Financially Simple

In episode 23 of Financially Simple, Justin asks who your real customer is, that is to say, who do you want to sell your Business to? Knowing who your ideal customer is will help you plan your business. Justin looks at each type of Business Buyer and gives advice on how to determine which is most suited to purchasing your Business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Types of Business Buyers Likely to Purchase Your Company – Post #23   TIME INDEX: 00:34 - Who is Your Customer? 00:59 - How to Identify the Customer 05:30 - How do We Know Which Buyer to Pursue? 06:02 - Types of Buyers 06:30 - Financial and Strategic Buyers 10:08 - High-Risk Takers 12:44 - Identify Buyers by Location 14:13 - Large Companies 15:19 - Summary 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®,

In episode 22 of Financially Simple, Justin takes a look at the specialist players you need to have on your bench when it comes to selling your Business. Once you've set up your team to deal with the day-to-day running of your Business, and to help plan your exit strategy, you'll need to enlist a specialist player to help you sell the Business. Depending on the size of the business, the type of player will vary. Justin looks at the three different types: Business Broker, Mergers & Acquisitions Advisor, and Investment Banker, and discusses which will be the best fit for you. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: How to Pick a Business Broker or Other Facilitator to Sell Your Business – Post #22   TIME INDEX: 00:32 - The Business Broker, M&A Advisor, Investment Banker 01:21 - Three Specialist Players for Your Team 02:54 - The Business Broker 07:12 - The Mergers & Acquisitions Advisor 08:58 - The Difference Between an M&

In episode 21 of Financially Simple, Justin talks about being prepared as a Business Owner for when that offer comes. Unlike in golf, there are no mulligans or second chances when it comes to selling your Business. Justin gives practical guidance on steps to take if you receive an offer to sell, or if you are preparing to sell your Business so that you can get it right the first time. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Avoid These Costly Mistakes in the Business Sales Process – Post #21   TIME INDEX: 00:37 - There Are No Mulligans in the Sales Process 00:43 - Teeing Off 03:57 - No Mulligans in Business 05:49 - Most Know How to Run a Business, Few Know How to Sell One 06:40 - Personal Restraint 07:47 - Are You Ready? 10:16 - Assemble the Team 14:31 - Build the Plan 15:55 - Don't make Rookie Errors 16:40 - Rookie Errors to Be Aware Of 20:38 - Remember, There Are No Mulligans For more in-depth reading about this podcast series, pick

In episode 20 of Financially Simple, Justin compares Lawyers to chainsaws - potentially dangerous to the inexperienced, and incredibly useful to those in the know. Justin talks about having a good lawyer on your team, using them to navigate contracts and the legal terms and conditions involved. Knowing the provisions and basics of a good contract is invaluable, and a good lawyer will help you with these - and they may even know a few tricks to help you get the advantage! Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: What a "Sharp" Attorney Brings to a Good Business Sales Contract – Post #20   TIME INDEX: 00:32 - Chainsaws, Lawyers, and Documents 00:40 - Dangerous, but Useful 02:26 - Rules for Using a Chainsaw 04:20 - Lawyers are Like Chainsaws 06:17 - Why Do You Need a Lawyer? 06:38 - What Is a Contract? 08:42 - What Makes for a Good Contract? 09:38 - Special Provisions 14:00 - What to Look For 17:31 - Lawyers' Tricks 21:21 - In Summary For

In episode 19 of Financially Simple, Justin talks about being financially prepared as a Business Owner for the sale of your Business. Do you know what your worth is? Is it enough to cover the lifestyle you hope to have after the sale of your Business? Justin talks the talk, sharing his Iron Man experience, and how it relates to being ready for the big one - the sale of your Business. Knowing if the money from the sale will be enough to retire on, or if it will only last a few years depending on your lifestyle, is important. Taking an assessment of you and your business will help to prepare for that day. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Assess Your Minimum Business Sales Price Before the Buyer Does – Post #19   TIME INDEX: 00:32 - The Assessment 00:38 - Iron Man 05:00 - Take an Assessment of Where You're At 06:24 - Personal Assessment 08:09 - Cost of Capital 09:23 - Personal Tax Planning 10:07 - Risk Management 10:42 - Investmen

