Podcasts about financially simple

To stay laser-focused on your goals, it's vital to grasp the foundational principles that lead to meaningful professional and personal success.   Self-confidence is key to asking the right questions, doing the right work, and finding the right support along your journey. Embracing failures is an essential part of this journey, particularly when it comes to getting back up and trying again. Ultimately, living in alignment with your values will help you navigate the challenges you face.   “Aim small, miss small” is a guiding principle from Justin Goodbread, CEO of Financially Simple. In this episode of the BOLD Business Podcast, Jess Dewell hosts Justin to discuss the courage it takes to fervently believe in your goals and the impact of pursuing success with determination.    You'll discover the truth about self-deception, what you might need to release to grow, and the strength that comes from cutting out distractions to focus on one key goal.   --------------------   If you want to identify business bottlenecks, the necessary skills, the initial actions to take, the expected milestones, and the priorities for achieving growth, try the "Growth Framework Reset" approach. This will help you to keep learning and growing while working strategically on your business. -------------------- You can get in touch with Jess Dewell on Twitter,  LinkedIn or Red Direction website.

Discover how Justin Goodbread made $10 million in just 49 months! Learn about his sales strategies, success in business exit, and scaling in this inspiring video. Explore the shades of entrepreneurship with Justin Goodbread and be inspired to achieve your own business goals!Support the showSubscribe at theshadesofe.com

Whether you are a business owner or hold a leadership or influencing position within an organisation, the key objective for the business is to create value that can have a lasting impact. And this is not necessarily just linked to the profitability of the business - it is also linked to the sellability of the business. In this episode, I'm joined by Justin Goodbread, CEO of Financially Simple, a man with over 30 years experience in founding, growing and exiting businesses, the latest of which he exited in 49 months, selling it for over $10m. He shares personal anecdotes, including how defining personal and business goals can lead to significant breakthroughs in success, as well as strategically removing owner dependencies and aligning company operations with client expectations. Justin highlights the role of disciplined time management in ensuring that business owners remain focused on high-impact duties and explains how building systems and processes can drive business value and sustainability. To connect with Justin and to learn more about what he does, please go to: LinkedIn - https://www.linkedin.com/in/justingoodbread/ Website - https://www.justingoodbread.com/ Podcast - https://podcasts.apple.com/au/podcast/the-justin-goodbread-show/id1332958360

Want a quick estimate of how much your business is worth? With our free valuation calculator, answer a few questions about your business and you'll get an immediate estimate of the value of your business. You might be surprised by how much you can get for it: https://flippa.com/exit -- In this episode of The Exit: Justin Goodbread, CEO of Financially Simple, reflects on his journey through seven successful business exits, with his most recent venture scaling to an eight-figure exit in just 49 months. Justin discusses the alarming statistics around business exits, noting that of 11 million businesses expected to attempt selling in the next few years, only one million will successfully transact, and just 4% of those will be pleased with the outcome and exit amount. He emphasizes the importance of understanding business value and identifying value gaps across eight key areas: planning, leadership, sales, marketing, people, operations, finance, and legal. His approach focuses on preparing businesses for maximum value through strategic timing and defendable metrics. Justin also shares how he successfully negotiated valuations by demonstrating historical performance and accurate forecasting. Currently, Justin helps other business owners through speaking engagements, writing, and his Value Growth Academy. For more insights on building and selling businesses, listen to the full episode of The Exit. -- Justin Goodbread is a renowned entrepreneur, author, and business coach with over 30 years of experience in scaling and exiting successful businesses. Beginning his entrepreneurial journey at just 15, Justin learned early the transformative power of business ownership and financial independence. His impressive track record includes selling his last business for over $10 million within just 49 months, marking him as a top-tier expert in the business community. Justin's expertise is particularly valuable for seasoned business owners, especially those in service industries with annual revenues exceeding $500,000. He excels in helping these entrepreneurs break through growth barriers and prepare for lucrative exits. His strategic guidance focuses on enhancing business value and making companies appealing to potential buyers. Website: https://www.justingoodbread.com/ LinkedIn: https://www.linkedin.com/in/justingoodbread/ YouTube: https://www.youtube.com/@justingoodbread Check Out Flippa's Data Insights Tool: https://flippa.com/data-insights -- The Exit—Presented By Flippa: A 30-minute podcast featuring expert entrepreneurs who have been there and done it. The Exit talks to operators who have bought and sold a business. You'll learn how they did it, why they did it, and get exposure to the world of exits, a world occupied by a small few, but accessible to many. To listen to the podcast or get daily listing updates, click on flippa.com/the-exit-podcast/

In this episode, Justin sits down with Ali Nasser, a passionate entrepreneur and wealth management expert, to explore his incredible journey and the valuable lessons he's learned along the way. Ali shares his insights on building a scalable business, the importance of focusing on your strengths, and the challenges of managing a team. He also discusses his unique IP system for business owners and his book, "The Business Owner's Dilemma." Don't miss this inspiring conversation!  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

