In this, the third episode of Financially Simple, Justin talks about the foundations of running a Small Business – the Business Plan, and how to go about creating one to achieve the goals Owners have for their Businesses.

Whether you’re just starting out, or already running your own Small Business, having a Business Plan in place will help you achieve your results and goals by laying the foundations for a successful enterprise. Reviewing the Business Plan, and setting targets will ensure that the business keeps on track and adapts to changes along the way.

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

TRANSCRIPT: A Business Plan: Its Purpose in Building a Sellable Business – Post #3

 

TIME INDEX:

00:32 – Business Planning, a Recurring Foundation

00:57 – Cowboys, Rodeos, and Small Businesses Foundations

05:13 – Recurring Foundations, Annual Business Planning

05:35 – What Is a Business Plan?

05:50 – The Company Description

06:09 – Market Analysis

06:52 – Organizational Structure

08:30 – Product/Service Line

09:40 – Marketing

11:09 – Funding

12:37 – Financial Projections

15:08 – Pro-forma Requirements for Selling

17:49 – Appendix

18:09 – The Summary

19:10 – Why Develop a Business Plan?

21:32 – In Conclusion

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

USEFUL LINKS:

Financially Simple

Financially Simple on YouTube 

_________

BIO:

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

 

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

 

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

 

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

Whether you’re starting out, or are already running your own Small Business, having a Business Plan in place will help you achieve your results and goals by laying the foundations for a successful enterprise. Reviewing the Business Plan, and setting targets will ensure that the business keeps on track and adapts to changes along the way.

In the second episode of Financially Simple, Justin starts at the end – selling your business. Knowing the end goal sets the target, so that planning your business and keeping on track becomes easier.

Justin talks about how 80% of small businesses never sell, typically because they don’t last long enough. He considers what makes a business successful, and what makes a business sellable. In the process, Justin talks about Value Acceleration, and the Four Cs – the things that matter to business buyers.

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

Transcript - Starting to Sell Your Business Article #2

 

TIME INDEX:

01:20 – Start With a Plan

03:34 – Statistics on Small Business Sales

06:38 – Know How to Sell Before You Start

08:40 – What Is Value Acceleration

11:57 – What Does Value Acceleration Do for Your Business?

16:35 – Getting Started

21:46 – The Four Cs

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

USEFUL LINKS:

Walking To Destiny, by Chris Snider 

Financially Simple 

__________

BIO:

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

 

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

 

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

 

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

Justin talks of how 80% of small businesses never sell, typically because they don’t last long enough. He considers what makes a business successful, and what makes a business sellable. In the process, Justin talks about Value Acceleration, and the Four Cs – the things that matter to business buyers.

The Purpose of the “Building a Sellable Business” Podcast

In this, the first episode of Financially Simple's Building A Sellable Business podcast series, Justin Goodbread, shares his story of how he started and sold his first business and moved to Knoxville Tennessee, before eventually becoming a CFP® practitioner and CEPA, and starting his own Financial Planning company. Additionally, Justin shares how this experience and knowledge brought him to today... recording the podcast that helps small business owners analyze and grow their business with the goal of selling it for its maximum value when you want to retire.

Justin shares his view of the small business landscape in the US, providing figures on the growth and success rates of small businesses, what needs to be done to improve on these numbers, and how he intends to help small business owners through the Financially Simple podcast series.

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

ARTICLE TRANSCRIPT: 

BLOG: The "Why" I Wrote the building a Sellable Business Series

Follow along with the entire blog series with the table of contents at:

Building A Sellable Business Blog Series

 

TIME INDEX:

00:34 - Introduction and Background

08:59 - The Start of Financially Simple

10:18 - Small Business Administration of the US

12:30 - SBA Stats & Figures

18:26 - What Is the Financially Simple Podcast, and Who Is it Intended For?

23:16 - Closing and Contact Details

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

USEFUL LINKS:

Building A Sellable Business Blog Series

Small Business Administration 

_________________

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 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 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 this, the first episode of Financially Simple, Justin shares his story of how he started out in Landscape Design, sold his first business and moved to Knoxville Tennessee, eventually becoming a CFP and CEPA, and starting his own Financial Planning company.