Financially Simple

In episode 11 of Financially Simple, Justin talks about the different types of business entities and why they matter. In Business, the type of business structure you own matters, whether it be a corporation or Sole Proprietorship. Knowing which type of entity fits your business will help with the management and legal aspects of the business, especially when it comes to selling. Justin considers the different types of entities, their pros and cons, and how to go about formalizing your business as an entity. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Types of Business Entities Affect Long-Term Sellability – Post #11   TIME INDEX: 00:34 - What Type of Entity Should I Choose? 00:57 - When Planning to Sell, Being the Right Entity Matters 04:06 - The 4 basic Types of Entities 05:04 - Advantages & Disadvantages of Each Type 06:40 - Transference of Stock 07:30 - Flexibility 08:50 - Tax Benefits 09:25 - Documentation 13:20 - Have an Awesome T

In Episode Ten Justin shares the love... we're talking about appreciating your employees... the people that support you. You need to have sound values and good business culture. Love People and Use Things - put simply, happy employees work better. And employees that work better help your business grow. Justin gives examples of bad business practices that will result in people becoming demotivated or even leaving a business. Learn about the different ways business owners can show appreciation, increase happiness, and productivity, which translates to increasing the appeal of your business to potential future buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Strong Owner-Employee Relations Add Value at the Sale of Your Business – #10   TIME INDEX: 00:32 - Love People and Use Things 01:54 - Values and Culture 04:38 - How to Improve Values and Culture 10:30 - How to Identify Poor Values and Culture 10:43 - How Much Employee Turn-Over Do You

In episode nine of Financially Simple, Justin talks about having a vision for the future of Your Business. Having a Vision Statement helps to give business owners a clear idea of where they want their business to go. It aids in decision making, team focus, and reassures employees and investors, that you, as the owner, know what you want and how to get there. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Why a Business Vision Statement is Important to Its Sellability – Post #9   TIME INDEX: 00:32 – How's Your Vision? 00:36 - Lost in a Swamp 03:58 - Definition of a Vision Statement 05:03 - Why Do You Need a Vision Statement? 05:15 - Direction 06:09 - Future Focus 06:43 - Decision Making 07:34 - Team Alignment 09:52 - Culture of Helpful Change 11:17 - Shapes Strategy 11:57 - Measuring Tool 12:53 - The How 13:16 - The Funnel Approach 17:13 - Don't Give Up Control 18:58 - Wisdom or Insanity? 20:43 - Integrate Vision into Your Business Plan 21:08

In episode number eight of Financially Simple, Justin takes a close, hard look at what you need to do for yourself to improve your personal sustainability. In order for you to be able to take care of your business, and to be successful and get through the tough times, you need to take care of yourself. Justin talks about the steps business owners should take to make sure that they are physical, mentally, and financially prepared for times of hardship. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Don't Neglect Personal Sustainability When Building Business Sustainability – Post #8   TIME INDEX: 00:31 – Personal Sustainability 01:54 - It's a Marathon, Not a Sprint 02:40 - Rocket Fuel 05:22 - Can't Perform if You're Not Prepared 06:58 - Taking Care of Yourself 08:44 - The Benefits of Weathering the Storm 09:39 - Persistence 12:58 - Prepare Today for Tomorrow For more in-depth reading about this podcast series, pick up a copy of Justin's new bo

In episode seven of Financially Simple, Justin looks at the factors affecting a Business's Sustainability. A sustainable business will flourish in times of plenty, and survive through times of hardship. Justin talks about some reasons businesses fail including the main reason for business failure. He covers the strategies business owners can take to build up a cash reserve to be sure that they can weather slumps and be attractive to future buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT:  BLOG: How Much of a Cash Reserve Does My Business Need?   TIME INDEX: 00:43 – Business Survival 01:59 - Squirrels and Acorns 03:19 - What Is Business Sustainability? 03:48 - Why Businesses Fail 07:05 - #1 Reason for Business Failure 07:23 - How Much is Enough? 08:00 - How Long Does it Take to Become Sustainable? 10:25 - Ways to Raise Funds 13:18 - How to Maintain Sustainability For more in-depth reading about this podcast series, pick up a co

