DecaMillionaire Decoded

Once you’ve set up your team to deal with the day to day running of your Business, and to help plan your exit strategy, you’ll need to enlist a specialist player to help you sell the Business. Depending on the size of the business, the type of player will vary. Justin looks at the three different types, M&A Advisor, Business Broker, and Investment Banker, and discusses which will be the best fit for you.

In episode 21 of Financially Simple, Justin talks about being prepared as a Business Owner for when that offer comes.

Unlike in golf, there are no mulligans or second chances when it comes to selling your Business. Justin gives practical guidance on steps to take if you receive an offer to sell, or if you are preparing to sell your Business so that you can get it right the first time.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TRANSCRIPT: Avoid These Costly Mistakes in the Business Sales Process – Post #21

TIME INDEX:

00:37 - There Are No Mulligans in the Sales Process

00:43 - Teeing Off

03:57 - No Mulligans in Business

05:49 - Most Know How to Run a Business, Few Know How to Sell One

06:40 - Personal Restraint

07:47 - Are You Ready?

10:16 - Assemble the Team

14:31 - Build the Plan

15:55 - Don't make Rookie Errors

16:40 - Rookie Errors to Be Aware Of

20:38 - Remember, There Are No Mulligans

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

________

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.

Unlike in golf, there are no mulligans or second chances when it comes to selling your Business. Justin gives practical guidance on steps to take if you receive an offer to sell, or if you are preparing to sell your Business, so that you can get it right the first time.

In episode 20 of Financially Simple, Justin compares Lawyers to chainsaws - potentially dangerous to the inexperienced, and incredibly useful to those in the know.

Justin talks about having a good lawyer on your team, using them to navigate contracts and the legal terms and conditions involved. Knowing the provisions and basics of a good contract is invaluable, and a good lawyer will help you with these - and they may even know a few tricks to help you get the advantage!

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TRANSCRIPT: What a "Sharp" Attorney Brings to a Good Business Sales Contract – Post #20

TIME INDEX:

00:32 - Chainsaws, Lawyers, and Documents

00:40 - Dangerous, but Useful

02:26 - Rules for Using a Chainsaw

04:20 - Lawyers are Like Chainsaws

06:17 - Why Do You Need a Lawyer?

06:38 - What Is a Contract?

08:42 - What Makes for a Good Contract?

09:38 - Special Provisions

14:00 - What to Look For

17:31 - Lawyers' Tricks

21:21 - In Summary

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

________

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.

Lawyers, like chainsaws, can be incredibly dangerous and incredibly useful - depending on which side you’re on. Justin talks about having a good lawyer on your team, using them to navigate contracts and the legal terms and conditions involved. Knowing the provisions and basics of a good contract is invaluable, and a good lawyer will help you with these - and they may even know a few tricks to help you get the advantage!

In episode 19 of Financially Simple, Justin talks about being financially prepared as a Business Owner for the sale of your Business.

Do you know what your worth is? Is it enough to cover the lifestyle you hope to have after the sale of your Business? Justin talks the talk, sharing his Iron Man experience, and how it relates to being ready for the big one - the sale of your Business. Knowing if the money from the sale will be enough to retire on, or if it will only last a few years depending on your lifestyle, is important. Taking an assessment of you and your business will help to prepare for that day.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TRANSCRIPT: Assess Your Minimum Business Sales Price Before the Buyer Does – Post #19

TIME INDEX:

00:32 - The Assessment

00:38 - Iron Man

05:00 - Take an Assessment of Where You're At

06:24 - Personal Assessment

08:09 - Cost of Capital

09:23 - Personal Tax Planning

10:07 - Risk Management

10:42 - Investment Management

12:13 - Distribution Planning

12:40 - Consult with a CFP® Professional

13:11 - What Is the Value of Your Business?

16:48 - How Much Do You Really Need?

17:11 - Mind the Value Gap

19:10 - Is your Business Prepared?

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale

USEFUL LINKS:

Exit Planning Institute

Financially Simple

Financially Simple on YouTube

_________

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 19 of Financially Simple, Justin talks about being financially prepared as a Business Owner for the sale of your Business.

Do you know what your worth is? Is it enough to cover the lifestyle you hope to have after the sale of your Business? Justin talks the talk, sharing his Iron Man experience, and how it relates to being ready for the big one - the sale of your Business. Knowing if the money from the sale will be enough to retire on, or if it will only last a few years depending on your lifestyle, is important. Taking an assessment of you and your business will help to prepare for that day.

Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! 

TRANSCRIPT: Assess Your Minimum Business Sales Price Before the Buyer Does – Post #19

 

TIME INDEX:

00:32 - The Assessment

00:38 - Iron Man

05:00 - Take an Assessment of Where You’re At

06:24 - Personal Assessment

08:09 - Cost of Capital

09:23 - Personal Tax Planning

10:07 - Risk Management

10:42 - Investment Management

12:13 - Distribution Planning

12:40 - Consult with a CFP® Professional

13:11 - What Is the Value of Your Business?

16:48 - How Much Do You Really Need?

17:11 - Mind the Value Gap

19:10 - Is your Business Prepared?

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale

USEFUL LINKS:

Exit Planning Institute 

Financially Simple 

Financially Simple on YouTube 

_________

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 18 of Financially Simple, Justin talks about mentally preparing yourself, as Business owners, for life after the sale.

As business owners approach the sale of their businesses, or are made an offer, most will accept it and ride off into the sunset. But some may self-destruct. Justin talks about the psychological issues business owners have after leaving, and what you can do to prepare for life after business.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TRANSCRIPT: Life After the Business Sells… Mentally Preparing for Retirement – Post #18

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale

TIME INDEX:

00:34 - This Message Will Self-Destruct…

01:35 - Business Owners Can Self-Destruct!

03:18 - 3 Categories of Business Owners

06:16 - The Self-Destructive

07:55 - Two Decisive Questions

09:27 - Self-Destructive Mode

11:53 - Define Life After Business

12:39 - Ways to Prepare Yourself

USEFUL LINKS:

Financially Simple

__________

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.

As Business owners approach the sale of their Business or are made an offer, most will accept it and ride off into the sunset. But some may self-destruct. Justin talks about the psychological issues Business owners have after leaving, and what you can do to prepare for life after Business.

In episode 17 of Financially Simple, Justin talks about having your Exit Strategy in place and acting on it.

As your business's most important team member, how and when you plan to leave your business will have an effect on your company's value. It is best to know well in advance your plans and clearly present them so you and the next owner are both on the same page when negotiating the sale.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

TRANSCRIPT: Act Now: Your Owner's Exit Plan Can't Wait Until You Sell Your Business – Post #17

TIME INDEX:

00:39 - Duck!

00:52 - Didn't See it Coming

02:59 - Life Has Interruptions

05:27 - Businesses also Have Interruptions

07:39 - Start With a Goal

08:18 - Set a Timeline for Your Plans

09:48 - Make a Step-by-Step Agenda

12:02 - Choose the Right Team

13:58 - Start!

17:56 - When to Start Planning

20:19 - Develop an Exit Plan

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale

USEFUL LINKS:

Exit Planning Institute

Financially Simple

_________

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.