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:

Independent Financial Advisors: Unlocking Success as Firm Owners May 08, 2023

Show notes

Like many other types of business owners, Independent Financial Advisors are prone to misunderstanding the true potential of their firms. Far beyond a means to a comfortable living, your firm is your greatest individual asset. As such, you must take great care to grow it, maximizing its value in the process.

Unfortunately, many financial advisors fall short when it comes to preparing their firm for the ultimate sale. In this episode, I introduce a miniseries aimed at helping IARs unlock the success in their firms. Although I'm specifically addressing financial advisors, don't tune out! The information contained in this series can be applied across many industries, and could help you when hiring an advisor of your own.

This week on The Financially Simple Podcast:

(1:46) More questions from financial advisors than any other segment
(2:33) Why this information is for everyone
(4:15) One thing that surprises me
(5:41) Who, specifically, am I speaking to?
(9:31) The personality profiles of financial planners
(12:11) The hard conversations
(19:02) How will you be paid?

Our Favorite Quotes:

"If my planner is the most successful person in my life, that means they know what they're doing." - Justin Goodbread

"I began implementing the strategies I learned from the Exit Planning Institute in my own business, and I watched my company accelerate." - 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.

For Your Business's Sake, Let Your Office Manager Manage YOU! May 01, 2023

Show notes

As a business owner, you're a rock star. You are a master of your trade, and provide your clients with the best experience they can have. But what about all those other areas of business? Are you the best HR director? Marketing Specialist? Are you a master of developing systems and processes to maximize operational efficiency? More than likely, you're unequipped in at least one of these areas.

That's why you have a manager on your team. But too often, business owners fail to let their managers manage them. In this episode, I discuss some of the reasons business owners struggle to let go and let their managers also manage them. I also explore the benefits of working with your management team, and offer steps to take to relinquish control for the sake of your business! This week on The Financially Simple Podcast:

(3:20) The role of an office manager
(4:17) Hiring your opposite
(11:26) How I allowed myself to be managed
(24:00) Don't stand in the way
(14:13) Benefits of being managed by your office manager
(26:53) Steps to relinquishing control

Our Favorite Quotes:

"Why have a manager if you don't allow them to manage?" - Justin Goodbread

"If you're clinging too tightly to control, you're probably spending a significant amount of time on tasks that don't maximize the value of your time." - Justin Goodbread

"Emily piped up and she said, 'Amy, he needs somebody to tell him "No," graciously because of his personality.'"

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 you and your spouse should expect After Selling Your Business Apr 24, 2023

Show notes

Selling your business can be a dream come true. But there are some surprising realizations you and your spouse or significant other will make once the sale is done. In this episode, I discuss some of the lessons I've learned about life after the sale of a business. I explain the sense of loss that many entrepreneurs feel after they've sold their companies. I also give some tips to prepare for life outside your business, so you can make the transition to "civilian life" as simple as possible. This week on The Financially Simple Podcast:

(1:30) Burdens carried by our significant others
(2:49) The question
(4:34) There are rewards from selling your business
(6:50) The emotional toll of selling a business
(9:15) The link between business owners and their companies
(11:01) How do you prepare for life after the sale?
(13:01) Learning to live with your significant other... again
(14:53) Give like no one else

Our Favorite Quotes:

"When people ask me about my own recent sale, they're often shocked by my answer. You see, while I don't regret selling my companies, there's a sense of loss that I can only compare to the loss of a child." - 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.

Pros and Cons of Using a Broker to Sell a Business Apr 17, 2023

Show notes

Few things in life are as emotional and complex as a business sale. You've poured your blood, sweat, and tears into your business for years—even decades—and now, it's time to sell. But should you try to sell your business on your own, or use the services of a business broker?

Is it worth the headache of attempting to facilitate a sale while still operating your business? Are you certain of the real value of your business? Do you have what it takes to negotiate the best price? Can you differentiate between legitimate offers and scams?

