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:

Your Business Sold - Can You Handle Being an Employee? Feb 27, 2023

Show notes

Making the transition from business owner to employee after selling your business is something that many entrepreneurs aren't well prepared for. Friends, I'm not referring to those who've sold their companies and must now find a job. Instead, I'm talking about those who do as I recently did, selling their business and staying on as an employee. Are you truly prepared for that type of transition? Can you handle it? In this episode, I'm exploring how to go from owner to employee in your own business. This week on The Financially Simple Podcast:

● (2:15) Employment agreements and Earn-outs

● (5:20) Can you handle the change?

● (7:40) A new set of benefits

● (10:01) Lowered risk

● (11:30) Don't do it alone

Our Favorite Quotes:

"You can handle whatever you desire to handle. Whether you think you can or think you can't, you're right." - Justin Goodbread

"Being at the top is a lonely place. While you might not be truly alone, there are very few people in the entrepreneur's life that really understand what it's like to be a business owner." - 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.

Communicating your Company's Core Values to Customers Feb 20, 2023

Show notes

Your company's core values are more than just a few "feel good" words plastered on your wall. They have the power to shape the entire culture of your business. Therefore, it's critical that your values actually mean something. More than this, they must be such a part of your daily culture that you and your team embody them without a conscious effort.

In this episode, I discuss the importance of choosing the correct values for your business and how to live them out. I also cover 4 easy ways to communicate your core business values with your customers. This week on The Financially Simple Podcast:

● (1:33) Why core business values matter

● (3:10) Putting your values to work

● (4:34) How Chick-fil-A integrated their values into their culture

● (9:35) 4 ways to communicate your company's core values with customers

● (9:44) Listing values on your website

● (11:08) Displaying values through actions

● (11:34) The power of "Cause Marketing"

● (12:48) Values-based consumer testimonies

Our Favorite Quotes:

"Son, your what you do speaks so loudly that your words, I cannot hear" - Terry Goodbread, AKA, "Momma"

"The point is that a company's core values must be an active part of its culture." - Justin Goodbread

"They can't just be empty platitudes. Your core values have to mean something." - Justin Goodbread

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

Telling the Future - the Power of the Pro Forma in Small Business Feb 13, 2023

Show notes

In this episode, I discuss something very near and dear to my heart... the pro forma. You've probably heard of pro forma before. In fact, you may have used them in your business. But are you aware of the many different pro forma documents and their unique benefits?

Using pro forma documents can help you understand what the future holds for your business. I'll discuss this and explain the different types of pro forma and how they can be applied to your business in this episode of the Financially Simple podcast. This week on The Financially Simple Podcast:

● (1:48) What is Pro Forma?

● (2:35) Pro Forma calculation

● (5:03) Budget documents

● (5:24) Company income statements

● (6:24) Earnings projections

● (10:53) Secure funding

● (11:51) Inspire confidence in prospective buyers

● (13:38) Assessing M&A and risk analysis

Our Favorite Quotes: "If you use correct assumptions in creating your pro forma, you can demonstrate viable growth, making your business attractive to investors." — Justin Goodbread

"By changing a few key factors, you can identify risks in your planning well before they have the chance to be realized." — Justin Goodbread

Get the Financially Simple Pro Forma Template:

Financially Simple Pro Forma 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.

3 Ways to Quickly Implement Extreme Ownership Principles to Your Team Feb 06, 2023

Show notes

Have you ever wondered why some leaders are more effective than others? The extreme ownership principles taught by Jocko Willink and Leif Babin, both in their book and consulting firm, shine a light on the necessary traits of effective leaders. But how do you take battle-tested (literally) leadership principles and apply them to your business?