In this episode we delve into the heart of scaling your business with five proven marketing strategies for 2024. Justin shares his 30 years of experience and insights on how to conduct a competitive analysis, define your brand, conduct thorough market research, set clear marketing goals, and understand your client avatar. These strategies are essential for any business owner looking to scale and differentiate their business in a competitive market.  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

We sit down with Ryan McCaslan, an expert in quality of earnings, to discuss how to prove your business's value and prepare for a successful exit. Ryan shares invaluable insights on normalizing financial statements, common pitfalls to avoid, and best practices for increasing your company's worth. Whether you're planning to sell soon or just want to build value, this episode is packed with actionable advice you can't afford to miss.  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

In this episode, Justin Goodbread shares ten essential habits for business success that he has developed over his 30-year career. Learn how goal setting, continuous learning, customer focus, personal financial constraint, time management, encouragement, leadership, networking, health and wellness, and resilience can transform your business and personal life. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Are you ready to take your business to the next level? In this episode, Justin Goodbread reveals the four key metrics that every business owner must track to build a $10 million business. Learn about Net Promoter Score, Customer Acquisition Cost, Cash Flow from Operations, and EBITDA. With over 30 years of experience and having sold companies for more than $10 million, Justin provides actionable insights and practical advice to help you scale your business. Don't miss out on these invaluable tips. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

In this episode, we dive into the journey of John Rogers, a successful dentist and business owner from East Tennessee. John shares his inspiring story of taking over his father's dental practice, the challenges he faced, and the strategies he employed to build a thriving business. From dealing with family dynamics to finding the right mentors and coaches, John offers valuable insights for business owners at all stages. Join us as we explore the importance of passion, the power of mentorship, and the critical decisions that can shape your business's future. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Ready to scale your business to new heights? In this episode, Justin Goodbread shares his seven-step blueprint for building a $10 million business. With insights from his 30-year entrepreneurial journey, Justin covers everything from embracing modern technology and building a dynamic sales team to crafting a detailed marketing plan and prioritizing customer experience.  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Are you unknowingly sabotaging your business success? This week's podcast episode is a wake-up call for every entrepreneur. Join Justin Goodbread as he exposes the ten costly lies he believed as a business owner—misconceptions that led to a staggering financial loss. From the dangers of going it alone to the underestimated power of marketing, this episode is packed with eye-opening insights and actionable advice. Don't let these common lies hinder your growth. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Embark on a transformative journey with Justin as he reveals the blueprint to building and selling a multi-million-dollar business. With a track record of successful exits, Justin shares his personal roadmap through the five critical stages of business growth, guiding entrepreneurs from the initial launch to a lucrative exit. If you're aiming for a seven, eight, or even nine-figure sale, this episode is your masterclass in value creation and strategic planning.  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Discover the five game-changing lessons that propelled Justin Goodbread to deca-millionaire status in our latest episode. From obsessing over customer value to mastering financial discipline and building a strong team, these insights are crucial for anyone looking to scale their business. Plus, learn why focusing on value over profits can make all the difference. Don't miss out on these valuable strategies – tune in now to elevate your entrepreneurial journey! Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Are you harnessing the full power of your thoughts to drive your business forward? In this episode, Justin shares invaluable insights into how the words we speak to ourselves can make or break our success. Discover five game-changing strategies to shift your mindset and unlock your potential.  Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Are you feeling the strain of disengaged employees? You're not alone. Join Justin as he tackles the number one frustration for business owners head-on, diving deep into the art of aligning your team's aspirations with your company's vision. Discover how to turn employee engagement from a challenge into your greatest asset. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Are you ready to elevate your business decisions from good to great? In this episode Justin shares a ten-step blueprint for making choices that can lead to monumental success. Discover how to align your decisions with your vision, seek wise counsel, and listen to your internal prompting to navigate the hundreds of choices you face every day. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Have you ever wondered why some entrepreneurs seem to effortlessly achieve their dreams while others struggle to make progress? The answer, as it turns out, might be simpler than you think. In the latest episode of the Justin Goodbread show, we delve into the power of one small but mighty word: goals. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Are you ready to redefine what it means to be wealthy? Join us on an enlightening journey with Justin Goodbread as he shares the secrets to mastering not just financial success, but also social, time, physical, and spiritual wealth. In this transformative episode, you'll learn the difference between being rich and being truly wealthy, and how to align your life's purpose with a wealth strategy that encompasses more than just money. Don't miss out on this opportunity to elevate your approach to wealth and success. Listen now and take the first step towards a richer, more fulfilling life. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

In this episode, Justin delves into the profound impact of having a clear vision, the necessity of discipline, and the urgency that a limited timeframe can impose on achieving our goals. Justin explores the wisdom of Tim McGraw's song "Live Like You Were Dying," the lessons from personal loss, and the strategies to define and pursue your vision with relentless discipline. Tune in to transform the way you approach your aspirations and lead with purpose. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors. Advertiser Disclosure: Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.

