Dollar-Cost Averaging Works Well
12:28 - How to Start Dollar-Cost Averaging
13:17 - Advanced Strategy
15:21 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Acorns.com - Investment App
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 197 of Financially Simple, Justin continues with the Investing 101 Overview and explains Rebalancing and Target-Band Rebalancing.
Buy Low Sell High: this is the core principle of Rebalancing in a nutshell. Knowing when to do so and factoring in considerations such as Contributions and Withdrawals adds a layer of complexity to this simple mantra. Justin explains what Rebalancing and Target-Band Rebalancing are, why and when investments should be rebalanced, and why you shouldn’t go it alone.
Transcription & Additional Resources:
BLOG: Portfolio Rebalancing and Target Band Rebalancing
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:17 - Introducing Rebalancing and Target-Band Rebalancing
02:27 - What is Rebalancing?
04:58 - Why do We Rebalance?
05:56 - The Problem with Rebalancing
06:39 - Is it Good or Bad to Rebalance?
07:59 - How Often Should We Rebalance?
09:26 - Target-Band Rebalancing
10:25 - What is a Target Band?
10:46 - What Percentage Should the Target-Band be?
15:22 - What About Contributions and Withdrawals?
17:42 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 196 of Financially Simple, Justin continues with the Investing 101 Overview and looks at Risk Tolerance.
Investing has its ups and downs, the risks and the rewards - so knowing your Risk Tolerance Profile and Capacity are necessary in order to make the correct investments. Justin explains Risk Tolerance and Capacity, as well as the three types of Investment Horizon that will help you decide on the correct investment strategy for your needs.
COMPETE TRANSCRIPTION:BLOG: Risk Tolerance & Investment Horizons
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:51 - Investing 101 Part 2
02:10 - Risk Tolerance
02:41 - Risk Tolerance Profile
10:18 - Risk Tolerance vs. Risk Capacity
14:23 - Investment Horizons
15:22 - Three Types of Investment Horizon
19:06 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 195 of Financially Simple, Justin begins a series on Investing 101.
Creating an investment portfolio can be confusing and intimidating, with many different types of investment options, strategies, and terminology. Justin breaks down investing in Financially Simple terms, giving an overview of the basic types of investments.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Complete Transcription:
BLOG: Investment Basics - Asset Types
_________________
TIME INDEX:
01:16 - Investing 101: Overview Part 1
01:39 - The Basics
02:25 - Asset Types
04:56 - Stocks
07:16 - Why Own Stock?
11:53 - Diversification
13:13 - Capitalization
16:44 - Growth & Value
17:45 - Fixed Income
20:11 - Cash & Cash Equivalents
22:26 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Portfolio Visualizer: Historical Asset Class Returns
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 194 of Financially Simple, Justin continues his overview of Investing 101 and takes a look at Non-Qualified Investments.
From a personal finance perspective, Non-Qualified investment accounts can have different uses depending on the type of account. Justin goes over the different types of accounts and gives advice on what each account is useful for and what to avoid.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Complete Transcription:
BLOG: Non-Qualifying Investments
_________________
TIME INDEX:
00:49 - Non-Qualifying Investments
01:12 - What Does Non-Qualified Mean?
02:03 - Individual Accounts
02:42 - Joint Tenant With Right of Survivorship
06:34 - Community Property
07:12 - Tenants in Common
07:56 - Tenants By Entirety
10:33 - Convenience Account
12:02 - Payable on Death & Transfer on Death
13:17 - Custodial Account
14:22 - Estate Account
15:13 - Conservatorship Account
15:37 - Guardianship Account
15:57 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 193 of Financially Simple, Justin and Jennifer McConnell take a look at adding a Cash Balance to a 401k plan.
As a successful business owner, the provisions of the 401k might be too limiting, and you might want to increase the amount that you can put away - a Cash Balance might be the answer. Justin and Jennifer explain what a Cash Balance plan is, how it works, and who it’s for.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:13 - Adding a Cash Balance to a 401k Plan
03:32 - What is a Cash Balance Plan?
05:15 - How Much You Can Save?
08:27 - A Client Case Study
11:58 - The Stable Company Requirement
15:31 - Compensation, Personal Deferral, Profit Sharing…
16:32 - The Role of the Actuary
17:13 - Handle With Care
19:18 - How Long do They Last?
20:35 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
July Business Services
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 192 of Financially Simple, Justin continues his discussion with Jennifer McConnell of July Business Services about 401(k) funds.
There are two specific provisions of the 401(k) that are worth a closer look: Safe Harbor and Profit Sharing. Justin and Jennifer look at the Safe Harbor and Profit Sharing provisions and consider the pros and cons of each for a Small Business Owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:04 - Exploring the Safe Harbor and Profit Sharing Provisions of a 401(k)
01:19 - Who Can Participate in a 401(k)?
02:31 - Can Minors Participate in a 401(k)?
03:09 - Do You Need to Contribute to Part-Time Employees?
04:03 - What is Safe Harbor 401(k)?
05:25 - SIMPLE Comparison
06:02 - Why Use a Safe Harbor 401(k)?
07:43 - Limitations for Small Business Owners
08:41 - How Profit Sharing Works
10:57 - How Much do Business Owners Benefit Compared to Employees?
13:51 - What is HCE and Why Does it Matter?
15:12 - Who Tests the 401(k)?
15:59 - How Much of the Money in the Plan Belongs to the Employee?
17:14 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
July Business Services
401(k).com
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 191 of Financially Simple, Justin talks to Jennifer McConnell of July Business Services about the basics of a 401(k) fund.
401(k) funds are the most common type of retirement fund used by Business Owners to set aside money for their employees. Justin asks Jennifer to go over the basics of a 401(k), how they work and what’s involved in setting one up.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:15 - The Basics of the 401(k)
03:22 - Who is Involved When Dealing With a 401(k)?
05:39 - All-In-One Or Separate Companies for Each Role
06:46 - TPAs: Third-Party Administrators
07:30 - Setting Up a 401(k): What are the Basic Options?
11:32 - What Can an Employee Contribute to a 401(k)?
12:46 - The Vesting Schedule
15:06 - What Can Employees Invest In?
17:32 - How Much Does it Cost?
19:26 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
July Business Services
401(k).com
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 190 of Financially Simple, Justin goes over Solo 401k Funds.
If you are a Solopreneur, independent contractor, or individual business owner, then a Solo 401k might well be the investment fund for you. Justin explains the ins and outs of the Solo 401k, and shares some insightful tips on why it’s a great option for individual business owners.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:19 - The Small Business Owner’s Guide to the Solo 401k
03:48 - What is a Solo 401k?
04:15 - What are the Details?
07:43 - An Important Note
10:49 - Benefits for Those With a Side-Gig
12:14 - IRS Form 5500-SF
12:52 - Staggered Contributions
14:17 - Loan Provisions
16:07 - ROTH Eligibility
17:22 - How to Open a Solo 401k
18:38 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 189 of Financially Simple, Justin takes a looks at SIMPLE 401ks.
401ks, SIMPLE IRAs, and now SIMPLE 401ks - the options for a Small Business owner to choose from for their employees’ retirement funds can be overwhelming. Justin gives a breakdown of SIMPLE 401k funds, detailing the why, who, and when of having one.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:13 - Why Would One Choose a SIMPLE 401k Instead of a SIMPLE IRA, or a Regular 401k Plan?
02:47 - SIMPLE 401ks
02:58 - Who is Eligible for the SIMPLE 401k?
04:46 - Shared Features of the 401k and SIMPLE 401k
07:19 - Advantages of a SIMPLE 401k
09:47 - Disadvantages of a SIMPLE 401k
12:45 - When to Use One
14:36 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 188 of Financially Simple, Justin looks at Simplified Employee Pension IRAs.
A SEP IRA allows Business Owners and the Self-Employed to contribute to their IRAs, using a few nifty tricks. Justin explains why SEP IRAs are useful, their pros and cons, and when you might use one to maximize your IRA benefits.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:03 - SEP IRAs in All Their Coolness!
01:56 - Why Not Use a Regular IRA?
02:32 - What is a SEP IRA?
03:31 - What if You’re Self-Employed?
05:13 - Who Can Use a SEP?
07:20 - Starting a SEP
08:09 - The Pros
12:27 - The Cons
15:13 - Practical Planning Advice for SEPs
18:27 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Publication 560, Retirement Plans for Small Business
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 187 of Financially Simple, Justin goes over SIMPLE IRAs.
A SIMPLE IRA is a Savings Incentive Match Plan for Employee IRA, which is a tax-deferred retirement plan allowing for investment. Justin explains the pros and cons of a SIMPLE IRA, and why a Business Owner might choose one over another employee retirement strategy.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
01:10 - What is a SIMPLE IRA and When Should I Use It?
02:49 - IRA vs. SIMPLE IRA
08:21 - Requirements
11:26 - Pros of a SIMPLE IRA: Easy to Establish
12:25 - Tax Credits
13:08 - Contributions
15:38 - Cons of a SIMPLE IRA: Can’t Save as Much for Retirement
16:18 - It Cannot Be Rolled Over into a Traditional IRA Easily
17:29 - No ROTH Option
17:51 - Conclusion
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 186 of Financially Simple, Justin compares IRAs and ROTHs from a Business Owner’s perspective.
IRAs and ROTHs may appear to be similar on the surface of things, but when it comes to investing as a Business Owner, there are differences that you will need to consider depending on your goals. Justin goes over the differences between IRAs and ROTHs and explains why one might suit your requirements more than the other.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
FULL TRANSCRIPTION:
BLOG: Small Business Retirement Plan Comparison
_________________
TIME INDEX:
00:51 - A Business Owner’s View of IRAs and ROTHs
01:02 - What is an IRA/ROTH?
02:57 - Rules to Follow
04:19 - From a Business Owner’s Perspective
04:49 - The Tax Triangle
07:33 - Why ROTH is Recommended
08:29 - IRAs and 401Ks
10:04 - The Back-Door ROTH
13:30 - Which is Better?
20:51 - Conclusion
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
NerdWallet.com - ROTH IRA vs. Traditional IRA
Financially Simple - What is the Basic Concept Behind a Back-Door ROTH IRA?
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 185 of Financially Simple, Justin begins to look into investing as part of his Personal Finance for Business Owners series.
There are a lot of choices when it comes to investing with regard to personal finance. Justin gives an overview of the four types of investments, which will be covered in depth in the following episodes of Financially Simple.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
COMPLETE TRANSCRIPTION:
BLOG: Basic Investments for Business Owners
_________________
TIME INDEX:
01:17 - Investment Overview for Business Owners
04:50 - The Four Types of Investments
06:00 - Qualified Accounts
12:05 - Non-Qualified Accounts
13:42 - Businesses and Real Estate
15:11 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 184 of Financially Simple, Justin lists the 39 types of Trusts that are useful for planning.
There are a lot of different Trusts available, and knowing the ins and outs of each of them can be overwhelming when trying to figure out which will meet your needs. Justin gives the Financially Simple treatment to Trusts, giving breakdowns and descriptions of the 39 types most used for planning.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:51 - The Exhaustive List of Trusts Used for Planning
03:45 - The Most Common Types
07:51 - More Complex Estate Planning Trusts
19:09 - Asset Protection Trusts & Other Miscellaneous Types of Trust
22:05 - Special Needs & Elder Care Planning Trusts
25:03 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Financially Simple #156 - Should I Pay My Special Needs Children From My Business
A Glossary of Estate Planning Terms & Types of Trust
17 Pro Tips for Marietta Estate Planning
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 183 of Financially Simple, Justin gives an introductory overview of the types of Legal Trusts available.
A Trust can be used for various reasons to safeguard your wealth, and to protect your dependents. Justin goes over the nine types of Trust, what they are and how they can work for your benefit.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:53 - The 9 Basic Types of Trusts
01:51 - What is a Trust?
03:08 - The 9 Types
03:41 - Revocable Trusts
05:00 - Irrevocable Trusts
06:08 - Asset Protection Trusts
08:45 - Charitable Trusts
09:50 - Constructive Trusts
11:34 - Special Needs Trusts
12:25 - Spendthrift Trusts
14:15 - Tax By-Pass Trusts
14:47 - Totten Trusts
16:02 - Summary
17:30 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 182 of Financially Simple, Justin looks at the other documents necessary alongside a Last Will and Testament.
Besides the Will, there are a few other documents that you should consider sorting out in case of any eventualities. Justin goes over the other key Estate Planning documents that you should have to cover all the bases.
TRANSCRIPT/BLOG:BLOG: Necessary Estate Planning Documents
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:11 - Other Key Estate Planning Documents
01:48 - A Living Trust
04:39 - Power of Attorney
08:29 - A Living Will or Advance Directive
10:02 - Further Information and A Statement of Desires
13:56 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 181 of Financially Simple, Justin continues his discussion on Last Will and Testaments.
Having a Last Will and Testament will ensure that your assets are dispersed according to your wishes if you get the details right. Justin goes over the fundamental basics that need to be accurate and clear in the document to ensure that there will be no problems or conflicts of interest when it’s needed.
Complete Transcription:BLOG: The Key Points of A Last Will and Testament
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:53 - Key Points You May Want to Consider in Your Last Will and Testament
01:36 - Accurate Names
02:29 - Don’t Use “And”
04:25 - Per Stirpes vs. Per Capita
06:04 - Don’t Forget Any Assets
06:45 - Minors
11:24 - Execute The Will Properly
11:58 - Update The Will Regularly
12:48 - Store The Will Carefully
16:24 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 180 of Financially Simple, Justin gives Last Will and Testaments the Financially Simple treatment.
What will happen to your estate and possessions when you die? Who will be responsible for administering your wishes of who gets what? Justin gives an overview of Wills, why you should have one drawn up and what the risks are of not having one in place.
TRANSCRIPT/BLOG: https://financiallysimple.com/key-points-consider-last-will-testament/
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:17 - The Key Point of a Last Will and Testament
03:14 - What is a Will?
04:08 - What Assets Do Not Pass Under a Will?
09:50 - What Happens if You Die Without a Will in Place?
12:57 - The Key Factors of a Will
20:34 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 179 of Financially Simple, Justin talks to Michael Crane of The Crane Group about Group Health Insurance.
Group Health Insurance can be used to provide coverage to employees, at a reduced cost for the Business Owner. Justin and Michael discuss in this second episode of two, the ins and outs of Group Health Insurance and how it may apply to your business.
TRANSCRIPT/BLOG:BLOG: Group Health Insurance for Businesses
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:08 - Group Health Insurance for Businesses, with Michael Crane
01:45 - What is Group Health Insurance?
02:49 - Types of Plans
06:40 - Different Plans for Different Groups?
08:56 - What Else: Agents vs. Direct
12:50 - Full Coverage vs. Partial
14:28 - HRAs and Business Owners
16:55 - Large Businesses
18:20 - Crossing State Lines
19:46 - Making Changes
23:03 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Michael Crane - The Crane Group
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 178 of Financially Simple, Justin talks to Michael Crane of The Crane Group about Health Insurance.
Getting the right Health Insurance coverage can be a frustrating exercise. Not understanding the terminology or which package will meet your needs is enough to keep you up at night. Justin and Michael sit down in this first of two episodes to go over the basics before diving in deep.
TRANSCRIPT/BLOG:BLOG: Individual Health Insurance 101
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:08 - Health Insurance, with Michael Crane
02:49 - What is Health Insurance?
03:41 - In Network & Out of Network
04:34 - Co-Pay
05:18 - Out of Pocket Deductibles
09:07 - Types of Plans
10:56 - Grandfathered Plans
14:03 - Health Savings Accounts
15:59 - Scenario for Business Owners
18:51 - MediShare Plans
20:01 - What if You Can’t Get Insurance?
21:11 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
Michael Crane - The Crane Group
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 177 of Financially Simple, Justin discusses Long-Term Care policies and coverage with expert Jim Detar.
Long-Term Care policies have changed over time as insurers adjust to the trend of increasing the amount of care. Justin and Jim Detar go over these trends, what to look for in a policy, and alternative options to Long-Term Care policies.
TRANSCRIPT/BLOG: BLOG: Long-Term Care Part II - Insurance Options for Small Business Owners
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:14 - How to Pay For Long-Term Care
01:43 - Speaking with Expert Jim Detar
02:59 - What is Long-Term Care?
04:14 - Pooled Risk
06:06 - Recent Trends
10:12 - What to Look For in a Long-Term Care Policy
10:59 - The Benefit Dollar Amount
12:22 - The Deductible Period
13:01 - The Benefit Period
15:29 - Home-Care Insurance Policies
17:49 - Is Long-Term Care a Medically Underwritten Policy?
19:52 - Can a Life Insurance Policy Cover Long-Term Care?
22:13 - Annuities
24:36 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 176 of Financially Simple, Justin continues his analysis of Risk Management by looking at Long Term Care and how it can affect you as a business owner.
Long-Term Care is an increasing problem - as people live longer, the risk of becoming susceptible to an illness that affects their day-to-day concerns increases. In this first episode of two about Long-Term Care, Justin explains the basics and gives the facts and figures of this growing concern.
TRANSCRIPT/BLOG:BLOG: Long-Term Care Part I - The Numbers Behind the Need
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:18 - Long-Term Care - the Overview
01:28 - A Personal Experience
03:18 - Long-Term Care for Business Owners
05:00 - What is Long-Term Care?
07:45 - How Big of a Problem is it?
11:48 - Stats on the Cost of Long-Term Care
15:10 - What if Your Employees are Affected?
16:02 - Stats on Claims Paid for Long-Term Care
18:28 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 175 of Financially Simple, Justin gives a quick overview of Business Overhead Disability Insurance.
While Disability Insurance will cover you and your family if you are injured and unable to work, Business Overhead Disability Insurance will take care of your business while you are recovering. Justin gives a brief summary of the what and how of this particular insurance.
TRANSCRIPT/BLOG:BLOG: Business Overhead Disability Insurance - What to Know Before You Buy
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:12 - Business Overhead Disability Insurance
01:48 - What Is It?
03:40 - How Does It Work?
04:47 - What Does It Cover?
05:40 - What Doesn’t It Cover?
06:52 - How Do You Get It?
07:29 - How Much?
07:46 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 174 of Financially Simple, Justin takes a look at Disability Insurance and considers whether or not it is necessary.
Life happens - unexpected events occur that can take you out of the game and can leave you without a means to earn an income. Disability Insurance policies are meant to cover such instances. Justin gives an overview of what Disability Insurance is, as well as why and when it is needed.
TRANSCRIPT/BLOG:BLOG: Personal Disability Insurance - Policy Types Needed by Business Owners
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:15 - What is Disability Insurance And Why Does it Matter?
03:57 - What is a Disability?
04:51 - Stats About Disability
10:24 - Types of Insurance
10:44 - Short Term
13:03 - Long Term
17:21 - So What Kind of Policy Do You Need?
20:32 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 173 of Financially Simple, Justin asks if, as a Business Owner, you should get a Life Insurance policy to fund your retirement.
There can be many pitfalls and some confusion when getting a Life Insurance policy - but what if you were to invest the money instead? Justin answers this question and gives advice and examples of what the alternatives are.
TRANSCRIPT/BLOG:BLOG: Should I buy a Life Insurance Policy to Fund My Retirement?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:37 - Should I Purchase a Life Insurance Policy to Fund My Retirement?
03:07 - Life Insurance Retirement Plans
05:22 - Are LIRPs Bad?
05:39 - Case Example
13:12 - Alternatives to Life Insurance: As an Investment
16:34 - Listen to the Talking-heads
18:12 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 172 of Financially Simple, Justin goes over the basics of Life Insurance.
Part of risk management is taking care of business and your family in case of your death - having an insurance policy in place to provide for your business and employees, and your family once you’re gone. Justin goes over the fundamentals of Life Insurance, the types of cover, which you need, and why.
TRANSCRIPT/BLOG: BLOG: Life Insurance Basics - Considerations for Business Owners
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:20 - Life Insurance 101 For Business Owners
03:28 - What is Life Insurance?
