DecaMillionaire Decoded

As a business owner, you must always be ready for change. Adapting and reacting to shifts in the market, technologies, consumer trends, etc., can help keep your business moving in the right direction. Sometimes, that means pivoting away from your original plan.

Pivoting to a new business model or offering doesn't indicate failure. If done properly, it could be an effective strategy. In this episode, I discuss how to create a successful pivot strategy. I also explain a few important steps to take when implementing a pivot. This week on The Financially Simple Podcast:

• Why you might need to pivot (1:51)

• Pivoting doesn't indicate failure (3:53)

• Take the long view (8:28)

• Don't neglect short-term sustainability (11:41)

• Listen to outside perspectives (14:31)

• Communication is vital (17:06)

• Wrap-up (20:00)

Our Favorite Quotes:

"Pivoting, changing a strategy, changing a key player, changing a product line does not indicate failure. In fact, I would argue, it's the opposite." – Justin Goodbread

"Knowing what our customers are saying as we introduce this new pivot, is paramount." – Justin Goodbread

"Being transparent, being authentic, taking time to explain 'why' will successfully charge a pivot for your company." – Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

One of the greatest parts of entrepreneurship is the freedom to choose how you're going to operate your business. You can choose the type of business you want to run, what your product will be, who you're interested in helping, etc. The possibilities seem to go on and on into eternity. As long as you follow sound business principles, you're at least going to have a shot at success regardless of the type of company you own. However, many business owners overlook one model that could be the key to sustainable growth.

Recurring revenue models can offer predictability and stability, helping you to scale and making your business more attractive to prospective buyers and investors. In this episode, I explore types of recurring revenue models and how they could benefit your business regardless of industry.

"If you think in a constructive manner, in a creative manner, more than likely, you can fit or you can adjust or modify one of these models into your own business or to complement your current offering so that you, too, can increase the value of your company." – Justin Goodbread This week on The Financially Simple Podcast

• What is recurring revenue? (2:31)
• Subscription-based with auto-renewal (4:00)
• Long-term contracts (5:12)
• Cross selling or supplementary products (6:40)
• Why does recurring revenue matter? (9:10)
• Financial predictability (9:34)
• Added stability (11:23)
• Deeper customer relationships (12:50)
• Easier customer experience (16:21)

Our Favorite Quotes:

"Any objection to the downside risk can be easily overcome by the benefits." – Justin Goodbread

"I have yet to see a business where we cannot institute some sort of a recurring revenue model." – Justin Goodbread About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Mentorship is a valuable asset in the business world. It is beneficial for both the mentor and the mentee. The mentee benefits from your experience. On the other hand, you, as the mentor, get to sharpen your skills and increase your network. Perhaps you've identified a promising young talent in your company and want to help them grow. But where do you begin? What's the most effective path to accelerate their growth? How do you measure progress? And, just as important, how do you know when to end the mentor/mentee relationship?

In this episode, I discuss the ways team leadership and upskilling staff can benefit your business. Likewise, I look at the key components of mentoring an employee from identifying goals and communication to knowing when it's time to end the mentoring relationship.

"Being a mentor has allowed me to expand my skills." – Justin Goodbread

This week on The Financially Simple Podcast:

• The Benefits of Mentorship (1:03)
• How to Effectively Mentor an Employee (6:32)
• Set Clear Goals (10:37)
• When to Stop Mentoring an Employee (11:05)
• Unfettered Access, Assigning Blame, and Being Non-Committal (12:05)
• How to End the Mentorship (12:45)
• Conclusion (14:40)

Our Favorite Quotes:

"Both parties, both the mentor and the mentee, should want to have this relationship and it should be clearly established what the outcome needs to be or is desired." – Justin Goodbread

"Not every time that you enter into a mentor/mentee relationship, is it going to go as expected. I've seen this happen in my coaching relationships where business owners started a mentorship, and the relationship turns sour." – Justin Goodbread

About The Financially Simple Podcast

If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/

Connect with Justin:

Financially Simple newsletter

Facebook

LinkedIn

Twitter

Subscribe Here:

Apple Podcast

Spotify

Google Podcast

iHeart Radio

Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

When you own a family business, it's important to keep family discord and internal conflict out of the business. Those who can manage the family dynamics within their companies will often see them become generational businesses. But that's not always the easiest thing to do.

