DecaMillionaire Decoded

There are two main factors that looked at when it comes to selling a Business - the Financials, and Performance. Justin looks at each of these factors, breaking them down into their fundamentals, and how Business Owners can start keeping track of them to ensure the Business’s success and sale.

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 Team

14:55 - 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.

In Business, the type of Business 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 brief considers the different types of Entities, the pros and cons, and how to go about formalizing Your Business as an Entity.

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 Have?

12:17 - Lip Service

15:29 - Greed

18:08 - Example of Good Values

19:42 - The Difference Between Good and Bad Values

20:15 - How to Build Good Values

23:20 - In Conclusion

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

USEFUL LINKS:

The David Dao Incident

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.

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.

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 - Conclusion

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

USEFUL LINKS:

Definition of 'Vision Statement'

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.

Having a Vision Statement helps to give business owners a clear idea of where they want their business is headed. 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.

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 book: The Ultimate Sale

USEFUL LINKS:

The Saturn V Rocket

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.

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.

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 copy of Justin's new book: The Ultimate Sale

USEFUL LINKS:

Top 10 Reasons Small Businesses Fail

Small Business Administration

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.