04:22 - Do You Need it?
06:31 - Types of Life Insurance: Term Insurance
08:42 - Whole Life
11:10 - Variable
12:06 - Universal
13:13 - Index
14:08 - What Type of Insurance Do You Need?
16:43 - How Much Do You Need?
19:52 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 171 of Financially Simple, Justin looks at Umbrella Insurance policies.
Your typical insurance coverage only goes so far, and if the claim exceeds the coverage you can have problems - Umbrella coverage covers these instances. Justin explains the basics of Umbrella Policies, what they cover and why you might need one.
TRANSCRIPT/BLOG:BLOG: Umbrella Insurance Policy - Why Business Owners Need Them
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
01:00 - What is an Umbrella Policy And Why Do You Need One?
02:54 - What Does it Cover?
04:14 - What Doesn’t it Cover?
05:05 - When Should You Have an Umbrella Policy?
10:49 - How it Works
11:58 - How Much Do You Need?
14:10 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 170 of Financially Simple, Justin takes a look at the basics of Home Owners’ Insurance Policies.
Part of risk management for any small business owner is the protection of their home and the valuables within. Justin gives an overview of the What, Why, and How of Home Owners’ Insurance, with some advice from personal experience.
TRANSCRIPT/BLOG: BLOG: Homeowners Insurance - How Often Should You Review Your Policy?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
_________________
TIME INDEX:
00:55 - Home Owners Insurance 101
01:46 - What is a Home Owners Insurance Policy?
02:12 - Why is it Important?
03:25 - What Does it Cover?
06:48 - Scheduled Coverage
08:43 - How Much Home Owners Insurance Do I Need?
13:26 - How Do You Purchase a Policy?
15:40 - Review Often
16:30 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 169 of Financially Simple, Justin gives an overview of Auto Insurance.
Your car is an asset, and as such, it should be protected, by law in some cases, by insurance against it and third parties. Justin goes over the basics of Auto Insurance, the ins and outs of policies, and various points to consider when taking out insurance.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Auto Insurance 101 - What You Need to Know
_________________
TIME INDEX:
01:34 - Auto Insurance 101
03:12 - The Basic Elements of Auto Insurance
03:26 - Protect Your Financial Resources: Liability Protection
07:04 - Protect Your & Your Passengers: Injury and Medical
08:54 - Protect Your Vehicle: Damage Control
14:18 - Auto Policy Extras
20:20 - Final Points to Consider
22:40 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 168 of Financially Simple, Justin compares types of Insurance Providers.
As a Business Owner it pays to have the best coverage for yourself and your business. Justin looks at Insurance, and compares Captive Agents with Brokers - which is better for your business needs.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Captive vs. Independent - Which Insurance Agent Saves You Money?
_________________
TIME INDEX:
01:01 - How Business Owners Can Reduce Their Insurance Expenses
02:27 - Captive Agents vs. Independent Agents
10:31 - When to Use an Agent and When to Use a Broker
19:08 - Captive Agents
20:25 - Brokers
21:31 - Wrap Up
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 167 of Financially Simple, Justin looks at the type of Mortgage a Business Owner should have.
When taking out a mortgage, it’s worth considering your options as a Business Owner - weighing the prospective interest rates, payment options, and alternatives. Justin looks at all the options, including some that you may never have considered.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: What Type of Mortgage Should a Business Owner Have on a House?
_________________
TIME INDEX:
01:06 - What Type of Mortgage Should a Business Owner Have?
01:43 - Some Simple Education
02:32 - The House Doesn’t Care if You Have a Mortgage or Not
04:29 - If the House Appreciates in Value, You are Going to Build Equity
05:38 - The Interest Rate on a Mortgage is Usually Some of the Cheapest Money You have Access to
08:44 - Mortgage Payments Get Easier Over Time
11:09 - Large Mortgages Let You Invest More Money Faster
12:31 - Example #1
15:25 - Example #2
18:12 - A Large Mortgage Can Create the Opportunity to Build More Wealth
20:49 - Having a Mortgage Will Give You More Flexibility and More Liquidity
22:58 - You May Qualify for a Tax Deduction
23:13 - Summary
_________________
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 166 of Financially Simple, Justin considers how much Small Business Owners should spend on buying a house.
Everyone wants to live comfortably, and some want to live luxuriously - but at what cost? Justin looks at the thinking and motivation of millionaires who live comparatively frugally, in order to maintain a secure lifestyle and healthy financial situation.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: How Much Should Business Owners Pay for a Home?
TIME INDEX:
00:47 - How Much Should a Business Owner Pay for a House?
01:10 - How Millionaires Think
03:13 - A House is Not an Asset
06:16 - Some Facts and Figures
07:51 - Be Wary of Taking on a Huge Mortgage
10:13 - Millionaires Don’t Live Lavishly
15:37 - Wrap Up
RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 165 of Financially Simple, Justin shares a personal case study of his own on buying a new car for less.
Buying a new car is often the second greatest expense for most people, so is it possible to save money on this cost? Justin compares methods of paying for a new car and comes up with his own tactic to save big.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
____________
TRANSCRIPT & ADDITIONAL RESOURCES:BLOG: What's the Cheapest Way to Buy a New Car?
____________
TIME INDEX:
01:10 - What is The Cheapest Way to Buy a New Car?
04:38 - Buying New
06:16 - Are 0% APR Auto Loans Really Interest-Free?
07:17 - What’s the Catch?
08:50 - 0% APR Loans vs. Rebates
10:45 - The Catch
12:16 - How to Calculate Whether a 0% APR or a Rebate is the Best Deal
15:47 - Summary
___________________
USEFUL LINKS:
Financially Simple podcast: https://financiallysimple.com/podcast/
Financially Simple on Facebook: https://www.facebook.com/financiallysimple/
Financially Simple on Twitter: https://twitter.com/financiallysim
Financially Simple: The Ultimate Sale
___________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 164 of Financially Simple, Justin compares Leasing and Buying a car as a Small Business Owner.
If you’re planning on getting a new vehicle some time soon, you might be wondering whether it’s better to buy or lease. Justin considers the pros and cons of buying vs leasing a car when it comes to your Business and Taxes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Is It Better to Buy or Lease a Vehicle?
TIME INDEX:
01:01 - Should a Business Owner Lease or Buy a Car? Weighing the Pros and Cons
01:11 - Three Points to Consider
02:54 - Pros of Leasing a Car
06:42 - The Cons
09:03 - Pros of Buying a Car
12:27 - The Cons
13:03 - Purchased vs. Leased - Taxes
17:12 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 163 of Financially Simple, Justin goes over the two methods of claiming tax breaks on your vehicles.
Should you depreciate the value of your vehicle, or take a mileage deduction? Which is best? Justin looks at both options and explains how each is applied, as well as the pros and cons of each, and a few exceptions to the rule.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Standard Mileage vs. Actual Expenses - Which is Better?
TIME INDEX:
00:58 - Should a Business Owner Depreciate Their Car or Take a Mileage Deduction?
01:21 - Standard Mileage Rate vs. Actual Expense Method
03:04 - Standard Mileage Rate
04:12 - 5 Things That You Can’t Do
05:01 - Actual Expense Method
06:03 - Can You Switch Between These Methods?
06:49 - Which is Best For You
08:15 - Guidelines to Choose The Method For Writing Off Business Expenses
11:35 - One Caveat
11:58 - Sign Off
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
2022 Federal IRS Mileage Rates
_____________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 162 of Financially Simple, Justin lists 49 deductions to reduce your tax bill.
There are a number of ways to reduce the amount of tax payable as a Small Business Owner; some conventional, others… not so much. Justin goes over the obvious and not-so-obvious deductibles of a business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
COMPLETE TRANSCRIPTION:
BLOG: 49 Surprising Tax Deductions for Small Business Owners
TIME INDEX:
01:47 - Tax Deductions for Small Business Owners
03:24 - What is a Deduction?
04:56 - Qualified Business Income Deduction
05:43 - Bonus Depreciation
07:24 - Vehicle Expenses
08:24 - Home Office
08:50 - Home Renovations & Insurance
09:14 - Professional Services
09:23 - Employee Deductibles
11:13 - Opportunity Tax Credit
11:39 - Client & Employee Entertainment
12:42 - Dues & Memberships
13:06 - Legal Fees
13:16 - Office Building Deductibles
14:02 - Moving Expenses
14:18 - Home Landscaping
14:47 - Start-Up Expenses
14:52 - Travel Expenses
15:01 - Taxes!
15:14 - Machinery & Equipment Rental
15:24 - Interest on Loans
15:26 - Research & Experimental Costs
15:34 - Inventory for Services-Based Businesses
16:31 - Bad Debts
16:42 - Bank Charges
16:52 - Disaster & Theft Losses
17:05 - Carryovers from Previous Years
17:27 - Tools
17:54 - Unpaid Goods
18:07 - Continuing Education
18:19 - Advertising & Marketing
18:21 - Charitable Contributions
18:38 - Intangibles
18:45 - Some Examples of Unusual Deductibles
21:14 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 161 of Financially Simple, Justin looks at ways to reduce or even avoid paying Capital Gains Tax.
Capital Gains Tax is an Income Tax that is applied to any money you make from the sale of an Asset. Justin looks at several methods of minimizing or even eliminating the amount you could be liable for.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: BLOG: Minimize Capital Gains Taxes to Get a 0% Rate
TIME INDEX:
01:06 - How to Pay 0 Taxes on Capital Gains Tax
01:21 - What is a Capital Gain?
01:44 - Short-Term Gains & Long-Term Gain
03:05 - The Magic Number
04:50 - Hold On
06:13 - Exclude Home Sales
07:45 - Rebalance With Dividends
09:19 - Use Tax-Advantaged Accounts
10:04 - Tax Loss Harvesting
11:59 - Carry Losses Over
14:30 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
Selling Home CGT
Taxes on Your Retirement
Ep. 59: Taxes - Creative Planning & Reduction Ideas, with Chris Mahan
________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 160 of Financially Simple, Justin gives 19 ways to reduce a Business Owner’s taxable income.
As a Small Business Owner, cutting costs and saving money is of immense benefit - especially when it comes to paying taxes. Justin lists possible 19 ways to reduce your taxable income.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Transcription:
BLOG: 20 Ways to Reduce Taxable Income: A Business Owner's Guide
TIME INDEX:
01:25 - How to Lower a Business Owner’s Taxable Income
02:36 - Contribute as Much as You Can to Your Retirement Accounts
04:39 - Tax Loss Harvesting
07:02 - Purchase or Keep Your Health Insurance
08:09 - Have an HSA Account
09:34 - Track Your Medical Expenses
11:26 - 529 Plans
13:05 - Flexible Savings Account
14:28 - Bunching
16:40 - Deduct Everything That You Can
18:02 - Invest in Yourself
19:06 - Give to Charity
20:15 - Buy Your House
21:28 - Move to a Different State
22:47 - Check Your Property Taxes
23:44 - Make Your House More Energy Efficient
24:34 - Make a Baby!
25:07 - Talk to a Tax Professional
25:46 - Defer Some Income
26:09 - Buy a Fuel Efficient Car
26:46 - Wrap Up
________________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
_______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 159 of Financially Simple, Justin looks at several ways to withdraw money from your retirement funds before you’re 59.5 years old.
If you’re needing to dip into your retirement funds before your actual retirement, or even before the 59.5 years old limit, you could incur a 10% penalty on the amount you withdraw. But, there are ways to get around paying that 10%. Justin goes over 10 ways that you can get the money you need from your retirement accounts without paying penalties.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPTION:
BLOG: Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways
TIME INDEX:
01:07 - How Do I Take Income From My Retirement Accounts if I retire Before Age 59.5 Without Paying The 10% Penalty?
04:06 - The 59.5 Rule
04:48 - IRA Withdrawal for Medical Expenses
06:31 - IRA Withdrawal to Pay for Health Insurance
07:50 - IRA Withdrawal for a 1st Time Home Purchase
08:35 - If You Are Disabled
09:06 - The 72 T Calculation
10:58 - Leave The Money in The 401K
11:38 - 401K Loan
12:32 - An Inherited IRA
13:27 - ROTH IRAs
15:58 - Wrap Up
________________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple: The Ultimate Sale - Get the Book Here!
When You Shouldn’t Roll Your 401K into an IRA
How to Manage an Inherited IRA
________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security.
As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Minimizing Negative Tax Implications When Selling a Business
TIME INDEX:
01:08 - When Should a Business Owner Start Social Security?
02:23 - The Three Ages of Social Security
02:33 - Full Retirement Age
03:48 - Early vs. Delayed Benefit
06:09 - Taxation of Early Benefit
08:09 - Claiming on Your Spouse’s Early
10:03 - The Key Thing to Consider
12:09 - What is the Latest You Can Take it?
13:01 - Why is it Such a Big Deal?
14:23 - A Case Study for the Analytically-Minded
18:24 - So When Should You Start Collecting Social Security?
19:29 - When Should you Take Social Security at 70?
20:41 - Wrap Up
_______________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Determining Your Eligibility and Estimated Benefits
Income Taxes and Your Social Security Benefit
Best Age for Social Security Retirement Benefits
Should You Take Social Security at 62?
_______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 157 of Financially Simple, Justin looks at the possible gains and pitfalls that can be had when a spouse receives a bonus from their employer.
Receiving a money bonus for your work is great! But, what if it’s your significant other that receives it? How will that extra income affect your business and personal finances? Justin goes over this particular scenario and gives advice on how to best handle it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
RELATED ARTICLE: BLOG: Tax Issues (and Solutions) When Your Spouse Receives a Bonus
TIME INDEX:
01:48 - A Business Owner’s Employed Spouse Receives a Bonus: How Should We Deal With It?
03:29 - Possible Problems
04:31 - What You Could Do
04:58 - Consult Your T-Chart
05:17 - Reduce Your Own Income to Increase Your Business’s Profits
07:00 - Tax Considerations
07:42 - 6 Considerations
08:23 - Solidify Your Emergency Fund
09:34 - Defer the Bonus into Your Spouse’s Retirement Account
11:15 - Pay Off Unsecured Debt
12:08 - Make an Extra Payment on the Mortgage
14:37 - Spend the Money and Create a Memory
16:09 - Wrap Up
________________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
__________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 156 of Financially Simple, Justin talks to Jonathan Peyton of Horizon Ridge Wealth Management about creating financial security for a Special Needs child.
Making sure that your children and loved ones are taken care of is a priority, especially in the case of children with special needs. Justin and Jonathan discuss the various ways that you as a business owner can ensure their financial wellbeing.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Hiring Your Special Needs Child - A Unique Employee with Unique Benefits
TIME INDEX:
01:56 - Should I Pay My Special Needs Child From My Business?
06:39 - How Could Paying Your Special Needs Child Help or Harm Them in The Future?
16:12 - Why Does it Matter For The Child?
19:37 - What Are The Potential Pros and Cons of Giving The Child an income?
23:58 - What is The Threshold for Maximised Benefit - 3 Things to Consider
31:05 - In Summary
34:39 - Wrap Up
________________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Horizon Ridge Wealth Management
Jonathan Peyton
Special Needs Financial Planning
________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 155 of Financially Simple, Justin takes a look at Pensions.
RELATED BLOG: BLOG: Income for Life Retirement Series #10 Manage Pension Fund Payments
If you’ve been working for any length of time for a large company or government department, chances are you’ll have a pension fund that’s been put aside ready for retirement. But when it comes to receiving that money, what should you do with it? Justin goes over some of the options of receiving a Pension payout, and lists some Do’s and Don’ts.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:14 - I Have an Old Pension, What Should I Do With It?
01:47 - What is a Pension?
02:50 - Who Offers Them?
03:21 - How Do They Work?
03:50 - Single-Life Option
04:13 - Joint & Survivor Option
05:03 - Period Certain Option
05:55 - Lump Sum Payment
07:14 - Fixed Annuity: Pros and Cons
10:02 - Lump Sum: Pros and Cons
12:06 - Do’s and Don’ts
14:54 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
United Income Study
_______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 154 of Financially Simple, Justin looks at the various types of Inheritances and how best to handle each.
Receiving an Inheritance from a loved one can be a blessing, or a curse if not dealt with properly. Justin goes over the basics of the types of inheritance one might receive, and gives his own five-point method of how to go about using it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
RELATED ARTICLES: BLOG: Why Personal Cash Flow Matters to the Business Owner
__________________
TIME INDEX:
00:56 - What Should I Do With an Inheritance?
01:32 - Some Trends With Regard to Inheritances
04:56 - Justin’s 5 Point Method
07:27 - A Case Study
08:25 - The Inheritance Mind Map
09:06 - Types of Inheritance
11:39 - Mind Mapping Decisions Based on Your Personal Situation
13:04 - IRA
14:18 - 401k
15:06 - ROTH
16:17 - HSA
16:56 - Life Insurance
18:00 - Real Estate
20:20 - Businesses
21:52 - Non-Qualified Investments
23:10 - Vehicles
23:57 - Wrap Up
_________________
USEFUL LINKS:
United Income Study
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 153 of Financially Simple, Justin looks at a few ways to earn a little side income to your business.
RELATED READING: BLOG: How to Make Extra Income on the Side While You Grow Your Business
At times cash flow can be tight, and you might be needing that extra bit of money to see you through a rough patch. Justin considers four ways that you could generate some quick income to see you and your family through tough business times.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:51 - How To Help Your Family Make Quick Income
03:31 - Use Your Current Assets
05:37 - Manufacture a Product
07:58 - Use Your Skills in Your Spare Time
09:36 - Create a Resale Environment
11:05 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 152 of Financially Simple, Justin considers how often small business owners should go over their budget.
Life happens, and when it does it can require you to reprioritize certain things - and inevitably, that is going to mean checking your finances. Justin looks at why and when you as a small business owner should evaluate your budget.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: Is It Time to Revisit Your Budget? 12 Events That Make it A Requirement
TIME INDEX:
01:11 - How Often Should I Evaluate My Budget?
02:03 - 12 Times You Should Consider It
02:13 - When You Get a Raise
02:55 - When You Take a Pay Cut
03:15 - Loss of a Job
03:50 - If Your Emergency Fund Drops
04:22 - Having a Baby
04:53 - If You Get Married or Move In Together
05:25 - If You Get Divorced or Move Out
05:50 - When You Buy a Property
05:58 - If You Relocate
06:46 - Once You’ve Paid Off Your Debt
07:18 - After a Major Tragedy
08:04 - When You Receive an Inheritance
08:32 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 151 of Financially Simple, Justin goes over the process of renting your Home for your Business.
Can you legally rent your own home, or other property, to your business and get a tax break in the process? Justin looks at what the IRS tax code says, and explains how to do it correctly.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: IRC 280A(g) - How You Could Use Your Home to Create Tax-Free Income
______________
TIME INDEX:
01:42 - Can I Really Rent My House to My Business?
02:42 - It’s Bristol, Baby!
03:52 - Business Rental
06:42 - The Business Nexus
08:05 - A Few Misunderstandings
08:07 - Deductions for Renting
09:35 - Deductions for Entertainment Facilities
10:15 - Can’t deduct Rental for a Related-Party
10:41 - Can’t Deduct Personal, Family, or Living Expenses
11:16 - Prove it’s an Ordinary and Necessary Business Expense
12:17 - The Substance Over Form Doctrine
12:57 - How to Do This Properly
14:52 - Wrap Up
_______________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
IRS Private Letter Ruling
US Tax Code 280A
Renting to an S Corp.
Case Study: Filming Commercials at Home
Home Business Meetings
CPA On Fire: Rent Your Home to Your Business
_______________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 150 of Financially Simple, Justin looks at how and why you might employ your children in the family business.
If you’re paying your kids pocket money for doing a few household chores, maybe consider hiring them and paying them a salary instead! Justin takes a look at the IRS tax code and explains how you can employ your children giving them and your business significant benefits.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Ideas for Hiring Your Children in Your Business - Tax Advantages
TIME INDEX:
00:53 - Should I Pay My Children From The Business?