Persistence is the driving force that sets successful business owners apart. It goes beyond talent, genius, or education, and it is the key to achieving your goals in the entrepreneurial world. For middle-aged, educated business owners who may feel weary and disheartened, understanding the true nature of persistence is crucial. It's not just about keeping at something; it's about unwavering determination to achieve your objectives, even in the face of obstacles. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Have you ever wondered how some business owners can seemingly produce 10X or 20X more than their competition? You may have heard people ask, "How do you manage to do all that you do?" The reality is that we are all given the same 24 hours a day. However, the rich and successful business owners seem to possess a unique ability to create multiplicative wealth that appears almost unfair. This article will delve into one of their secrets – the art of delegation. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

To "think big" means to have a mindset and approach that is characterized by ambitious, expansive, and visionary thinking. It involves setting high goals, envisioning significant achievements, and refusing to limit oneself by conventional or mediocre thinking. Are you limiting your success with small thinking? It's time to expand your horizons! In our latest episode, Justin Goodbread shares the 'weird' secrets of wealthy business owners and how you too can adopt a mindset of abundance. Discover the art of setting ambitious goals, embracing risk, and protecting your mind from negativity. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

In recent years, the allure of entrepreneurship has become a prevalent trend. The idea of being your boss, shaping your destiny, and pursuing innovative ideas has never been more enticing. Yet, beneath the glossy exterior lies a harsh reality. According to statistics, only a fraction of businesses thrive, while many face the grim possibility of failure. In this exploration, we delve into the question that underlies it all: Is entrepreneurship the right path for everyone?   Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Fear and anxiety are two powerful emotions that every human experiences at some point in their lives. They can be our allies, warning us of danger or helping us prepare for challenges. However, they can also become formidable foes, holding us back from pursuing our passions and desires. In this episode, we'll embark on a journey through the intricate workings of the human mind to understand how fear and anxiety are processed, how they manifest in our lives, and most importantly, how to overcome them. Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Justin Goodbread, host of the Financially Simple podcast, reflects on his 30-year entrepreneurial journey and contemplates the true meaning of success and wealth. He concludes that it's not just about financial achievements, but about fulfilling God's purpose for your life. He announces a relaunch of the podcast with a new mission: to encourage, inspire, and educate business owners to achieve their "aspirational dream." Key points: • Justin recounts both the highs and lows of his entrepreneurial journey, including business exits, financial freedom, and personal struggles. • Are the traditional definitions of success and wealth complete. • The unique purpose for each person's life and ways to pursue it. • The relaunched podcast will focus on inspiring and educating business owners to achieve their aspirational dreams. • The importance of overcoming fear and anxiety to reach your full potential. • The role of knowledge, wisdom, and a growth mindset in achieving success.
 Thank you for joining us today. We hope you found encouragement, inspiration, and valuable insights as you pursue your vision and dreams. The greatest appreciation we could receive is if you share this episode with a fellow business owner. Remember, The Justin Goodbread Show is a Financially Simple production, meant for educational and entertainment purposes. For personalized advice, please consult your professional advisors.

Friends, when I began this venture, I never thought I'd be celebrating such a milestone. The past five years have been such a humbling experience. I'm honored that so many of you have chosen to come along for the ride. It is so rewarding to know that you've entrusted me with guiding you through the complex world of business and finance.    Now, here we are, celebrating 500 shows! It never could have happened without you. So, join me as I look back on this journey and highlight some of the important lessons I've learned along the way! This week on The Financially Simple Podcast:    (02:12) I had a dream… (05:43) You don't have to be perfect, just passionate (08:11) Hire people who are smarter than you (11:26) Success comes from perseverance (19:30) Don't be afraid to invest in a dream (22:33) Be authentic (26:01) You're gonna reap what you sow (30:49) What do you want to do?   Our Favorite Quotes:  “We, as business owners, have such an opportunity to speak life into people, to love people, to encourage people by just being who we are.” - 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.  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. Statements made in this podcast are subject to change without notice. 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.   

As entrepreneurs, we often discuss our busy work schedules as though they are a badge of honor. While it's true that owning a business requires a tremendous amount of time and effort, we must be careful not to neglect the other aspects of our lives. Each of us has (or should) areas of our lives that are important to our ethos. Pouring all of your time and energy into your business will inevitably mean that you're neglecting the other core parts of your life. In this episode, I discuss the importance of prioritizing your schedule. Whether it's faith, family, or even your own health, you must work on each area with the same intentionality that you do for your business. I'll also share some practical tips for making dedicated time for the non-negotiables in your life. This week on The Financially Simple Podcast:  (00:56) Block scheduling for efficiency (02:49) Should your business be the most important part of your life? (06:15) The three big rocks (10:34) Efficiencies and boundaries (13:01) Some simple rules (15:40) Scheduling lessons learned from the COVID closures (17:13) Pause and “calendar” your life this year   Our Favorite Quotes: “Schedules across multiple different types industries can reflect that we as business owners, often easily, place the business ahead of the big rocks in our life.” - 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. 

