DecaMillionaire Decoded

Business owners and leaders always set visions not only for their companies, but for products and services as well. The thing is, life happens, and not everything turns out exactly as we plan. While we leaders and managers can push through change, disruptions, or obstacles, it's not necessarily the same for teams and employees—and we're inclined to go so fast that we don't think about how the people around us perceive change and disruption.

In these circumstances, it's easy for employees to become critical. That's something we always want to avoid; when we're driving change or adapting to disruptions like a pandemic, we need to get employee buy-in to have advocates for the success of the organization.

In this episode, I outline how you can build employee buy-in, especially during times of change and disruption. I define employee buy-in and differentiate it from employees' adoption of your company's mission. I explain why adoption—of company values or product and service vision—will quickly fall apart without employee buy-in. I also highlight how empathy and transparency create trust and buy-in and underscore how turning employees into advocates affects company success.

"Employee buy-in means the team has caught the vision and trusts you as the leader; they believe in what you're trying to accomplish and are willing to climb mountains not for you, but with you." - Justin Goodbread

This week on the Financially Simple Experience:

• Acknowledging the difference between adoption and buy-in
• How employee buy-in impacts the success of operational changes in a company
• Building employee buy-in by cultivating honesty and empathy
• Explaining the 'why' before the 'how' and the importance of communicating change
• Gaining buy-in through incentivizing success
• The power of transparency and tracking

Resources Mentioned:

• Book: Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
• Book: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink

Our Favorite Quotes:

• "Adoption without buy-in means your team is simply following orders, and we may not be able to receive the best from them." - Justin Goodbread
• "Before you can get buy-in, you need to articulate what you're trying to accomplish in such a way that employees can connect. Then, you can bring them to a point where they feel essential and valued." - Justin Goodbread
• "Every single employee has something rocking their worlds, and we need to be empathetic to that. It's not all about work." - 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.

Many of us business owners are like drivers: our heads are always in the future, thinking about where our companies are headed. On the other hand, many of us aren't experts in human resources and have difficulty working with groups of people with different personalities and skill sets. Still, people are an essential aspect of a company and we have to have a core group of high-performing employees aligned with the direction of the company we're driving. And, amid the Great Resignation, it has become more imperative for business owners to keep their A-level employees happy.

In this episode, I outline the different ways to make your top-performing employees happy and retain them. I discuss how voluntary turnover rates have increased since the pandemic began and describe new workforce issues and needs today's business owners face. I explain why flexible working arrangements are vital to retaining key employees. I also highlight the multigenerational impact of employee recognition and underscore how happy employees can increase your profit margin.

"If you have 10 employees, you are likely to have two to three voluntary departures in the near future, and it could be disruptive for your business." - Justin Goodbread

This week on the Financially Simple Experience:

• How voluntary turnover increased throughout the pandemic
• The transient workforce and the stigmatization of remote work
• Understanding employee demographics and their needs
• Investing in employee engagement
• How improving employee engagement can lead to increased profit margins
• Daily actions that could increase employee engagement in your company
• Supporting your top employees' professional development
• The multi-generational impact of employee recognition
• Healthy corporate culture and avoiding toxicity in the workplace
• Embracing workplace flexibility
• Why flexible schedules and remote work are vital to retaining employees
• Building friendship and camaraderie in the organization
• How employee turnover drags profitability and team morale
• How working with a business coach can help you overcome familiarity bias and retain your high-performing employees

Our Favorite Quotes:

• "Commit to your A-players' movement and development. You can build a professional development system, no matter what industry you're in." - Justin Goodbread
• "We have to maintain motivation. We need to build a healthy corporate culture, strengthen our employee relationship, and reduce micromanagement as much as possible." - Justin Goodbread
• "We have to rule with empathy. If we're completely rigid and demanding peak performance with no empathy, someone who's going through a hard time in their lives will not stay with the 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.

Undoubtedly, in our lives as business owners, we will reach a point where we find ourselves considering selling our businesses. Some owners may feel like they've already achieved a certain goal while others may want to sell their business to raise funds for a new venture. Whatever the reason is, we business owners need to be prepared, and we need to take a step back and evaluate whether it's really time to exit our businesses.

In this episode, I outline the factors that determine whether a business owner is ready to sell their company. I explain why many business owners feel regretful within a year of selling their businesses and discuss how you can avoid experiencing an identity crisis after exiting your business. I also describe the "trigger" events that make owners want to transition their companies and underscore why an exit plan is essential to a successful business sale.