01:28 - Why You Might Want To Hire Your Children
03:12 - The Strategy
04:22 - What The Internal Revenue Code Says
08:17 - Keeping It All Legitimate
10:42 - Is It Worth It?
14:02 - The Corporation “Problem”, and its Simple Solution
14:52 - The Payroll Tax Workaround For Your Children
16:44 - The Bottom Line
17:29 - Wrap Up
_________________
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
IRS - Family Help
Refresh Your Wealth Podcast
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 149 of Financially Simple, Justin looks at how to approach putting your spouse on your business’s payroll.
There can be a number of benefits to having your significant other working for you at your business. Justin goes over some of the reasons and legal ways to improve both your benefits, deductibles and taxes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Hiring A Spouse as An Employee - A Smart Option with Many Benefits
________
TIME INDEX:
01:02 - Should I Put My Spouse on the Business Payroll?
03:00 - To Maximise Your 401k
06:49 - Health Insurance Benefits
10:34 - Social Security Benefits
16:20 - Legally deduct Travel Expenses
16:54 - Group Disability Insurance
17:32 - Buying a Third Vehicle
17:54 - Reduce Your Company’s Taxable Income
18:03 - Spouse’s Education Expenses
18:57 - Wrap Up: The Employee Spouse
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 148 of Financially Simple, Justin considers what you can do with your excess income.
If you’ve got your monthly budget covered, and have a little spending money left over, what should you do with that extra cash? Justin provides 6 suggestions on how to best spend any extra money in your budget.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:53 - What Can You Do With The Extra Money Each Month In Your Budget?
03:24 - 1 - Pay Off Debt
05:05 - 2 - Stabilize The Monthly Budget
08:21 - 3 - Invest In Assets
10:07 - 4 - Invest In Yourself
11:52 - 5 - Increase Charitable Contributions
13:09 - 6 - Increase Spending
13:36 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 147 of Financially Simple, Justin goes over how you can create a budget that you can stick to.
Keeping your personal finances in check can be difficult as wants and needs change. Justin sets out a 7-point plan to help you create a budget that you can keep.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:22 - How Can I Build a Budget That I Can Actually Keep?
03:34 - 1 - Start With Your Goals
08:16 - 2 - Set Your Income
08:31 - 3 - Total Your Current Monthly Expenses
09:16 - 4 - Create a Budget
10:25 - 5 - Revisit Your Goals
11:56 - 6 - Monitor & Review
14:42 - 7 - Adjust to Perfection
16:18 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 146 of Financially Simple, Justin looks at how much you should pay yourself.
Wants, needs, savings for retirement - all of these are what your paycheck goes towards. Justin breaks these down and recommends allocations to each, based on your personal income, so that you can afford the lifestyle you’d like to have.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: How Much Should I Pay Myself? The Business Owner's Guide
TIME INDEX:
01:10 - How Do I Determine How Much to Pay Myself?
02:03 - Personal Budget
04:37 - What is a Dream Budget?
07:34 - Needs
13:42 - Fine Tuning
15:16 - A Tricky Balancing Act
16:43 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 145 of Financially Simple, Justin considers how often business owners should pay themselves, and how often.
No matter if you are just getting started or a seasoned business pro, how you pay yourself and how often must be considered to help maintain healthy Personal and Business Finances. Justin compares guarantees & distributions, W-2 and K-1s, and how to avoid living from paycheck to paycheck.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION: BLOG: Determining How to Pay Yourself as a Small Business Owner
TIME INDEX:
01:27 - How Should I Pay Myself & How Frequently Should I Pay Myself from the Business?
02:34 - The Basics
04:37 - Other Compensation Methods
04:48 - Guaranteed Payments vs. Distributions
06:08 - Why Does This Matter?
07:07 - W-2 vs. K-1
10:01 - How Often Should You Pay Yourself?
12:22 - How to Move Away from Paycheck to Paycheck Living
15:20 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 144 of Financially Simple, Justin looks at the relationship between Personal Cashflow and Your Business.
Money matters, at home and in business - one affects the other. Justin explains why Personal Cashflow should come before Business, in order to benefit personally and to improve your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: Why Personal Cash Flow Matters to the Business Owner
TIME INDEX:
00:50 - Personal Cashflow
02:05 - What is Cashflow?
02:57 - Family Budget vs. Work Budget
04:36 - Excess Cashflow
07:41 - What to do with the extra Cashflow
08:28 - Why does it matter?
09:47 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 143 of Financially Simple, Justin looks at the various types of bias that people can have with regard to Personal Finance.
Hardly anyone is truly rational when it comes to money and investments, their emotions and the opinions of others can have an effect on how a person chooses to spend or save. Justin lists 19 different types of Bias that can influence us in our financial decisions.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT/BLOG: How Money Biases Affect the Way You Spend, Save, & Invest Money
TIME INDEX:
00:45 - Behavioral Finance
04:12 - Money Biases
05:04 - Affinity Bias
06:02 - Anchor Bias
07:14 - Bandwagon Bias
08:04 - Confirmation Bias
09:01 - Endowment Bias
09:46 - Familiarity Bias
10:15 - Framing Bias
10:43 - Hindsight Bias
11:10 - Illusion of Control Bias
11:50 - Loss Aversion Bias
12:29 - Mental Accounting Bias
13:06 - Outcome Bias
13:24 - Overconfidence Bias
14:21 - Recency Bias
15:22 - Representative Bias
16:10 - Self-Attribution Bias
17:17 - Self-Control Bias
18:15 - Status Quo Bias
18:35 - Trend-Chasing Bias
19:47 - Identify Your Biases
20:58 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 142 of Financially Simple, Justin kicks off Season Two of the podcast with a run down of what to expect in the upcoming episodes.
In Season Two of the Financially Simple Podcast, Justin turns his attention to Personal Finance for Business Owners - covering topics that can affect your finances as a small business owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: An Introduction to Personal Finance for Small Business Owners Series
TIME INDEX:
00:42 - Financially Simple: Season 2
02:41 - What to Expect
04:49 - Personal Finance
07:26 - The Four Areas that a Wealth Manager looks at
09:31 - Cashflow
10:11 - Risk Management
11:34 - Investments
15:14 - Distribution
16:31 - Other Financial Things out of Your Control
17:12 - Taxes
18:23 - Inflation
18:44 - ROI
19:23 - Time
19:48 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 141 of Financially Simple, Justin talks to Clay McGee, finance director of Rusty Wallace Kia, about purchasing a car.
Buying a new car can be a confusing experience, not knowing what all the terminology around financing vehicles means. Justin and Clay go over the process of buying a car and explain how to get the best possible financing for your circumstances.
COMPLETE TRANSCRIPT:
BLOG: What's the Cheapest Way to Buy a New Car?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:28 - Buying Cars with Clay McGee
02:33 - The Car Buying Process
04:22 - How to get what You want
06:49 - How to get the best deal
09:33 - Negotiations
10:45 - Cash, Finance, or Lease?
14:56 - Is 0% really 0%?
20:32 - Loans
25:02 - Warranties and Add-ons
28:46 - Leasing
31:22 - What is the One Question customers should ask?
34:47 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 140 of Financially Simple, Justin looks at additional insurances that might be required by your business.
Along with the main types of Business Insurance, there are some selective insurances that may be necessary for you to have for your business. Justin goes over a few of the most common additional insurances that a business owner might need.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPT:
Insurance Policies Small Business Owners Don’t Know They Need
TIME INDEX:
00:55 - Additional Insurances the Your Business may need
01:45 - Professional Liability
03:57 - Cyber Security or Data Breach
05:10 - Business Interruption Insurance
06:10 - Renters Insurance
06:53 - Flood Insurance
07:59 - Life Insurance
08:39 - Disability Insurance
09:33 - Health Insurance
12:32 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 139 of Financially Simple, Justin goes over the various types of Business Insurance.
Accidents happen, along with natural disasters and acts with unintended consequences. In such instances, you’ll be glad you had the right insurance policy in place to protect your and your business. Justin looks at the different types of Business Insurance policies, for small businesses and home offices, and explains which you need for your circumstances.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Insurance Policies Small Business Owners Don't Know They Need
TIME INDEX:
00:29 - Insurance to Protect from Lawsuits
02:27 - General Liability Insurance
03:55 - Product Liability Insurance
04:49 - Automobile Liability Insurance
06:03 - Worker’s Compensation Insurance
06:51 - Directors and Officers Insurance
07:54 - Home-Based Businesses
08:24 - Business Owner’s Policy
09:29 - Home Office Policy
10:10 - Business Pursuits Endorsement
11:14 - Personal Umbrella Policy
11:51 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 138 of Financially Simple, Justin discusses the L word - Litigation.
No business owner wants to experience it - the possibility of being sued. Justin goes over the What, Why, and How of litigation, and explains how to best avoid it and keep your business’s value intact.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: How to Avoid Lawsuits and What to Do if Your Business is Sued
TIME INDEX:
00:42 - Litigation and the effect on a Company’s value
01:30 - What is Litigation?
02:07 - Why are Businesses sued?
02:45 - How long can a Lawsuit last?
03:17 - What does the average Lawsuit cost?
04:52 - The Effect of Litigation Risk on Management Earnings Forecast
07:10 - What you can do to avoid Litigation
09:42 - What do you do if you are sued?
12:03 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Lawsuits in Small Business
Difference between Lawsuit and Litigation
Three Ways to Lose Your Lawsuit
Litigation 101
Litigation Cost Survey
The Effect of Litigation Risk on Management Earnings Forecast
Avoid Legal Time Bombs
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 137 of Financially Simple, Justin discusses Intellectual Property law with Roby Robinson.
If you business has any patents, copyrights, trademarks, or trade secrets, you’ll need to consult with an Intellectual Property lawyer to protect those interests. Justin talks to Robby Robinson of Robinson IP Law, about the types of Intellectual Property and what you can do to protect yourself.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: How to Protect Your Business's Intellectual Property
TIME INDEX:
00:46 - Intellectual Property
04:00 - What is IP?
04:18 - Different Types
08:51 - Who needs to protect their IP?
09:38 - When do you need to hire an IP Lawyer?
10:45 - Using a Lawyer vs. Online Service
13:05 - What does it cost?
18:23 - How to protect yourself when selling
22:01 - What’s the one question people should ask an IP Lawyer?
22:48 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Robinson IP Law
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 136 of Financially Simple, Justin gives a brief overview of Contracts.
If it’s not in writing, it didn’t happen - all the more reason to make sure when you’re running a business you plan to sell, that the I’s are dotted and the T’s are all crossed. Justin lists the various types of Contracts used in Business, the basic elements of any contract, and why having everything down in writing matters.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Business Contracts 101 - What Makes Them Valid & Enforceable
TIME INDEX:
00:27 - Contracts: The Basics
01:08 - Do You really need to know about Contracts?
02:35 - The 19 Contracts in Business
07:46 - The 6 Required Elements of an Enforceable Contract
11:05 - Why it Matters
12:29 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 135 of Financially Simple, Justin goes over the financials a Business Owner must consider when preparing to sell.
Most Businesses will use some form of financing to assist with the growth and development of the business, whether it be a debt or a loan. Justin looks at these financial considerations, and explains why it’s important to have them sorted before selling, or how to settle the finances at the time of selling.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - Financing Considerations for Value Growth
03:15 - Things to Consider
04:22 - When Will the Debt be Paid Off?
07:02 - Debt Affects the Value of Your Business
08:21 - Debt Limits Selling Options
10:18 - Debt Can Delay the Sale
11:10 - How Debt is Handled at Closing
12:04 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 134 of Financially Simple, Justin looks at the Employee Handbook and additional documents.
The Employee Handbook is the foundational document upon which a business is based, from its core values to the business’s overall culture. Justin goes over the what and why of the handbook, and other documents that define a company for its employees, clients, and potential buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:20 - The Employee Handbook & Additional Documents
01:15 - What is an Employee Handbook?
01:45 - Why have one?
02:58 - What is actually in the Employee Handbook?
08:00 - Other Documents
10:12 - Foundations
11:14 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
How to Write an Employee Handbook
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 133 of Financially Simple, Justin goes over the fundamentals of an Employment Agreement.
An Employment Agreement is a legally binding document that should work in your interests, as well as those of the employee. Justin looks at the pros and cons of having an agreement, and why you definitely should have one in place.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Employee Contracts - Everything Needed in This Essential Agreement
TIME INDEX:
00:27 - The Employment Agreement
01:05 - What is an Employment Agreement
01:41 - Advantages
02:18 - Disadvantages
03:02 - Get Legal Assistance
03:28 - Why you need Employee Agreements
05:16 - What is in and Employment Agreement
12:31 - Protection
14:18 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 132 of Financially Simple, Justin looks at the Legal aspects of Entity Selection.
When establishing your business, it is important to make sure the business is registered with the appropriate authorities as the proper business type and that all your supporting documents are in order. Justin goes over the processes and pitfalls of setting up a business as a legal entity, with a few examples of some common dos and don’ts.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Stay Savvy... The Basics That Minimize Risk to Your Business
TIME INDEX:
00:33 - The Risk Management Department: Entity Selection
02:03 - Operating as a Sole Proprietor or a Company
03:52 - Lawyer Up
04:05 - Operating Documents
07:05 - Review Your Operating Agreement
08:05 - All Fees Paid
09:21 - No Co-Mingling!
12:46 - Summary
_________________
USEFUL LINKS:
WealthSource Partners: https://www.wealthsource.com/partners/
Financially Simple podcast: https://financiallysimple.com/podcast/
Financially Simple on Facebook: https://www.facebook.com/financiallysimple/
Financially Simple on Twitter: https://twitter.com/financiallysim
Financially Simple: The Ultimate Sale - Get the Book Here!
https://financiallysimple.com/book/
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 131 of Financially Simple, Justin outlines the coming series on having a Best in Class Risk Management Department.
Risk Management can be categorised as Legal and Insurance, and each of those can be further broken down into their respective subcategories. Justin looks at both the Legal and Insurance aspects of Risk Management.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:27 - The Risk Management Department
01:42 - From Legal to Risk Management
02:23 - Legal
03:23 - Insurance
03:46 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 130 of Financially Simple, Justin wraps up this series on Best in Class Finance with a look at the 5x5x5 method.
A simple strategy, but difficult to execute - however, if you can manage it you’ll see exponential gains to the value of your business. Justin explains the 5x5x5 Business Value Growth strategy, and how it can be done.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: The 5x5x5 Growth Technique - A Small Tip for Businesses That Could Yield Big Gains
TIME INDEX:
00:58 - 5x5x5 for Business Value Growth
01:46 - 5% Increase in Revenue
03:11 - 5% Decrease in SG & A
06:43 - 5% Margin Increase
08:11 - Strategic Planning
12:43 - Wrapping Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 129 of Financially Simple, Justin answers a listener’s question on achieving financial stability.
Having financial stability in your business is like having smooth, calm waters to go fishing. And having a financially stable business will increase its value and attractiveness to potential buyers down the line. Justin goes over three areas that business owners should address in order to achieve financial stability.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: 3 Simple Ways to Build Financial Stability in a Small Business
TIME INDEX:
01:41 - How to Build Financial Stability in a Small Business for Maximum Value
02:19 - Still Waters
06:05 - Recurring Revenue
09:23 - Broad Customer Base
11:33 - Team Centric
13:17 - Wrap up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 128 of Financially Simple, Justin goes over the numerous taxes that Business Owners can face.
Nothing can be said to be certain except death and taxes, and in the case of a business, a lot of taxes. Justin lists and explains the most common Business Taxes that can apply depending on the type of industry and location of your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: "Missing" Taxes Checklist for Small Business Owners
TIME INDEX:
00:26 - The 11 Different Taxes a Small Business Owner Could Pay
01:47 - Income Taxes
04:15 - Estimate Tax
04:50 - Sales Tax on Products and Services Sold
05:32 - Property Tax on Business Property
05:52 - Excise Taxes on Use and Consumption
06:14 - Self-Employment Tax on the Owner’s Share of Business Income
08:01 - Employment or Payroll Taxes
09:57 - Gross Receipt Tax on Businesses
10:29 - Franchise Taxes
10:59 - Sales Tax
12:04 - Real Estate Taxes
12:18 - (12) Professional Privilege Tax
12:37 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Income Taxes
Net Income vs Profit
Sales Tax on Products and Services
Common Questions on Sales Tax
Business Property Tax
Excise Taxes
Self-Employment Tax
Employment Taxes
Gross Receipts Tax
Franchise Taxes
State Tax Refunds
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 127 of Financially Simple, Justin begins his deep dive into having a best in class Finance Department for maximum value growth by looking at the different types of Financial Reports.
Financial Reports can cover different aspects of a business, from income and expenses, to liabilities and equity. As a business owner, it is very helpful to examine and understand these reports to increase the value of your business. Justin goes over the various reports, breaking them down and explaining how each can be useful in understanding a business’s affairs.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: 9 Financial Statements Business Owners Should Examine Regularly
TIME INDEX:
00:22 - What are the best Financial Reports for Business Owners to examine?
01:30 - The Balance Sheet
04:28 - The Income Statement
07:47 - The Cash Flow Statement
09:27 - The Account Receivable Report
12:29 - The AR Day vs AP Day Report
14:27 - The Budget vs Actual Report
15:33 - The Daily Average Sales Report
16:57 -The Operating Cash Flow Report
18:05 - The Net Profit Margin Over Time Report
19:37 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 126 of Financially Simple, Justin looks at creating a Pro Forma for your Business.
A Pro Forma is a living document that will act as a record of a business, and will also allow you to make certain predictions of where a business is headed. Justin goes over the fundamentals of making a Pro Forma for your business, and explains why having one is of great benefit.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:26 - How to Build a Custom Pro Forma
01:19 - What is a Pro Forma?
03:36 - How a Pro Forma works
06:02 - Income
08:32 - Expenses
13:58 - Projecting Risks
14:40 - The Benefits of Categorisation
18:49 - Net Income
20:25 - Tracking the Growth and Value of a Business
21:57 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 125 of Financially Simple, Justin compares Zero Based Budgeting and Incremental Budgeting.
Knowing how much your business will require to achieve a certain goal is essential to avoid problems in running the business, whether those goals are short-term or long-term. Justin looks at two budgeting techniques, Zero-Based and Incremental, considering their pros and cons, and when to use each type to attain your business goals.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Zero-Based or Incremental... Which Budget Strategy is Best for You?
TIME INDEX:
00:22 - Zero Based Budgeting vs. Incremental Budgeting
01:35 - What is Zero-Based Budgeting?
02:54 - What is Incremental Budgeting?
03:20 - Pros & Cons
03:33 - Zero Based Budgeting
07:51 - Incremental Budgeting
11:17 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 124 of Financially Simple, Justin continues his deep dive into creating a best-in-class Financial department in your business, by looking at your Profits and Losses.
Knowing the full extent of your revenue and costs will help develop a greater understanding of your Business’s financial state and, in so doing, create a story that will help increase the efficiency and value of the Business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Profit and Loss - Reading Your Company's P&L Statement
TIME INDEX:
00:29 - How to make Your P&L tell a Story
01:20 - More than just a Paper Trail
02:27 - Putting the Pieces Together
02:53 - The Revenue Stream
03:32 - Cost of Goods
04:18 - Gross Profit
04:34 - Expenses
06:07 - Net Income
07:09 - Examining the Revenue Stream
09:58 - Examining the Cost of Goods Sold
11:06 - Examining Your Expenses - Required vs. Discretionary
12:58 - Calculating Your Margin
13:39 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 123 of Financially Simple, Justin lists his tips for managing Accounts Payable.