In episode 18 of Financially Simple, Justin talks about mentally preparing yourself, as Business owners, for life after the sale. As business owners approach the sale of their businesses, or are made an offer, most will accept it and ride off into the sunset. But some may self-destruct. Justin talks about the psychological issues business owners have after leaving, and what you can do to prepare for life after business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Life After the Business Sells… Mentally Preparing for Retirement – Post #18 For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale TIME INDEX: 00:34 - This Message Will Self-Destruct… 01:35 - Business Owners Can Self-Destruct! 03:18 - 3 Categories of Business Owners 06:16 - The Self-Destructive 07:55 - Two Decisive Questions 09:27 - Self-Destructive Mode 11:53 - Define Life After Business 12:39 - Ways to Prepare Yourself   USEFU

In episode 17 of Financially Simple, Justin talks about having your Exit Strategy in place and acting on it. As your business's most important team member, how and when you plan to leave your business will have an effect on your company's value. It is best to know well in advance your plans and clearly present them so you and the next owner are both on the same page when negotiating the sale. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Act Now: Your Owner's Exit Plan Can't Wait Until You Sell Your Business – Post #17   TIME INDEX: 00:39 - Duck! 00:52 - Didn't See it Coming 02:59 - Life Has Interruptions 05:27 - Businesses also Have Interruptions 07:39 - Start With a Goal 08:18 - Set a Timeline for Your Plans 09:48 - Make a Step-by-Step Agenda 12:02 - Choose the Right Team 13:58 - Start! 17:56 - When to Start Planning 20:19 - Develop an Exit Plan For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The

In episode 16 of Financially Simple, Justin gives a crash course introduction to Marketing. Marketing your business is necessary for sustainable long-term growth - sowing the seeds today so that you reap the profits tomorrow. Justin covers the basics of what, why, who, when, where, and how of Marketing, as well as the benefits of having a consistent Marketing strategy that will lead to a successful sale of the business. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Readdressing Your Marketing Campaign System for Business Continuity – Post #16   TIME INDEX: 00:33 - The Law of Sowing & Reaping - It's Not a Waste of Money 01:30 - The Three Phases 03:23 - How These Laws Apply to Business 05:48 - Case Study 08:44 - The What, Why, Who, When, Where, and How 09:40 - What? 13:10 - Why? 16:18 - Who? 17:34 - When? 18:16 - Where? 20:48 - How? 22:44 - Marketing to Exit For more in-depth reading about this podcast series, pick up a copy of Justin's ne

In episode 15 of Financially Simple, Justin looks at the ways and means of ensuring employee loyalty and retention. Having committed employees that work hard for you, makes for good Business - having a high employee turnover is not. Justin looks at "carrot and stick" approaches to keeping your employees dedicated to the company, and avoiding the problems and losses associated with losing disaffected employees. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Employee Agreements – Helping Protect from Loss to Competitors – Post #15   TIME INDEX: 00:45 - Don't Share the Corn Seed! 03:39 - You Must Not Train Your Competitors' Labor Force or Your Competition 06:19 - What Are Business Owners to Do? 07:04 - Fear and Greed 09:50 - Greed: Sweet Greens Rewards 14:06 - Fear: Big Stick Persuasion 18:17 - Why Does this Matter? For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale USEFUL LINKS: Financi

In episode 14 of Financially Simple, Justin considers how to build confidence and motivate your team to improve the growth and value of Your Business. A rising tide lifts all ships. As your Business grows, succeeds, and makes you more money, be sure to share that success with the people that helped to achieve it. Justin talks of how rewarding the team that grows the Business will, in turn, encourage them to invest their time, and even their money into the Business, and in turn create further development; and he discusses some of the ways to reward your Team. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Employee Incentive Programs – Which Best Fit Your Business Structure? – Post #14   TIME INDEX: 00:39 - A Rising Tide Lifts All Ships 02:41 - Why Did You Start the Company? 03:41 - Monetary Motivation 06:00 - How to Build a Dedicated Team 07:52 - Keep Your Equity 10:24 - Share the Success 12:30 - Take Care of Your Leaders 13:58 - Reward Actio