"With real estate, it's 'location, location, location.' With business exits, it's timing, timing, timing." - Justin Goodbread

This week on the Financially Simple Experience:

• The factors that determine you're ready to sell your business
• Thinking about the goals and life you want to have after business
• Evaluating your personal finances
• How to avoid regret and identity crisis after selling your business
• Putting together a transition team before selling your company
• Building a solid contingency plan
• Understanding your "trigger" events and defining the "win" for your business
• The contents of an exit plan

Resources Mentioned:

• Book: Walking to Destiny: 11 Actions An Owner MUST Take to Rapidly Grow Value & Unlock Wealth by Christopher Snider

Our Favorite Quotes:

• "Without an exit plan, you could put yourself in a position where you'd regret selling your company within a year." - Justin Goodbread
• "We want to build the business—and you—in a way that whenever opportunities and wins cross paths, you are completely prepared." - Justin Goodbread
• "It was because of exit planning that I was able to accomplish an unbelievable dream of mine: to reach a certain number, and to position employees and clients to where they can win." - 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.

What do you do when you hire the wrong person into your company?

One of the most difficult aspects of owning and running a business is human resources—people, and hiring them. As business owners, we spend a lot of time, money, resources, sweat, intellectual equity, and energy trying to hire the right people: we articulate and write the perfect job description and go through hours of countless interviews. So, when we realize that an employee isn't a good fit for the role, it becomes a difficult challenge for us to approach.

In this episode, I discuss the steps to take when you've hired the wrong person. I explain why cultural fit is non-negotiable in your organization and outline passive and proactive approaches to identifying poor cultural fit. I describe the signs that tell you've hired the right person for the wrong role and how you can fix the issue. I also highlight how you can mitigate legal action following the termination of an employee due to poor fit or performance and underscore the importance of leading with empathy and grace.

"Cultural fit is non-negotiable. Positive corporate culture enhances productivity through collaboration and creates engagement. A poor cultural fit can demoralize the team and cause burnout." - Justin Goodbread

This week on the Financially Simple Experience:

• Leadership and providing a pathway to success for employees
• Why cultural fit is non-negotiable when hiring employees
• The tell-tale signs of an employee with a poor cultural fit
• Passive and proactive approaches to identifying cultural anomalies in your company
• Addressing workplace toxicity and the importance of creating safe reporting mechanisms
• Avoiding the "Me" monster and the importance of valuing growth over ego
• Leading with empathy and how to deal with low-performing employees
• What to do when you've hired the right person into the wrong role
• Mitigating legal action and lawsuits from firing an employee with a poor fit

Resources Mentioned:

• Book: Good to Great: Why Some Companies Make the Leap…And Others Don't by Jim Collins
• Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly

Our Favorite Quotes:

• "As leaders, we need to ensure that we've done our very best for our employees—those whom we've hired into our companies to excel and succeed." - Justin Goodbread
• "Identify and address the problems of a cultural fit before they can make major problems; if you allow them to fester, your company's productivity and profitability can dive." - Justin Goodbread
• "Lead with empathy and be transparent. However, we need to always be ready to make hard decisions and let people go." - 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.

We entrepreneurs have an unbelievable propensity for optimism. When it comes to cutting ties with something familiar, we often face familiarity bias. So, when it's time to phase out a product or service, we tend to cling to it. Or because it's familiar to us, we never know the right time to innovate our product or service mix and lose out on opportunities to widen our margins. But, friends, the world of business is a world of change. The economy ebbs and flows, and consumer trends always evolve. And as things change, we business owners have to be adaptable and in constant creation mode.

In this episode, I outline the factors that tell us it's time to let go of an offer in our business. I explain what the product life cycle is, the characteristics of its different stages, and the variables that impact its phases. I discuss some key considerations we must make before discontinuing a product or service. I also highlight how tracking the profitability of a product or service can help us evaluate if we should discontinue it and underscore how you can effectively communicate to your customers the discontinuation of a product or service.

