DecaMillionaire Decoded

Time is money. So when it comes to running an efficient and productive business, nothing could be more vital. Justin talks about making the most of your available time, tips for avoiding distractions, and the importance of taking time for yourself. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT:   BLOG: Untapped Assets - T...

As a startup you are at a disadvantage to established businesses - people don't yet know about your awesome products and services. It is essential that you get the word out to people so that they can become your customers. Justin looks at the basics of Marketing and Advertising for a small business and the various considerations, strategies, and costs involved. Don't forget to subscribe, and let u...

If you are providing a product or service, chances are good that you're buying products and services yourself. Justin discusses several key points that should be considered when working with vendors and suppliers. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT:  BLOG: Win-Win Negotiation... How to Get the Best Prices from...

The type of Entity that you pick for business will have many legal pros and cons. Taxes, varying degrees of liability, and types of protection are all affected by your business entity. Consulting with your team's legal expert will help you decide which one best suits your small businesses needs. Justin goes over the differences between the various entities with legal expert Lee Popkin of Long, Rag...

When you're starting out, or even once you've got going, you'll want the best people to be on your team to help develop and grow your business. Justin goes over some great tips on hiring employees and shares his process of making sure he gets the right staff member for the job. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT...

In business, accidents and life happen. To protect yourself and your business from these events you'll need the right insurance coverage for the various aspects of your business for when things go wrong. Justin talks to Matthew Bryan of Hitson, Crumb & Blazer Insurance about the types of business insurance, and how to go about getting covered. Don't forget to subscribe, and let us know how we are...

To effectively run a business there are a number of systems and workflows that should be implemented from the beginning, to ensure smooth business processes, and avoid headaches later on! Justin briefly goes over each of the various systems and explains the what and why. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT: BLOG...

To start a business, you will need money to start and keep things moving. Justin looks at the 12 most common means of financing a start-up business, giving a brief overview of each method and its respective benefits and limitations. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!  ARTICLE TRANSCRIPT:  BLOG: Investor vs. Bank Loan - Which is th...

When starting a business, it's a good idea to choose a formal business entity that best suits your type of business and give it legal standing. Justin gives an overview of the different types of entities startups and existing businesses can choose from, listing the pros and cons of each, as well as the documentation required to set them up. Don't forget to subscribe, and let us know how we are doi...

Having the right advisory team in place can make the difference between your business winning gold or getting the wooden spoon. Justin goes over the different players you'll need on your business team, as well as their roles in making your business a success. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT:   BLOG: 6 Must-Ha...

Having all of your financial ducks in a row before starting out on a new business will increase the likelihood of success and fewer headaches further down the road. Justin looks at three key areas where entrepreneurs should check their financials before getting started. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:31 - Prepar...

In this episode, Justin interviews Johnathan Mills Patrick, a former banking executive, financial advisor, and 3x startup founder Jonathan Mills Patrick has worked in many fields pertaining to Business development, from banking to finance, consultant to mentor. He has had three startup businesses of his own and has learned from each experience and written several books on the subjects of his exper...

A Business Plan is comprised of several different sections, each detailing separate aspects of the Business. Justin goes over each section of the Business Plan, explaining what is required and why. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT:   BLOG: 7 Questions to Answer When Conducting a Market Analysis for a Startup  ...

Failure to plan is planning to fail, as the saying goes. Whatever the undertaking, it's a good idea to have a solid strategy in place to chart a course and deal with any eventualities that may occur, whether it's a cross-country trip, or starting up a business. Justin goes over the introductory basics of having a Business Plan - the what, why, when, and what again. Don't forget to subscribe, and l...

What qualities make for a successful entrepreneur? Justin looks at the various definitions of an Entrepreneur, and the characteristics that define them, as well as gives his take on what makes someone successful. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT:   BLOG: Do You Have an Entrepreneurial Personality?   TIME INDEX...

Welcome to the newest podcast series from Financially Simple: Starting a Business. Justin Goodbread, as a financial planner with years of business planning and growth, is talking to you... someone that is considering starting a business.  In this podcast, he talks about the thought processes and intent of starting a business, as well as what will keep you motivated and on track. Don't forget to su...

In episode 40 of Financially Simple, Justin talks to Ben Wells about ESOPs. Ben Wells is an attorney at Law and a certified CEPA. Justin talks to Ben about Employee Stock Ownership Plans or ESOPs - what they are, how they work, and who they're right for. Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION:  BLOG: Pros and Cons o...

In episode 39 of Financially Simple, Justin interviews Chris Snider of The Exit Planning Institute. Chris Snider is a Certified Exit Planning Advisor, author of Walking to Destiny: a Guide for Business Owners, CEO of Aspire Management, and President of the Exit Planning Institute. Justin talks to Chris about the Exit Planning Institute, the ins and outs of Exit Planning, valuing your Business, and...

In episode 38 of Financially Simple, Justin goes back to determining the value of your Business compared to other competitors, and whether it's the right time to sell. If your Business isn't making as much as your competitors, then you've got a value gap. Justin looks at how you can calculate what the value gap is, and how to eliminate it using Business assessment tools that will analyse the Busin...

In episode 37 of Financially Simple, Justin talks about what to do with the money from the sale of your Business. You've sold the Business and now have a very healthy looking bank account. What to do with all that money? Justin goes over some of the options for investing the cash, and considers factors that are beyond financial concerns. Don't forget to subscribe, and let us know how we are doing...

In episode 36 of Financially Simple, Justin talks about the things that a Business owner can expect when it's time to sign the deal to sell. This is it, the grand finale, you've sold your Business. Justin goes over what you, as a Business Seller, can expect once the deal is done - from signing many, many documents, to getting ready for the next chapter in your life. Don't forget to subscribe, and...

In episode 35 of Financially Simple, Justin considers disruptions that could happen at the last minute of a sale that could derail the process. You're in the final stretch of the sales process of your Business when the unexpected happens and the entire sale is thrown into uncertainty! Justin looks at the possibility of disruptions happening at the last minute, what the causes might be, and how to...

In episode 34 of Financially Simple, Justin gives advice on Re-Trades. A Re-Trade is the Business buyer's equivalent of the old Bait and Switch. Justin explains what Re-Trades are and why buyers try to Re-Trade. He gives advice on how to avoid a Re-Trade as well as what to do if you find yourself in a Re-Trade scenario. Don't forget to subscribe, and let us know how we are doing by leaving a revie...

In episode 33 of Financially Simple, Justin takes a look at the Due Diligence process. As you prepare to sell your Business, the buyers are going to be performing Due Diligence and scrutinizing all aspects of your Business. Justin goes over a few steps sellers can take to be ready for a buyer's Due Diligence inspection process. Don't forget to subscribe, and let us know how we are doing by leaving...

In episode 32 of Financially Simple, Justin goes over the Purchase Agreement. When finalizing the paperwork for the sale of your business, it's important to read and check the small print, making sure that there are no weaknesses or loopholes. In the second part of The Documents and the Terms, Justin looks at the specifics of the Purchase Agreement, and how to effectively organize your Team to man...