Financially Simple

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 L

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 recogni

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 Twitte

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, CVG

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 teach

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 Busi

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 Legitim

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 manage

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. Goodbrea

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 entre

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 Si

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 S

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 Reason

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 Financi

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: Th

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 o

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 Pu

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 podc

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 bo

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