Most of us started out in business because we had an idea or product to help people. However, the majority of us didn't start off as business experts. Although you may have a successful business, knowing how to turn that successful business into a valuable commodity can be challenging. In this episode, I wrap up the Eight-Figure Exit series with a brief recap of the things we've discussed. I explain why I chose to speak directly to financial advisors, and how the information shared is still applicable across most industries. If you're a business owner who will one day retire (that's all of us), you don't want to miss this episode!   This week on The Financially Simple Podcast:  (01:53) Eight key components (02:22) Why I chose to speak directly to financial advisors (03:00) Planning (04:24) Leadership (07:25) People (09:00) Operations (11:37) Sales (13:04) Marketing (13:42) Finance (14:42) Legal   Our Favorite Quotes:  “Whenever it comes to the eight-figure exit, perhaps, there's nothing more impactful than the operations of your company.” - 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. 

Marketing is one of the eight key areas in business that can directly influence the intrinsic value of your organization. But how can you optimize your RIA's marketing so that it can help you achieve your dream of an eight-figure exit?   In this episode, I discuss some of the indicators you can track to determine whether your marketing strategy is truly effective. Similarly, I explore some of the metrics that let you look at how each individual strategy is performing as part of your overall plan. If you've ever wrestled with marketing, don't miss this episode!   This week on The Financially Simple Podcast:    (00:50) Optimizing your marketing (02:02) Referral marketing (04:05) Seminar marketing & community involvement (09:01) Content marketing (11:23) Analyze each category's performance individually (12:56) What should you track? (18:27) What is funneling? (23:24) Common marketing pitfalls in RIAs   Our Favorite Quotes:  “The key is to optimize your marketing specifically for your practice, specifically for your clients, specifically for your personality.” - Justin Goodbread   “You want to use data to drive us toward the efficiency of our marketing dollars. We want to achieve the best results!” - 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.   

As business owners, we understand that marketing to attract new clients is necessary. But have you ever considered the important role that marketing plays in retaining existing clients? Through effective internal marketing, you can improve customer stickability and prevent clients from exiting through the back door.   In this episode, I dig into the critical role internal marketing plays in preparing your organization for the eight-figure exit. Additionally, I discuss the importance of tracking the client experience and helping them to achieve their purpose. This week on The Financially Simple Podcast:    (01:01) What is customer “stickiness”? (03:56) How do we create stickability? (05:41) The populist approach (08:30) Internal marketing doesn't have to be stale and boring (09:55) Recognize and celebrate your clients (11:39) People never forget how you made them feel (16:47) Tracking & communicating client experiences (20:01) A three-step process   Our Favorite Quotes:  “I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” - Maya Angelou 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.  

As business owners, it's often tempting to work with any and everyone. After all, more clients means more money. Right? In service-based businesses, the reality is that taking on every client that walks through your door can lead to major inefficiencies.    In this episode, I discuss the value of niche marketing and how becoming more exclusive could be the key to growing your RIA for the eight-figure exit. I also explain how to identify when it might be time to explore your niche and provide helpful tips for making the transition. This week on The Financially Simple Podcast:    (00:46) My very first client (01:49) How do you know when to begin working with a niche? (06:31) The biggest stressor for financial advisors (08:20) The business is bogging you down (11:30) Sell to the masses; eat with the classes (13:32) Choosing a niche (17:06) Get the right people on the bus (19:33) Two ways nicheing can impact your business (23:00) Making the transition (25:38) The Four-Second Rule (28:31) My own experience with being part of a company's niche market   Our Favorite Quotes:  “Sell to the classes; eat with the masses. Sell to the masses; eat with the classes.” - Henry Ford   “As we're going toward this eight-figure exit, if we have this hodgepodge of clients, we're not going to get the efficiency of scale that we desire for the eight-figure exit.” - 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 end of the year provides business owners with a unique opportunity to evaluate their progress toward their goals and reflect on the accomplishments of their teams. It is also the perfect time for RIAs to work through their annual compliance checklists. As you prepare for the coming year, ask yourself, “What worked this year? What didn't? What actions can we take in the coming year to push the needle further toward the eight-figure exit?” In this episode, I look at the importance of an end-of-year checklist, and some of the items that it should include. A few of my checklist items could surprise you, but I feel they are critical to sustainable success. You don't want to miss this episode, friends! This week on The Financially Simple Podcast:  (00:41) Tempus Fugit (02:19) Celebrate the Wins (03:54) The CEO and the Receptionist (06:09) Financial Review (09:18) Will Your Current Goals Continue Into the New Year? (12:05) Annual Compliance Review (14:04) Rest & Reflect Our Favorite Quotes: “Rest is not the absence of performance. It's part of performance.” - Brent Cassell, VP of the HR group at Gartner 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. 

