Business

DecaMillionaire Decoded

No fluff. No theory. Just real conversations with real business owners doing real numbers.

Hosted by entrepreneur and exit strategist Justin Goodbread, DecaMillionaire Decoded helps service-based business owners scale past $10 million in enterprise value. Each episode delivers hard-earned strategies, honest insights, and tactical advice from those who have built, scaled, and exited companies at a high level — and from experts who coach them.

Through direct interviews and expert breakdowns, Justin walks listeners through the Relentless Framework: Foundation, Examination, Execution, Exit, and Freedom.

Whether you’re already generating 6- to 7-figures or building toward your own 8-figure breakthrough, DecaMillionaire Decoded will help you turn chaos into clarity—and frustration into freedom.

New episodes drop every Monday and Thursday.
Subscribe now and start scaling with clarity and confidence.

While all the insights shared are for educational purposes, remember to seek advice from a professional regarding your unique circumstances. DecaMillionaire Decoded is a Financially Simple production.

Latest Episodes:

Protecting Your RIA's Intellectual Property for a Higher Multiple Dec 04, 2023

Show notes

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.

Disclosing Litigation During a Business Sale: What RIA Owners Should Know Nov 27, 2023

Show notes

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

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Risk Mitigation for the RIA Owner Nov 20, 2023

Show notes

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Marketing & Sales Synergy to drive your RIA's growth Nov 13, 2023

Show notes

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

What your Sales projections can tell you about your RIA's health Nov 06, 2023

Show notes

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

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

The power of No in your Practice Oct 30, 2023

Show notes

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Fire yourself as the lead producer in your business Pt 2 Oct 23, 2023

Show notes

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

Fire yourself from being the Lead Producer in your RIA Pt 1 Oct 16, 2023

Show notes

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.

Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.

10 Steps for Designing an Employee Incentive Program to Fuel the 8-Figure Exit Oct 09, 2023

Show notes

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.

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.

Reducing Compliance Risk through Operational Processes Oct 02, 2023

Show notes

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.