In this episode, I'm joined by a father & son team who has made the family business work. My dear friends Chris (CEO) and Scott Snider (President) of the Exit Planning Institute have found the key to dealing with internal conflict as a family-owned business. Together, we will discuss some of the difficulties of operating generational businesses and the solutions they've found to combat them. This week on The Financially Simple Podcast:

• What it's like for the second generation. (02:16)
• Designing the business to prevent family conflict. (03:40)
• Battling an "entitlement" mindset. (07:20)
• Protecting the family culture. (15:30)
• Transition of control. (20:45)
• Knowing when the second generation is ready. (28:15)
• The emotions of making an exit. (35:25)

Our Favorite Quotes:

"You've got to run the business from the numbers. You've got to treat it like a business. It's not a family piggy bank." – Chris Snider

"Life's like an onion. Every layer that you peel back can either be sweet or it can make you cry." – Justin Goodbread

"Find that private place where you're always in a good place, and you can do some soul searching about what you really want." – Chris Snider

"Stop following the same path. Get off of it. Do something different and once you get there, continue to stay hungry." – Scot Snider

Connect with Chris & Scott Snider:

Exit Planning Institute

Chris Snider LinkedIn

Scott Snider LinkedIn

Resources Mentioned:

The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations

The Hidden Life of Trees: What They Feel, How They Communicate

Walking to Destiny: 11 Actions an Owner MUST Take to Rapidly Grow Value & Unlock Wealth

The 7 Habits of Highly Effective People

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Owning a family business is as much a part of the American dream as having a house with a front porch swing and white picket fence. It's a fine dream to have, and for many, it can be a reality. However, owning a family business is hard. You're dealing with all the usual problems business owners face while adding complex family dynamics to the mix. Things can grow even more complicated when it's time to leave the business.

In this episode, I discuss some of the pitfalls that can arise when your kids take over the family business. I look at why the three-generation rule may not be entirely accurate and explain how entitlement isn't just a problem in the younger generation. Likewise, I examine how misaligned dreams, poor planning, and even sibling rivalry could create major problems for the future of your family business.

"Education helps us and, if we apply it, we can often sidestep pitfalls." – Justin Goodbread

This week on The Financially Simple Podcast:

• The Three-Generation Rule (1:10)
• "Most of it is nonsense!" (1:50)
• Entitlement (4:09)
• Is your dream your child's dream? (10:22)
• Planning for future generations (12:20)
• Sibling rivalry and the family business (15:10)
• Mitigating the pitfalls of your kids taking over the family business (16:27)

Our Favorite Quotes:

"Do we not give any credence to the fact that these children have been in the business and have grown up seeing the business nurtured, seeing the business morph, seeing the business grow?" – Justin Goodbread

"You want to start thinking about your exit long before you ever plan on exiting the company, whether that be through a sale outside the company or whether that be a transfer internally, to the children. – Justin Goodbread

About The Financially Simple Podcast

If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/

Connect with Justin:

Financially Simple newsletter

Facebook

LinkedIn

Twitter

Subscribe Here:

Apple Podcast

Spotify

Google Podcast

iHeart Radio

Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Recession is a very real part of the economic cycle. Yet, it's one that nobody really likes to talk about. Understandably, the term conjures many negative emotions. People become fearful during periods of uncertainty in the economy. But we must think differently, as business owners.

Although your instinct may be to draw back and cut spending during economic uncertainty, this will likely prevent you from taking advantage of the opportunities it presents. Knowing how to weather a recession could put you and your business in a very advantageous position when the economy recovers.

In this episode, I look at five ways you could take advantage of the next recession. I explain how a recession fits into the normal economic cycle and how you can access more affordable advertising, vendor pricing, and more. Join me to find out how your business could benefit from a recession.