Keeping track of expenses and making sure the bills are paid on time is so important! Justin gives 19 tips on how to best manage the tasks, and create a best-in-class system that will be able to operate with minimal interference by the Business Owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION:
BLOG: How to Streamline Your Accounts Payable Process
TIME INDEX:
00:31 - Tips for Managing Accounts Payable
01:40 - 1 - Start Early
02:50 - 2 - Get Your Workers Focused
04:21 - 3 - Have Effective Communication
05:36 - 4 - Don’t forget the Human Factor
06:19 - 5 - Apply the 5W1H approach
07:16 - 6 - Adopt the RACI Model
08:38 - 7 - Follow the KISS Principle
08:52 - 8 - Encourage Your Team to Share Ideas
09:29 - 9 - Simplify the Accounts Payable Process
10:20 - 10 - Review Records for Optimisation
11:09 - 11 - Cross Off Finished Items
11:18 - 12 - Batch Similar Tasks Together
12:09 - 13 - Delegate Tasks to People With the Most Experience to Complete Them
12:15 - 14 - Manage Risks Intelligently
12:38 - 15 - Know the Status of a Particular Workflow
13:13 - 16 - Leverage Technology
13:50 - 17 - Reduce Accounts Payable Fraud
15:21 - 18 - Vendor Terms may be Negotiable
16:05 - 19 - Reduce CFO impact to Verification Process
16:41 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Invoicing Workflow Automation
Telegraph - Workplace Distractions
Automation Cost Saving
Communication Channels
Work Culture
Workflow Management Software
Effective Workflow Management
Focus on Important Tasks
Risk Management
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 122 of Financially Simple, Justin gives some tips on managing your Accounts Receivable.
How to get paid, without any hassle, and on time - it makes running a Business so much easier! Justin lists 19 tips on making the payment process easier for your customers, and less of a headache for you.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: 19 Tips for Improving Accounts Receivable Collections
TIME INDEX:
00:27 - Tips to Manage Accounts Receivable
01:16 - 1- Get Organized
02:44 - 2 - Expedite the Invoicing Process
03:13 - 3 - Use the Credit Limit
03:57 - 4 - Revise Customer Payment Terms
05:15 - 5 - Creatively Communicate
05:52 - 6 - Start Early
06:19 - 7 - Change Your Billing Cycle
06:51 - 8 - Offer Multiple Payment Options
08:20 - 9 - Don’t Wait
08:55 - 10 - Remind Remind Remind
10:12 - 11 - Stay Professional
10:52 - 12 - Maintain Positive Relationships with Customers
12:10 - 13 - Collection Call
12:54 - 14 - Prepare for Excuses
13:30 - 15 - Installment Plans
14:00 - 16 - Establish Conservative Credit Policies
14:31 - 17 - Finance Charges & Rewards
15:17 - 18 - Outside Resources
15:59 - 19 - The Experts
16:38 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand.
Money in the bank is always good to have, whether it’s to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it’s not good to have too many cash assets.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: How Much Cash Should You Stash in Your Business and Personal Accounts?
TIME INDEX:
00:28 - How Much Cash Should My Business Hold?
01:28 - The Four Account Method
03:26 - Personal Accounts
05:53 - Business Accounts
08:53 - Cyclical Businesses
10:35 - Focus on the CFO
11:02 - Money in the Bank
12:09 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 120 of Financially Simple, Justin continues his deep dive into a Best-in-Class Finance Department looking at the role of a CFO/CPA.
Many small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a capable CFO, and how those qualities may vary depending on what stage a business is in.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Why Every Business Needs a CFO to Reduce Business Risk
TIME INDEX:
00:28 - The Role of a CFO/CPA
01:17 - Most Small Businesses Only Have One Individual to Handle it All
02:49 - The Four Different Areas of a CFO
03:48 - 1. Treasury
04:22 - 2. Tax
04:42 - 3. Accounting
05:10 - 4. Finance
07:19 - The Four Faces of a CFO
07:45 - The Strategist
07:58 - The Operator
08:12 - The Steward
09:22 - The Catalyst
12:21 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 119 of Financially Simple, Justin begins a series of episodes looking at having a Best-in-Class Finance Department for maximum value growth.
Many individuals and business owners lack the knowledge of proper book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve transparency and increase the value of a business. Justin asks key questions to assess your business and gives an overview of how a Best-in-Class Finance Department can enhance a business’s value.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: An Introduction to Building a Best-in-Class Finance Department
TIME INDEX:
00:52 - An Introduction to Best in Class Finance Departments for Maximum Business Value
01:20 - What’s Your Financial Know-How and State of Finances?
03:47 - Having a comprehensive Finance Department and Strategy
05:34 - Some Simple Questions to Ask Yourself to Understand Your Own Capabilities
10:12 - The Ways in Which a Best-in-Class Finance and Accounting Department Can Enhance Value
12:00 - Wrap Up.
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 118 of Financially Simple, Justin looks at what makes for a Good Operations Management System.
A Business’s Management Systems are the fundamental processes that keep a Business running on track. Justin goes over the five core elements of a good and efficient Operations Management System.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:23 - The Elements of a Good Operations Management System
00:29 - Clearing out the Chicken Coop
03:13 - The Five Elements
04:22 - 1. Processes and Procedures
05:49 - Streamlining
07:11 - 2. Roles and Responsibilities
08:39 - 3. Tools
12:45 - How much are you wasting?
13:15 - 4. Risk and Safety Controls
15:28 - 5. Metrics and Reporting
16:26 - Baseline Capacity vs. Demand Requirements
18:40 - Reporting Frequency
19:06 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 117 of Financially Simple, Justin gives an overview of what Lean Management is and how it applies to both Manufacturing and Service Businesses.
Lean Management and Continuous Improvement can be thought of as the structure of a Business, with foundations, supporting levels and columns of processes and principles that hold up the success fundamentals of the Business. Justin goes over the different levels of this Lean structure, explaining how each matters in your Business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:21 - What is Lean Management and Continuous Improvement?
01:40 - Lean in Manufacturing
03:28 - Lean in Services
03:39 - The Structure of Lean
04:50 - The Foundations
06:32 - Manage by Fact
07:32 - Workplace Organisation and Visual Management
08:22 - Standardized and Stable Processes
09:58 - The Three Pillars
10:15 - Delivery
12:04 - Environmental
13:17 - Quality
15:15 - People and Teamwork
15:31 - Sustainable Continuous Improvement
15:52 - High Engagement
16:06 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 116 of Financially Simple, Justin looks at the history of Operations Management.
Business and Industry has come a long way since the Industrial Revolution in the early 20th Century, with advancements in technology as well as the Operational Processes that manage them. Justin gives a brief history of the development of Operations Management over the last 100 years - looking at the key points of the evolution of Operations, and where it’s headed next.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: The Evolution of Business Operations Management
TIME INDEX:
00:43 - The History of Operations Management
01:32 - The Principles of Scientific Management
02:34 - Assembly Line/Parts Standardization
03:41 - Method-Time Measurement
05:52 - Toyota Production System
06:58 - Six Sigma
08:10 - ISO 9000
08:39 - Lean Operations
10:03 - The 5 Key Principles of Lean
10;46 - 8 Waste Obstacles of the Lean Process
13:26 - Business Process Re-Engineering
13:49 - 7 Components of Business Process Re-Engineering
18:44 - Next Generation Risk Management
22:08 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 115 of Financially Simple, Justin looks at the Top 3 Operational Problems.
If the Operational Systems and Management in your Business are not working to add value and growth to the company, you need to start looking for the cause of the problems. Justin goes over the process of finding out the root causes for Operational Problems, and what those problems can ultimately be.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: 3 Operational Issues that Weaken Your Business's Infrastructure
TIME INDEX:
00:27 - The Top 3 Operational Problems
01:51 - The Salmon Run
04:51 - Operational Problems
06:08 - Tracking Back the Failures
08:53 - Finding the Source
09:52 - Challenge the “Why”
10:20 - The 3 Problems
10:29 - Inefficient Throughput
11:27 - Excess Capacity
12:58 - Inconsistent Execution
15:33 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 114 of Financially Simple, Justin begins to look at the process of building Operations for Maximum Growth.
To effect growth in your Business, having well managed Operating Systems is a must no matter how big or small the company - even the smallest improvement to the management of a process will yield positive results. Justin goes over the various elements of Operations management and their systems.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Operational Steps Service-Based Businesses Should Take
TIME INDEX:
00:46 - The Operating Elements of a Service Business
01:14 - What is a Service Business?
01:56 - The Master Blueprint
03:29 - Design & Engineering
05:09 - Account and Order Management
06:10 - Project and Production Management
06:56 - Procurement
07:48 - Materials and Inventory Management
08:42 - Facilities Management
09:11 - Tools and Tech
09:45 - Resourcing
10:56 - Quality and Risk Management
11:59 - Field Operations
12:40 - Distribution
13:44 - Packaging
14:05 - Work on Your Business, Not in Your Business
15:43 - Managerial Systems
16:40 - Customer Service
19:11 - Management Reporting
19:49 - Master Data
20:23 - IT
21:05 - Talent Training
21:20 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 113 of Financially Simple, Justin takes a look at Operations and Systems within a Business.
The Operations of a Business will effectively run the Business. How well those Operations Systems work, will determine how well the Business runs and its value growth. Justin looks at Operations Management and Operations Systems, and what Business Owners should consider to make these processes work for them.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Build Business Operational Systems for Maximum Value Growth
TIME INDEX:
01:24 - Operations Department vs. Operations Systems
01:57 - Ant Farm Operations
04:05 - Definition of Operations
04:28 - The Big “O”: Operations Management
05:47 - What the Operations Department Oversees
09:25 - The Little “o”: Operations Systems
11:29 - 10 Tips About Operations
11:56 - 1: Operations Include both People & Processes
12:35 - 2: People is Often the Largest Cost in an Organization
12:51 - 3: Most People Want to Do Good Work
13:26 - 4: There Are Very Few Quick Fixes in the Operations of Established Businesses
14:16 - 5: Operations is Not Rocket Science
14:55 - 6: Small Wins Build Motivation, Large Wins Improve ROI
15:17 - 7: Needing Help isn’t Always a Lack of Ability
16:19 - 8: Hidden Issues are Often Out of the Sight of the Owner or Management
17:18 - 9: Mitigation vs. Perfection
18:53 - 10: The Problem With Operating Systems is Usually a Weak Management System
19:31 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Operations Management Definition
Operating Systems Definition
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 112 of Financially Simple, Justin looks at Seven Key Processes that a Business Owner should have in place for their Employees.
Having set processes established in your company with regard to the handling of your Team’s hiring, performance, advancement, firing and retirement will add value to your Business. Justin goes over his seven Key Employee Processes that will help your Team and Business succeed.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:03 - The Employee Systems needed for Maximum Value
01:57 - Having Processes in Place
03:02 - The Hiring Process
07:31 - The Performance Management Process
08:02 - The Education Process
10:09 - The Recognition Process
12:00 - The Advancement Process
13:08 - The Firing Process
16:09 - The Retirement Process
16:51 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 111 of Financially Simple, Justin goes over the process of conducting a Performance Review.
Continuous and regular evaluation of your Team leads to their development and the growth of the business. Justin looks at Performance Reviews, how to approach the process, work with Team Members throughout, and provide constructive feedback.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: Everything You Need to Know About Conducting a Performance Review
TIME INDEX:
00:43 - How to Conduct a Performance Review with Your Team
02:01 - The Problem with Reviews
04:42 - Why Conduct Performance Reviews?
08:04 - Performance Management vs. Performance Review
09:23 - Purpose of Performance Reviews
09:46 - Preparing for the Appraisal Session
12:52 - Conducting the Appraisal Session
17:28 - Be Descriptive and Have Examples
17:46 - Performance Levels
20:31 - Core Message: The Last Word
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 110 of Financially Simple, Justin talks about Employee Performance Reviews as a tool for growth.
Performance Management is key to developing a business. Constantly evaluating, discussing, and setting goals drives a business forward. Justin takes a look at the components of Performance Management, and the steps to take throughout the process.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
BLOG: Employee Performance: Clearly Setting Expectations for Team Success
TIME INDEX:
00:33 - How to Use Performance Reviews for Value Growth
01:11 - Performance Management
02:31 - Have Clear Documented Expectations
03:19 - Regularly Discuss Key Components
03:58 - Meet With the Team Regularly
04:54 - 360 Feedback
05:28 - Share the Performance Review Format
06:43 - Work Together on Goal Setting
07:31 - Discuss the Positive and Negative Components
08:55 - The Process
09:09 - Setting Goals
10:12 - Review Goals
10:41 - Review Results
11:38 - Assess Progress
12:48 - Employee Self-Assessment
13:27 - Review Year-End Results
14:05 - Manager and Employee Discuss and Confirm Employee’s Ratings
14:45 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
UND Performance Management
10 Key Tips for Effective Employee Performance Reviews
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 109 of Financially Simple, Justin looks at ways of retaining members of your team.
Valuing your team members is important, and showing them that they are valued is equally important. Justin goes over several ways to make sure that your employees stick with you and the business, through thick and thin.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: Stop the Revolving Door... 12 Tips to Retain Valuable Employees
TIME INDEX:
00:23 - How to Retain Your Team Forever
01:44 - Expectations
03:35 - Respect
04:41 - Responsibility
05:20 - Provide Quality Management Supervision
08:07 - Reviews
08:36 - Provide the Tools Needed
09:32 - Revenue-Sharing
11:07 - Appreciation
12:23 - Time Off
13:52 - Golden Handcuffs
15:52 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 108 of Financially Simple, Justin examines 12 ways to grow your Employee Team.
As your business grows, and you expand your team of employees, it’s important to consider whether they’re the right fit for the company and that they will have the right opportunities to develop within the company. As they grow, so too will the company. Justin looks at 12 different methods that will help overall growth of your employees, and business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: 12 Ideas for Investing in Employees That Grow Your Team's Value
TIME INDEX:
00:35 - 12 Ways to Grow Your Employee Team
04:25 - Ask Questions About Their Life Path
05:18 - Encourage Professional Development
06:56 - Create a Development Plan
08:22 - Turn Weekly Meetings into Educational Meetings
09:27 - Pair Employees with Mentors
10:30 - Delegate
11:17 - Use Stretch Assignments
14:03 - Help Them Build Their Networks
15:30 - Show Employees that You Trust Them
17:04 - Be Willing To Spend Money
17:49 - Consider Job Shadowing
18:25 - Ask for Feedback
19:40 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 107 of Financially Simple, Justin looks at ways to affect cultural change within a business.
Changing the culture and values of an established business can be difficult, and can take a while to fully realize, but the potential benefits can lead to a significant increase in the value of a business. Justin considers the steps to take as a business owner to affect cultural change, and also looks at potential roadblocks to overcome.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:50 - How to Affect Cultural Change
02:24 - Commit
02:58 - Measure
03:50 - Define
04:28 - Align
05:36 - A Case Study
10:11 - Entropy and the Bottom Line
11:38 - Roadblocks to Growth
12:36 - Lack of Leadership
13:33 - Too Vague
13:50 - Short-Term Vision
14:20 - Lack of Feedback
14:29 - Lose Focus
15:29 - Low Level of Integration
15:40 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 106 of Financially Simple, Justin looks at maximizing the Value Alignment of a business.
Sharing the same values throughout the different operational levels of your business is important in achieving harmony within the business as well as enhancing production. Justin goes over the three key areas to consider when aligning a business's values.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:26 - The Three Key Areas to Address for Maximum Value Alignment
01:08 - Personal Values
04:07 - Align the Team
05:58 - Align the Organisation
07:57 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 105 of Financially Simple, Justin continues his examination of Company Culture.
Sometimes the leaders at the top are unaware of issues in the lower tiers of the company, and the lower the tier level, the less those at the top know. Justin takes a look at the seven levels of Organizational Awareness, from Survival to Service, and explains how critical good cultural values within a company are in making a best in class business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION: BLOG: Understanding Positive Company Culture - Rise Above Dysfunction
TIME INDEX:
00:26 - How to Build the Best Company to Work For - Part 2
01:21 - The Iceberg of Ignorance
03:31 - Organizational Awareness
04:55 - Survival
06:15 - Relationships
06:42 - Self Esteem
07:46 - Transformation
08:40 - Internal Cohesion
09:43 - Making a Difference
10:34 - Level of Service
11:02 - Why this Matters
14:18 - Cultural Entropy
15:04 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Richard Barrett Values Centre
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 104 of Financially Simple, Justin looks at Company Culture.
The culture of a company will determine whether people want to work there, shop there, or use the company’s services. Justin considers the importance of having good cultural values for your business, and how necessary culture can be.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:29 - How to Build the Best Company to Work For
02:15 - The Culture of the Company
03:29 - Basic Needs & Growth Needs
05:08 - Measuring Culture
06:50 - Good Company Culture leads to Good Company Growth
09:35 - Does it Really Matter?
11:27 - What Lies Beneath
17:25 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 103 of Financially Simple, Justin begins to look at how to build a great Team.
There are a number of factors to consider when building your business’s Team of players. Justin goes over his 14 main considerations that business owners should bear in mind.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: The 14 Aspects of Great Employee Teams
TIME INDEX:
00:39 - How to Build a Great Team
04:00 - What exactly makes a Great Team?
04:16 - A Common Goal
05:14 - Culture and Values
06:41 - Have Diversity
08:31 - Every Player Must Have the Right Skills for Their Role
10:35 - Everyone Contributes Their All
12:11 - Accountability
15:06 - Support Each Other
16:17 - Communicate Transparently
17:23 - Conflict Resolutions
18:13 - Mutual Respect
19:57 - Decision Making is Supported, Challenged and Strengthened
21:23 - Organization is Well-Defined
22:25 - Strong Leadership
24:18 - Have Fun!
25:21 - Closing
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 102 of Financially Simple, Justin considers the merits of having a Marketing strategy for your Business.
Building a Marketing plan for your Business is complicated and can cost a fair amount to implement - is all of that effort and money worth it? Justin goes over the process of evaluating and refining your Business’s Marketing strategy so that you will reap the profits.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTIONS: BLOG: Marketing - A Waste of Money or Essential for Growth?
TIME INDEX:
00:45 - Is Marketing worth it?
01:08 - The Parable of the Hotdog Vendor
04:18 - Is it worth it?
06:20 - How do You Know if Marketing works?
07:38 - Create a Marketing Budget Based on the Goals Set Out
12:29 - Monitor and Measure
16:19 - Detail the Allocation
17:55 - Prospect Qualification
19:20 - A Major Missing Aspect in Many Marketing Plans
21:12 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 101 of Financially Simple, Justin looks at Branding as part of a Business’s Marketing Strategy.
The Branding of your business makes it easily identifiable, recognizable, and conveys a message. Justin defines Branding and explains the Four Cs to consider when defining your business Brand.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION: BLOG: The Four Cs - Branding for Small Businesses
TIME INDEX:
00:27 - Branding
01:44 - Branding in Business
04:00 - What Exactly is Branding
05:57 - Branding Sets Expectations
07:06 - How to Brand Your Business - the Four Cs
13:49 - So, How’s Your Branding?
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 100 of Financially Simple, Justin looks back on the last 99 episodes and gives a teaser of what’s still to come.
Episode 100!!! Justin gives a short retrospective of the podcast, listing some of his favorite episodes and moments, as well as talking about what topics he’s planning on covering next.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:26 - 100 Episodes!
01:26 - 002: Planning the Sale of Your Business by Starting at the End
03:23 - 004: The Mastery of Competitive Advantage
03:36 - 015: Don’t Share the Corn, Share the Harvest
03:59 - 019: Know Your Business’s Minimum Sale Price
04:25 - 025: The Offer - Building the Pitchbook
04:37 - 030: How to Minimize Taxes When You Sell Your Business
06:00 - 039: Chris Snider Interview - Exit Planning Institute
06:28 - 044: John Mills Patrick Interview - Start-Ups & Funding
06:59 - 048-062: Starting a Company
07:44 - 070-073: Growing the Value of Your Company
08:30 - 077: The Strategic Planning Outline
09:11 - Still to Come…
10:39 - Help Financially Simple help You!
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 99 of Financially Simple, Justin goes over the Market Positioning of your Business.
