DecaMillionaire Decoded

There are so many traps along the way of the Wealth Game that could keep you from achieving financial independence. Emotions, financial habits, and lifestyle choices can all tie us down to the Wealth Game's first base and prevent us from moving to second—yet, it is not impossible. Those of us who aspire to move beyond first base have to figure out what it takes to reach second base: the stage of asset accumulation.

In this episode, I discuss how we can steal second base in the Wealth Game. I explain what lifestyle creeps are and why so many people get stuck in first base. I differentiate appreciating from depreciating assets and enumerate the many ways individuals can accumulate assets. I also highlight the importance of budgeting, discuss how budgeting can liberate our financial lives, and underscore how you can begin efficiently building and accumulating assets.

"In playing the game of wealth, what we're truly after is something that appreciates in value. Otherwise, we won't get much of a lead-off from first base." - Justin Goodbread

This week on the Financially Simple Experience:

• A recap on home plate and first base of the Wealth Game
• Lifestyle creeps and the trappings of first base
• Understanding the power of compound interest
• The statistics on savings and retirement funds
• What the second base represents in the Wealth Game
• What an asset is and the differences between appreciating and depreciating assets
• Some examples of assets that we can grow in value
• Getting started in building assets that help us gain financial independence
• What I love about employer-sponsored retirement plans
• Capitalizing on the cryptocurrency buzz
• The importance of creating budgets and paying yourself first

Resources Mentioned:

• Book: The Richest Man in Babylon by George Clason

Our Favorite Quotes:

• "If we could teach the power of compounding interest to our children, the youth, and those whom we mentor and have the privilege to serve, we could change the narrative." - Justin Goodbread
• "Nothing in life is free. If it doesn't cost you money, it costs you time and emotions." - Justin Goodbread
• "Look where you're headed. Have a strategy, a plan, and a coach, or you'll get stuck on first base." - 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 vividly remember playing baseball while I was growing up. I remember hitting the ball, running the bases, and hearing the fans go crazy. And, of course, there's my dad on the sideline, jumping up and down, pumping his chest like a peacock, and shouting that he's proud of me. The wealth game can have the same effects on our lives if we play it correctly—moving from home plate to first base, then setting our eyes to second.

In this episode, I discuss what it takes to move from home plate to first base. I describe the first base of the wealth game. I explain why many people get trapped in this first stage and outline how to avoid it. I discuss what a "lead-off" means in baseball and how it applies to the game of wealth. I also underscore the power of our aspirations.

"The game of wealth is super easy. Turn at first base and look at second; keep the destination in mind; don't get sidetracked by the allures of a company. Focus on what matters most: second base." - Justin Goodbread

This week on the Financially Simple Experience:

• The inequality of life and the goal of the first base of the wealth game
• How lifestyle choices can get people trapped in first base
• Avoiding the trappings of the first base and the value of getting a coach
• What a "lead-off" means in baseball
• Taking a lead-off from the wealth game's first base
• Reviewing the rules of the wealth game

Resources Mentioned:

• Book: Cashflow Quadrant: Rich Dad's Guide to Financial Freedom by Robert Kiyosaki

Our Favorite Quotes:

• "In the game of wealth, our desire is to turn first base and head towards second as rapidly as possible." - Justin Goodbread
• "It doesn't matter what income you make–what matters are your aspirations and visions." - Justin Goodbread
• "The lifestyles we choose at first base is the single detriment, the single deterrent, the single determinant for us reaching second base." - 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 is wealth to you? Is it happy relationships with friends and family? Or, like Virgil, do you think that wealth is health? What about financial wealth? For so many people, the idea of financial wealth is something mystical—something that belongs to fantasy. But I genuinely believe that wealth is a game and, if we can teach people how to play it, it can be easier, less intimidating, and more enjoyable.

In this episode, I discuss the wealth game and explain its rules. I define financial independence and describe the different kinds of wealth. I also outline the different stages of financial wealth and underscore why your attitude toward money can affect your wealth.