In this episode, I look at the pros and cons of working with a broker, as well as detail some of the steps you can take to ensure that you're hiring the right one. This week on The Financially Simple Podcast:

(0:44) What is a business broker?
(3:00) A simple analogy: For Sale By Owner vs Realtor
(4:50) Why you should use a broker to sell your business
(8:00) Personal experience with an intermediary
(9:05) How do you choose a broker?

Our Favorite Quotes:

"Doing the right thing at the wrong time is the wrong thing." - Justin Goodbread

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

As an established dentist, Should you Open a New Office location? Apr 10, 2023

Show notes

Dental entrepreneurs are very near and dear to my heart. Over the years, I've worked with so many of you, and I hear from even more who follow the Financially Simple Podcast. That's why these past few episodes have been especially geared to each of you. Although you experience many of the same struggles that are common across all industries, there's also a uniqueness about the way a dental practice operates.

In this episode, I am wrapping up the miniseries I've devoted to dental entrepreneurs by looking at whether now is the perfect time to open a new office. I discuss the pros and cons of trying to open a new office from scratch while running a fully operational practice. Likewise, I uncover some of the necessary steps to take that will give your new office the best chance to succeed. This week on The Financially Simple Podcast:

(1:00) Why you might be considering opening a new office
(3:10) The benefits of starting a new office from scratch (Pros)
(7:39) The downside of opening a second location (Cons)
(11:00) What can you do to make it successful?

Our Favorite Quotes:

"Owning a business is one of the most demanding jobs a person could have. However, with the right team in place, you can delegate some of the responsibilities and free up some of your time." - Justin Goodbread

"Believe it or not, opening a new office will be a lot like opening your first office. Of course, no two businesses are ever the same and they will each present unique struggles and opportunities, much like raising kids." - 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.

Should I Merge with Another Practice? Apr 03, 2023

Show notes

Making a strategic move to grow your dental practice through a merger is a big decision; one that comes with many moving parts. In this episode, I reveal some of the pros and cons of merging a dental practice to facilitate growth. I also discuss the growing trend of dental entrepreneurs joining DSOs and DMSOs. While specifically addressing dental entrepreneurs, this episode is packed full of practical information for any business owner whose exploring the option of a merger. This week on The Financially Simple Podcast:

(1:23) Why would you consider merging a dental practice?
(3:49) Benefits of merging
(4:02) Revenue synergy
(5:32) Cost Savings
(7:18) The downside of mergers
(14:50) How DSO and DMSO models differ
(17:10) Considerations for merging with DSOs or DMSOs

Our Favorite Quotes:

"All businesses have problem areas and nobody wants to believe their business isn't 'beautiful.' So, you must expect the same to be true with the practice you're considering a merger with." - Justin Goodbread

"Merging companies are often so focused on cost savings and efficiency that the little things making your patient care so personalized and exceptional could easily fall by the wayside." - Justin Goodbread

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

Buying another Dental Practice: The Pros and Cons Mar 27, 2023

Show notes

Recently, I received a very important question from one of our listeners. The question came from a dental entrepreneur who finds himself in a position where his business debts are paid and he has an excess of cash in his reserves. Likewise, he's taken steps to secure his personal finances by diversifying outside the business. He finds himself in a position where he can't take on anymore clients because he's already at capacity, but still wants to grow his practice.