Where does your Business stand in the market that it works in? What do your customers and potential customers think of the business? What do your competitors think? Justin considers these questions and asks, How is your Business positioned in the market?
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:28 - Market Positioning
04:46 - How Is the Business Positioned?
06:51 - Surveying the Market
08:08 - Internal Survey
09:36 - External Survey
10:19 - Putting the Steps in Motion
12:26 - Keys to Solid Positioning
18:42 - So, How Well-Positioned Is Your Business?
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 98 of Financially Simple, Justin looks at the basics of a Marketing Plan.
A good Marketing Plan that is well executed will increase the profitability of your business, recoup any expenses, improve your clientele, and make your business more attractive to potential buyers down the line. Justin goes over the basics of a Marketing Plan, looking at each aspect of the plan that you should consider.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:35 - The Marketing Plan
01:10 - Example: The Dentist
04:20 - The Basics of a Marketing Plan
04:27 - What Are the Goals?
05:20 - Identify the Challenge
05:47 - Who Is the Target Audience?
06:09 - “Frazzled Frank”
10:41 - The Process
13:43 - Example Of a Step-by-Step Plan
19:51 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 97 of Financially Simple, Justin begins looking at Marketing.
Understanding the principles of Marketing is fundamental to making sales, and growing your business. Justin goes over what Marketing is, and the core "9 Ps" that need to be considered when getting started.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:08 - The Many Ps of Marketing
02:01 - Where Marketing Starts
03:10 - Definition of Marketing
04:51 - The 4 Ps
10:28 - The Extended Marketing Mix
14:10 - The Ninth P: Profitability
16:15 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
E. Jerome McCarthy
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 96 of Financially Simple, Justin considers how to best manage your Sales Team.
Once you have put together your Best-in-Class Sales Team, and have ascertained how to make the team productive, it’s important to keep them focused. Justin looks at how to keep the team on the straight and narrow, and how to make sure that they are improving.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION: BLOG: How to Manage a Sales Team Using the T.E.A.M. Approach
TIME INDEX:
00:24 - Managing Your Sales Team
01:45 - What is Effective Sales Management?
01:51 - Goals
02:39 - Planning
03:18 - Tracking
05:11 - What to Track
06:20 - Performance Evaluation
08:32 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 95 of Financially Simple, Justin looks at developing Compensation Plans for a Best in Class Sales Team.
If you’ve done a great job and hit all your targets, it’s satisfying - even more so if you’re well rewarded for your efforts! Justin goes over the fundamentals of putting together a suitable Compensation scheme for the outstanding work done by your Sales Team to keep them motivated and hungry for more.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Creating a Sales Compensation Plan That Works for You & Your Team
TIME INDEX:
00:28 - Growing Sales through a Best-in-Class Compensation Plan
02:14 - What is a Best-in-Class Compensation Plan?
02:53 - Compensation Plan Objectives
04:38 - Putting the Plan Together
04:56 - Step 1: Determine the Compensation Based on Discussions With Other Businesses
07:36 - Step 2: Decide Which Items Will Be in the Final Compensation Package
09:15 - Things to Consider When Designing a Compensation Plan
11:19 - Continual Evaluation
12:13 - Calculation of Gross Profit
12:41 - As Sales Grow, Compensation Grows Too
13:51 - The Reward Should be Equal to the Service
14:01 - Allow for Feedback
14:38 - Provide a Living Income and top Compensation to the High Achievers
15:22 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 94 of Financially Simple, Justin looks at 5 steps you need to take when hiring members of a Best-in-Class Sales Team.
When you are putting together your sales team, there are some specific steps that you should follow when hiring members for the Team. Justin outlines the 5 steps to take, and what is involved in each step.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
BLOG: 5 Steps to Finding Best-in-Class Salespeople for Your Business
TIME INDEX:
00:26 - Building a Best-in-Class Sales Team
01:39 - Sales People must fit the culture of the Company
04:05 - Screening
07:24 - Initial Face-to-Face Interview
09:41 - Role Play Skills
11:19 - Inspection of Sales Activities and Results
13:35 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
DISC Personality Test
Barret 7 Values of Commitment
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 93 of Financially Simple, Justin looks at the sales team, what makes them great, and systems that help you manage this team.
A Best-in-Class Sales Team should have a number of qualities to help drive your business’s sales and growth. Justin goes over the acronym T.E.A.M. as a method of managing these vital people.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
BLOG: How to Manage a Sales Team Using the T.E.A.M. Approach
TIME INDEX:
00:25 - What is a Best-in-Class Sales Team?
03:42 - T.E.A.M.
03:52 - Tasks
06:19 - Expertise
09:15 - Attitude
14:16 - Managing Their Business
16:45 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 92 of Financially Simple, Justin takes a look at the Sales Funnel process.
Effectively converting clients’ interests into sales is a priority for any business. Justin goes over the Sales Funnel process, comparing traditional techniques to Best-in-Class techniques.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
BLOG: Changing to a Modern Sales Process from a Traditional Sales Process
TIME INDEX:
00:26 - What is a Best-in-Class Sales Funnel?
02:51 - The Sales Funnel Begins with Marketing
03:45 - Most Buyers Decide Before Reaching Sales
05:46 - A Few Customers are Looking for Alternatives
06:17 - The Sales Funnel
06:48 - The Traditional Sales Funnel
12:06 - The Best-in-Class Sales Funnel
12:23 - Marketing
14:31 - Relating to the Buyer
16:11 - Qualifying
17:40 - Closing the Sale
19:56 - Post-Sale Follow Up
20:35 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 91 of Financially Simple, Justin talks Best-in-Class Sales structures.
One of the ways to efficiently improve your business’s value with minimal costs is to be the best-in-class in Sales - stand out from the crowd! Justin goes over the fundamentals of what it takes to be best-in-class.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:04 - What is Best-in-Class Sales?
01:14 - What is Sales?
01:59 - Do You Have a Sales Process?
05:03 - Approach #1
06:38 - Approach #2
10:00 - What Does it Mean to Have a Best-in-Class Sales Process?
10:49 - Be clear, Concise, and Reasonable
12:32 - Achievable
13:28 - Well Articulated
13:58 - Sales & Marketing
16:06 - Win Big at Little Cost
17:09 - Maintain the Prospects Pipeline
18:14 - Provide Predictable Revenue
18:45 - Low Turnover Rates
19:00 - Minimum Customer Attrition
19:18 - Work as a Team
20:39 - Summary
USEFUL LINKS:
Link to the corresponding blog post: 10 Ways to Create a Best-in-Class Sales Structure
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 90 of Financially Simple, Justin wraps up the series on Leadership by explaining how good leadership adds value to your company.
Having good leadership within your company will help drive the business towards your vision, and in doing so, will increase the value of the business. Justin looks at how an effective leader does this, as well as the difference between leaders and managers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Blog Transcription:
How Does Leadership Add Value to Your Small Business?
TIME INDEX:
00:25 - Using Leadership to Drive the Value of Your Company
01:11 - How does Leadership Drive the Company’s Value?
02:32 - Managers vs. Leaders
07:14 - Leadership & Planning
07:51 - Where Does Leadership Bring the Value to Your Company?
10:40 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
LisaHaisha.com
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 89 of Financially Simple, Justin talks about developing leadership within the business.
When it comes time to sell your business, you and the buyer will want to know that the team you have in place will be able to continue to work effectively without you in charge. Justin considers the ways that a business owner can develop leadership within their team and employees, so that should the owner be absent the business will continue to grow.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:24 - How to Train Leaders in All Areas of Your Business
02:40 - Sustainable Urgency Aligned Around a Critical Business Opportunity
04:38 - How to Create Sustainable Urgency Without the Key Leader
05:06 - Hire Right
06:33 - Have High Standards for Leaders
07:44 - Have a Crystal Clear Vision
08:12 - Include the Team in Your Strategic Meeting
09:13 - Cross-Train, Train, and Teach
10:39 - Say it Again, and Again
11:01 - Ask & Implement Opinions, Insights, and Suggestions
12:16 - Joint Accountability
12:35 - Responsibilities
13:33 - Give Credit to the Team, Take Responsibility for the Team
16:05 - Evidence of Competency
17:57 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 88 of Financially Simple, Justin looks at the 21 Personal Qualities of a good leader.
To be a successful business owner, you need to be a good leader - for your team, employees, and even customers. Justin looks at the 21 most necessary Personal Qualities that make for a good leader.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
The Essential Leadership Qualities List for Every Small Business Owner
TIME INDEX:
00:25 - The Personal Qualities of a Leader
01:49 - Character
03:46 - Charisma
04:47 - Commitment
06:51 - Communication
08:23 - Competence
09:56 - Courage
11:37 - Discernment
12:33 - Focus
14:17 - Generosity
16:28 - Initiative
17:27 - Listening
18:06 - Passion
19:04 - Positive Attitude
20:38 - Problem Solving
21:12 - Relationships
22:08 - Responsibility
22:54 - Security
23:31 - Self-Discipline
24:17 - Servanthood
25:05 - Teachability
25:48 - Vision
26:13 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 87 of Financially Simple, Justin looks at the top ten things that good leaders do.
Jeff Immelt, former CEO of GE, shared what he thought the good qualities of a leader are in an interview with Fast Company Magazine. Justin goes over the top ten qualities and analyzes each in context for the small business owner.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
“World’s Best CEO” Winner Jeff Immelt Shares His List of Leadership Must-Dos
TIME INDEX:
00:32 - The Top Ten Things Leaders Do
01:36 - #1 - Personal Responsibility
03:15 - #2 - Simplify Constantly
04:43 - #3 - Understand Breadth, Depth, and Context
06:29 - #4 - The Importance of Alignment and Time Management
07:55 - #5 - Leaders Learn Consistently, and Also Have to Learn How to Teach
09:58 - #6 - Stay True to Your Own Style
12:59 - #7 - Manage by Setting Boundaries with Freedom in the Middle
14:23 - #8 - Stay Disciplined and Detailed
15:48 - #9 - Leave a Few Things Unsaid
18:19 - #10 - Like People
19:55 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Fast Company - Things Leaders Do
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 86 of Financially Simple, Justin talks Leadership.
What makes for a good small business leader; someone that will direct the company and its team where the business is meant to go? Justin looks at the qualities of a leader within the context of a small business, as well as comparing top-down and multi-directional leadership.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
An Overview of Small Business Leadership… Motivation & Inspiration
TIME INDEX:
00:25 - What is Leadership in the Small Business setting?
01:09 - Leadership from a Small Business Owners’ Mindset
04:15 - What is Leadership?
06:32 - Definition of Leadership
07:49 - Qualities of Leadership
12:02 - Why is Leadership Important?
13:45 - Who is the Leader of an Organization?
15:17 - Multi-Directional Leadership
15:59 - Levels of Leadership
20:27 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 85 of Financially Simple, Justin wraps up this series on Business Planning.
A solid business plan that is well executed will increase the intrinsic value of your company. Justin wraps up this series on planning, taking a last look at the process and the 1:4:12:52 model of structuring a business plan.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:32 - How Planning Can Increase the Value of Your Company
01:23 - Good Execution of the Plan is Paramount to Success
02:42 - The 1:4:12:52 Model
04:40 - Example
06:50 - Keep Your Team Focused and Informed
07:43 - The Goal is to Increase the Company’s Intrinsic Value
08:53 - Planning Takes Time, It’s a Constant Process
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 84 of Financially Simple, Justin goes through the motions of the Business Planning Cycle.
Thought your business plan was a one-off? Think again! Business plans are constant throughout the operations of a business. Justin goes over the Business Planning Cycle, considering each turn of the wheel and how it integrates into a business’s growth.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:29 - The Business Planning Cycle & Challenges to Business Planning
00:51 - Turn, Turn, Turn
02:24 - Personal Planning
03:55 - Business Planning
06:48 - Critical Success Factors
09:49 - Planning Challenges
11:42 - Tips for Implementing a Successful Value Growth Plan
14:20 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 83 of Financially Simple, Justin talks Tactics and Actions.
Setting out your business strategy objectives follows the rule of three - focus on three objectives. Each objective has three tactics to achieve it, and each tactic has three actions to enact the tactic. Justin goes over this strategy, explaining the how and why.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
Tactics and Actions…How to Implement Your Strategic Plans
TIME INDEX:
00:32 - Strategic Planning: Tactics & Actions
01:55 - Strategies for Your Business’s Objectives
02:27 - Tactics for the Objectives
03:43 - Those Who Plan the Tactics Need to be Actively Involved
05:40 - Objectives, Tactics & Actions
06:53 - Actions Implement Tactics
08:57 - 3 Objectives x 3 Tactics x 3 Actions
11:26 - Example
12:39 - Wrap-Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 82 of Financially Simple, Justin goes over the core strategies of Strategic Planning.
There are three considerations of strategic planning - engagement, positioning, and growth. Justin examines each of these strategic aspects and the factors of each one.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
3 Questions to Ask When Developing Strategies to Meet Business Goals
TIME INDEX:
00:34 - Strategies Within the Context of Strategic Planning
02:13 - The Three Questions to Ask
03:18 - How Will You Engage with Your Customers?
04:23 - Operational Excellence
06:19 - Product Leadership
08:46 - Customer Intimacy
10:35 - What is Your Business’s Strategic Focus?
13:19 - How Will You Position Your Business?
20:11 - How Are You Going to Grow the Business?
25:34 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Cliff Bowman
Porter Generic Strategies
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 81 of Financially Simple, Justin talks about setting strategic objectives for your business.
As your business grows, it’s important to have clear goals to define the development of the business and keep it on track to your ultimate objective. Justin goes over setting goals, what they should be, and how to reach them.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
7 Steps to Setting Achievable Long-term Objectives in Business
TIME INDEX:
00:35 - Setting Strategic Objectives
02:15 - What Are the Objectives of Your Business?
04:00 - Having a Time Frame
06:22 - Only Set 3 Goals at a Time
08:39 - Make One Financial
09:26 - The SMART Filter
10:19 - Be Specific
12:05 - Make it Measurable
13:06 - Make it Assignable
13:52 - Make it Realistic
14:03 - Is it Time-related?
14:42 - Objectives Must Align with VMOSTA
18:00 - Goals & Objectives Should be Set by Management
19:29 - Write Your Objectives Down
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Ukandoo.com - The Power of 3 in Marketing
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 80 of Financially Simple, Justin looks at SWOT Analysis for business.
A SWOT Analysis can help define a business’ strengths, weaknesses, opportunities, and threats - knowing each of these aspects in a business can help it succeed and grow. Justin goes over each aspect of the SWOT Analysis, and how each relates to a business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
Using the SWOT Analysis to Increase the Value of Your Small Business
TIME INDEX:
00:45 - Strategic Planning: SWOT Analysis
01:33 - Developing a SWOT Analysis
02:32 - Origins of SWOT
03:25 - Strengths
07:32 - Weaknesses
11:07 - Opportunities
14:42 - Threats
16:46 - SWOT Template
17:41 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Albert S. Humphrey
USP Analysis
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 79 of Financially Simple, Justin takes a look at the values that will define your business.
An individual’s values and the values of their business define the character and reputation of them and their business. Justin examines the different values that are involved in business, why they matter and how having the right values can determine a business’s sustainability.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
How Your Personal Values Affect Your Business and Its Strategic Planning Process
TIME INDEX:00:29 - Strategic Planning: The Values of a Company
01:17 - Individual Values
02:09 - Relationship Values
02:55 - Organisational Values
03:14 - Societal Values
03:48 - Reputation Reflects Business Values
06:00 - Values Are Not Beliefs
06:44 - Values Determine Decisions
08:38 - Why Values Matter
10:15 - Resolving Organisational Values
11:49 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Values Centre - Six Modes of Decision Making
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 78 of Financially Simple, Justin compares the Vision and the Mission of Strategic Planning
Setting out a business’s strategic plan as the owner, you’ll need to know where you want to be in X years time and how you’re going to get there. Justin explains and compares the Vision and Mission of VMOSTA.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPT:
BLOG: Understanding the Difference Between Business Vision and Mission
TIME INDEX:
00:35 - Strategic Planning: Vision vs. Mission
01:01 - Planning for the Future
04:28 - What is the Vision
04:51 - What is the Mission
05:42 - Vision vs. Mission
09:04 - Know Where You’re Headed
10:57 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 77 of Financially Simple, Justin outlines the strategic planning process.
Drawing up a strategic business plan can be a daunting task for many business owners - where to start, who to involve, and how to proceed. Justin explains his process, VMOSTA, and explains each step, as well as the who, when, and where.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
The Strategic Planning Process Steps
TIME INDEX:
00:34 - The Strategic Planning Outline: Long-Term Planning for Increased Business Value
01:51 - The Vision: Test & Execution
03:09 - Different types of Planning
03:31 - Strategic Planning
05:39 - The Strategic Planning Process
07:02 - VMOSTA
07:28 - Vision & Mission
08:41 - Values & SWOT
09:32 - Objectives & Strategies
10:22 - Tactics
10:37 - Actions
11:40 - The Who
16:29 - The When
19:08 - The Where
20:12 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 76 of Financially Simple, Justin introduces Business Planning 101.
As Benjamin Franklin once said, “Failing to plan, is planning to fail”. In this episode of Business Planning 101, Justin looks at the planning habits of most business owners and goes over the core fundamentals of having a business plan and executing that plan.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
The Business Planning Process…4 Steps to Help Make Your Plans Successful
TIME INDEX:
00:32 - Business Planning 101
02:07 - Buying a Car vs. Saving for Retirement
03:18 - Entrepreneurs Planning Habits
04:40 - Planning Gets the Least Attention
05:49 - So What Exactly is Business Planning?
07:20 - The Ultimate Definition
08:53 - Planning with Military Precision
11:46 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Agility PR Solutions’ Study
Business Planning Definition
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 75 of Financially Simple, Justin looks at the Dupont Formula and how it can be improved upon.
The Dupont Formula is a Return On Equity strategy, first applied in the early 1920’s. Justin examines this well established method, and updates it for the modern business world.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - The Flaw in the Dupont Company Formula
02:48 - The Dupont Model Has Value
03:37 - A Technique for Business Evaluation
05:43 - What Is the Dupont Formula?
06:09 - Revenue Growth
07:45 - Operating Margin
09:22 - Asset Efficiency
10:40 - Where it’s Flawed
11:44 - VMOSTA
15:51 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
The Dupont Formula
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 74 of Financially Simple, Justin gives an overview of the eight key areas of business and the respective personality types of each.
When it comes to running a business there are eight identifiable areas of expertise, and with that comes different skillsets and suitable personality types for each area. Justin goes over the eight key areas and looks at the qualities and desirable personality traits of the people that work in each sector.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
8 Foundational Components that Drive Up Your Business’s Intrinsic Value
TIME INDEX:
00:53 - An Overview of the Eight Key Areas of Business & the Personalities of Each
02:38 - The Eight Key Areas
07:38 - The Four Sectors of DISC
11:21 - The Corresponding Personality Types
13:10 - Team Selection
18:08 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 73 of Financially Simple, Justin looks at the key concepts of Value Growth.
There are various terms used in business that might be unfamiliar or confusing, and knowing the correct definitions of such terms is important for many reasons - not least, knowing the valuation of your business. Justin goes over some of the terminology relating to Value Growth of your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:27 - The Key Language to Understand in Value Growth
02:29 - The Terminology
03:46 - What is Cashflow?
05:51 - Normalizing Cashflow
07:44 - Free Cashflow Calculation
09:34 - Working Capital
12:57 - Cap Rate vs. Discount Rate
15:38 - Risk Adjusted Cost of Debt
18:39 - Hurdle Rate
19:15 - Use of Capital
20:40 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 72 of Financially Simple, Justin takes a look at Time Value Money and why it’s an important concept to understand as a business owner.
The value of money changes from one moment to the next, as it is affected by many various factors. Justin explains what Time Value Money is, what influences it, why it’s important, and how it can be used.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:33 - Understanding Time Value Money and Why It Is the Key to High-Value Companies
02:41 - What is Time Value Money?