In episode 13 of Financially Simple, Justin takes a look at the ins and outs of Risk Assessment. In business there are risks - the key to a successful business is knowing the specific risks to that industry and how to counter or absorb them. Justin talks about what risk is, the legal side of it, how to identify it, and how to address it, giving a candid example from his own experience dealing with risk. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: A Business Risk Assessment Today Can Boost Value Tomorrow – Post #13   TIME INDEX: 00:41 - Listen to Your Good Angel - Don't Do It! 02:00 - A Cautionary Tale 04:18 - Risk Management 04:53 - What Is Risk? 08:19 - The Legal Aspect 08:51 - Why Does it Matter? 09:55 - How to Identify Risk 10:39 - Where to Start 13:43 - Risk Assessment 16:48 - Know the Law 20:05 - Risk Management is Vital For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale USEFUL

In episode 12 of Financially Simple, Justin talks about having the systems in place to track a small business's performance and success. There are two main factors that are looked at when it comes to selling a Business - the Financials, and Performance. Justin looks at these factors, breaks them down to their fundamentals, and explains how Business Owners can start keeping track of them to ensure the Business's success and sale. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Clear Financial Reports Entice Business Buyers – Post #12   TIME INDEX: 00:44 - Which Way Did He Go? 02:33 - Which Way are You Headed? 03:20 - Factors That Drive a Business Sale 05:12 - Putting Systems in Place 08:29 - Financials 09:08 - What Is a Balance Sheet? 10:05 - Why Does a Balance Sheet Matter? 13:57 - Operating Statements 15:20 - Net Profit Margin Ratio 16:45 - Return on Investment Ratio 18:29 - Inventory Value Ratio 20:31 - Benefits of Ratio Analysis 21:14 - Key

In episode 11 of Financially Simple, Justin talks about the different types of business entities and why they matter. In Business, the type of business structure you own matters, whether it be a corporation or Sole Proprietorship. Knowing which type of entity fits your business will help with the management and legal aspects of the business, especially when it comes to selling. Justin considers the different types of entities, their pros and cons, and how to go about formalizing your business as an entity. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  TRANSCRIPT: Types of Business Entities Affect Long-Term Sellability – Post #11   TIME INDEX: 00:34 - What Type of Entity Should I Choose? 00:57 - When Planning to Sell, Being the Right Entity Matters 04:06 - The 4 basic Types of Entities 05:04 - Advantages & Disadvantages of Each Type 06:40 - Transference of Stock 07:30 - Flexibility 08:50 - Tax Benefits 09:25 - Documentation 13:20 - Have an Awesome T

In Episode Ten Justin shares the love... we're talking about appreciating your employees... the people that support you. You need to have sound values and good business culture. Love People and Use Things - put simply, happy employees work better. And employees that work better help your business grow. Justin gives examples of bad business practices that will result in people becoming demotivated or even leaving a business. Learn about the different ways business owners can show appreciation, increase happiness, and productivity, which translates to increasing the appeal of your business to potential future buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Strong Owner-Employee Relations Add Value at the Sale of Your Business – #10   TIME INDEX: 00:32 - Love People and Use Things 01:54 - Values and Culture 04:38 - How to Improve Values and Culture 10:30 - How to Identify Poor Values and Culture 10:43 - How Much Employee Turn-Over Do You

In episode nine of Financially Simple, Justin talks about having a vision for the future of Your Business. Having a Vision Statement helps to give business owners a clear idea of where they want their business to go. It aids in decision making, team focus, and reassures employees and investors, that you, as the owner, know what you want and how to get there. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Why a Business Vision Statement is Important to Its Sellability – Post #9   TIME INDEX: 00:32 – How's Your Vision? 00:36 - Lost in a Swamp 03:58 - Definition of a Vision Statement 05:03 - Why Do You Need a Vision Statement? 05:15 - Direction 06:09 - Future Focus 06:43 - Decision Making 07:34 - Team Alignment 09:52 - Culture of Helpful Change 11:17 - Shapes Strategy 11:57 - Measuring Tool 12:53 - The How 13:16 - The Funnel Approach 17:13 - Don't Give Up Control 18:58 - Wisdom or Insanity? 20:43 - Integrate Vision into Your Business Plan 21:08