"Money is no more than a magnifier of your true character." - Justin Goodbread

This week on the Financially Simple Experience:

• What wealth is and the different aspects of life it entails
• The rules of the wealth game
• Defining financial independence
• The baseball diamond and the different bases of financial wealth
• How your attitude toward money can affect wealth

Our Favorite Quotes:

• "No amount of money is worth losing yourself. The moment you make this game of wealth about money, you've lost the game." - Justin Goodbread
• "Being financially independent means allowing your hard work and all your blessings—everything that has culminated at this point—to not just provide for yourself but also bless others." - Justin Goodbread
• "It's a privilege for us to work: a blessing to be able to toil so we can get paid—an honest day's work for an honest day's pay." - 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.

The role of video in our everyday lives has become more and more prominent. In fact, Business Insider has observed an unprecedented growth in digital video viewership between 2019 and 2020. Yet, despite this rapid increase in viewers, we small business owners don't really tap into the power of video in marketing. I believe that if we took the time and energy to create video-based assets for marketing our businesses, we could drastically increase their value.

In this episode, I discuss the power of video in marketing. I share statistics on the growing demand for video as well as the increasing viewership brought about by the pandemic. I discuss why video marketing doesn't have to be expensive and is feasible with just your smartphone. I also highlight how video marketing has helped us get quality leads and underscore why video facilitates a more connected form of communication.

"Companies who use video to improve their business increase their sales, brand awareness, retention rate, and social capital, and drive their greatest client to their door." - Justin Goodbread

This week on the Financially Simple Experience:

• The power and importance of video marketing
• How COVID-19 impacted the rapid increase of video viewership
• Why creating videos for marketing doesn't have to be expensive
• How the service sectors can make use of video marketing for their business
• Why creating how-to videos can help grow your market
• How using videos can help in lead generation
• Incorporating the power of video into your business

Our Favorite Quotes:

• "By getting into the regular habit of sharing what you do in business with your followers, you create an unbelievable return on investment." - Justin Goodbread
• "The minute we started making videos, we started seeing our engagement and the quality of our leads become more impactful." - Justin Goodbread
• "Video allows us to be more involved and intimate. It allows facial recognition, nonverbal communication, tone, and inflection—so much more than just audio alone or just the static picture." - 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.

If you're like me, you spent 90% of your time speaking face-to-face and engaging with clients and groups of people before Covid-19. When the pandemic hit, my world changed. I, like many business owners, had to transition from doing in-person communication to interacting with clients and other people through the phone or video conferencing. But if a business owner isn't using all the video capabilities an app has, they're missing out on the true power of video and visual communication.

In this episode, I discuss how the pandemic has impacted the use of video conferencing for business. I describe how I did most of my communication before the pandemic and outline the advantages of phone calls. I highlight how video calls can provide a more personal experience and improve information retention and focus when conferencing. I also underscore how visual communication can help us tell stories.

"We use video to tell a story—we are in an animated world and our eyes are used to moving objects." - Justin Goodbread

This week on the Financially Simple Experience:

• One of my all-time favorite movies
• How Covid-19 changed my world and my pivot to online video conferencing
• The advantages of using phone calls for quick communication
• How Covid-19 increased the use of video-based communication
• How video conferencing helps participants to stay engaged
• Why visual communication is highly effective in supporting memory and information retention

Resources Mentioned:

• ChangingMinds.org

Our Favorite Quotes:

• "We're able to recall, through visual effects, with 65% greater accuracy; that's why it's important to have the videos turned on when conferencing." - Justin Goodbread
• "Sometimes a quick phone call or a text message is all we need; but when you need to touch base on several topics, video conferencing is your best option." - Justin Goodbread
• "Face-to-face meetings are the best options, where we use all our senses. But in today's fast-paced world, go with the more personal conferencing with all the video capabilities on." - 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.

David DeCelle is the President of Model FA, a community for financial advisors to come together to learn about sales, marketing, and business development from experts and other financial advisors. David and his team at Model FA are dedicated to empowering financial advisors by helping them build the practice that they envision. Before becoming President of Model FA, David was a financial advisor himself and served as the Director and Financial Advisor for Northwestern Mutual. David joins us today to share his perspective on me as a business owner and my businesses. He discusses the different reasons individuals hire business coaches and explains how having a 1-year vision could be more beneficial than having longer-term goals. He offers advice to entrepreneurs who are experiencing difficulties in life. He also describes his journey as a financial advisor and what he learned from it, as well as the importance of keeping an open mind.