In this episode, I explore how extreme ownership applies to small business. I'll also explain 3 ways you can quickly implement extreme ownership principles in your team to supercharge your business. This week on The Financially Simple Podcast:

(2:02) What is Extreme Ownership?
(4:52) Accepting Criticism and Deflecting Praise
(7:17) Self Evaluation
(7:59) Implementing Extreme Ownership in Your Team
(10:44) No Bad Teams, Only Bad Leaders
(11:56) Transforming Leaders
(16:26) Cover and Move
(20:09) Steps to Break Down Silos

Our Favorite Quotes:

"With great leadership, any team can succeed." — Justin Goodbread

"Allow your group leaders to lead. Micro-managing their efforts displays a lack of trust and is not conducive to successful operations." — Justin Goodbread

Get Your Copy:

Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink & Leif Babin 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.

Succession Planning vs. Exit Planning - The Difference is Critical Jan 30, 2023

Show notes

Succession planning and exit planning are terms that are often used interchangeably. However, each one is a vital aspect of business planning that works to achieve different outcomes. So, what is the difference? In this episode, I take a closer look at succession planning vs. exit planning. I also discuss their benefits, why and how business owners should use them, and when to begin planning. This week on The Financially Simple Podcast:

(1:00) What is Succession Planning?
(2:01) The Many Benefits
(5:36) When Should You Begin Succession Planning
(7:48) Introduction to Exit Planning
(9:26) How Exit Planning Benefits Owner and Business
(10:41) Facilitating a Sale Without Making an Exit

Our Favorite Quotes:

"Unlike reactive hiring practices, the succession planning process is well-planned-out. It is a long-term procedure of building several internal pools of qualified candidates who are able to fill vacancies." - Justin Goodbread

"Don't make the mistake of thinking you can wait until you're ready to hand the business over to the next group of leaders." - Justin Goodbread

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

3 Ways to Determine Your Ideal Client and Use the Results Jan 23, 2023

Show notes

Understanding your customers is a critical aspect of business. But there might be more substantial benefits than you think. When you're just starting off, it's usually necessary to take on as many clients as you can. However, as you grow, this practice could actually stunt the growth of your business.

In this episode, I discuss 3 ways (metrics) to determine your ideal client and how you can use the results to supercharge your business's potential for growth. I'll also explore the individual calculations that go into each of these metrics. This week on The Financially Simple Podcast:

(3:14) The Recency, Frequency, Monetary Value Model
(5:31) Customer Lifetime Value
(11:26) Customer Acquisition Cost
(13:11) The CLV Over CAC Metric
(16:02) How to Use the Results to Grow Your Business

Our Favorite Quotes:

"Sometimes you have to say, 'No' to the good things in order to say, 'Yes' to the great things." — Justin Goodbread

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

The Psychology of a business owner (in transition) with Dr. Yvonne Kinney Jan 16, 2023

Show notes

Business owners are just wired differently than most people. We want to do things our way and we're willing to work twice as hard to make that a possibility. I've often said we're the only people in the world who will work 80 hours per week for ourselves so that we don't have to work 40 for someone else. But it takes a special kind of person to succeed in business. You've got to be tenacious and willing to charge hell with a water pistol.

Why do we enjoy such a challenging lifestyle? In this episode, I'm joined by Dr. Yvonne Kinney, a business psychologist who specializes in consulting business owners. Together, we look at what makes business owners tick, how to change our thinking so we can get out of our own way, and how to prepare for life beyond business! This week on The Financially Simple Podcast

The advantage of knowing what makes you tick (3:02)
Identifying strengths and making good decisions (4:44)
How a business psychologist can help keep you grounded (8:30)
Using psychology to motivate business owners into action (11:38)
Challenging past success for future gains (13:22)
What to consider when preparing for an exit (17:20)

Our Favorite Quotes:

"Having an assessment instrument that can provide us some insight to which we can create a deep sense of awareness helps us, then, put some actions in place to either grow ourselves, learn some new behaviors, and perhaps let go of some habits and behaviors that aren't serving us so well anymore." - Dr. Yvonne Kinney

"As my mom used to say, 'Son, education without application leads to stagnation.'" - Justin Goodbread

Connect with Dr. Yvonne Kinney:

Consulting Solutions LinkedIn 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.

