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:

8 Ways to Promote Teamwork in your Senior Leadership Team Jul 17, 2023

Show notes

Working toward the eight-figure exit is challenging under normal circumstances. However, attempting to drive real and lasting growth is nearly impossible when your senior management team is operating under a silo mentality. When your team is siloed, it can cost you valuable time and resources as you work toward your objectives. So, what can you do to break down the silos that stand in your way, as an RIA?

In this episode, I discuss the hazards a silo mentality presents to your firm. I also outline eight ways you can tear down the informational and collaborative barriers within your firm. As you work toward your eight-figure exit, ensuring that your organization's leadership is united toward the same vision is imperative. However, don't check out just because you're not a financial advisor. This information could be applied to any business! This week on The Financially Simple Podcast:

(2:33) What is the Silo Mentality?
(3:26) The Issues That Create a Siloed Management Team & Their Consequences
(6:39) Cross-Functional Projects
(8:30) Team-Building Exercises
(9:12) Collaborative Decision-Making
(9:54) Incorporate Shared Goals & Incentives
(10:47) Cultivate a Culture of Open Communication
(12:30) Knowledge Sharing Events
(12:41) Continuous Improvement & Required Reading
(14:06) Remind Your Senior Management That Their Team Mirrors Their Behavior

Our Favorite Quotes: "Silo builds the wall in people's minds and creates the barriers in organizations' hearts." Pearl Zhu 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.

Is your RIA's Culture Preventing Your 8-Figure Exit? Jul 10, 2023

Show notes

As RIA owners, we often make the mistake of thinking that the only way to drive greater profitability is to cut costs. While managing expenses is certainly a factor, company culture is one of the greatest drivers of profitability.

In this episode, I explain how your RIA's culture could be the key to an eight-figure exit. I also look at some of the signs of a toxic company culture. Likewise, I'll discuss the importance of identifying the culture a buyer will want, and provide tips for changing a culture from the inside out. This week on The Financially Simple Podcast:

● (1:40) Defining Company Culture & its Impact on Your RIA

● (3:17) Culture in the Advisory Space

● (4:04) Firm Culture & What You Can Learn From Your Employees

● (6:55) Why Type of Culture Would the Buyer Want?

● (8:01) Culture Drives Profitability & Other Benefits

● (11:16) The Impact of Employee Recognition

● (11:50) Determining What Your Company Culture Is

● (12:40) Steps to Create A Winning Culture

Our Favorite Quotes:

"People need to feel good and have an environment that supports their ability to do their best work everyday." - Greg Friedman

"Everything rises and falls on leadership." - John Maxwell 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.

Predictably Planning your 8 Figure Exit Jul 03, 2023

Show notes

As a financial advisor, does it ever feel like you're trudging through mud? You work, and push, and drive to try to reach your goals but no matter what you do, you just end up exhausted and frustrated at your results. If this is you, strategic planning might be the key to start seeing real movement in your RIA.

In this episode, I explore strategic planning in the RIA space. I discuss some interesting statistics surrounding planning and breakdown how you can predictably plan to reach your eight-figure exit. The strategic planning principles I cover can be applied to all industries, however. So don't miss this episode! This week on The Financially Simple Podcast:

(0:25) The Recurring Question I Get from Financial Advisors
(2:15) An Introduction to Strategic Planning in the RIA Space
(3:43) Why "Shooting from the Hip" Doesn't Work
(5:35) 8 Stages of Strategic Planning
(14:16) The Problem with Strategic Planning
(16:31) Grandiose Ideas
(17:59) How to Approach Your Strategic Plans

Our Favorite Quotes:

"A strategic planning discipline creates a shared vision for the operational, financial, and talent aspirations of your firm. The most successful strategic plans harness the power of a proven framework that challenges conventional processes and forces critical thinking to answer hard questions." - Kim Kovalski, Managing Director, Marshberry

"Strategic planning is simple in terms of concept but it's hard to implement. It's hard to execute." - Justin Goodbread

Reference Links:

Understanding the Difference Between Vision and Mission 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.

Strategically Implementing Technology in your RIA Jun 26, 2023

Show notes

Technology has come a long way in a very short time. With all of the advancements, financial advisors have access to tools that can help drive operational efficiency, improved client experience, and many other desirable outcomes. Unfortunately, many of us are still thinking about tech the wrong way, and failing to use it to its full potential.