Marketing often frustrates us, as financial advisors. We don't always see an immediate return on our investment. Additionally, when hiring a marketing firm, the costs can quickly escalate well beyond what we intended to allocate. Frankly, this “all or nothing” approach and our limited understanding of marketing can leave us feeling a bit disheartened. It doesn't have to be this way! In this episode, I discuss the important role a documented marketing strategy has on your overall satisfaction with your marketing return. I'll also talk about some of the ways you can start small, and gradually grow your marketing spend. Finally, I explore how you can prepare your firm for the influx of new clients your marketing efforts attract.   This week on The Financially Simple Podcast:  (01:25) Declining satisfaction  (03:19) Some questions to think through (05:24) The Power of a defined marketing strategy (09:27) Beware of the “all or nothing” mindset (11:50) The value of content marketing (14:10) Protect your reputation (16:05) Navigate toward the industry norms   Our Favorite Quotes:  “Marketing is not simply one dollar in, one dollar out.” - Justin Goodbread   “Business owners that I've communicated with, now, for twenty years, perhaps even you yourself, often feel like it's an all-or-nothing game.” - 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.  

Oftentimes, as business owners, we take a wrong view of marketing. Because it isn't foundational to the operation of our businesses, we view marketing as a luxury. However, if we see it for what it truly is—an investment—we can finally begin to measure the return on our marketing investments.   In this episode, I discuss how you can maximize the ROI for your RIA firm's marketing investment, paving the way for the eight-figure exit. Additionally, I'm going to explore the quantifiable and unquantifiable aspects of marketing, and how a holistic approach yields the results that we often desire. This week on The Financially Simple Podcast:    (00:50) Business Owners See Marketing As a Luxury (02:55) The “Basics” Around Marketing (04:27) Two Key Metrics (07:03) Calculating a Break Even Point for Your Marketing (11:11) How Much Money Should You Spend On Marketing? (14:20) Are Your Marketing Efforts Increasing Your CLV? (17:22) The Unquantifiable Aspects of Marketing   Our Favorite Quotes:  “Most other industries spend a great deal more than 5%. The RIA industry has been fortunate that we have had the market growing a lot of our revenue over time, and it's caused us to become complacent.”  - Tim Kochis, DeVoe Special Advisor   “If you look at your marketing spend as, truly, an investment, then we can track ROI. We can quantify it.” - 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.     

Whether you realize it or not, you likely have some form of intellectual property (IP) in your Registered Investment Adviser (RIA) firm. It could be a system or process that you've developed to help you run more efficiently. Or, perhaps, you have a service offering that sets you apart from the competition. Whatever it may be, your intellectual property is a valuable asset. But is it protected? In this episode, I'm looking at the incredible impact your IP could have on the multiple for your company. Likewise, I discuss the different ways to protect your IP and preserve (or even increase) its value for the eight-figure exit. Whether you're a financial advisor, or operate within a different industry altogether, this is one episode you can't afford to miss. This week on The Financially Simple Podcast:  (02:11) How Value Is Created (05:00) A Powerful Tool In the Exit Planning Process (06:03) What Is Intellectual Property? (08:00) Common Forms of IP Protection (10:00) Trade Secrets (13:44) Businesses Often Invest In IP (16:01) The "Secret Sauce" (19:38) How Do You Protect Your IP? Our Favorite Quotes:  "IP matters. But, unfortunately, very few business owners ever take the time to even present the IP; much less protect the IP." - Justin Goodbread "Over and above the underlying product or service it protects, IP is a valuable asset in its own right. Indeed, it can become a company's most valuable asset." - Julian Crump, President, International Federation of Intellectual Property Attorneys 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.

Owning a business is a risky endeavor. This is especially true in the RIA space which is heavily regulated. From civil actions to punitive actions taken by regulating bodies, litigation can be damaging to your business and reputation. So, what should you do if you find yourself facing litigation during your eight-figure exit?   In this episode, I look at some of the measures you can take to mitigate the risk of litigation. Additionally, I discuss ways to disclose pending, past, or present litigation to prospective buyers so that you could still make the ultimate sale. Whether you're a financial advisor or operate in a different industry; whether you're in the midst of an exit, or years away, this is one episode you can't miss! This week on The Financially Simple Podcast:    (01:24) Industry-Specific Risk (05:07) The SEC Litigation Release (08:03) Two Areas You Must Separate (12:19) How Do You Deal With Litigation During the Eight-Figure Exit? (14:47) Representations & Warranties (15:41) Disclosure Schedules (18:56) What Are the Best Action Steps You Can Take? (21:57) Read Your Contracts   Our Favorite Quotes: “The reality is, anything you attempt to hide from the prospective buyer will be discovered during the due diligence process.”  - Justin Goodbread   “If you're open and honest with the buyer about litigation or pending litigation, there's many things that can be done to still help carry the deal through and consummate the deal for your eight-figure exit.” - Justin Goodbread   Related Links:   Litigation Releases | U.S. Securities and Exchange Commission Statistics | FINRA.org 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.  

