DecaMillionaire Decoded

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...

In episode 31 of Financially Simple, Justin gives an overview of the various documents and agreements that Business buyers and sellers must check at the time of sale. During the sales process of a Business, both the buyer and the seller will need to make carefully considered compromises and agreements on the terms of the sale. Justin goes over the types of agreements that may crop up, as well as w...

In episode 30 of Financially Simple, Justin looks at how to go about reducing your tax bill when you sell so that you're not left feeling short-changed. When you sell your Business, the taxman takes a portion of the proceeds. Fortunately, there are ways and means to minimize his cut. Justin goes over some of the tactics that Business owners can use to save as much of the money from the sale of the...

In episode 29 of Financially Simple, Justin goes over the different ways you could be paid when you sell your Business. When the deals have been made, there are a number of ways for you to get paid by the Buyer. Justin looks at each method, from the big check to being employed by the Buyer, and considers the pros and cons of each. Don't forget to subscribe, and let us know how we are doing by leav...

In episode 28 of Financially Simple, Justin talks about the Letter of Intent - the first step of many along the road to selling your Business. A Letter of Intent, or LOI, is like a declaration of war - it signals the buyer's desire to purchase your Business and your willingness to sell, without committing to anything just yet. Justin examines the format of an LOI, and also some of the terms and co...

In episode 27 of Financially Simple, Justin looks at the process of selling your Business by Auction. Auctioning a Business is similar to auctioning a car or a cow - but there are some differences and things that a Business owner should consider. Justin goes over the basics of auctioning a Business for sale, how they work, what is needed, and whether or not an auction is the best tactic for sellin...

In episode 26 of Financially Simple, Justin goes over putting together the Sales Presentation of your Business, and how to approach the Buyer. When it comes to selling your business, it's important to have a good Sales Presentation for the buyers and to have the right team to help present it. Justin talks about preparing for the presentation, knowing what to expect, and how to pick the players to...

In episode 25 of Financially Simple, Justin talks about having your Pitch Book ready to go for when the Business gets an offer. The Pitch Book of your Business will contain all of the information about the Business, from key players, the type of Business Model, to projections of where the Business is headed. Justin gives a brief introduction and description of a Pitch Book, what's needed of it, an...

In episode 24 of Financially Simple, Justin goes into Business Valuation - how and why. Knowing what your Business is worth will help you when it comes to selling or accepting offers. It will also help you to identify weaknesses in the Business so that you can improve its value. Justin looks at the various methods of determining the value of your Business, and their pros and cons. Don't forget to...

In episode 23 of Financially Simple, Justin asks who your real customer is, that is to say, who do you want to sell your Business to? Knowing who your ideal customer is will help you plan your business. Justin looks at each type of Business Buyer and gives advice on how to determine which is most suited to purchasing your Business. Don't forget to subscribe, and let us know how we are doing by lea...

In episode 22 of Financially Simple, Justin takes a look at the specialist players you need to have on your bench when it comes to selling your Business. Once you've set up your team to deal with the day-to-day running of your Business, and to help plan your exit strategy, you'll need to enlist a specialist player to help you sell the Business. Depending on the size of the business, the type of pl...

In episode 21 of Financially Simple, Justin talks about being prepared as a Business Owner for when that offer comes. Unlike in golf, there are no mulligans or second chances when it comes to selling your Business. Justin gives practical guidance on steps to take if you receive an offer to sell, or if you are preparing to sell your Business so that you can get it right the first time. Don't forget...

In episode 20 of Financially Simple, Justin compares Lawyers to chainsaws - potentially dangerous to the inexperienced, and incredibly useful to those in the know. Justin talks about having a good lawyer on your team, using them to navigate contracts and the legal terms and conditions involved. Knowing the provisions and basics of a good contract is invaluable, and a good lawyer will help you with...

In episode 19 of Financially Simple, Justin talks about being financially prepared as a Business Owner for the sale of your Business. Do you know what your worth is? Is it enough to cover the lifestyle you hope to have after the sale of your Business? Justin talks the talk, sharing his Iron Man experience, and how it relates to being ready for the big one - the sale of your Business. Knowing if th...

In episode 18 of Financially Simple, Justin talks about mentally preparing yourself, as Business owners, for life after the sale. As business owners approach the sale of their businesses, or are made an offer, most will accept it and ride off into the sunset. But some may self-destruct. Justin talks about the psychological issues business owners have after leaving, and what you can do to prepare f...

In episode 17 of Financially Simple, Justin talks about having your Exit Strategy in place and acting on it. As your business's most important team member, how and when you plan to leave your business will have an effect on your company's value. It is best to know well in advance your plans and clearly present them so you and the next owner are both on the same page when negotiating the sale. Don'...

In episode 16 of Financially Simple, Justin gives a crash course introduction to Marketing. Marketing your business is necessary for sustainable long-term growth - sowing the seeds today so that you reap the profits tomorrow. Justin covers the basics of what, why, who, when, where, and how of Marketing, as well as the benefits of having a consistent Marketing strategy that will lead to a successfu...

In episode 15 of Financially Simple, Justin looks at the ways and means of ensuring employee loyalty and retention. Having committed employees that work hard for you, makes for good Business - having a high employee turnover is not. Justin looks at "carrot and stick" approaches to keeping your employees dedicated to the company, and avoiding the problems and losses associated with losing disaffect...

In episode 14 of Financially Simple, Justin considers how to build confidence and motivate your team to improve the growth and value of Your Business. A rising tide lifts all ships. As your Business grows, succeeds, and makes you more money, be sure to share that success with the people that helped to achieve it. Justin talks of how rewarding the team that grows the Business will, in turn, encoura...