DecaMillionaire Decoded

In episode 390 of Financially Simple, Justin gives an overview of the risks one might face in retirement and what can be done to mitigate those risks.

You've cashed in your chips and are ready for retirement, looking forward to living a comfortable life without the pressures of work, but what if there's a market crash, what if X Y or Z happens - will you be OK? In this episode, Justin looks at the risk and returns of retirement, what you can control to reduce the potential stresses if a market crash occurs and threatens your nest egg, and how being flexible and rolling with the uncertainties of life will help you to maintain your lifestyle.

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

_________________

TIME INDEX:

00:42 - Understanding Risk in Retirement

03:10 - Risk and Return

08:27 - What We Can Control

10:16 - The Flexibilities of Retirement

12:18 - The 4% Rule

13:31 - Am I Going to be OK?

14:29 - Key Take-Away

15:55 - Wrapping Up

USEFUL LINKS:

Work with Our Team

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 390 of Financially Simple, Justin gives an overview of the risks one might face in retirement and what can be done to mitigate those risks.

You’ve cashed in your chips and are ready for retirement, looking forward to living a comfortable life without the pressures of work, but what if there’s a market crash, what if X Y or Z happens - will you be OK? In this episode, Justin looks at the risk and returns of retirement, what you can control to reduce the potential stresses if a market crash occurs and threatens your nest egg, and how being flexible and rolling with the uncertainties of life will help you to maintain your lifestyle.

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

_________________

 

TIME INDEX:

00:42 - Understanding Risk in Retirement

03:10 - Risk and Return

08:27 - What We Can Control

10:16 - The Flexibilities of Retirement

12:18 - The 4% Rule

13:31 - Am I Going to be OK?

14:29 - Key Take-Away

15:55 - Wrapping Up

 

USEFUL LINKS:

Work with Our Team

Episode Links (Guest etc.)

Blog Links (Delete spaces)

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

 

NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

 

BIO:

Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

In episode 389 of Financially Simple, Justin talks to Jonathan Addington of JM Addington Technology Solutions about Business Cybersecurity.

You've probably heard of hackers and cyber scammers that target people for money or just to cause chaos, but have you taken active steps to protect yourself and your business from such threats? In this episode, Justin and Jonathan go over the basics, the most common types of cybersecurity threats business owners face, and how to go about protecting your business and your clients.

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

_________________

TIME INDEX:

00:42 - Cybersecurity, with Jonathan Addington

02:56 - What is Cybersecurity

04:49 - Case Scenario

09:58 - How to Deal With It

12:51 - The Most Common Type of Attack

15:28 - Why it's Such a Pervasive Problem

17:52 - Making a Plan

20:03 - Budgeting

21:42 - Recommended Reading

23:09 - A Nugget of Wisdom

25:26 - Summary

USEFUL LINKS:

Work with Our Team

JMAddington.com/FinanciallySimple

Extreme Ownership, by Jocko Willink and Leif Babin

About Face, by Col. David H. Hackworth

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 389 of Financially Simple, Justin talks to Jonathan Addington of JM Addington Technology Solutions about Business Cybersecurity.

You’ve probably heard of hackers and cyber scammers that target people for money or just to cause chaos, but have you taken active steps to protect yourself and your business from such threats? In this episode, Justin and Jonathan go over the basics, the most common types of cybersecurity threats business owners face, and how to go about protecting your business and your clients.

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

_________________

 

TIME INDEX:

00:42 - Cybersecurity, with Jonathan Addington

02:56 - What is Cybersecurity

04:49 - Case Scenario

09:58 - How to Deal With It

12:51 - The Most Common Type of Attack

15:28 - Why it’s Such a Pervasive Problem

17:52 - Making a Plan

20:03 - Budgeting

21:42 - Recommended Reading

23:09 - A Nugget of Wisdom

25:26 - Summary

 

USEFUL LINKS:

Work with Our Team

JMAddington.com/FinanciallySimple

Extreme Ownership, by Jocko Willink and Leif Babin

About Face, by Col. David H. Hackworth

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

 

NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

 

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

 

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 388 of Financially Simple, Justin and Jeff Jeter discuss some common retirement myths.