In this episode, I'm discussing risk mitigation. More specifically, I'm going to look at the insurance coverages you need to have as an RIA owner. Now, I know insurance may not be the most fun topic, but it is important and it could significantly impact the value of your business. So, don't tune out!  I'll be covering increases to your required coverages and the core coverages you should have. However, I'll also discuss how your firm's legal entity could work to mitigate potential risks to you, as the owner. Finally, I'll explain how each of these components can affect your eight-figure exit. The information I'm sharing today can't be missed, regardless of the industry your company operates in!   This week on The Financially Simple Podcast:  (02:00) Defining risk management (04:15) Advice policies you should carry as an RIA owner (08:52) Core business policies you should carry as a business owner (12:34) Cybersecurity insurance (14:12) Business Disruption Policy (16:11) Your business entity (18:14) C-Corporations, double taxation, and the eight-figure exit (21:52) When should you review your coverages? (23:13) Exit planning is good business planning   Our Favorite Quotes: “The type of entity we are will directly impact the exit—style, quality, value, etc.—as we drive forward.” - Justin Goodbread   “We don't know what tomorrow holds. Insurance is not our enemy; it's our friend. The business entity selection is not an enemy; it's an asset that helps us drive the value of our main asset… the business.” - 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. 

As a financial advisor, it can be easy to forget that sales and marketing are part of what we do. We understand that we have to attract new clients in order to grow our book of business. However, we may not always realize that we're selling our firm and our services when we engage in an initial “getting to know you” phone call. The truth is, as RIA owners (and business owners in general), we don't always see ourselves as salespeople. Likewise, we don't always have a strong grasp of how marketing and sales work together to drive revenue growth.   In this episode, I'm taking a deep dive into synergizing marketing and sales within your RIA so you can achieve the eight-figure exit. I'll discuss how data points like Customer Lifetime Value (CLV), break-even assessments, and churn rate can be used to create synergy in your sales and marketing departments, enabling you to grow your firm organically.    This week on The Financially Simple Podcast:    (00:55) Common sense definition of marketing (02:44) The brass tacks of sales and marketing (04:27) Some key metrics (08:34) Factors that impact your churn rate (12:38) What is your break-even point? (14:14) Marketing doesn't work in a straight line (17:27) Create a feedback loop   Our Favorite Quotes:  “If you can tie your sales team, your marketing team, and everybody involved, if you can tie those together, then every data point shows you can drastically improve the growth rate of your company.” - 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.  

Sales projections are important to your organization's goal identification and planning. But have you ever considered what your sales projections can tell you about the health of your Registered Investment Adviser (RIA) firm?  In this episode, I discuss the significance of the data that informs your sales projections. Likewise, I explore how you can use your sales projections to measure your firm's performance against industry benchmarks, determine future hiring needs, and more! This week on The Financially Simple Podcast:  (01:35) How your sales projections can help you (03:05) What is a sales projection? (05:05) How do we calculate run rate? (08:43) Two key data points (09:33) Estimated future sales (14:16) Average Assets Under Management (AUM) (16:42) A word of caution   Our Favorite Quotes: “In order to affect the future, we must disturb the present. In order for us to grow something that is best-in-class, we have to do things that our peers who are average, are not willing to do.” - 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.   

In the early stages of your Registered Investment Adviser (RIA) firm, it made sense to work with anyone who could fog a mirror. But as your firm grows, many of the clients that you served in the beginning may not offer your business the same value they once did. As a result, these clients can chip away at your firm's efficiencies, preventing you from gaining ground on your journey toward the eight-figure exit. In this episode, I discuss the power of saying, “No” to clients who are the wrong fit for your RIA. This tiny word is one that, as business owners, we don't often like to say. However, embracing the power of no could increase your bandwidth, enabling you to say yes to the clients who can truly help drive you to the exit of your dreams.   This week on The Financially Simple Podcast:  (00:42) The eight-figure exit requires the correct client base (03:27) Business constraints (05:56) The Pareto Principle and Dunbar's Number (09:50) Learning the power of “No” (12:47) Reasons we “outgrow” particular clients (15:14) RIAs don't scale the way other businesses do (17:30) Disqualifying bad fits (25:23) Segment your book of business (31:25) A question to consider (36:31) C-listers typically refer C-listers   Our Favorite Quotes: “The eight-figure exit requires the correct and the right client base.” - Justin Goodbread  “The more often it is that you say, ‘No' to the wrong clients, it will ever shine a light on those clients that you want to say, ‘Yes' to.” - 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 working toward the eight-figure exit, you can no longer be the top producer in your firm. This means “firing” yourself. But how can you step away if doing so will cause a decline in your sales production? In the previous episode, I gave you some homework. After digging into your firm's data points, did your company align with the industry averages? Were you surprised by what you found? In this episode, I'm picking up where I left off, and giving you four tools to help you create scalable and repeatable sales processes that enable you to fire yourself so you can achieve the eight-figure exit. This week on The Financially Simple Podcast: (0:13) Part one recap (3:06) How do you maintain momentum in your absence? (3:57) Sales tracking (11:26) What are we going to track in the process? (14:30) Lead analysis (22:55) How do you improve prospect data? (27:25) Removing bad prospect data from your system   Our Favorite Quotes:  “In order for us to decentralize, we have to, often, fire ourselves as the chief producer” - Justin Goodbread “If we can build prospecting data to where we get what we need, then we can drive our team to success.” - 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.   

