DecaMillionaire Decoded

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 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, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

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 Simple on Twitter

Dinsmore.com, Ben Wells

__________

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 teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

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 Simple on Twitter

Dinsmore.com, Ben Wells

__________

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 teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

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 Reasons for the Importance of Good Exit Planning?

22:35 - The Four Cs

USEFUL LINKS:

Financially Simple

Snider Value Index

Aspire Management Inc

The Exit Planning Institute

EPI CEPA Directory

_________

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 teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

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

Financially Simple Business Valuation Tool

_________

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 teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

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: The Ultimate Sale

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, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.