When you're planning on selling your business and settle in to retirement, there might be one or two things that you've heard and believe that actually are not true, and so when the time comes you might get an unexpected shock. In this episode, Justin and Jeff consider some of the most common retirement myths that Business Owners believe, and the truth behind them.

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

_________________

TIME INDEX:

00:42 - Retirement Myths Business Owners Believe, with Jeff Jeter

02:32 - Your Baby is Ugly

03:59 - Timing, Timing, Timing

05:51 - What's Your Number

07:04 - Intent and Due Diligence

08:47 - Timeframes

10:57 - Diversification

13:00 - The Tax Triangle

14:28 - Take-aways

15:40 - Money, Money, Money

17:37 - Summary

USEFUL LINKS:

Work with Our Team

Jeff Jeter, WealthSource Partners

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 388 of Financially Simple, Justin and Jeff Jeter discuss some common retirement myths.

When you’re planning on selling your business and settle in to retirement, there might be one or two things that you’ve heard and believe that actually are not true, and so when the time comes you might get an unexpected shock. In this episode, Justin and Jeff consider some of the most common retirement myths that Business Owners believe, and the truth behind them.

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

_________________

 

TIME INDEX:

00:42 - Retirement Myths Business Owners Believe, with Jeff Jeter

02:32 - Your Baby is Ugly

03:59 - Timing, Timing, Timing

05:51 - What’s Your Number

07:04 - Intent and Due Diligence

08:47 - Timeframes

10:57 - Diversification

13:00 - The Tax Triangle

14:28 - Take-aways

15:40 - Money, Money, Money

17:37 - Summary

 

USEFUL LINKS:

Work with Our Team

Jeff Jeter, WealthSource Partners

Financially Simple on YouTube

Subscribe to the Financially Simple Newsletter

 

NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

 

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

 

Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.

 

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

 

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 387 of Financially Simple, Justin wraps up this Legal miniseries on preparing to sell your business.

If you're thinking of selling your business in the near future, or even much further down the line, being prepared and knowing the legal issues that can arise from those eventualities will be a boon when the time comes. In this episode, Justin summarises the last few episodes covering the legal aspects of selling a business, and asked the question: are you ready?

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

_________________

TIME INDEX:

00:42 - Are You Ready to Sell Your Business: Series Wrap Up

02:46 - The Wealth Gap

04:31 - The Value Gap

06:01 - How Value is Determined

10:41 - The Four Cs

16:16 - Ifs and Buts

19:36 - Summary

21:00 - Wrap Up

USEFUL LINKS:

Work with Our Team

Walking to Destiny, by Chris Snyder

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

If you’re thinking of selling your business in the near future, or even much further down the line, being prepared and knowing the legal issues that can arise from those eventualities will be a boon when the time comes. In this episode, Justin summarises the last few episodes covering the legal aspects of selling a business, and asked the question: are you ready?

In episode 386 of Financially Simple, Justin talks to Mital Patel of Triamicus Law about the legalities of selling your business.

With the "do-it-yourself" attitude of most business owners, some of the important, complex, and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement and consider the important fundamentals that must be addressed in the document so both the buyer and seller and even third parties involved are not liable for preventable issues.

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

_________________

TIME INDEX:

00:42 - The Legalities of Selling Your Business, with Mital Patel

03:56 - What is a Purchase Agreement

06:24 - The Importance of Language in Provisions

09:11 - When is an Agreement Needed

14:17 - Be Prepared

17:10 - Other Areas an Agreement Covers

18:31 - Red Flags

21:19 - Recommended Reading

23:26 - A Nugget of Wisdom

25:07 - Wrap Up

USEFUL LINKS:

Work with Our Team

Mital Patel on LinkedIn

Triamicus Law

What Would the Rockefellers Do? by Garrett B. Gunderson

Financially Simple on YouTube

Advance Child Tax Credit Payments in 2021

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

_________________

BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

With the “do-it-yourself” attitude of most business owners, some of the important complex and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement, and consider the important fundamentals that need to be addressed in the document so that both the buyer and seller, and even third parties involved, are not liable for preventable issues.