How to Build a Pivot Strategy for Your Business Jan 09, 2023

Show notes

As a business owner, you must always be ready for change. Adapting and reacting to shifts in the market, technologies, consumer trends, etc., can help keep your business moving in the right direction. Sometimes, that means pivoting away from your original plan.

Pivoting to a new business model or offering doesn't indicate failure. If done properly, it could be an effective strategy. In this episode, I discuss how to create a successful pivot strategy. I also explain a few important steps to take when implementing a pivot. This week on The Financially Simple Podcast:

Why you might need to pivot (1:51)
Pivoting doesn't indicate failure (3:53)
Take the long view (8:28)
Don't neglect short-term sustainability (11:41)
Listen to outside perspectives (14:31)
Communication is vital (17:06)
Wrap-up (20:00)

Our Favorite Quotes:

"Pivoting, changing a strategy, changing a key player, changing a product line does not indicate failure. In fact, I would argue, it's the opposite." – Justin Goodbread

"Knowing what our customers are saying as we introduce this new pivot, is paramount." – Justin Goodbread

"Being transparent, being authentic, taking time to explain 'why' will successfully charge a pivot for 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.

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.

Increasing Business Profits by Adding Recurring Revenue Models Jan 02, 2023

Show notes

One of the greatest parts of entrepreneurship is the freedom to choose how you're going to operate your business. You can choose the type of business you want to run, what your product will be, who you're interested in helping, etc. The possibilities seem to go on and on into eternity. As long as you follow sound business principles, you're at least going to have a shot at success regardless of the type of company you own. However, many business owners overlook one model that could be the key to sustainable growth.

Recurring revenue models can offer predictability and stability, helping you to scale and making your business more attractive to prospective buyers and investors. In this episode, I explore types of recurring revenue models and how they could benefit your business regardless of industry.

"If you think in a constructive manner, in a creative manner, more than likely, you can fit or you can adjust or modify one of these models into your own business or to complement your current offering so that you, too, can increase the value of your company." – Justin Goodbread This week on The Financially Simple Podcast

What is recurring revenue? (2:31)
Subscription-based with auto-renewal (4:00)
Long-term contracts (5:12)
Cross selling or supplementary products (6:40)
Why does recurring revenue matter? (9:10)
Financial predictability (9:34)
Added stability (11:23)
Deeper customer relationships (12:50)
Easier customer experience (16:21)

Our Favorite Quotes:

"Any objection to the downside risk can be easily overcome by the benefits." – Justin Goodbread

"I have yet to see a business where we cannot institute some sort of a recurring revenue model." – 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.

Upskilling Staff into Team Leadership Roles through Mentoring Dec 26, 2022

Show notes

Mentorship is a valuable asset in the business world. It is beneficial for both the mentor and the mentee. The mentee benefits from your experience. On the other hand, you, as the mentor, get to sharpen your skills and increase your network. Perhaps you've identified a promising young talent in your company and want to help them grow. But where do you begin? What's the most effective path to accelerate their growth? How do you measure progress? And, just as important, how do you know when to end the mentor/mentee relationship?

In this episode, I discuss the ways team leadership and upskilling staff can benefit your business. Likewise, I look at the key components of mentoring an employee from identifying goals and communication to knowing when it's time to end the mentoring relationship.

"Being a mentor has allowed me to expand my skills." – Justin Goodbread

This week on The Financially Simple Podcast:

The Benefits of Mentorship (1:03)
How to Effectively Mentor an Employee (6:32)
Set Clear Goals (10:37)
When to Stop Mentoring an Employee (11:05)
Unfettered Access, Assigning Blame, and Being Non-Committal (12:05)
How to End the Mentorship (12:45)
Conclusion (14:40)

Our Favorite Quotes:

"Both parties, both the mentor and the mentee, should want to have this relationship and it should be clearly established what the outcome needs to be or is desired." – Justin Goodbread

"Not every time that you enter into a mentor/mentee relationship, is it going to go as expected. I've seen this happen in my coaching relationships where business owners started a mentorship, and the relationship turns sour." – 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

Subscribe Here:

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