In this episode, I take a look at technology in each of the eight key areas of business. I'll also provide some insights into how you could strategically implement technology in your business to drive it toward the eight-figure exit. Regardless of the industry your business is in, you don't want to miss this episode! This week on The Financially Simple Podcast:

(0:03) Tangible benefits of embracing technology
(3:34) Evaluating your current tech stack
(6:36) Technology in 8 Key Areas
(7:25) Using Technology in Your Business Planning
(8:44) Using Technology in Your Business Leadership
(10:41) Using Technology in Your Sales Department
(11:26) Using Technology in Your Marketing Department
(12:30) Using Technology to support Your People
(15:13) Using Technology in Your Operations Department
(16:22) Using Technology in Your Finance Department
(17:09) Using Technology in Your Legal Department
(18:15) Steps to implementation

Our Favorite Quotes:

"Be crystal clear in what you're trying to accomplish. What is your objective?" - Justin Goodbread

"Is it (your technology) costing you too much money, time, or is it misaligning from your strategic goal?" - 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.

7 Reasons Your "Ideal" Client will prevent your 8 Figure exit Jun 19, 2023

Show notes

Defining the ideal client for your RIA is an important step toward the growth you desire. But what if the ideal client you've identified turns out to be more of a hindrance to your success? In this episode, I discuss seven reasons your perfect client persona may be holding you back. I'll also take a look at some of the ways you can refine your client persona to better fit the direction you want to go. This week on The Financially Simple Podcast:

(1:18) What Is the Ideal Client?
(2:48) How Do We Define Our Ideal Client?
(3:46) Defining Your Target Market
(4:20) You Haven't Defined Your Ideal Client Well Enough
(7:33) Geographical Distance Could be Problematic
(10:19) You're Targeting A Shrinking Market
(11:56) Cultural Misalignment
(13:46) You're Not Reaching Them Soon Enough
(15:50) You Have No Common Ground
(17:37) You Don't Have an Ideal Client
(18:12) How to Address the Problem

Our Favorite Quotes:

"You've got to have a common ground with your ideal client. If you don't, you could end up with atrophy within your client base after the sale." — Justin Goodbread

"If your content marketing is for everybody, it's for nobody." — Joe Pulizzi 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.

Intentional Planning to stay ahead of your Competition in the RIA Industry Jun 12, 2023

Show notes

Growing your RIA in a highly competitive market can be a difficult task. Not only do you have to monitor the health and scalability of your own firm, but you must also keep your finger on the pulse of your competitors. Yet, competitive research is often met with a series of roadblocks.

In this episode, I look at the significant role that competitive research plays in the growth and direction of your RIA. Likewise, I discuss how to examine and evaluate your practice through the eyes of your competition. Finally, I review some of the most important assignments to take before your next strategic planning meeting, as well as the pros and cons that come with them. Whether you're a financial advisor or not, you don't want to miss this episode! This week on The Financially Simple Podcast:

(3:48) Knowing the Destination: The Key to Good Planning
(4:52) Business Owners Often Fail to Plan
(5:55) Take Inventory of Right Now
(6:38) Standard Operating Procedures
(8:24) The Key Metrics
(9:29) Take a Holistic Assessment of Your Business
(12:35) Competitive Analysis
(14:04) The Ideal Client
(15:12) Listen to Thought Leaders & Business Experts Across Multiple Industries
(17:16) The Pros & Cons

Our Favorite Quotes:

"Oftentimes, we're not honest with ourselves, as business owners. We overly justify where we're at. We don't look at our baby quite as ugly as it truly is." - 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.

Maximizing your Business's Financial Performance with KPIs: Insights for Independent RIA Owners Jun 05, 2023

Show notes

As a financial advisor, it is possible to set your firm up in such a way that the eight-figure exit is possible. But simply trying to take on more clients as a primary means of growth could be a recipe for disaster. Instead, developing and implementing a system of KPIs could be the answer. KPIs or Key Performance Indicators can provide important insights into the health and direction of your firm.

In this episode, I discuss some of the many KPIs you could choose to explore within your finance department. I also talk about the importance of keeping your KPI tracking simple, and getting your team involved. With the correct KPIs, you could generate increased buy-in from your team while also driving more efficiently toward your objectives. You don't want to miss this episode! This week on The Financially Simple Podcast:

(2:45) How do we determine if we made the right decision?
(5:55) What are the KPIs that RIAs need to track?
(7:56) Financial KPIs common to the financial world
(12:20) Create a system
(15:58) Use KPIs to modify behavior
(16:30) A strong KPI system provides a bottom-down approach and a top-down view
(18:04) Conclusion

Our Favorite Quotes:

"What gets measured gets improved." - Peter Drucker

"You've got to address the fact that building KPIs, tracking KPIs, and examining KPIs is an investment of time and resources." - 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.

Productivity Paradox: How to increase your NOI without burning out May 29, 2023

Show notes

Whether you're an established RIA or just starting, understanding which of your services is the most profitable can be a game-changer for the growth and direction of your firm. However, you must also view your services through the greater context of Client Lifetime Value (CLV). This simple metric could change your whole perspective when it comes to your profitability by service.