Sales is the lifeblood of every business. In order to grow, you must attract new clients and gain new revenue. As the owner of your RIA, you're likely the top producer in your firm. However, this is anathema to the eight-figure exit.  In this episode, I discuss why you must fire yourself, making way for new top producers to emerge. In doing so, you can decentralize and reduce your company-specific risk. I'll explain the metrics you need to monitor to ensure continuity once you're no longer pulling all the levers. Likewise, I look at how firing yourself could enable you to meet or exceed industry standards. If you're an RIA (or any other type of business) owner, you can't afford to miss this episode! This week on The Financially Simple Podcast:    (0:38) Why are you the top producer in your RIA? (1:33) A foreign concept (3:06) Decentralization from the sales process is a necessity (4:51) Multiplicative growth (5:53) The ability to meet or exceed industry standards (6:41) The day I decided to fire myself (10:31) How do RIAs perform (Benchmarks to follow)? (18:01) Context matters (22:37) Questions to ask yourself   Our Favorite Quotes:  “In order for us to exceed the (industry) standards, we have to empower our team.” - 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.  

Over the past few years, business owners have been through the wringer. From lockdowns to the Great Resignation, simply going to work has presented a much larger challenge than it did in the past. As a result, attracting and retaining great talent has become more important than ever. So how can you achieve this in your RIA? In this episode, I talk about the importance of employee incentive programs and the many different ways to show your team that you appreciate their loyalty and hard work. Likewise, I discuss 10 steps you can take to design and implement an employee incentive program to fuel your eight-figure exit! This week on The Financially Simple Podcast:  (1:45) Attract, engage, and retain talent (3:35) Incentive programs can drive profitability (5:13) How does an incentive plan tie into the eight-figure exit? (6:31) What should be included in your employee incentive program? (7:33) The importance of recognition and bonus pay (12:03) Ten easy steps (21:26) Something I've never seen in business before Our Favorite Quotes: “One of the very first things we identify with an incentive plan is that it's there to attract, to engage, and to retain talent.” - Justin Goodbread “Recognition helps the employee see that your firm or your business values them for all their contributions and successes as part of the team.” - 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 Business Advisors, LLC. Business planning services offered and provided by WealthSource Business Advisors, LLC. WealthSource® is the marketing name for a group of financial services companies composed of WealthSource Business Advisors LLC, WealthSource Partners, LLC, and WealthSource Insurance Solutions LLC. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies. All companies are subsidiaries of WealthSource Holdings, Inc. 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.  

For many of us, compliance can seem like a dirty word. Too often, this necessary aspect of your RIA is seen as “anti-sales” or as being against advisors. However, compliance plays a vital role in protecting you and your clients. So, how can you develop a compliance department that is both effective and efficient? In today's episode, I discuss how you can integrate compliance practices with your daily operations. Additionally, I will look at the risks associated with non-compliance. Finally, I will provide practical tips for creating tools that can eliminate compliance bottlenecks and mitigate risks to your firm and your clients.   This week on The Financially Simple Podcast: (0:52) Why do financial advisors cringe at compliance? (2:50) What types of compliance risk might you have? (4:08) The repercussions of non-compliance (5:18) Test your processes and team for weaknesses or holes (7:40) Create a compliance calendar (9:44) Develop a ticketing system (11:55) Build processes and structures for your compliance department (14:02) Integrate compliance with operations   Our Favorite Quotes:  “If you do it right, the operational flow of your business can actually be a first line of defense to make compliance less burdensome.” - Justin Goodbread “The compliance department works in a silo and doesn't think about how operations or technology, or how other things can help them make their jobs easier.” - 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.   