"Regardless of someone's age, revenue, or personal income—or how buttoned up their business is—if you can suppress your ego and have an open mind, you can learn anything from anyone." - David DeCelle

This week on the Financially Simple Experience:

• The Model FA company and the advantages of hiring business coaches as thinking partners
• The reasons people hire business coaches
• Why David recommends envisioning goals in a 12-month timeframe
• David's advice for business owners wrestling with difficult emotions
• His observations on my biggest struggles as a business owner
• Why business owners need to onboard their employees when transitioning their organizations
• David's journey as a financial advisor

Our Favorite Quotes:

• "If we sit back every morning and write down the things we've been blessed with, we'll never finish that list because we're indeed blessed as humans." - Justin Goodbread
• "Every good business owner has an excellent team behind them." - Justin Goodbread
• "When you handle conflict directly and with grace, it can shake out for the better." - David DeCelle

Connect with David DeCelle:

• Model FA
• The Model FA Podcast
• Model FA on LinkedIn
• Model FA on Instagram
• David DeCelle on LinkedIn
• David DeCelle on Instagram

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 business owners are a unique breed. In addition to the many plates we spin and the responsibilities we have, we want to see our businesses move forward. And, whether you realize it or not, we have a destructive habit that, if left unchecked, can undermine our dreams, our team, and our vision—and that habit is self-sabotage. In this episode, I discuss what self-sabotage is, why it happens, how to identify it, and how to limit it. I outline the roots of self-sabotage and describe how fear prevents us from seeking growth. I explain what impostor syndrome is and how it is a detriment to our chance of success. I also share different ways to overcome self-sabotage and underscore the value of self-awareness for business owners.

"When we have an abundance mindset we often never harm ourselves." - Justin Goodbread

This week on the Financially Simple Experience:

• How we bend our values and goals to pursue immediate gratification
• The negative mindset, how self-sabotage stems from it, and how to reframe it
• My love for pizza and the difference between conscious and unconscious self-sabotage
• Finding the roots of self-sabotage
• How fear triggers self-sabotage
• Impostor syndrome and how it detriments our chance of success
• The common forms of self-sabotage
• Perfectionism and how it leads us to self-sabotage
• Celebrating small victories and other ways to combat impostor syndrome
• Why micromanaging and not asking for help is self-sabotage
• The importance of continuing education

Related Content:

• How Business Owners Can Overcome Imposter Syndrome

Our Favorite Quotes:

• "If you're too wrapped up in menial tasks to invest in your own thought patterns, you'll fall behind your competition." - Justin Goodbread
• "We don't look for perfection in business—there are too many moving parts. We look for best-in-class movement." - Justin Goodbread
• "Perfectionism prevents the business owner from reaching good and great. Sometimes we don't have to be the best in everything; we just have to be good at some things." - 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've been in the business game for over 30 years, and in that time, I've helped many business owners sell or buy businesses (I also wrote The Ultimate Sale and Your Baby's Ugly to tell the tale). However, it's one thing to write about an event and another to go through it yourself; so, when I sold my companies, I was reminded of the key principles all business owners need to consider when preparing for great business change—whether they're about to launch a new product or sell a company.

In today's episode, I share the key lessons I've learned from selling my businesses. I explain why preparing your team is vital when selling your business. I discuss why your customers are your most essential source of lessons when undergoing any kind of organizational transition. I also highlight the role of attitude in a successful business sale and underscore the importance of strategic planning in a business owner's career.

"As you go through transitions and major events, your customers will be your greatest source of learning." - Justin Goodbread

This week on the Financially Simple Experience:

• My first trip to the Rocky Mountains in Montana
• The failure rate of businesses when undergoing great transitions
• Preparing and supporting your team through times of great change in business
• The importance of increasing employee engagement
• Letting your team be the driver of change
• Preparing your customers through organizational change and communicating with them
• The value of knowing your customers and overcommunicating with them
• The role of attitude in successful business transitions
• Being ready for extra negotiations in the process of selling your company
• The three special people you need in your life as a business owner
• How I almost cost myself six figures in taxes
• Writing a personal financial plan, a strategic business plan, and getting a best-in-class valuation

Resources Mentioned:

• Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
• Book: Your Baby's Ugly: Maximize the Value of Your Business or You'll Have Nothing to Sell by Justin Goodbread
• Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly

Our Favorite Quotes:

• "If your customer is with you—if they're engaged with you and your service—they will want to see you succeed as well." - Justin Goodbread
• "Through any time of change initiative, let your team drive the change; let your team be the catalyst. You, the business owner, set the vision, the direction, the value, and the tempo, then get out of the way." - Justin Goodbread
• "Before you even get to the time where you consider selling your business, you have to have everything lined up. Planning is vital to us business owners." - 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.