04:16 - Interest
05:45 - Default Risk
07:01 - Inflation
07:55 - Why is it important?
09:05 - Types of Returns
12:01 - Finance Measurements
14:39 - Using TVM for Business Planning
15:15 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Time Value Money
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 71 of Financially Simple's Growing a Business series, Justin takes a look at the different types of Business Valuation.
The value of something is tricky to determine, as there are so many variables both subjective and objective. Justin goes over the three main types of valuation, and their respective subtypes, and weighs in on which is best for working out the value of your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:33 - The Principles of Valuation
01:13 - Is Intrinsic Value Really the Most Important Item?
01:54 - Transactional Value
03:11 - The Buyer’s Focus
03:57 - Value or Price?
05:51 - The Three Approaches to Valuation
06:34 - The Market Approach
08:43 - The Asset Approach
11:34 - The Income Approach
13:57 - Income is King
15:17 - Case in Point
18:00 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 70 of Financially Simple's Growing a Business series, Justin goes over the various types of Valuation methods for business.
Understanding the different types of Value your business has is important when it comes to building and selling the business - some valuations will be more favorable than others. Justin gives an overview of the meaning of Value and the various ways a business might be valued.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
Types of Value in Business and the ONE That Matters Most
TIME INDEX:
00:30 - What, Exactly, is “Value?"
01:31 - Understanding Value
05:04 - Types of Value
05:48 - Fair Market Value
07:48 - Fair Value
10:39 - Market Value
12:54 - Investment Value
14:24 - Strategic Value
16:37 - Book Value
18:29 - Liquidation Value
18:51 - Forced Liquidation Value
19:20 - Collateral Value
19:34 - Intrinsic Value
22:13 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 68 of Financially Simple's Growing a Business series, Justin goes over the principles that will determine the value of your business to potential buyers.
When starting and even running a business, it’s important to keep the end goal in sight - selling the business for maximum value. Justin looks at the six principles that will affect how valuable your business is and ultimately what they are willing to pay you for it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:34 - 6 Principles Which Make a Business More Valuable to the Potential Buyer
05:41 - What Would Someone Analyze Before Investing Money to Purchase Your Business?
06:37 - Profitability
09:53 - Repeatability
13:45 - Predictability
18:20 - Sustainability
21:13 - Credibility
21:55 - Transferability
23:43 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Pepperdine Study - Private Capital Markets
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In this episode of Financially Simple's Growing Your Business series, Justin takes a look at the relationship between the cost of capital and risk.
There are various knock-on effects from investing in your own business, that might have unforeseen costs and affect the value of your business. Justin goes over the ins and outs of the cost of capital and risk, and how it varies for large vs small and public vs private businesses.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:33 - Understanding the Cost of Capital and Risk Relationship
03:36 - What Is the “Cost of Capital”?
06:39 - Questions to Ask
08:42 - Why Understanding the Cost of Capital Matters
10:01 - Example: Big Companies vs Small Business
12:59 - Size Matters
13:52 - Public vs Private Lending
18:06 - What Is Company-Specific Risk?
20:50 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Pepperdine Study - Private Capital Markets
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode #66 of Financially Simple's podcast, Justin examines how the value and profitability of a business are related by separate concepts.
A business can be profitable in the market. But when it comes to its value when the owner wants to sell that business, it can turn out to be worth less than what the owner expected. Justin compares a business's value to its profitability and considers the various factors that influence each of these aspects.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG TRANSCRIPTION:
Value vs Profitability Blog post
TIME INDEX:
00:33 - Value and Profitability are Two Separate Things
03:38 - U.S. Market Segments
06:42 - Actual Business Sales
10:58 - 5x EBITDA?
13:15 - Size Matters
15:03 - Multiples Matter
16:55 - A Tale of Two Companies
20:16 - Focusing on Quality Rather than Quantity
20:55 - Conclusion
USEFUL LINKS:
Financially Simple
Private Market Project, pepperdine.edu
How EBITDA can Mislead, Harvard Business Review
Business Valuation Multiples, summitacquisitions.com
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 65 of Financially Simple's Growing a Business series, Justin looks at maintaining objectivity in your business to maintain its growth.
A lack of objectivity can lead to complacency, and that can lead to stagnation and limited growth. Justin considers what maintaining objectivity means as a business owner, why it’s important, and how as a business owner you can keep being objective about your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:34 - You Have Lost Objectivity in Your Business
03:57 - Defining “Objectivity”
05:40 - Self-Assessing Questions
05:52 - Have You Ever Overreacted to a Situation at Work?
07:09 - A Bold Statement
08:10 - Exits.com Example
10:29 - Over-Familiarity Leads to Stagnation
13:10 - One of the Main Reasons Why Businesses Fail
14:46 - Results of Losing Objectivity
18:46 - To Change the Future We Must Disrupt the Present
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Definition of “Objectivity”
Exits.com
Academia.edu - Strategic Issues in Entrepreneurial Venture
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Your business is alive and humming along. You now need to be focusing on growth. Certified Value Growth Advisor Justin Goodbread considers some of the business professionals he has had experience with on his own business journey and compares the goal of growth for profit vs. growth for value.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Read the Blog Post:
BLOG: An Introduction to Increasing the Value of Your Small Business
TIME INDEX:
00:37 - Growing the Value of Your Business
01:15 - The Business “Professionals”
01:40 - The Financial Advisor
01:58 - The CPA
02:19 - The Business Coach
03:17 - The Appraiser
03:39 - The Need for Personal Growth to Achieve Business Growth
05:01 - Business Growth for Profit vs. Value
06:23 - What Will Be Covered in the Next Series of Financially Simple
08:28 - Summary
USEFUL LINKS:
Financially Simple website
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 63 of Financially Simple, Justin gives a short talk about continued learning and keeping your mind sharp.
Running a business can be tiresome, and if you’re not keeping up with the competition you might see your business starting to fail after putting so much into it. Justin talks about the benefits of continuing learning, and the beneficial, multiplicative effect gained knowledge can have for you and your business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:32 - Learning is Multiplicative
01:28 - Benjamin Franklin
03:51 - Self Education
05:44 - Continual Investment
06:57 - The Multiplicative Nature of Learning
09:00 - Continuing Education
10:30 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 62 of Financially Simple, Justin talks to Dan Hall of Elite Service Mortgage.
Your home can be your greatest asset, so having it properly financed will benefit your financial situation as well as your business's. Justin and Dan talk about getting a mortgage for your home, the different types, and what to look out for when sourcing a mortgage provider.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:32 - Home Mortgages, with Dan Hall of Elite Mortgage Services
05:16 - Getting a Mortgage on Your Home
06:50 - Different Types of Mortgage
09:51 - Keeping Up With the Changes
11:41 - How to Choose Which Type Suits Your Circumstances
13:31 - How to Avoid PMI When Buying a House
16:07 - What’s Needed?
18:09 - What to Look for in the Closing Disclosure Document
20:39 - How are Mortgage Lenders Compensated?
23:48 - What Does it Mean to Pay “Points”?
24:47 - Online Providers
28:13 - What’s the One Question Customers Should Ask?
31:01 - Wrapping Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Elite Service Mortgage
Harold Freedman, Email - dan@eliteservicemortgage.com / Phone - 865 963 0409
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Running a small business means having a merchant account with a service provider, and along with that the often-overlooked pitfalls of such services, bank card transactions, and fees for business owners. Justin and Harold Freedman of Merchant Services and Consultants LLC go over some of the common misconceptions and mistakes business owners have about Merchant Services, and how to avoid those mistakes.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Credit Card Processing Fees - How to Get the Best Rates
TIME INDEX:
00:32 - Credit Cards and Other Merchant Services - How Business Owners Can Evaluate Their Provider, with Harold Freedman
02:45 - Bank Cards 101
03:25 - The Most Common Misconceptions of Bank Card Processing
06:57 - How to Evaluate Rates for Merchant Services
12:31 - Bucket Pricing
17:56 - Other Problems to Beware of
21:29 - How Often Should You Evaluate Your Fees?
24:16 - What Is the One Question Business Owners Should Ask?
27:03 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
MLS Direct Network
Harold Freedman: Email - haroldfreedman@att.net
Cell Phone - 865 567 6637
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
The world of marketing can be a confusing and complicated space. Online digital marketing can be even more so. Justin and Gavin Baker of Baker Labs cover the various types of digital marketing strategies small businesses can utilize to improve their prospects.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Online Marketing 101 - Attract People to Your Small Business Digitally
TIME INDEX:
00:31 - Gavin Baker - Digital Marketing for Small Businesses
03:58 - What is Online Marketing?
09:20 - Search Engine Optimization
14:09 - Paid Advertising
17:49 - Content Creation
19:21 - How to Get into Digital Marketing, and How Much it Costs
23:42 - Business Plan + Marketing Plan Integration
27:33 - The One Question Business Owners Should be Asking
31:22 - Wrapping Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Baker Labs
Free Evaluation
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Having a diverse team will help your business, and when it comes to taxes, their knowledge and ideas will save your small business money. Justin and MBA tax planner Chris Mahan from Mahan & Associates discusses cooperative work between all the team players, tax reduction, and the new changes to the Tax Code.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Tax Planning Tips for Startups... Make the Tax Code Work for You
TIME INDEX:
00:39 - Tax Planning with Chris Mahan
02:07 - MBA and a Tax Planner?
03:40 - Not Only About Tax, But it’s Also About Making a Better Business
04:26 - Team Players on the Same Side
05:42 - The Top 3 Things a Business Owner Can do to Minimize Tax
07:36 - Using the Tax Code the Right Way
10:15 - Accountability
12:39 - What Process Should Business Owners Apply in Preparation for Tax?
16:54 - What is the Biggest Mistake Business Owners Make re: Tax?
18:16 - What Warnings Are There for Tax Schemes?
21:02 - Different Opinions from Team Members Benefits Business
23:29 - The New Tax Code: Positive or Neutral?
24:29 - The One Question Business Owners Need to Ask
28:47 - Summary
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
You know your product and/or service, and you know your customer. Justin looks at how you as a small business owner can increase your business's sales performance by being an expert in the field, identifying the needs of your ideal customer, and more.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: How to Get and Close Sales in a Startup Business
TIME INDEX:
00:30 - How to Increase Sales in Your Business
00:51 - A Lesson from Coca-Cola
05:26 - The Two Facets of Sales
06:40 - Become an Expert in Your Market
07:43 - Rank Your Targets
09:10 - Showcase Your Differences
12:24 - Craft Your Message to Hit Your Targets
14:42 - Focus on Existing Customers
16:11 - Know Your Product Life Cycles
18:01 - Focus and Streamline the Conversion Process
18:48 - Improving Your Sales Team's Performance Skills
26:25 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
A business won’t last if its products or services are not up to scratch. Justin goes over how to define quality control in your business, how to attain it, and procedures to maintain it.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Quality Control in a Startup Business... Is it Too Early to Think About?
TIME INDEX:
00:30 - Quality Control of Your Product or Service
00:39 - These Boots are Made for Life
04:09 - What is Quality Control?
06:35 - Identifying the “Sight Lines”
07:09 - Establishing the Right Environment
09:00 - Knowing What the Perfect Product or Service is
10:31 - Training Your Team
14:32 - Testing
16:09 - Tracking Quality Standards
19:32 - In Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Quality Control
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Time is money. So when it comes to running an efficient and productive business, nothing could be more vital. Justin talks about making the most of your available time, tips for avoiding distractions, and the importance of taking time for yourself.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Untapped Assets - Time Management for the Startup Business Owner
TIME INDEX:
00:30 - Time Management for the Small Business Owner
02:25 - There Are 24 Hours in a Day
04:45 - Take Time for Yourself
07:34 - Why You Should Schedule Free Time for Mental Health
12:31 - Use a Calendar
13:39 - Identify Your Big Time Wasters
15:14 - Prioritize
18:05 - Delegate and Have Well-Trained Team Members
19:37 - Squirrel!
21:36 - Cluster Tasks
23:10 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
As a startup you are at a disadvantage to established businesses - people don't yet know about your awesome products and services. It is essential that you get the word out to people so that they can become your customers. Justin looks at the basics of Marketing and Advertising for a small business and the various considerations, strategies, and costs involved.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: How to Develop a Marketing Plan for Your Startup
TIME INDEX:
00:32 - Advertising or Marketing - Which is Better for a Startup?
03:13 - The Difference Between Marketing and Advertising
04:20 - Definition of Marketing
05:13 - Definition of Advertising
06:23 - Marketing - Target Your Specific Audience
09:00 - Establish Systems to Measure and Track Your Advertising
09:49 - Target the Timing of Your Advertising
10:51 - Create a Strong Brand
11:59 - Work on Your Online Presence
12:50 - Show Up in the Right Places
14:21 - Create an Elevator Pitch
17:29 - Advertising
17:47 - Leverage Your Community
18:24 - Collaborate With Other Businesses
19:07 - Network
19:31 - Give Speeches and Seminars
20:08 - Ask for Referrals
20:48 - Get Social
22:04 - Create a Blog
22:35 - Start a Podcast!
25:07 - Use Coupons
25:56 - Do a Give-Away
26:37 - How Much Should You Spend on Marketing & Advertising?
28:57 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Business Dictionary
Small Business Administration
How much to spend on M&A?
The CMO Survey
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
If you are providing a product or service, chances are good that you’re buying products and services yourself. Justin discusses several key points that should be considered when working with vendors and suppliers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Win-Win Negotiation... How to Get the Best Prices from Suppliers & Vendors
TIME INDEX:
00:31 - How to Negotiate with Vendors and Suppliers
02:47 - Vendors Can Help Improve a Business’s Service Quality
05:05 - Realize That the Vendor is in Business, Just Like You
07:25 - If Possible, Learn from the Vendor
09:35 - Prepare Your Request
12:44 - What is the Vendor’s Motivation?
14:28 - Provide Them with an Expectation of Your Annual Product Flow
18:12 - Never Accept the First Pricing Offer
19:35 - Don’t Use Only One Supplier
20:25 - Negotiate in the Off-Season
22:04 - Know When to Back Down
23:14 - Sign Off
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Journal of Applied Psychology
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
The type of Entity that you pick for business will have many legal pros and cons. Taxes, varying degrees of liability, and types of protection are all affected by your business entity. Consulting with your team’s legal expert will help you decide which one best suits your small businesses needs. Justin goes over the differences between the various entities with legal expert Lee Popkin of Long, Ragsdale & Waters.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - What Entity Should a Business Owner Choose?
03:35 - A Brief History of Entities
04:10 - Corporations
04:50 - Limited Partnerships
06:18 - LLCs
09:55 - S Corps
11:14 - The Difference Between LLC & S Corp, Asset Protection
16:01 - Tax Benefits
18:59 - Effect of the New Tax Bill on Small Businesses
21:05 - Choosing Between an LLC and S Corp Based on Tax
23:15 - How to Determine Which Entity Suits Your Business Needs
24:43 - How Much Does this Expertise Cost?
26:46 - Getting Guidance from Your Team
28:26 - Closing Remarks
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Long, Ragsdale & Waters
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
When you’re starting out, or even once you’ve got going, you’ll want the best people to be on your team to help develop and grow your business. Justin goes over some great tips on hiring employees and shares his process of making sure he gets the right staff member for the job.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: How to Hire the Right Employees for New Business Owners
TIME INDEX:
00:31 - How to Hire the Best Team
02:59 - Top Tips on Hiring Employees
06:24 - Jeck Welch’s “Four Es & a P”
08:42 - Placing an Ad
10:13 - Ask for Their Resumé
10:42 - The Personality Profile Test
12:23 - Following Instructions
13:47 - Are They a Good Fit?
14:35 - Resumé Review
16:35 - Provide the Details of the Job
18:18 - The Interrogation
20:24 - Give Additional Work
21:50 - Secondary Interview
22:53 - Make the Job Offer
23:29 - After-Hire Education
25:14 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In business, accidents and life happen. To protect yourself and your business from these events you’ll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: 7 Types of Business Insurance Startups Must Have
TIME INDEX:
00:29 - What P&C Insurance Does a Business Owner Need?
01:55 - What Insurance Must Startup Business Owners Have?
07:40 - Workers Compensation
10:50 - Commercial Auto Policy
12:40 - IT/Internet
13:42 - Specific Insurances for Services vs. Professional vs. Entrepreneurial
14:38 - Entrepreneurial & Professional
17:30 - How do You Get Complete Protection? Is it Even Possible?
20:29 - Any Common Areas of Risk That Might be Overlooked?
22:11 - What’s the Process?
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Hitson, Crumb & Blazer Insurance
American Insurance Association
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
To effectively run a business there are a number of systems and workflows that should be implemented from the beginning, to ensure smooth business processes, and avoid headaches later on! Justin briefly goes over each of the various systems and explains the what and why.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Workflows & Systems - Essential Ways to Improve Business Efficiency
TIME INDEX:
00:30 - What Are the Basic Systems that I Need in My Startup Business?
00:59 - Accounting
04:54 - Balance Sheets
08:32 - Operating Statements
11:08 - The Net Profit Margin Ratio
12:35 - Return On Investment Ratio
14:17 - Inventory to Sales Ratio
17:02 - KPI
20:23 - How do We Find these KPIs?
23:55 - Workflows
32:26 - Signing Off
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
To start a business, you will need money to start and keep things moving. Justin looks at the 12 most common means of financing a start-up business, giving a brief overview of each method and its respective benefits and limitations.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Investor vs. Bank Loan - Which is the Best Source of Startup Capital?
TIME INDEX:
00:30 - How to Find Money When Starting a Business
03:28 - How Can We Raise Money to Start a Business?
04:07 - Crowd-Funding
04:43 - Angel Investors
06:16 - Venture Capitalists
07:53 - Small Business Administration
09:29 - Micro Loans
10:17 - Personal Financing
11:34 - Purchase Order Financing
14:23 - Vendor Financing
16:17 - Friends & Family Loans
18:18 - Contests
20:26 - Product Pre-Sales
21:29 - Alternative Lending Sources
22:33 - Sign Off
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
When starting a business, it’s a good idea to choose a formal business entity that best suits your type of business and give it legal standing. Justin gives an overview of the different types of entities startups and existing businesses can choose from, listing the pros and cons of each, as well as the documentation required to set them up.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: The 5 Different Business Structures - Pros and Cons of Each Entity
TIME INDEX:
00:30 - The Five Types of Business Structures/Entities
01:43 - A Sole Proprietorship
04:24 - C Corporations
07:26 - S Corporations
10:35 - Partnerships
13:16 - Limited Liability Companies
18:08 - Why Choose One Entity Type Over Another?
21:29 - The Necessary Paperwork
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
The Mark Kohler Show
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Having the right advisory team in place can make the difference between your business winning gold or getting the wooden spoon. Justin goes over the different players you’ll need on your business team, as well as their roles in making your business a success.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: 6 Must-Have Advisory Team Members for a Startup
TIME INDEX:
00:30 - Build Your Dream Team
02:48 - Everyone Needs a Team to Support Them
04:31 - Who Needs to Be on Your Team?
04:37 - The CFP
08:39 - The CPA
14:40 - The Attorney
18:22 - The Insurance Agent
20:11 - The Banker/Lender
20:44 - The Business Coach
21:56 - Summary
USEFUL LINKS:
Financially Simple Website
Why You Should Have a Financial Advisor Who is a Fiduciary
_______
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Having all of your financial ducks in a row before starting out on a new business will increase the likelihood of success and fewer headaches further down the road. Justin looks at three key areas where entrepreneurs should check their financials before getting started.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - Preparing Your Personal Finances for Starting a Business
02:32 - Update Your Personal Financial Statement
05:55 - Do You Have an Emergency Fund?
07:46 - Do You Have the Proper Insurance?
11:47 - Do You Have Your Legal Documents?
13:55 - Have You Eliminated Your Unsecured Debt?
16:55 - Update Your Budget
17:14 - Minimize Your Expenses
18:16 - Consider a Second Income While Starting Your Business
20:22 - Do You Need to Improve Your Credit Score?