Have you ever considered that you could drive greater profitability in your RIA (or any other business) through policies and procedures? Think about it... Your firm's governing documents such as the employee handbook, compliance manual, or company policy are meant to communicate policies and contingencies that can reduce risk and drive efficiency.   In today's episode, I'm going to discuss these important documents. As I do, I will explain which documents you should have in your RIA, and what types of information goes into each one. Finally, I will explain how well-kept governing documents can help you become more profitable and propel you toward the eight-figure exit.   This week on The Financially Simple Podcast:    (0:57) What are the governing documents for an RIA? (3:34) How does a document written by an attorney impact your eight-figure exit? (6:40) Intrinsic value (7:50) Gaining efficiency by enforcing policies and procedures (10:33) What happens if you don't set the expectation? (11:12) Strategies to drive compliance to your governing documents (16:34) Do you have faith in processes to handle regulatory change management? (17:25) Don't simply put these documents on the shelf   Our Favorite Quotes:  "By engaging your team and the governing documents, you can instill a culture of regulatory compliance for you and your RIA. But you can also instill a culture of profitability and value." - 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 idea of a flat organizational structure has gained steam in recent years. On its surface, it may seem like a good idea. However, without a clear leader, people often become confused about which direction to follow. In this episode, I take a close look at some of the most common types of organizational structures. Join me as I explain why the flat org chart might prevent you from achieving the eight-figure exit you desire!   This week on The Financially Simple Podcast:    (0:40) My soapbox (1:40) Why organizational charts matter (3:48) Different types of organizational structures (14:00) The reason we're here (15:00) What got us here won't get us where we want to go (16:14) The lack of a clear leader can be confusing (19:10) Why you can't have a flat org chart in your RIA (25:46) Embrace hierarchy (26:27) How does an organization that truly conquers things structure its org chart?   Our Favorite Quotes:  "Having a powerful and scalable organizational structure is one of the most important ways that you can help solidify the team, solidify the company, and prepare them for exit." - Justin Goodbread   "It is impossible to find groups or organizations where all members have roughly equal status and power. Whether researchers study people, dogs, or baboons, hierarchies are evident after just minutes of observation." - Robert Sutton, Professor of Management Science, Stanford University   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.   

Key Performance Indicators (KPIs) can provide you with invaluable data to determine the health and direction of your RIA. However, with a seemingly endless number of KPIs to choose from, how can you know which ones to track in your organization? In this episode, I will uncover some of the mystique around KPIs, as well as explore which ones I believe every RIA should be tracking on their way to the eight-figure exit.     This week on The Financially Simple Podcast:    (0:37) What is a Key Performance Indicator? (2:49) Is it a metric? Not exactly... (4:07) KPIs that the financial advisory business owner should track... (7:10) Number of households per advisor (9:34) Average number of meetings per advisor (13:47) Your industry has KPIs that will drive you toward the 8-figure exit   Our Favorite Quotes:  "What gets measured gets improved." - Peter Drucker    "The KPI is like the roof of the house, and the metrics are like the walls that hold the roof up." - 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. 

One of the most challenging aspects of owning any business is building a cohesive and committed team. Different personalities and skill sets have very different needs. On top of this, you must also know which personality types are suited for each role and put people in the correct seats. In this episode, I continue looking at how to build a committed team for your eight-figure exit. I also discuss the difference between the technician, the manager, and the executive, and putting yourself and others in the best position to succeed.   This week on The Financially Simple Podcast:  (1:30) Your company will change (4:55) Who do you need in an RIA? (9:30) Why does it matter in light of the eight-figure exit? (11:05) Assessing your team's competencies (14:55) Developing an assessment plan (16:12) Creating micro-alignment for the eight-figure exit (18:13) What's the strategy?   Our Favorite Quotes:  "In order to grow, a firm needs to involve more people. With the arrival of more and more professionals, old structures become inadequate and new forms of organizational structure must emerge to unlock the ability of the firm to continue to function at a larger size." - Phillip Pavaleev, CEO, The Ensemble Practice LLC.   "What got us here's not going to get us there." - 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. 

Have you ever considered what goes into building a team committed to working through an eight-figure exit with you? The phrasing of that question is significant. You see, building a team requires a great deal of forethought because it is a tactical movement. Likewise, you want to build a team that will work through an exit and not just to one. But why?   In this episode, I take a deep dive into this subject. I'll discuss the strategies of developing your team while driving toward your desired exit, as well as growing it through strategic hires. Additionally, I'll examine the impact a committed team can have on your firm's final value.   This week on The Financially Simple Podcast:    (0:10) Why I chose this title (3:57) Why should you be concerned with growing your team? (7:35) Why does it matter to your employees? (11:52) How do you build a team that's committed to the eight-figure exit? (14:57) You might need new team members (17:17) Create a compelling EPV (18:30) Don't lose sight of the vision   Our Favorite Quotes:  "Before You're a leader, success is all about growing yourself. When you become a leader, success is all about growing others." - Jack Welch     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.