"Be fearful when others are greedy, and greedy when others are fearful." – Warren Buffett This week on The Financially Simple Podcast:

• What is a recession and where does it fit within the economic cycle? (01:30)
• How can business owners take advantage of the next recession? (04:00)
• Affordable advertising. (05:50)
• Search Engine Optimization (SEO). (08:14)
• Market expansion. (09:57)
• Negotiate better vendor pricing. (12:01)
• "Level up" your employees. (13:06)

Our Favorite Quotes: "Discomfort is essential for growth... if you're a successful business owner then pain, and suffering is familiar to you." – Justin Goodbread

"A recession can feel like a storm coming upon us. The reality is, a wise business owner leans into that wind." – Justin Goodbread

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Luke Acree is the President of ReminderMedia, an organization that helps businesses generate leads, develop repeat clients, and capture referrals. Under Luke's leadership, ReminderMedia has expanded its product line to include turnkey social media management, digital magazines, email marketing, and analytics. He holds a Bachelor of Science degree in Computer Science from Longwood University and also. In addition to his responsibilities as President of ReminderMedia, Luke serves as the Vice Chairman for the Calvary Vision Church's board of directors and hosts the StayPaid podcast, a show where he, his co-host Josh Stike, and their guests give listeners actionable sales and marketing advice that will help them live a life of freedom.

Luke joins me today to discuss the pillars of building great relationships with clients. He describes who your company's raving fans are and shares the key methods to creating more of them. He explains what makes Chick-fil-A an exceptional company and how billion-dollar companies like Facebook and Google leverage data to empower their marketing campaigns. Luke also highlights the value of building trust with clients, explains why you can't make too many touchpoints with clients, and underscores how you can stay relevant through impact.

"When the unexpected happens is when you can turn somebody into a raving fan." - Luke Acree

This week on the Financially Simple Experience:

• Why marketing has a bad reputation among business owners
• Luke's background and what led him to become passionate about marketing
• Reminder Media's growth over the years and its specialty in creating raving fans
• Empowering entrepreneurs to live a life of freedom
• What raving fans are and how to create them
• What makes Chick-fil-A special and how unexpected experiences create raving fans
• How to create great, unexpected experiences in your business
• The FIT methodology and a tactical tip for segmenting your client list
• Building trust through accolades, client testimonials, and educational content
• Delivering educational content through podcasting

Resources Mentioned:

• Book: The Power of One More: The Ultimate Guide to Happiness and Success by Ed Mylett
• Podcast: The Ed Mylett Show

Our Favorite Quotes:

• "To build frequency, impact, and trust, you have to plan, enact, and continue the plan." - Justin Goodbread
• "You need to have marketing paramount; it should be leading and permeating every area of your business." - Justin Goodbread
• "The currency of business is relationships; the best businesses are the ones who can create great relationships." - Luke Acree

Connect with Luke Acree:

• ReminderMedia
• Podcast: StayPaid
• ReminderMedia on LinkedIn
• ReminderMedia on Instagram
• ReminderMedia on Facebook
• ReminderMedia on Twitter
• ReminderMedia on YouTube
• Luke Acree on LinkedIn
• Luke Acree on Instagram
• Luke Acree on Facebook
• Luke Acree on Twitter

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Business owners all over the country are feeling the effects of inflation in their organizations. The longer it goes on, the harder it becomes to simply "wait it out." The truth is many business owners are facing a tough choice… continue watching their profit margins diminish until they're forced to close their doors or increase their pricing.

But how can business owners raise their rates without losing customers?

In this episode, I detail the necessary steps to increase your pricing without scaring away your customers. I explain the importance of quantifying your changes with real data, communicating increases with your sales team, and following up with customers after the increase has taken place. Additionally, I look at why timing is critical to successfully executing a price increase. This week on The Financially Simple Podcast:

• The effects of the current inflationary trend (02:35)
• A multi-faceted approach to determine what your price needs to be (04:45)
• Gauging competitor pricing (08:25)
• Peanut Butter Allocation (09:40)
• Determining your increase (10:55)
• Communicating your findings with your team (12:24)
• Transparency and Value (14:21)
• The value of a great customer experience (16:50)
• Monitor the impact of price increases (18:21)

Our Favorite Quotes:

"People value authenticity. People value vulnerability. People value truth. People value good work." – Justin Goodbread

"We have to look at standardizing the sales process even further as we begin increasing pricing." – Justin Goodbread

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

In the tough economy we're in, we frequently see fierce price wars raging between companies. Business owners are tenacious, bullheaded, and ferociously competitive people. We want to win at all costs, and all the time. But winning a price war can be dangerous—when we're not careful with our emotions, we can find ourselves trying to win a race to the bottom. So, when you see your competitors drastically driving down their product or service price, don't lower yours just yet.