21:29 - Business Analysis - Do You Need More Than Normal Funds to Start?
23:23 - Can You Start Buying Business Equipment Beforehand?
23:57 - Do You Need to Do a Trial Run on the Business?
24:35 - Have You Spoken With a Banker to Determine if Lending is Possible?
25:22 - Key Notes
25:31 - Do not Intermingle Personal and Business Funds
26:12 - Set Aside Tax Money
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Credit Karma
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In this episode, Justin interviews Johnathan Mills Patrick, a former banking executive, financial advisor, and 3x startup founder
Jonathan Mills Patrick has worked in many fields pertaining to Business development, from banking to finance, consultant to mentor. He has had three startup businesses of his own and has learned from each experience and written several books on the subjects of his expertise. Justin chats with Jonathan about what it takes to start a business, how to get funding, and shares some of his experiences.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Investor vs. Bank Loan... Which is the Best Source of Startup Capital?
00:30 - Jonathan Mills Patrick
02:29 - How Can Startups Find Funding?
07:49 - How to Make a Business Come to Fruition?
09:04 - How to Get Lending for a Lifestyle Business?
11:22 - Autonomous Businesses and Investors
13:43 - How Important are Projections & Can Bankers Identify Legitimate Projections?
16:42 - How to Build Up Bankability?
19:08 - What Is the SPA & How Can it Be Beneficial to Business Owners?
21:19 - When Shouldn’t a Business Owner Use the SPA?
23:00 - Should I Go into Business for Myself in the First Place?
29:05 - How to Self Assess
31:30 - Case Example
33:41 - Wrap Up
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
JohnathanMillsPatrick.com
JMP eBooks
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
A Business Plan is comprised of several different sections, each detailing separate aspects of the Business. Justin goes over each section of the Business Plan, explaining what is required and why.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: 7 Questions to Answer When Conducting a Market Analysis for a Startup
TIME INDEX:
00:31 - The Business Plan
02:22 - The Company Description
03:55 - The Products & Services Section
06:22 - The Market Analysis Section
13:26 - The Marketing & Sales Section
16:38 - The Organization & Management Team
17:28 - The Request for Funding
18:41 - The Financials
20:51 - The Appendix
21:55 - The Executive Summary
22:48 - Conclusion
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Failure to plan is planning to fail, as the saying goes. Whatever the undertaking, it’s a good idea to have a solid strategy in place to chart a course and deal with any eventualities that may occur, whether it’s a cross-country trip, or starting up a business. Justin goes over the introductory basics of having a Business Plan - the what, why, when, and what again.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: 10 Essential Questions to Answer Before Starting Your Business
TIME INDEX:
00:30 - The Business Plan
00:57 - What Is a Business Plan?
06:41 - The Questions for the Foundation & Success of Your Business
08:04 - Why Do You Need a Business Plan?
14:35 - When to Develop a Business Plan
16:25 - What Are the Key Components of a Business Plan?
18:53 - Signing Off
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
What qualities make for a successful entrepreneur? Justin looks at the various definitions of an Entrepreneur, and the characteristics that define them, as well as gives his take on what makes someone successful.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Do You Have an Entrepreneurial Personality?
TIME INDEX:
00:31 - Evaluate Yourself
01:47 - It Takes a Lot to Get a Business Off the Ground
04:23 - Why Do 9 Out of 10 Businesses Fail?
05:30 - Personality Traits of Entrepreneurs
11:42 - Entrepreneurial Must-Haves
18:26 - In Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
16 Personalities
Harvard Business School, Personality Traits of Entrepreneurs
The Nine Types of Entrepreneur
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Welcome to the newest podcast series from Financially Simple: Starting a Business.
Justin Goodbread, as a financial planner with years of business planning and growth, is talking to you... someone that is considering starting a business.
In this podcast, he talks about the thought processes and intent of starting a business, as well as what will keep you motivated and on track.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: Starting a Business Series - Assessing Your Business Idea
TIME INDEX:
00:31 - Starting a Business, Part 1: The Big Idea
01:52 - Do You Ever See a Need, or Have an Idea?
03:24 - Defining the Idea
04:36 - What Is Your Main Product or Service?
06:24 - Survey the Current Marketplace
09:04 - Bounce Ideas Off of Your Closest Friends and Family
11:01 - Find Motivation
17:15 - What Are You Dreaming For?
USEFUL LINKS:
This Podcast's Transcript
Financially Simple.com
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 40 of Financially Simple, Justin talks to Ben Wells about ESOPs.
Ben Wells is an attorney at Law and a certified CEPA. Justin talks to Ben about Employee Stock Ownership Plans or ESOPs - what they are, how they work, and who they’re right for.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION:
BLOG: Pros and Cons of Selling Your Business to Employees Using an ESOP
TIME INDEX:
00:30 - Ben Wells, Attorney at Law and CEPA
01:05 - ESOP Specialization
01:48 - What Is an ESOP?
04:01 - Why Is the Prevalence of ESOPs So Low?
05:11 - Who Is a Candidate for an ESOP?
07:05 - The Minimum Requirements of a Candidate
08:39 - Are There Criteria for Employees?
10:32 - Company Value vs. ESOP Payout
14:55 - Why Wouldn’t Someone Use an ESOP?
16:33 - Do Owners That Continue to Work Lose Out?
17:59 - How Much Does it Cost?
19:30 - Can an ESOP Specialist Work Remotely?
USEFUL LINKS:
Financially Simple
Financially Simple on Facebook
Financially Simple on Twitter
Dinsmore.com, Ben Wells
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 39 of Financially Simple, Justin interviews Chris Snider of The Exit Planning Institute.
Chris Snider is a Certified Exit Planning Advisor, author of Walking to Destiny: a Guide for Business Owners, CEO of Aspire Management, and President of the Exit Planning Institute. Justin talks to Chris about the Exit Planning Institute, the ins and outs of Exit Planning, valuing your Business, and more.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
01:01 - Chris Snider
03:05 - Aspire Management Inc.
04:20 - Exit Planning Institute
04:37 - What’s Happening in the Exit Planning World?
05:57 - How Does the EPI Meet Business Owner’s needs?
07:44 - Who Uses the EPI?
09:33 - Who Are the Primary Players On the Exit Plan?
11:40 - When Should Exit Planning Begin?
14:23 - Who Should be the First Point of Call?
16:06 - The Value Gap
18:36 - Is Your Net Worth Mostly Your Business?
20:02 - What is the Biggest Roadblock to Overcome?
21:21 - Other Reasons for the Importance of Good Exit Planning?
22:35 - The Four Cs
USEFUL LINKS:
Financially Simple
Snider Value Index
Aspire Management Inc
The Exit Planning Institute
EPI CEPA Directory
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 38 of Financially Simple, Justin goes back to determining the value of your Business compared to other competitors, and whether it’s the right time to sell.
If your Business isn’t making as much as your competitors, then you’ve got a value gap. Justin looks at how you can calculate what the value gap is, and how to eliminate it using Business assessment tools that will analyse the Businesses weaknesses, so that you can remedy the issues and increase the value of your Business before you sell.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - What Is a Value Gap?
01:12 - What Is My Business Worth, and Should I Sell?
02:29 - What to Do?
04:00 - What IS a Value Gap?
06:08 - How to Measure the Difference
07:53 - Tools of the Trade
10:26 - Why Does it Matter?
11:16 - Driving Up Value
14:39 - Summary
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
Financially Simple Business Valuation Tool
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 37 of Financially Simple, Justin talks about what to do with the money from the sale of your Business.
You’ve sold the Business and now have a very healthy looking bank account. What to do with all that money? Justin goes over some of the options for investing the cash, and considers factors that are beyond financial concerns.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
BLOG/TRANSCRIPTION:
BLOG: SOLD! Now, What to Do with the Money After the Sale of Your Business
TIME INDEX:
00:31 - What to Do with the Proceeds of the Business Sale
00:54 - Congratulations!
02:08 - Money Matters
06:35 - What to Do with the Money
11:02 - Building a Portfolio - Types of Assets
12:56 - Type of Investment
15:39 - Create a Portfolio that Meets Your Needs
16:24 - Annuity
20:30 - Emotional Control
22:56 - Have a Cool Down Period
23:59 - Family Matters
24:51 - Be Cautious
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 36 of Financially Simple, Justin talks about the things that a Business owner can expect when it’s time to sign the deal to sell.
This is it, the grand finale, you’ve sold your Business. Justin goes over what you, as a Business Seller, can expect once the deal is done - from signing many, many documents, to getting ready for the next chapter in your life.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: At the Closing Table of a Business Sale... What You, as the Seller, Can Expect
TIME INDEX:
00:32 - What to Expect at a Business Closing
02:00 - What’s Going to Happen at the Closing
03:29 - Warm Up Your Signing Hand
03:58 - Have Your ID at Hand
04:27 - There’s No Big Novelty Check
06:15 - Time to Celebrate!
08:07 - What’s Next?
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 35 of Financially Simple, Justin considers disruptions that could happen at the last minute of a sale that could derail the process.
You’re in the final stretch of the sales process of your Business when the unexpected happens and the entire sale is thrown into uncertainty! Justin looks at the possibility of disruptions happening at the last minute, what the causes might be, and how to go about solving the issue to get the sale back on track.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: 4 Common Reasons a Buyer Backs Out of the Sale of a Business – Post #35
TIME INDEX:
00:31 - Preparing for the Unexpected - The Disruptions Just Before the Close
00:53 - Last Minute Disruptions
01:01 - The Bad
02:07 - The Good
03:43 - Last Minute Changes Can Happen
04:04 - Financial
05:23 - Disgruntled Parties
06:25 - Waiting on Approvals from Third Parties
06:48 - It’s a Dead Deal
08:13 - What to Do if the Unexpected Occurs
08:18 - Reduce the Purchase Price
09:31 - Place a Guarantee on the Sale
10:19 - Put an Earn Back or Earn-Out in Place
11:31 - Takeaways
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 34 of Financially Simple, Justin gives advice on Re-Trades.
A Re-Trade is the Business buyer’s equivalent of the old Bait and Switch. Justin explains what Re-Trades are and why buyers try to Re-Trade. He gives advice on how to avoid a Re-Trade as well as what to do if you find yourself in a Re-Trade scenario.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: The Re-Trade in a Business Sale… The Final Gotcha – Post #34
TIME INDEX:
00:30 - What Is a Re-Trade and How Can I Possibly Avoid It?
01:13 - What Is a Re-Trade?
02:12 - The Bait and Switch
04:23 - Bait and Switch in Business
05:25 - How to Avoid a Re-Trade Scenario
05:37 - Prepare Your Company
06:53 - Keep Projections Conservative
07:50 - Be Ready to Walk Away from the Table
08:38 - Check Out the Buyer Beforehand
09:21 - Never Procrastinate
10:04 - Timing, Timing, Timing
10:31 - What if You’re in a Re-Trade Situation?
12:41 - In Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 33 of Financially Simple, Justin takes a look at the Due Diligence process.
As you prepare to sell your Business, the buyers are going to be performing Due Diligence and scrutinizing all aspects of your Business. Justin goes over a few steps sellers can take to be ready for a buyer’s Due Diligence inspection process.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: 6 Steps in a Due Diligence Process That Reduce Everyone’s Stress – Post #33
TIME INDEX:
00:31 - The Due Diligence Process in Selling a Business
02:43 - Buyers Will Perform Due Diligence on Your Business
05:27 - How to Approach Due Diligence as a Seller
05:38 - Be Prepared
07:37 - Make Due Diligence Part of a Process
09:59 - Provide a Table of Contents of All Documents
10:38 - Your Baby Will be Ugly!
12:25 - Don’t Forget the Big Picture
14:04 - Do Your Own Due Diligence
16:17 - Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 32 of Financially Simple, Justin goes over the Purchase Agreement.
When finalizing the paperwork for the sale of your business, it’s important to read and check the small print, making sure that there are no weaknesses or loopholes. In the second part of The Documents and the Terms, Justin looks at the specifics of the Purchase Agreement, and how to effectively organize your Team to manage the process.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: The Who, What, When, Where, and Why of a Business Purchase Agreement – Post #32
TIME INDEX:
00:32 - The Documents & The Terms, part 2
00:39 - The Purchase Agreement
04:15 - Agreements Included in the Final Purchase Agreement
05:09 - Things to Review
05:26 - Transfers
05:58 - Taxes
06:08 - Representations & Warranties
06:41 - Covenants
06:58 - Conditions
07:18 - Payments and Closings
07:53 - Miscellaneous
08:29 - Consult with Your Team
10:10 - Appoint a Coach
11:22 - Keeping on Track
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 31 of Financially Simple, Justin gives an overview of the various documents and agreements that Business buyers and sellers must check at the time of sale.
During the sales process of a Business, both the buyer and the seller will need to make carefully considered compromises and agreements on the terms of the sale. Justin goes over the types of agreements that may crop up, as well as why it is important to check the details of such agreements so that neither party is caught out.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: The Many MANY Ways a Purchase Agreement Protects Both Seller & Buyer – Post #31
TIME INDEX:
00:31 - The Documents and the Terms
01:53 - Tying Up Loose Ends
03:04 - Questions to Ask Yourself
04:32 - What Is a Release?
05:08 - Indemnification Clauses
05:23 - Insurance
06:32 - The Non-Compete Agreement
08:50 - The Non-Solicit Agreement
09:45 - The Indemnification Agreement
10:14 - The Confidentiality Agreement
11:32 - The Intellectual Property Agreement
12:38 - How to Keep it All Straight
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 30 of Financially Simple, Justin looks at how to go about reducing your tax bill when you sell so that you’re not left feeling short-changed.
When you sell your Business, the taxman takes a portion of the proceeds. Fortunately, there are ways and means to minimize his cut. Justin goes over some of the tactics that Business owners can use to save as much of the money from the sale of their business as possible.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Minimizing Negative Tax Implications When Selling a Business – Post #30
TIME INDEX:
00:31 - How to Minimize Taxes When We Sell Our Business
02:59 - It Starts with the Purchase Agreement
04:05 - Kim’s Story
05:01 - Major Pitfalls to Beware Of
05:07 - An Asset Sale
08:08 - A Stock Sale
09:03 - The Stupid Tax: C-Corp
09:56 - Start Planning Ahead
11:42 - Making Adjustments During the Time of Sale
13:59 - Phantom Income
15:18 - The Attorney, the CFP® Professional, and the CPA
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple.com
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
___________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 29 of Financially Simple, Justin goes over the different ways you could be paid when you sell your Business.
When the deals have been made, there are a number of ways for you to get paid by the Buyer. Justin looks at each method, from the big check to being employed by the Buyer, and considers the pros and cons of each.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Top 5 Ways of Getting Paid When Selling a Business
TIME INDEX:
00:32 - The Ways You’ll Be Paid for Selling Your Business
01:34 - The Big Check
02:49 - Stock, ESOP
05:32 - Stock, Maintain Stock in the Company/Buyer’s Company
08:03 - Earn-Out
12:31 - Promissory Note
18:41 - Employment
22:37 - Recap
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Investopedia
Financially Simple.com
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 28 of Financially Simple, Justin talks about the Letter of Intent - the first step of many along the road to selling your Business.
A Letter of Intent, or LOI, is like a declaration of war - it signals the buyer’s desire to purchase your Business and your willingness to sell, without committing to anything just yet. Justin examines the format of an LOI, and also some of the terms and conditions that might be included in it that you should be aware of.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Don’t Let the Thrill of a Letter of Intent to Buy Your Business Cost You – Post #28
TIME INDEX:
00:44 - The Letter of Intent, the First Step in a Formal Business Sale
02:45 - What Is a Letter of Intent?
04:49 - What Is Included in the LOI?
08:46 - An LOI Is Not Really a Binding Agreement
09:01 - Why Have an LOI?
10:42 - Conditions to Look Out For
15:08 - State What Is Not for Sale
17:26 - Other Ts&Cs to Be Aware Of
20:27 - Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple.com
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 27 of Financially Simple, Justin looks at the process of selling your Business by Auction.
Auctioning a Business is similar to auctioning a car or a cow - but there are some differences and things that a Business owner should consider. Justin goes over the basics of auctioning a Business for sale, how they work, what is needed, and whether or not an auction is the best tactic for selling your Business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: What’s The Best Way to Sell Your Business? Auction or Private Sale? – Post #27
TIME INDEX:
00:33 - Can I Get a Bid or Not?
02:52 - Selling Your Business by Auction
03:35 - Is this a Good Deal?
06:29 - How Does an Auction work?
09:37 - Should I Use an Auction?
10:45 - You Need a Plan in Place
12:23 - When Should You Use an Auction?
14:42 - Reasons Not to Auction
17:03 - In Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 26 of Financially Simple, Justin goes over putting together the Sales Presentation of your Business, and how to approach the Buyer.
When it comes to selling your business, it’s important to have a good Sales Presentation for the buyers and to have the right team to help present it. Justin talks about preparing for the presentation, knowing what to expect, and how to pick the players to support you and your Business throughout this phase of negotiations.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Your Business Sales Presentation: Putting the Sales into the Sale – Post #26
TIME INDEX:
00:31 - The Sales Presentation
03:57 - Assembling Your Team
04:43 - Unintended Consequences
05:17 - Example Scenario
06:31 - How to Avoid Making this Mistake
07:24 - How Much Will it Cost?
07:58 - Next Comes the Pitch
08:34 - Look for the Cracks
10:21 - Practice, Practice, Practice
11:03 - Just Answer the Questions
11:42 - Pitch an Unranked Team
12:27 - Bring Your “A” Game
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
Financially Simple on Facebook
Financially Simple on Twitter
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 25 of Financially Simple, Justin talks about having your Pitch Book ready to go for when the Business gets an offer.
The Pitch Book of your Business will contain all of the information about the Business, from key players, the type of Business Model, to projections of where the Business is headed. Justin gives a brief introduction and description of a Pitch Book, what’s needed of it, and some things you need to be careful about when putting yours together.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: The Offer: Bring Your Business Pitch Book to the Table – Post #25
TIME INDEX:
00:32 - The Offer: Get Out the Pitchbook
01:25 - Time to Get the Business Sold
03:50 - What Is a Pitchbook?
04:28 - What Makes Up the Pitchbook?
09:21 - How to Compile Your Pitchbook
10:41 - Using the Right Language
11:37 - Be Careful of What You Say
18:39 - Be Careful of What You Do
19:24 - In Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple.com
Financially Simple on YouTube
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 24 of Financially Simple, Justin goes into Business Valuation - how and why.
Knowing what your Business is worth will help you when it comes to selling or accepting offers. It will also help you to identify weaknesses in the Business so that you can improve its value. Justin looks at the various methods of determining the value of your Business, and their pros and cons.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: How Much Is My Business Worth? A Surprisingly Complex Number – Post #24
TIME INDEX:
00:31 - How Much Is it Worth?
01:15 - Reality Check
03:59 - The Methodology Behind Business Valuations
04:39 - Three Ways to Value a Business
04:42 - Replacement Cost
06:49 - Comparable Value
08:21 - Income Method
10:54 - EBITDA
13:46 - Ways to Increase the Value of Your Business
15:04 - How Is the Income of Your Business?
15:43 - Is There an Easier Way?
16:27 - Certified Valuation Analysts
19:35 - Bench Marking Software
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 23 of Financially Simple, Justin asks who your real customer is, that is to say, who do you want to sell your Business to?
Knowing who your ideal customer is will help you plan your business. Justin looks at each type of Business Buyer and gives advice on how to determine which is most suited to purchasing your Business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Types of Business Buyers Likely to Purchase Your Company – Post #23
TIME INDEX:
00:34 - Who is Your Customer?
00:59 - How to Identify the Customer
05:30 - How do We Know Which Buyer to Pursue?
06:02 - Types of Buyers
06:30 - Financial and Strategic Buyers
10:08 - High-Risk Takers
12:44 - Identify Buyers by Location
14:13 - Large Companies
15:19 - Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 22 of Financially Simple, Justin takes a look at the specialist players you need to have on your bench when it comes to selling your Business.