The question is this, "What are the pros and cons of buying a practice to grow my current dental practice?" In this episode, I answer this question, addressing the pros and cons of such a strategic move. I also discuss some of the ways to mitigate the risks involved. Although this question is framed to speak directly to dental entrepreneurs, the information can still be applied to many different industries. This week on The Financially Simple Podcast:

(1:13) Laying the groundwork/Who asks this type of question?
(2:26) Why you should think about buying another practice
(7:06) Calculating market share
(7:33) Why you shouldn't consider buying another practice
(10:17) Avoiding the pitfalls
(12:39) A real-life example

Our Favorite Quotes:

"Knowing where you and your competitors sit within your market can enable you to make informed decisions about a strategic acquisition to grow your practice." - Justin Goodbread

"Remember, your team is an asset. It's necessary to invest in them if you want the best from them." - Justin Goodbread

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

Growing your Dental Practice; Reinvestment is Key Mar 20, 2023

Show notes

I'm always amazed at the number of dentists that listen to the show. It's always very humbling when I meet one of you in person and you tell me how much you enjoy our content and how it has helped you in your businesses. So, with this episode, I want to pay special attention to all of the dental entrepreneurs out there.

In this episode, I look at what it takes to grow your dental practice. From calculating the cost of capital to determining your year-over-year average growth rate, I walk dental entrepreneurs through the factors that go into deciding how and when to reinvest in their practices. However, the principles I'm discussing can also be applied to any business. Therefore, this episode is for all entrepreneurs who are ready to maximize their greatest asset... their business!

This week on The Financially Simple Podcast:

(2:17) A few basic assumptions before we begin
(5:20) Opportunity Cost
(7:21) Calculating Opportunity Cost
(8:27) Highest and Best Use of Reinvestment
(10:51) What High Revenue Growth practices do differently
(14:03) Maximize the number of patients seen each day (throughput)
(16:22) Viewing your practice through a buyer's eyes
(18:05) Calculating average revenue growth

Our Favorite Quotes:

"Calculating your average growth rate can provide a useful barometer for the overall health of your practice." - Justin Goodbread

"Growing the value of your practice requires deliberate planning and clear, measurable action steps. It's easy to become overwhelmed when working through this. That's where having a trusted advisor to coach and encourage you throughout the process becomes so important." - 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.

Selling A Business to Start Another - Is the Time Right? Mar 13, 2023

Show notes

Selling a business provides many new and exciting opportunities. Although it may be tempting to use the proceeds of the sale to start a new business, there are reasons you might choose to wait. In this episode, I look at the effect our current economy could have on a new business.

I also examine how the mass migration going on in the US could have a variety of impacts on emerging businesses. Perhaps most importantly, I discuss the personal impact that immediately jumping into your next business venture could have on you, your health, and your relationships. This week on The Financially Simple Podcast

(1:36) Current economic factors
(4:37) Mass migration's impact on local economies
(9:20) Personal considerations
(10:56) Taking care of yourself
(12:36) Taking care of your relationships

Our Favorite Quotes:

"We have the desire to make a path where there isn't one. In many ways, that's a good and admirable trait. But we must remember that there is a cost to all of this, and it's one that we often don't pay alone." - Justin Goodbread

"How many birthdays and milestone life moments have you missed because you had to be present in your business? Now that you've sold your business, could it be time to spend time with the kids before they're out of the house?" - 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.

Is Trying to Exceed Expectations Dangerous to Your Business? Mar 06, 2023

Show notes

Expectations are an important part of business. A CEO sets expectations for growth over time. Your sales department outlines product and service expectations for potential clients. But can expectations be harmful to your business? Inherently working to exceed expectations isn't necessarily a bad thing. However, if you're setting expectations too high and consistently underperforming, that could be a recipe for disaster.

In this episode, I unpack whether trying to exceed expectations is dangerous to your business. I also give some tips for setting clear expectations, opening the door for you to exceed them. This week on The Financially Simple Podcast:

(2:08) The importance of clear expectations
(3:39) Communicating expectations with clients
(4:58) When expectations become dangerous
(5:31) Creating realistic expectations
(9:45) Exceeding expectations through transparency
(11:04) Set boundaries

Our Favorite Quotes:

"Setting expectations is only dangerous when they can't be met" - Justin Goodbread

"Friends, striving to exceed expectations isn't a bad thing. However, consistently coming up short on your promises could destroy your business and your name." - 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.