Financially Simple

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 l

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 ed

"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

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

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 __

In episode 402 of Financially Simple, Justin considers the emotional and psychological impact that selling their 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 Y

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 _________________

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 Bus

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. Goodb

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 Tea

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

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 B

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

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   USE

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 Do Scale, by Les McKeown Advance Ch

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 -

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

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:

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.

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