Episode six Justin discusses your "bench" - properly investing in your business's team is a wise investment in your business. How strong is your bench? A capable and happy staff in your business means that the business will be strong and sustainable - great qualities that future buyers look for. He talks about how to use agencies to find good staff, and what to look for if you do the hiring yourself. Justin also discusses how investing in your team will motivate them to invest in the business.  Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: An All-Star Team… Why Hiring Great Employees Will Grow Business Value – Post #6   TIME INDEX: 00:33 – How Strong Is Your Bench? 02:32 - Hire the Best You Can Afford 03:30 - Identify Which Team Members Will Bring the Most Value 05:04 - How to Recruit the Right Team Member 05:38 - Agencies 06:49 - Hiring Yourself 10:45 - Why Hire an Executive Team? 14:22 - How Much Will All This Cost? 20:14 - Use an Outside

In episode five of Financially Simple, Justin covers what it takes to build a business empire - Scalability. The Scalability of Your Business is its ability to grow and expand, and even continue to grow without you at the helm. Justin talks about the various systems needed to be put in place to ensure a Business's Scalability, as well as looking at what aspects of a Business's product or service can be used to help it grow and attract Buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Business Scalability…Turbocharging Your Company's Value – Post #5   TIME INDEX: 00:32 – Size Matters - Building a Scalable Business 02:04 - Scalability 03:50 - How do You Build a Scalable Business? 04:04 - Foundations 05:28 - Systems 06:17 - CRM System 08:37 - Financial Management System 09:06 - Sales Management System 09:55 - Legal Management System 10:38 - Marketing Management System 11:10 - Talent Management System 13:34 - Operational System 14:21 - Syste

In the fourth episode of Financially Simple, Justin breaks down the mystery of Competitive Advantage for Small Businesses. Competitive Advantages distinguish Small Businesses amongst their competitors – highlighting their positive differences, and making that business stand out from the crowd. Justin covers the six most common attributes of competitive advantage, and how small Business owners can benefit when it is time to sell. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Mastering Competitive Advantage… Building a Sellable Business – Post #4   TIME INDEX: 00:38 – What Is Competitive Advantage 02:14 – What Is Your Business's Competitive Advantage 05:14 – How Many Types of Competitive Advantage Are There? 06:39 – The Six Most Common Competitive Advantages 06:51 – The People 09:08 – Organizational Culture 11:00 – Processes and Practices 13:21 – Product and Intellectual Property 14:32 – Capital and Natural Resources 15:49 – Technology 16:35 –

In this, the third episode of Financially Simple, Justin talks about the foundations of running a Small Business – the Business Plan, and how to go about creating one to achieve the goals Owners have for their Businesses. Whether you're just starting out, or already running your own Small Business, having a Business Plan in place will help you achieve your results and goals by laying the foundations for a successful enterprise. Reviewing the Business Plan, and setting targets will ensure that the business keeps on track and adapts to changes along the way. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: A Business Plan: Its Purpose in Building a Sellable Business – Post #3   TIME INDEX: 00:32 – Business Planning, a Recurring Foundation 00:57 – Cowboys, Rodeos, and Small Businesses Foundations 05:13 – Recurring Foundations, Annual Business Planning 05:35 – What Is a Business Plan? 05:50 – The Company Description 06:09 – Market Analysis 06:52 –

In the second episode of Financially Simple, Justin starts at the end – selling your business. Knowing the end goal sets the target, so that planning your business and keeping on track becomes easier. Justin talks about how 80% of small businesses never sell, typically because they don't last long enough. He considers what makes a business successful, and what makes a business sellable. In the process, Justin talks about Value Acceleration, and the Four Cs – the things that matter to business buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! Transcript - Starting to Sell Your Business Article #2   TIME INDEX: 01:20 – Start With a Plan 03:34 – Statistics on Small Business Sales 06:38 – Know How to Sell Before You Start 08:40 – What Is Value Acceleration 11:57 – What Does Value Acceleration Do for Your Business? 16:35 – Getting Started 21:46 – The Four Cs For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ul

The Purpose of the "Building a Sellable Business" Podcast In this, the first episode of Financially Simple's Building A Sellable Business podcast series, Justin Goodbread, shares his story of how he started and sold his first business and moved to Knoxville Tennessee, before eventually becoming a CFP® practitioner and CEPA, and starting his own Financial Planning company. Additionally, Justin shares how this experience and knowledge brought him to today... recording the podcast that helps small business owners analyze and grow their business with the goal of selling it for its maximum value when you want to retire. Justin shares his view of the small business landscape in the US, providing figures on the growth and success rates of small businesses, what needs to be done to improve on these numbers, and how he intends to help small business owners through the Financially Simple podcast series. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSC