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:

Dealing with Internal Conflict in a Second Generation Business Dec 19, 2022

Show notes

When you own a family business, it's important to keep family discord and internal conflict out of the business. Those who can manage the family dynamics within their companies will often see them become generational businesses. But that's not always the easiest thing to do.

In this episode, I'm joined by a father & son team who has made the family business work. My dear friends Chris (CEO) and Scott Snider (President) of the Exit Planning Institute have found the key to dealing with internal conflict as a family-owned business. Together, we will discuss some of the difficulties of operating generational businesses and the solutions they've found to combat them. This week on The Financially Simple Podcast:

What it's like for the second generation. (02:16)
Designing the business to prevent family conflict. (03:40)
Battling an "entitlement" mindset. (07:20)
Protecting the family culture. (15:30)
Transition of control. (20:45)
Knowing when the second generation is ready. (28:15)
The emotions of making an exit. (35:25)

Our Favorite Quotes:

"You've got to run the business from the numbers. You've got to treat it like a business. It's not a family piggy bank." – Chris Snider

"Life's like an onion. Every layer that you peel back can either be sweet or it can make you cry." – Justin Goodbread

"Find that private place where you're always in a good place, and you can do some soul searching about what you really want." – Chris Snider

"Stop following the same path. Get off of it. Do something different and once you get there, continue to stay hungry." – Scot Snider

Connect with Chris & Scott Snider:

Exit Planning Institute

Chris Snider LinkedIn

Scott Snider LinkedIn

Resources Mentioned:

The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations

The Hidden Life of Trees: What They Feel, How They Communicate

Walking to Destiny: 11 Actions an Owner MUST Take to Rapidly Grow Value & Unlock Wealth

The 7 Habits of Highly Effective People

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.

Pitfalls of Your Kids Taking Over the Family Business Dec 12, 2022

Show notes

Owning a family business is as much a part of the American dream as having a house with a front porch swing and white picket fence. It's a fine dream to have, and for many, it can be a reality. However, owning a family business is hard. You're dealing with all the usual problems business owners face while adding complex family dynamics to the mix. Things can grow even more complicated when it's time to leave the business.

In this episode, I discuss some of the pitfalls that can arise when your kids take over the family business. I look at why the three-generation rule may not be entirely accurate and explain how entitlement isn't just a problem in the younger generation. Likewise, I examine how misaligned dreams, poor planning, and even sibling rivalry could create major problems for the future of your family business.

"Education helps us and, if we apply it, we can often sidestep pitfalls." – Justin Goodbread

This week on The Financially Simple Podcast:

The Three-Generation Rule (1:10)
"Most of it is nonsense!" (1:50)
Entitlement (4:09)
Is your dream your child's dream? (10:22)
Planning for future generations (12:20)
Sibling rivalry and the family business (15:10)
Mitigating the pitfalls of your kids taking over the family business (16:27)

Our Favorite Quotes:

"Do we not give any credence to the fact that these children have been in the business and have grown up seeing the business nurtured, seeing the business morph, seeing the business grow?" – Justin Goodbread

"You want to start thinking about your exit long before you ever plan on exiting the company, whether that be through a sale outside the company or whether that be a transfer internally, to the children. – 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.

Ways Your Business Can Benefit from Economic Uncertainty Dec 05, 2022

Show notes

Recession is a very real part of the economic cycle. Yet, it's one that nobody really likes to talk about. Understandably, the term conjures many negative emotions. People become fearful during periods of uncertainty in the economy. But we must think differently, as business owners.

Although your instinct may be to draw back and cut spending during economic uncertainty, this will likely prevent you from taking advantage of the opportunities it presents. Knowing how to weather a recession could put you and your business in a very advantageous position when the economy recovers.

In this episode, I look at five ways you could take advantage of the next recession. I explain how a recession fits into the normal economic cycle and how you can access more affordable advertising, vendor pricing, and more. Join me to find out how your business could benefit from a recession.

"Be fearful when others are greedy, and greedy when others are fearful." – Warren Buffett This week on The Financially Simple Podcast:

What is a recession and where does it fit within the economic cycle? (01:30)
How can business owners take advantage of the next recession? (04:00)
Affordable advertising. (05:50)
Search Engine Optimization (SEO). (08:14)
Market expansion. (09:57)
Negotiate better vendor pricing. (12:01)
"Level up" your employees. (13:06)

Our Favorite Quotes: "Discomfort is essential for growth... if you're a successful business owner then pain, and suffering is familiar to you." – Justin Goodbread

"A recession can feel like a storm coming upon us. The reality is, a wise business owner leans into that wind." – Justin Goodbread

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.

Ways to Use FIT (frequency, impact, and trust) in Relationship Marketing with Luke Acree Nov 28, 2022

Show notes

Luke Acree is the President of ReminderMedia, an organization that helps businesses generate leads, develop repeat clients, and capture referrals. Under Luke's leadership, ReminderMedia has expanded its product line to include turnkey social media management, digital magazines, email marketing, and analytics. He holds a Bachelor of Science degree in Computer Science from Longwood University and also. In addition to his responsibilities as President of ReminderMedia, Luke serves as the Vice Chairman for the Calvary Vision Church's board of directors and hosts the StayPaid podcast, a show where he, his co-host Josh Stike, and their guests give listeners actionable sales and marketing advice that will help them live a life of freedom.

