Financially Simple

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,

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. Goo

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 Financi

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

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

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 Rev

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

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: Just

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, spe

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 - Wrap

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

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

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?

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

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,

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 nationall

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

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 YouTu

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 G

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 Fin