Once you’ve set up your team to deal with the day-to-day running of your Business, and to help plan your exit strategy, you’ll need to enlist a specialist player to help you sell the Business. Depending on the size of the business, the type of player will vary. Justin looks at the three different types: Business Broker, Mergers & Acquisitions Advisor, and Investment Banker, and discusses which will be the best fit for you.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: How to Pick a Business Broker or Other Facilitator to Sell Your Business – Post #22
TIME INDEX:
00:32 - The Business Broker, M&A Advisor, Investment Banker
01:21 - Three Specialist Players for Your Team
02:54 - The Business Broker
07:12 - The Mergers & Acquisitions Advisor
08:58 - The Difference Between an M&A Advisor and Business Broker
12:27 - Investment Banker
13:55 - Which Player Do You Need?
16:43 - Use Your Team to Pick the Right Player
USEFUL LINKS:
Exit Planning Institute
Exits.com
Financially Simple
Financially Simple on YouTube
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 21 of Financially Simple, Justin talks about being prepared as a Business Owner for when that offer comes.
Unlike in golf, there are no mulligans or second chances when it comes to selling your Business. Justin gives practical guidance on steps to take if you receive an offer to sell, or if you are preparing to sell your Business so that you can get it right the first time.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Avoid These Costly Mistakes in the Business Sales Process – Post #21
TIME INDEX:
00:37 - There Are No Mulligans in the Sales Process
00:43 - Teeing Off
03:57 - No Mulligans in Business
05:49 - Most Know How to Run a Business, Few Know How to Sell One
06:40 - Personal Restraint
07:47 - Are You Ready?
10:16 - Assemble the Team
14:31 - Build the Plan
15:55 - Don’t make Rookie Errors
16:40 - Rookie Errors to Be Aware Of
20:38 - Remember, There Are No Mulligans
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 20 of Financially Simple, Justin compares Lawyers to chainsaws - potentially dangerous to the inexperienced, and incredibly useful to those in the know.
Justin talks about having a good lawyer on your team, using them to navigate contracts and the legal terms and conditions involved. Knowing the provisions and basics of a good contract is invaluable, and a good lawyer will help you with these - and they may even know a few tricks to help you get the advantage!
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: What a “Sharp” Attorney Brings to a Good Business Sales Contract – Post #20
TIME INDEX:
00:32 - Chainsaws, Lawyers, and Documents
00:40 - Dangerous, but Useful
02:26 - Rules for Using a Chainsaw
04:20 - Lawyers are Like Chainsaws
06:17 - Why Do You Need a Lawyer?
06:38 - What Is a Contract?
08:42 - What Makes for a Good Contract?
09:38 - Special Provisions
14:00 - What to Look For
17:31 - Lawyers’ Tricks
21:21 - In Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 19 of Financially Simple, Justin talks about being financially prepared as a Business Owner for the sale of your Business.
Do you know what your worth is? Is it enough to cover the lifestyle you hope to have after the sale of your Business? Justin talks the talk, sharing his Iron Man experience, and how it relates to being ready for the big one - the sale of your Business. Knowing if the money from the sale will be enough to retire on, or if it will only last a few years depending on your lifestyle, is important. Taking an assessment of you and your business will help to prepare for that day.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Assess Your Minimum Business Sales Price Before the Buyer Does – Post #19
TIME INDEX:
00:32 - The Assessment
00:38 - Iron Man
05:00 - Take an Assessment of Where You’re At
06:24 - Personal Assessment
08:09 - Cost of Capital
09:23 - Personal Tax Planning
10:07 - Risk Management
10:42 - Investment Management
12:13 - Distribution Planning
12:40 - Consult with a CFP® Professional
13:11 - What Is the Value of Your Business?
16:48 - How Much Do You Really Need?
17:11 - Mind the Value Gap
19:10 - Is your Business Prepared?
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Exit Planning Institute
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 18 of Financially Simple, Justin talks about mentally preparing yourself, as Business owners, for life after the sale.
As business owners approach the sale of their businesses, or are made an offer, most will accept it and ride off into the sunset. But some may self-destruct. Justin talks about the psychological issues business owners have after leaving, and what you can do to prepare for life after business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Life After the Business Sells… Mentally Preparing for Retirement – Post #18
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
TIME INDEX:
00:34 - This Message Will Self-Destruct…
01:35 - Business Owners Can Self-Destruct!
03:18 - 3 Categories of Business Owners
06:16 - The Self-Destructive
07:55 - Two Decisive Questions
09:27 - Self-Destructive Mode
11:53 - Define Life After Business
12:39 - Ways to Prepare Yourself
USEFUL LINKS:
Financially Simple
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 17 of Financially Simple, Justin talks about having your Exit Strategy in place and acting on it.
As your business's most important team member, how and when you plan to leave your business will have an effect on your company's value. It is best to know well in advance your plans and clearly present them so you and the next owner are both on the same page when negotiating the sale.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Act Now: Your Owner’s Exit Plan Can’t Wait Until You Sell Your Business – Post #17
TIME INDEX:
00:39 - Duck!
00:52 - Didn’t See it Coming
02:59 - Life Has Interruptions
05:27 - Businesses also Have Interruptions
07:39 - Start With a Goal
08:18 - Set a Timeline for Your Plans
09:48 - Make a Step-by-Step Agenda
12:02 - Choose the Right Team
13:58 - Start!
17:56 - When to Start Planning
20:19 - Develop an Exit Plan
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Exit Planning Institute
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 16 of Financially Simple, Justin gives a crash course introduction to Marketing.
Marketing your business is necessary for sustainable long-term growth - sowing the seeds today so that you reap the profits tomorrow. Justin covers the basics of what, why, who, when, where, and how of Marketing, as well as the benefits of having a consistent Marketing strategy that will lead to a successful sale of the business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Readdressing Your Marketing Campaign System for Business Continuity – Post #16
TIME INDEX:
00:33 - The Law of Sowing & Reaping - It’s Not a Waste of Money
01:30 - The Three Phases
03:23 - How These Laws Apply to Business
05:48 - Case Study
08:44 - The What, Why, Who, When, Where, and How
09:40 - What?
13:10 - Why?
16:18 - Who?
17:34 - When?
18:16 - Where?
20:48 - How?
22:44 - Marketing to Exit
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 15 of Financially Simple, Justin looks at the ways and means of ensuring employee loyalty and retention.
Having committed employees that work hard for you, makes for good Business - having a high employee turnover is not. Justin looks at “carrot and stick” approaches to keeping your employees dedicated to the company, and avoiding the problems and losses associated with losing disaffected employees.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Employee Agreements – Helping Protect from Loss to Competitors – Post #15
TIME INDEX:
00:45 - Don’t Share the Corn Seed!
03:39 - You Must Not Train Your Competitors' Labor Force or Your Competition
06:19 - What Are Business Owners to Do?
07:04 - Fear and Greed
09:50 - Greed: Sweet Greens Rewards
14:06 - Fear: Big Stick Persuasion
18:17 - Why Does this Matter?
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 14 of Financially Simple, Justin considers how to build confidence and motivate your team to improve the growth and value of Your Business.
A rising tide lifts all ships. As your Business grows, succeeds, and makes you more money, be sure to share that success with the people that helped to achieve it. Justin talks of how rewarding the team that grows the Business will, in turn, encourage them to invest their time, and even their money into the Business, and in turn create further development; and he discusses some of the ways to reward your Team.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Employee Incentive Programs – Which Best Fit Your Business Structure? – Post #14
TIME INDEX:
00:39 - A Rising Tide Lifts All Ships
02:41 - Why Did You Start the Company?
03:41 - Monetary Motivation
06:00 - How to Build a Dedicated Team
07:52 - Keep Your Equity
10:24 - Share the Success
12:30 - Take Care of Your Leaders
13:58 - Reward Actions You Want to Encourage
14:50 - Ways of Rewarding
20:50 - Educate Your Team
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Chris Snider, Walking to Destiny
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 13 of Financially Simple, Justin takes a look at the ins and outs of Risk Assessment.
In business there are risks - the key to a successful business is knowing the specific risks to that industry and how to counter or absorb them. Justin talks about what risk is, the legal side of it, how to identify it, and how to address it, giving a candid example from his own experience dealing with risk.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: A Business Risk Assessment Today Can Boost Value Tomorrow – Post #13
TIME INDEX:
00:41 - Listen to Your Good Angel - Don’t Do It!
02:00 - A Cautionary Tale
04:18 - Risk Management
04:53 - What Is Risk?
08:19 - The Legal Aspect
08:51 - Why Does it Matter?
09:55 - How to Identify Risk
10:39 - Where to Start
13:43 - Risk Assessment
16:48 - Know the Law
20:05 - Risk Management is Vital
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 12 of Financially Simple, Justin talks about having the systems in place to track a small business's performance and success.
There are two main factors that are looked at when it comes to selling a Business - the Financials, and Performance. Justin looks at these factors, breaks them down to their fundamentals, and explains how Business Owners can start keeping track of them to ensure the Business’s success and sale.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Clear Financial Reports Entice Business Buyers – Post #12
TIME INDEX:
00:44 - Which Way Did He Go?
02:33 - Which Way are You Headed?
03:20 - Factors That Drive a Business Sale
05:12 - Putting Systems in Place
08:29 - Financials
09:08 - What Is a Balance Sheet?
10:05 - Why Does a Balance Sheet Matter?
13:57 - Operating Statements
15:20 - Net Profit Margin Ratio
16:45 - Return on Investment Ratio
18:29 - Inventory Value Ratio
20:31 - Benefits of Ratio Analysis
21:14 - Key Performance Indicators
24:07 - How to Find KPIs
27:37 -Reap the Rewards
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode 11 of Financially Simple, Justin talks about the different types of business entities and why they matter.
In Business, the type of business structure you own matters, whether it be a corporation or Sole Proprietorship. Knowing which type of entity fits your business will help with the management and legal aspects of the business, especially when it comes to selling. Justin considers the different types of entities, their pros and cons, and how to go about formalizing your business as an entity.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Types of Business Entities Affect Long-Term Sellability – Post #11
TIME INDEX:
00:34 - What Type of Entity Should I Choose?
00:57 - When Planning to Sell, Being the Right Entity Matters
04:06 - The 4 basic Types of Entities
05:04 - Advantages & Disadvantages of Each Type
06:40 - Transference of Stock
07:30 - Flexibility
08:50 - Tax Benefits
09:25 - Documentation
13:20 - Have an Awesome Team
14:55 - Summary
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In Episode Ten Justin shares the love... we’re talking about appreciating your employees... the people that support you. You need to have sound values and good business culture.
Love People and Use Things - put simply, happy employees work better. And employees that work better help your business grow. Justin gives examples of bad business practices that will result in people becoming demotivated or even leaving a business. Learn about the different ways business owners can show appreciation, increase happiness, and productivity, which translates to increasing the appeal of your business to potential future buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Strong Owner-Employee Relations Add Value at the Sale of Your Business – #10
TIME INDEX:
00:32 - Love People and Use Things
01:54 - Values and Culture
04:38 - How to Improve Values and Culture
10:30 - How to Identify Poor Values and Culture
10:43 - How Much Employee Turn-Over Do You Have?
12:17 - Lip Service
15:29 - Greed
18:08 - Example of Good Values
19:42 - The Difference Between Good and Bad Values
20:15 - How to Build Good Values
23:20 - In Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
The David Dao Incident
Financially Simple
Financially Simple on YouTube
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode nine of Financially Simple, Justin talks about having a vision for the future of Your Business.
Having a Vision Statement helps to give business owners a clear idea of where they want their business to go. It aids in decision making, team focus, and reassures employees and investors, that you, as the owner, know what you want and how to get there.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Why a Business Vision Statement is Important to Its Sellability – Post #9
TIME INDEX:
00:32 – How’s Your Vision?
00:36 - Lost in a Swamp
03:58 - Definition of a Vision Statement
05:03 - Why Do You Need a Vision Statement?
05:15 - Direction
06:09 - Future Focus
06:43 - Decision Making
07:34 - Team Alignment
09:52 - Culture of Helpful Change
11:17 - Shapes Strategy
11:57 - Measuring Tool
12:53 - The How
13:16 - The Funnel Approach
17:13 - Don’t Give Up Control
18:58 - Wisdom or Insanity?
20:43 - Integrate Vision into Your Business Plan
21:08 - Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Definition of ‘Vision Statement’
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode number eight of Financially Simple, Justin takes a close, hard look at what you need to do for yourself to improve your personal sustainability.
In order for you to be able to take care of your business, and to be successful and get through the tough times, you need to take care of yourself. Justin talks about the steps business owners should take to make sure that they are physical, mentally, and financially prepared for times of hardship.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Don’t Neglect Personal Sustainability When Building Business Sustainability – Post #8
TIME INDEX:
00:31 – Personal Sustainability
01:54 - It’s a Marathon, Not a Sprint
02:40 - Rocket Fuel
05:22 - Can’t Perform if You're Not Prepared
06:58 - Taking Care of Yourself
08:44 - The Benefits of Weathering the Storm
09:39 - Persistence
12:58 - Prepare Today for Tomorrow
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
The Saturn V Rocket
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode seven of Financially Simple, Justin looks at the factors affecting a Business’s Sustainability.
A sustainable business will flourish in times of plenty, and survive through times of hardship. Justin talks about some reasons businesses fail including the main reason for business failure. He covers the strategies business owners can take to build up a cash reserve to be sure that they can weather slumps and be attractive to future buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: How Much of a Cash Reserve Does My Business Need?
TIME INDEX:
00:43 – Business Survival
01:59 - Squirrels and Acorns
03:19 - What Is Business Sustainability?
03:48 - Why Businesses Fail
07:05 - #1 Reason for Business Failure
07:23 - How Much is Enough?
08:00 - How Long Does it Take to Become Sustainable?
10:25 - Ways to Raise Funds
13:18 - How to Maintain Sustainability
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Top 10 Reasons Small Businesses Fail
Small Business Administration
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
Episode six Justin discusses your "bench" - properly investing in your business’s team is a wise investment in your business.
How strong is your bench? A capable and happy staff in your business means that the business will be strong and sustainable - great qualities that future buyers look for. He talks about how to use agencies to find good staff, and what to look for if you do the hiring yourself. Justin also discusses how investing in your team will motivate them to invest in the business.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: An All-Star Team… Why Hiring Great Employees Will Grow Business Value – Post #6
TIME INDEX:
00:33 – How Strong Is Your Bench?
02:32 - Hire the Best You Can Afford
03:30 - Identify Which Team Members Will Bring the Most Value
05:04 - How to Recruit the Right Team Member
05:38 - Agencies
06:49 - Hiring Yourself
10:45 - Why Hire an Executive Team?
14:22 - How Much Will All This Cost?
20:14 - Use an Outside Business Coach or Lawyer
21:10 - Summary, How’s Your Bench?
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In episode five of Financially Simple, Justin covers what it takes to build a business empire - Scalability.
The Scalability of Your Business is its ability to grow and expand, and even continue to grow without you at the helm. Justin talks about the various systems needed to be put in place to ensure a Business’s Scalability, as well as looking at what aspects of a Business’s product or service can be used to help it grow and attract Buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Business Scalability…Turbocharging Your Company’s Value – Post #5
TIME INDEX:
00:32 – Size Matters - Building a Scalable Business
02:04 - Scalability
03:50 - How do You Build a Scalable Business?
04:04 - Foundations
05:28 - Systems
06:17 - CRM System
08:37 - Financial Management System
09:06 - Sales Management System
09:55 - Legal Management System
10:38 - Marketing Management System
11:10 - Talent Management System
13:34 - Operational System
14:21 - Systems Documentation
14:58 - Scalable Solutions
18:52 - Thinking Strategically
20:26 - Where Do You Want Your Business to Be?
25:39 - Help Your Self
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
TechTarget CRM Definition
Financially Simple
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In the fourth episode of Financially Simple, Justin breaks down the mystery of Competitive Advantage for Small Businesses.
Competitive Advantages distinguish Small Businesses amongst their competitors – highlighting their positive differences, and making that business stand out from the crowd. Justin covers the six most common attributes of competitive advantage, and how small Business owners can benefit when it is time to sell.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: Mastering Competitive Advantage… Building a Sellable Business – Post #4
TIME INDEX:
00:38 – What Is Competitive Advantage
02:14 – What Is Your Business’s Competitive Advantage
05:14 – How Many Types of Competitive Advantage Are There?
06:39 – The Six Most Common Competitive Advantages
06:51 – The People
09:08 – Organizational Culture
11:00 – Processes and Practices
13:21 – Product and Intellectual Property
14:32 – Capital and Natural Resources
15:49 – Technology
16:35 – In Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Six Sources of Competitive Advantage
Financially Simple
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In this, the third episode of Financially Simple, Justin talks about the foundations of running a Small Business – the Business Plan, and how to go about creating one to achieve the goals Owners have for their Businesses.
Whether you’re just starting out, or already running your own Small Business, having a Business Plan in place will help you achieve your results and goals by laying the foundations for a successful enterprise. Reviewing the Business Plan, and setting targets will ensure that the business keeps on track and adapts to changes along the way.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TRANSCRIPT: A Business Plan: Its Purpose in Building a Sellable Business – Post #3
TIME INDEX:
00:32 – Business Planning, a Recurring Foundation
00:57 – Cowboys, Rodeos, and Small Businesses Foundations
05:13 – Recurring Foundations, Annual Business Planning
05:35 – What Is a Business Plan?
05:50 – The Company Description
06:09 – Market Analysis
06:52 – Organizational Structure
08:30 – Product/Service Line
09:40 – Marketing
11:09 – Funding
12:37 – Financial Projections
15:08 – Pro-forma Requirements for Selling
17:49 – Appendix
18:09 – The Summary
19:10 – Why Develop a Business Plan?
21:32 – In Conclusion
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Financially Simple
Financially Simple on YouTube
_________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
In the second episode of Financially Simple, Justin starts at the end – selling your business. Knowing the end goal sets the target, so that planning your business and keeping on track becomes easier.
Justin talks about how 80% of small businesses never sell, typically because they don’t last long enough. He considers what makes a business successful, and what makes a business sellable. In the process, Justin talks about Value Acceleration, and the Four Cs – the things that matter to business buyers.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
Transcript - Starting to Sell Your Business Article #2
TIME INDEX:
01:20 – Start With a Plan
03:34 – Statistics on Small Business Sales
06:38 – Know How to Sell Before You Start
08:40 – What Is Value Acceleration
11:57 – What Does Value Acceleration Do for Your Business?
16:35 – Getting Started
21:46 – The Four Cs
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Walking To Destiny, by Chris Snider
Financially Simple
__________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.
The Purpose of the “Building a Sellable Business” Podcast In this, the first episode of Financially Simple's Building A Sellable Business podcast series, Justin Goodbread, shares his story of how he started and sold his first business and moved to Knoxville Tennessee, before eventually becoming a CFP® practitioner and CEPA, and starting his own Financial Planning company. Additionally, Justin shares how this experience and knowledge brought him to today... recording the podcast that helps small business owners analyze and grow their business with the goal of selling it for its maximum value when you want to retire.
Justin shares his view of the small business landscape in the US, providing figures on the growth and success rates of small businesses, what needs to be done to improve on these numbers, and how he intends to help small business owners through the Financially Simple podcast series.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT:
BLOG: The "Why" I Wrote the building a Sellable Business Series
Follow along with the entire blog series with the table of contents at:
Building A Sellable Business Blog Series
TIME INDEX:
00:34 - Introduction and Background
08:59 - The Start of Financially Simple
10:18 - Small Business Administration of the US
12:30 - SBA Stats & Figures
18:26 - What Is the Financially Simple Podcast, and Who Is it Intended For?
23:16 - Closing and Contact Details
For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
USEFUL LINKS:
Building A Sellable Business Blog Series
Small Business Administration
_________________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.