Financially Simple

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 Boo

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:

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, LinkedI

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

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 A

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, Linked

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 Credi

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

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 S

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 L

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 Late

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: Y

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 Wi

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

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

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 Simp

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 F

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 ___

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,

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