"When we understand our biases, we can take an objective look at whether or not we should continue a product offering." - Justin Goodbread

This week on the Financially Simple Experience:

• Understanding the product life cycle and its four phases
• Signs that a product has reached its growth and maturity phases
• Different factors that impact the different phases of a product's life cycle
• Tracking the profitability of a product or service
• How focusing on one product too much can harm your product mix and your business
• Looking at employee costs and the cost of production
• A quick and dirty math tip for business owners
• How highly engaged and motivated employees can increase your profit margins
• How to make cross-selling opportunities work
• Considering your product array and the power of cross-selling
• How products can "cannibalize" others in your product array
• How to effectively communicate product or service discontinuation to your customers or clients

Our Favorite Quotes:

• "We could be harming ourselves by chasing an old, dying product or service when we should be focusing on a new one which could make a greater margin for our business." - Justin Goodbread
• "As we try to navigate the world of business, we have to look at the offering we deliver to customers and clients. We want an offering that makes clients stick around—that drives profitability, scalability, and the value of our companies." - Justin Goodbread
• "The way you communicate a product's discontinuation drives perception. And, as we say: perception is reality." - 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.

Every day when I turn on the news I see the word "inflation" and never in my life have I seen this word so much. Just the other day, my wife and I went to our local grocery store and purchased bacon, but the cost has been getting increasingly expensive. It's not just food—we've seen inflation impact power bills and gasoline. Every time we turn around, it seems like inflation is rearing its ugly head. It's a nemesis: an enemy to wealth creation

As business owners, we're not just facing inflation at home. It's not just impacting our checkbooks, but our daily business operations too. As we question how we can deal with inflation, we must also consider how we can increase our profits during these times.

In this episode, I discuss inflation and how your business can maintain or increase profit margins during inflationary times. I outline some actions to take to mitigate the effects of inflation on your business. I share some inflationary trends and insights from the Harvard Business Review and describe how one company broke down silos and saved $300 million on annual expenses by appointing and empowering a spending czar. I also discuss how technology and automation can help save money and make processes more efficient and underscore the importance of remaining vigilant during inflation.

"Inflation is here and, as business owners, it's imperative that we focus. To weather this particular storm and survive its attacks is going to require vigilance." - Justin Goodbread

This week on the Financially Simple Experience:

• Annual inflation rates in 2022
• How inflation changes the nature of business
• The pros and cons of adjusting the pricing of your products or services
• The 'five by five principle' and controlling your spending during inflationary times
• Differentiating strategic and non-strategic expenses
• The power of accurate accounting and inventory controls
• Using the efficiency of technology
• Prioritizing high-profit margin products during inflation
• The economic cycle

Our Favorite Quotes:

• "Inflation drastically changes the nature of our business, and loss of profit and decrease in margins impact us directly." - Justin Goodbread
• "You must be vigilant and agile. Every day you have to keep a finger at the pulse of your businesses. If you don't, you may not be able to move fast enough to keep your margins in place." - Justin Goodbread
• "There are things we don't have to spend money on in our business, and when we're in inflationary times, we want to be protective of our resources." - 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.

You've probably heard me preach—shout from the mountaintops, even—several times that for us to drive the values of our companies, we have to decentralize ourselves. We have to remove ourselves from the epicenter of our business—position ourselves where it can function without us. But if decentralization is crucial to the success of our companies, why do we keep returning to the fray?

In this episode, I discuss recentralization, why business owners do it, and what to do to avoid it. I share the different factors that make business owners jump back into the center of their business and explain how decentralization drives the growth of your business. I also highlight the power of business systems and standard operating procedures and underscore the importance of cultivating your company's culture.

"Don't recentralize yourself. Your team, your customers, and your business are incumbent on you decentralizing—removing yourself from the epicenter of the business." - Justin Goodbread

This week on the Financially Simple Experience:

• How the process of decentralization helps drive up the value of a company
• What is business recentralization
• Pride and fear and how they drive us to recentralize
• The unwillingness to balance quality and growth
• Quality control and how to prevent recentralization
• The introduction of the Six Sigma quality methodology
• How robust systems and processes help prevent recentralization
• The right way to disseminate standard operating procedures in the company

Resources Mentioned:

• Book: The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber

Our Favorite Quotes:

• "Until your business processes become second-nature to your team, the fire will continue to entice you to jump back into your system and recentralize yourself, costing you the hard work you've done to increase the value of your company." - Justin Goodbread
• "Create a happy team. If your employee base is content, your client base is content. If your employee base is not content, your client base will not be content." - Justin Goodbread
• "When we decentralize ourselves from the company, we can see the growth of the company, but we also drive quality. But if we don't balance growth and quality, we cause ourselves to recentralize—to jump back into the fray." - 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.

