Financially Simple

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 Si

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

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 E

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 S

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 ass

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:   Wher

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

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:   Wha

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

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 Exper

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 Financial

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." - Justi

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—tho

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 fi

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 Financiall

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 mone

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 dr

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   Th

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 u

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