In this episode, I dive deep, looking at the many layers that determine each practice's best pathway to profitability. From the impact of CLV and time investment to direct and indirect expenses that could be eating into your profits, this episode will help you discover whether you're firm is truly focused on its most profitable services. Finally, I'll give you some practical tips for changing course, should you determine you've been heading in the wrong direction. This week on The Financially Simple Podcast:

(1:13) The Productivity Paradox
(4:27) Define Your Success
(6:34) Resources Allocated Per Service
(8:34) Concentration Risk
(10:05) Lifetime Value for Each Offering
(12:11) Average Revenue Per Client
(13:11) Direct Cost Per Service
(14:52) Time Per Service
(23:02) Begin Implementing

Our Favorite Quotes:

"Why can't we be profitable with each offering? If we're going to make an offering, do we really want it to lose money?" - Justin Goodbread

"Implementing a strategy is going to cost you. It's going to cost you money. It's going to cost you time." - 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.

Why you Need a CFO for your Independent RIA May 22, 2023

Show notes

As the owner of an independent RIA, you likely wear many hats. You're an advisor to your clients, but you could also be overseeing compliance, accounting, operations, and more. Each of these tasks pulls you in different directions, and most importantly, away from your clients. Even if you are succeeding in juggling each of these responsibilities, doing so still presents a problem... your firm is controlling you!

In this episode, I discuss shifting that control back into your hands by hiring a dedicated CFO. I detail what a CFO does for your firm, average compensation in the RIA space, and the education and experience this professional adds to your firm. In addition, I also discuss the importance of looking at your firm's financial health and strategy through an objective lens. You don't want to miss this episode! This week on The Financially Simple Podcast

(1:35) RIAs Who Use a Dedicated CFO
(4:25) Difficult to Raise Fees
(5:26) What does a CFO bring to the table?
(8:50) The Most Important Thing for Me? Analyzing the Key Metrics
(10:26) If You Want to Use a CFO, Where Do You Look?
(12:18) External or Fractional CFO
(14:56) The Pros and Cons of Hiring an Outside CFO vs Hiring an Internal CFO
(16:53) Qualities and Designations to Look For
(21:44) Why Do You Need a CFO?
(24:09) "Complete Objectivity is Not an Option"
(25:13) A Dedicated CFO Decentralizes You
(26:05) An Unbelievable Peace

Our Favorite Quotes:

"When you're focused on growth, and not dealing with the day to day crap that we all deal with, now we're able to take a step back and make decisions that, ultimately, we know we need to make that we just don't want to." - Justin Goodbread

"What we can do is reduce our subjectivity - what I call 'I see, therefore it is.'" - Elizabeth Thornton

"A dedicated CFO has the ability to dig into the granular details of your firm's finances in ways that you just don't have time to do." - Justin Goodbread

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

Are you Tired of Feeling Broke as a Financial Advisor? May 15, 2023

Show notes

Owning an independent RIA offers many rewards. You get to work with the clients you want to work with, receive a greater percentage of revenue, and as long as you remain compliant, you have autonomy to do things your way. Yet many financial advisors struggle to maximize the greatest reward that owning their own firm has to offer... You hold an asset that has the power to change your financial future!

In this episode, I discuss the expense benchmarks for the industry. Similarly, I discuss the impact of how you prioritize spending in your firm, as well as the importance of having financial controls in place. Although I'm speaking directly to financial advisors, many of the principles I cover can be directly applied to businesses across multiple industries. So, don't miss out! This week on The Financially Simple Podcast:

(0:45) The "Eight Figure" Exit
(2:30) Are You Tired of Feeling Broke As a Financial Advisor?
(5:03) A Byproduct of a Lack of Pure Data
(7:35) Moving Away From Brokenness/Facing Contentment
(8:51) Industry Averages
(12:14) How Do You Relate to the Industry Revenue Averages?
(16:25) Identify the Problem
(17:26) Financial Controls
(19:41) At Least, Be Average
(20:43) Monthly Expense Review
(23:48) Get True Data By Outsourcing Accounting & Fee Billing
(24:59) Defined Process/Procedures
(26:25) Begin Forecasting
(28:35) The Results of Implementing Financial Controls

Our Favorite Quotes:

"Before you can begin customizing, before you can say, 'Hey, I want an eight-figure exit,' or 'Hey, I want this lifestyle practice where I only have to work X number of hours per month, and I can have X number of revenue,' before you can get there, you have to, at least, be average." - Justin Goodbread

"Providing an educated projection of where your company is headed can enable you to make course corrections and strategic moves that drive your business where you want it to be." - 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.

Our TOPPODCAST Picks

Follow Us

Stay Connected

DecaMillionaire Decoded

Related Podcasts

Links

Stay Connected