Patrick Brewer is the President and Chief Marketing Officer of WealthSource, a company dedicated to helping financial advisors thrive with business resources and innovative solutions. He is also the founder of the Model FA family of companies that supports financial advisors in growing sustainable businesses. An entrepreneur and speaker, Patrick is passionate about helping advisors and the people they serve realize their full potential and find financial freedom. Patrick joins us today to discuss the factors that attracted WealthSource into buying Financially Simple, Heritage Investors, and Heritage Business Advisors. He explains how WealthSource executed its due diligence process while buying our businesses. He outlines the key characteristics that make an organization attractive to buyers. Patrick also highlights the importance of organizational culture and underscores why business owners need to continue improving themselves.

"People don't want to be sold; they want to be part of the process by being educated." - Patrick Brewer

This week on the Financially Simple Experience:

• Patrick's background and his work with WealthSource
• WealthSource: its services and its mission to help people maximize the value of their money
• The eight key areas of a successful business
• How WealthSource implemented its due diligence in acquiring our team's businesses
• Two methods of growth and how dynamic companies scale
• Decentralization and how companies can improve their workforce and leadership to attract the ideal buyer
• The future of Financially Simple
• The role of business owners in society
• Patrick's advice to business owners on growth and success

Our Favorite Quotes:

• "Companies can grow through two methods: marketing and acquisitions. Companies who make dynamic footprints do both." - Justin Goodbread
• "Build the business where it can operate and grow without the key stakeholders involved." - Justin Goodbread
• "Create systems and points of collaboration between your team, processes, and technology; that's what a buyer is looking for." - Patrick Brewer

Connect with Patrick Brewer:

• WealthSource
• Patrick Brewer
• WealthSource on LinkedIn
• Patrick Brewer on LinkedIn
• Patrick Brewer on Instagram
• Patrick Brewer on Facebook
• Patrick Brewer 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.

"If you had limited time and resources, what would you do tomorrow that you're not doing today?" This is a question I've thought a lot about since 2021—a time when my wife and our family experienced severe ups and downs that had us reevaluating what's truly important to us. As we evaluated what mattered the most to us, one word kept coming back to me: "impact." It has always been my mission to share knowledge and help people reach their destination; once I remembered this, I decided that it was time to make a change in my life and business.

In this episode, I share some of the biggest news in my business career. I reveal why only less than 20% of business owners sell their companies and explain the reason I wrote The Ultimate Sale and Your Baby's Ugly. I explain why we hired consultants for our businesses and reveal what they taught us about the wealth gap we needed to fill. I also describe our fight with COVID-19 and underscore how the experience inspired me and my wife to reevaluate what truly matters to us.

"Life is hard, but life is good; we are blessed beyond measure. It could be frustrating, but it doesn't have to be. Let's continue making our lives financially simple." - Justin Goodbread

This week on the Financially Simple Experience:

• Impacting people's lives and why cemeteries are the saddest places for me
• The reason I wrote Your Baby's Ugly and The Ultimate Sale
• Why only less than 20% of business owners sell their businesses
• Our fight with COVID-19 and how it impacted our outlook on life
• What it would take for me to quit and the value of hiring consultants for our businesses
• Determining our wealth gap to meet our financial goals
• How I decided to partner with a larger organization and sell my businesses
• Making the ultimate sale and getting the "best-in-class" valuation

Resources Mentioned:

• Model Financial Advisors
• Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
• Book: Your Baby's Ugly: Maximize the Value of Your Business or You'll Have Nothing to Sell by Justin Goodbread

Our Favorite Quotes:

• "We can reach our dreams; we don't have to forsake them. We don't have to lose our family, our hobbies, or our identity trying to build wealth." - Justin Goodbread
• "We don't have to sacrifice our family, our person, our dreams, or our aspirations on the altar of success." - Justin Goodbread
• "You can reach your goals. If I can do it, you can." - 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.