Sales and marketing teams play similar roles in a company. However, many business owners fail to understand the relationship between sales and marketing, costing them resources and the opportunity to efficiently scale their businesses. When it is understood, cultivated, and optimized, a balance of sales and marketing can create happy, long-term customers while boosting a company's growth.

In this episode, I discuss the relationship between sales and marketing. I define what sales and marketing teams are and describe their tasks and responsibilities within a company. I explain how the collaboration between sales and marketing teams increases efficiency and creates long-term, happy clients. I also highlight why margin matters more than volume and underscore why business owners need to include sales and marketing together in their strategic plans.

"Sales and marketing are like a hand and a glove, like pepperoni and pizza, and like peanut butter and jelly." - Justin Goodbread

This week on the Financially Simple Experience:

• Why many businesses don't see the relationship between sales and marketing
• The definitions of sales and marketing
• How sales teams convert qualified prospects into satisfied customers
• The importance of growing your business through a long-term relationship strategy
• The sales team's mission to convert prospects into long-term, happy clients
• How marketing teams identify the perfect customer
• Why sales and marketing teams need to collaborate

Resources Mentioned:

• Book: Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business by Jay Conrad Levinson

Our Favorite Quotes:

• "People do business with people, not companies. Humans are built for relationships, and people do business with people who are interested in long-term relationships." - Justin Goodbread
• "In simple terms, sales brings to people the opportunity to say 'yes' or 'no' for your product or service." - Justin Goodbread
• "It's paramount that the marketing team can create collateral that can convey the message of what you do as a company for the consumer to understand." - 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.

I went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there's no amount of preparation that can prepare you for the emotional rollercoaster you're going to ride as you exit your business.

What you can prepare for when you exit your business, however, are the blind spots.

In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.

"A blindspot is only going to be revealed and repaired for your ultimate sale when you couple yourself up with clear thinking, determination, and a guide who has walked that path." - Justin Goodbread

This week on the Financially Simple Experience:

• The benefits and challenges of selling your business to a key employee
• The advantage and disadvantages of transitioning your company to a family member
• Tax planning in estate planning
• Selling to an open market and its pros and cons
• The biggest blindspot in exit planning and how to fill it
• Working with a certified exit planning advisor and avoiding the familiarity bias
• Working through a SWOT analysis
• The three types of businesses
• Why we need to work with coaches outside of our industry

Resources Mentioned:

• Book: The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley

Our Favorite Quotes:

• "If we business owners delay, we might not be prepared for the opportunity of exiting our businesses. We might miss it, get less than desirable value, or even regret the sale." - Justin Goodbread
• "We want to make our assets as valuable as possible. If we invest in it properly, it can give us better value than the open markets and real estate can. We can control it. We can drive it." - Justin Goodbread
• "Coaches are powerful. I challenge you to hire a business coach that's not in your industry and let them challenge you, ask you lots of questions, and make you defend what you're doing." - 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.

There are a few ways to sell your business: you can sell to a family member or your employees or managers. But what if none of your family members want to take over your business? What if your managers don't feel ready to take an entrepreneurial role? In that case, you may want to sell your business to an open market. Just like other exit strategies, selling your company to an open market comes with blindspots that every business owner should be wary of.

In this episode, I discuss the three common exit planning blindspots every business owner needs to consider when selling their business to an open market. I explain why many business owners are unsatisfied with the sale of their business and how to avoid renegotiating against yourself. I also reveal how a business advisor can help you manage your time and maximize value when selling your company.

"Selling your business to a third party has the highest value ceiling among all the exit strategies." - Justin Goodbread

This week on the Financially Simple Experience:

• Some surprising M&A statistics in Q2 2022
• How to avoid being unhappy with the sale of your business
• Dealing with the financial side of transitioning your business to an open market
• Why entrepreneurs don't get to sell their businesses for a high price
• How much time to invest in selling your company to an open market
• Avoiding renegotiating against yourself
• Tax issues you have to consider when selling your business to an open market

Resources Mentioned:

• BizBuySell

Our Favorite Quotes:

• "If you build your business to have best-in-class value, it'll shine like a lighthouse—a beacon to buyers who have a hard time finding the right business they want to buy." - Justin Goodbread
• "When selling a business, there's a tax landmine that you have to navigate through—and you want to navigate it before you have your letter of intent signed." - Justin Goodbread
• "Exit planning isn't for the faint of heart. Building value in your company to create a business that's worth selling takes hard work and somebody in your corner that helps you to be better." - 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.