In this episode, I discuss how we should respond as business owners whenever we find ourselves in a price war. I explain the negative impact of lowering your prices on your business, profit margins, product or service quality, and labor power. I describe how Apple increased its product sales by creating differentiation strategies and how Chick-fil-A outpaced its competitors without lowering their prices. I also share some strategies to implement in your business when facing a possible price war and outline other alternatives to lowering the price of your product or service.

"Whenever you see yourself engaging in a price war, you don't necessarily need to respond in kind—you can create a differentiation and still keep your margins." - Justin Goodbread

This week on the Financially Simple Experience:

• Teen Wolf, Sears and Roebuck, and competing with prices
• What price wars are and why they should be avoided
• How engaging in price wars can reduce quality control
• Why price wars and eliminating competitors can lead to higher prices in the long-run
• The importance of assessing your competitors' motives when they drop their prices
• Creating creative differentiators instead of decreasing your prices
• Developing strategic partnerships and creating great customer experience over low pricing
• Educating your market on your quality and knowledge value

Our Favorite Quotes:

• "We're at a time in the economy where we may find ourselves in a war on price. Don't race to the bottom of the prices. Instead, hold them firm." - Justin Goodbread
• "If you want to be a successful business owner and drive value in your company, you cannot compete on price. If you need to change anything, look at expense cutting or investing in marketing." - Justin Goodbread
• "We need to assess why our competitor is drastically reducing their prices on a product or service. A price reduction may have nothing to do with you—perhaps your competitor is just liquidating." - Justin Goodbread

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Christopher Shea is the Chief Investment Officer at WealthSource Partners, a financial advisory firm dedicated to helping financial advisors thrive with business resources, innovative solutions, and ongoing support. Chris's diverse career in the investment management industry includes security research, portfolio construction consulting, investment product development, and portfolio management. Before joining WealthSource, he was the Co-founder of CataMetrics Management, a firm focused on providing investment advisors with an integrated investment solution. He also served as the CIO of US Wealth Management and Vice President of Goldman Sachs. Chris holds a Bachelor of Arts degree in Economics from the University of Massachusetts Amherst in addition to a Chartered Financial Analyst designation.

Chris joins me today to offer advice on how business owners can invest. He shares his background in investment management and describes how he became the Chief Investment Officer of WealthSource. He discusses asset classes and why business owners need to invest differently from other kinds of investors. He also outlines his ideas on building a diverse portfolio tailored to a business owner's unique needs and highlights why investing is all about patience.

"Good investing is about how you think about yourself, how you confront the world, and patience." - Chris Shea

This week on the Financially Simple Experience:

• Understanding company-specific risks and why business owners need to decentralize
• Why publicly traded companies have lower company-specific risk
• The Chartered Financial Analyst designation and how to earn it
• Chris's role and responsibilities as Chief Investment Officer at WealthSource
• Why small business owners have high-risk businesses
• Concentration risk and the value of setting aside cash reserves
• Why business owners need to invest differently
• Other asset classes to which business owners can diversify their holdings
• Building a custom, diversified portfolio that will help small business owners de-risk and decentralize their businesses

Resources Mentioned:

• Book: Gems from Warren Buffett: Wit and Wisdom from 34 Years of Letters to Shareholders by Mark Gavagan and Warren Buffet
• Book: Think and Grow Rich by Napoleon Hill

Our Favorite Quotes:

• "The lower the risk of a company, the higher the value." - Justin Goodbread
• "You need to have enough dry powder—cash reserves in your business and personal finance—to weather something like a COVID-19 pandemic." - Justin Goodbread
• "Everybody is different, but business owners possess a unique set of characteristics that, from an investment perspective, they would want to be mindful of." - Chris Shea
• "As we de-risk and decentralize ourselves through investing in various asset classes, we have to accept the notion that we'll get boring returns; not all assets have to return at the highest possible number." - Justin Goodbread

Connect with Chris Shea:

• WealthSource Partners
• WealthSource Partners on LinkedIn
• Chris Shea on LinkedIn
• Email: [email protected]

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves 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. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.