In episode number eight of Financially Simple, Justin takes a close, hard look at what you need to do for yourself to improve your personal sustainability. In order for you to be able to take care of your business, and to be successful and get through the tough times, you need to take care of yourself. Justin talks about the steps business owners should take to make sure that they are physical, mentally, and financially prepared for times of hardship. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Don't Neglect Personal Sustainability When Building Business Sustainability – Post #8   TIME INDEX: 00:31 – Personal Sustainability 01:54 - It's a Marathon, Not a Sprint 02:40 - Rocket Fuel 05:22 - Can't Perform if You're Not Prepared 06:58 - Taking Care of Yourself 08:44 - The Benefits of Weathering the Storm 09:39 - Persistence 12:58 - Prepare Today for Tomorrow For more in-depth reading about this podcast series, pick up a copy of Justin's new bo

In episode seven of Financially Simple, Justin looks at the factors affecting a Business's Sustainability. A sustainable business will flourish in times of plenty, and survive through times of hardship. Justin talks about some reasons businesses fail including the main reason for business failure. He covers the strategies business owners can take to build up a cash reserve to be sure that they can weather slumps and be attractive to future buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT:  BLOG: How Much of a Cash Reserve Does My Business Need?   TIME INDEX: 00:43 – Business Survival 01:59 - Squirrels and Acorns 03:19 - What Is Business Sustainability? 03:48 - Why Businesses Fail 07:05 - #1 Reason for Business Failure 07:23 - How Much is Enough? 08:00 - How Long Does it Take to Become Sustainable? 10:25 - Ways to Raise Funds 13:18 - How to Maintain Sustainability For more in-depth reading about this podcast series, pick up a co

Episode six Justin discusses your "bench" - properly investing in your business's team is a wise investment in your business. How strong is your bench? A capable and happy staff in your business means that the business will be strong and sustainable - great qualities that future buyers look for. He talks about how to use agencies to find good staff, and what to look for if you do the hiring yourself. Justin also discusses how investing in your team will motivate them to invest in the business.  Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: An All-Star Team… Why Hiring Great Employees Will Grow Business Value – Post #6   TIME INDEX: 00:33 – How Strong Is Your Bench? 02:32 - Hire the Best You Can Afford 03:30 - Identify Which Team Members Will Bring the Most Value 05:04 - How to Recruit the Right Team Member 05:38 - Agencies 06:49 - Hiring Yourself 10:45 - Why Hire an Executive Team? 14:22 - How Much Will All This Cost? 20:14 - Use an Outside

In episode five of Financially Simple, Justin covers what it takes to build a business empire - Scalability. The Scalability of Your Business is its ability to grow and expand, and even continue to grow without you at the helm. Justin talks about the various systems needed to be put in place to ensure a Business's Scalability, as well as looking at what aspects of a Business's product or service can be used to help it grow and attract Buyers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Business Scalability…Turbocharging Your Company's Value – Post #5   TIME INDEX: 00:32 – Size Matters - Building a Scalable Business 02:04 - Scalability 03:50 - How do You Build a Scalable Business? 04:04 - Foundations 05:28 - Systems 06:17 - CRM System 08:37 - Financial Management System 09:06 - Sales Management System 09:55 - Legal Management System 10:38 - Marketing Management System 11:10 - Talent Management System 13:34 - Operational System 14:21 - Syste

In the fourth episode of Financially Simple, Justin breaks down the mystery of Competitive Advantage for Small Businesses. Competitive Advantages distinguish Small Businesses amongst their competitors – highlighting their positive differences, and making that business stand out from the crowd. Justin covers the six most common attributes of competitive advantage, and how small Business owners can benefit when it is time to sell. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TRANSCRIPT: Mastering Competitive Advantage… Building a Sellable Business – Post #4   TIME INDEX: 00:38 – What Is Competitive Advantage 02:14 – What Is Your Business's Competitive Advantage 05:14 – How Many Types of Competitive Advantage Are There? 06:39 – The Six Most Common Competitive Advantages 06:51 – The People 09:08 – Organizational Culture 11:00 – Processes and Practices 13:21 – Product and Intellectual Property 14:32 – Capital and Natural Resources 15:49 – Technology 16:35 –