“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

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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.