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:

Driving Profitability through your RIA's Governing Documents Sep 25, 2023

Show notes

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.

You can't have a Flat Organizational Chart in a Financial Advisory Firm Sep 18, 2023

Show notes

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.

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

Key Performance Indicators to drive your RIA's Operational Efficiency to an 8 Figure Value Sep 11, 2023

Show notes

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

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

Building a Committed Team for your 8 Figure Exit: Part 2 Sep 04, 2023

Show notes

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

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

Building a Committed Team for your 8 Figure Exit Part 1 Aug 28, 2023

Show notes

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

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

Change Management in Preparation for your 8 Figure Exit Aug 21, 2023

Show notes

As you work to prepare your business for the eight-figure exit, change is inevitable. What got you here won't necessarily get you there. This is true whether you own an RIA or an auto repair shop. Because of the disruptive nature of change, you must be prepared to enact proper change management within your team.

In this episode, I discuss why change is necessary for the eight-figure exit, and how proper change management can help you maintain your positive momentum even through periods of transition. If you're dreaming of making your own eight-figure exit, you don't want to miss this episode! This week on The Financially Simple Podcast:

(1:40) Change that necessitates strong change management

(2:28) Change is hard

(3:11) Change management is needed

(6:51) Change is necessary

(9:15) Six aspects of effective change management

(17:08) How to implement change management

Our Favorite Quotes:

"In order to affect the future, we must disrupt the present." - Justin Goodbread

"Growth alone is going to necessitate change." - 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.

4 Reasons Clients are Leaving your RIA Aug 14, 2023

Show notes

Client attrition can be devastating to your goal of achieving the eight-figure exit. We work hard to acquire each client and it can feel deeply personal when they decide to leave. But what causes clients to leave an RIA?

In this episode, I look at the top reasons clients leave their advisors. By understanding why clients leave, you can take proactive measures to ensure that your book of business continues to grow and thrive, driving your toward the eight-figure exit. This week on The Financially Simple Podcast:

(3:51) From the business owner's seat

(5:16) Loyal customers are more likely to refer

(6:05) Why do clients leave their RIA?

(7:21) Fixing the communication issues in your firm

(9:35) Perception of value

(10:46) Aligning the value proposition

(13:53) Lagging technology

(16:14) Poor chemistry

(22:24) Shifting methodology

Our Favorite Quotes:

"Our younger generations are the generations that will often move the average age range of our book which causes our multiple to increase." - 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 ("WBA").

What Are the Key Drivers of Operational Efficiency in your RIA Aug 07, 2023

Show notes

As business owners, we understand the importance of operational efficiency. But did you know your RIA's operational efficiencies could be the difference between making your eight-figure exit and missing the mark? Knowing that the efficiency of your operations has a direct correlation to your firm's valuation is one thing. However, understanding the biggest drivers could position you to take control of your practice and steer it toward the exit you desire.

In this episode, I take a look at how your efficiencies affect your RIA's value. Similarly, I take an in-depth look at some of the biggest drivers of operational efficiency, and how you can use them to maximize value. This week on The Financially Simple Podcast:

(2:18) The drivers of operational efficiency are actually perspectives

(3:07) The owner's perspective

(11:40) The customer's perspective

(15:54) Your team's perspective

(17:35) Client's do not come first

(18:07) How do you influence operational efficiency?

Our Favorite Quotes:

"Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients." - Richard Branson

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

Pass the Baton: Developing FIrm Leadership for your 8 Figure Exit Jul 31, 2023

Show notes

If you want to make the eight-figure exit, you need to begin planning for it right now. Too many people fail to realize the complexity of proper succession planning and the time required to do it correctly. As a result, many business owners reach their exit, receiving only a fraction of what they could have or worse, nothing at all!

In this episode, I look back at the relay race and what it can teach us about proper succession planning in your RIA. I also discuss the ways you can begin decentralizing and preparing your firm's leadership for your eight-figure exit. This week on The Financially Simple Podcast:

(0:35) The relay race and business

(3:40) What causes a poor transition?

(6:24) Effectively passing the baton

(7:22) Examine your current processes & develop a complete system

(8:42) Creating capacity & implementing new processes

(10:12) Clean the office

(11:35) The depth of your bench

(13:44) Improve collaboration and training to increase engagement

Our Favorite Quotes: "One is none, and two is one." - 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.

Inspiring your Firm's Leaders to Make way for your 8 Figure Exit Jul 24, 2023

Show notes

Leadership is one of those things that can make or break any business. Great leaders inspire others to become the best possible versions of themselves. In turn, this could lead your RIA to become best-in-class. But how do you inspire your leadership team to exhibit the authority, responsibility, and accountability that can permeate your entire organization?

In this episode, I'll talk about what it means to have a culture of authority, responsibility, and accountability. Similarly, I'll explore how it can impact your eight-figure exit. Finally, I'm going to take a look at what works and what doesn't, giving you seven ways to implement this type of culture in your own firm. Regardless of the industry you're in, this is one episode you don't want to miss!

This week on The Financially Simple Podcast:

(1:07) How do you make way for the eight-figure exit?
(2:02) How are you impacting your employees?
(3:23) The carrot and stick
(5:33) Reduction of micro-management
(7:38) Authority, responsibility, & accountability: defining them as tenets of leadership
(8:54) 7 Ways to implement responsibility, accountability, and authority
(12:37) Create "psychological ownership"
(16:22) ffffThe trickle down effect

Our Favorite Quotes:

"While your leaders may be great at their respective roles, let me ask you the question, 'do they exhibit the traits of authority, responsibility, and accountability amongst your teams?'" — 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.

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