Luke joins me today to discuss the pillars of building great relationships with clients. He describes who your company's raving fans are and shares the key methods to creating more of them. He explains what makes Chick-fil-A an exceptional company and how billion-dollar companies like Facebook and Google leverage data to empower their marketing campaigns. Luke also highlights the value of building trust with clients, explains why you can't make too many touchpoints with clients, and underscores how you can stay relevant through impact.

"When the unexpected happens is when you can turn somebody into a raving fan." - Luke Acree

This week on the Financially Simple Experience:

Why marketing has a bad reputation among business owners
Luke's background and what led him to become passionate about marketing
Reminder Media's growth over the years and its specialty in creating raving fans
Empowering entrepreneurs to live a life of freedom
What raving fans are and how to create them
What makes Chick-fil-A special and how unexpected experiences create raving fans
How to create great, unexpected experiences in your business
The FIT methodology and a tactical tip for segmenting your client list
Building trust through accolades, client testimonials, and educational content
Delivering educational content through podcasting

Resources Mentioned:

Book: The Power of One More: The Ultimate Guide to Happiness and Success by Ed Mylett
Podcast: The Ed Mylett Show

Our Favorite Quotes:

"To build frequency, impact, and trust, you have to plan, enact, and continue the plan." - Justin Goodbread
"You need to have marketing paramount; it should be leading and permeating every area of your business." - Justin Goodbread
"The currency of business is relationships; the best businesses are the ones who can create great relationships." - Luke Acree

Connect with Luke Acree:

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

How to Raise Prices Without Losing Customers Nov 21, 2022

Show notes

Business owners all over the country are feeling the effects of inflation in their organizations. The longer it goes on, the harder it becomes to simply "wait it out." The truth is many business owners are facing a tough choice… continue watching their profit margins diminish until they're forced to close their doors or increase their pricing.

But how can business owners raise their rates without losing customers?

In this episode, I detail the necessary steps to increase your pricing without scaring away your customers. I explain the importance of quantifying your changes with real data, communicating increases with your sales team, and following up with customers after the increase has taken place. Additionally, I look at why timing is critical to successfully executing a price increase. This week on The Financially Simple Podcast:

The effects of the current inflationary trend (02:35)
A multi-faceted approach to determine what your price needs to be (04:45)
Gauging competitor pricing (08:25)
Peanut Butter Allocation (09:40)
Determining your increase (10:55)
Communicating your findings with your team (12:24)
Transparency and Value (14:21)
The value of a great customer experience (16:50)
Monitor the impact of price increases (18:21)

Our Favorite Quotes:

"People value authenticity. People value vulnerability. People value truth. People value good work." – Justin Goodbread

"We have to look at standardizing the sales process even further as we begin increasing pricing." – Justin Goodbread

If you have questions 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.

Why should small businesses avoid price wars with competitors? Nov 14, 2022

Show notes

In the tough economy we're in, we frequently see fierce price wars raging between companies. Business owners are tenacious, bullheaded, and ferociously competitive people. We want to win at all costs, and all the time. But winning a price war can be dangerous—when we're not careful with our emotions, we can find ourselves trying to win a race to the bottom. So, when you see your competitors drastically driving down their product or service price, don't lower yours just yet.

In this episode, I discuss how we should respond as business owners whenever we find ourselves in a price war. I explain the negative impact of lowering your prices on your business, profit margins, product or service quality, and labor power. I describe how Apple increased its product sales by creating differentiation strategies and how Chick-fil-A outpaced its competitors without lowering their prices. I also share some strategies to implement in your business when facing a possible price war and outline other alternatives to lowering the price of your product or service.

"Whenever you see yourself engaging in a price war, you don't necessarily need to respond in kind—you can create a differentiation and still keep your margins." - Justin Goodbread

This week on the Financially Simple Experience:

Teen Wolf, Sears and Roebuck, and competing with prices
What price wars are and why they should be avoided
How engaging in price wars can reduce quality control
Why price wars and eliminating competitors can lead to higher prices in the long-run
The importance of assessing your competitors' motives when they drop their prices
Creating creative differentiators instead of decreasing your prices
Developing strategic partnerships and creating great customer experience over low pricing
Educating your market on your quality and knowledge value

Our Favorite Quotes:

"We're at a time in the economy where we may find ourselves in a war on price. Don't race to the bottom of the prices. Instead, hold them firm." - Justin Goodbread
"If you want to be a successful business owner and drive value in your company, you cannot compete on price. If you need to change anything, look at expense cutting or investing in marketing." - Justin Goodbread
"We need to assess why our competitor is drastically reducing their prices on a product or service. A price reduction may have nothing to do with you—perhaps your competitor is just liquidating." - Justin Goodbread

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

How to Invest as a Business Owner Nov 07, 2022

Show notes

Christopher Shea is the Chief Investment Officer at WealthSource Partners, a financial advisory firm dedicated to helping financial advisors thrive with business resources, innovative solutions, and ongoing support. Chris's diverse career in the investment management industry includes security research, portfolio construction consulting, investment product development, and portfolio management. Before joining WealthSource, he was the Co-founder of CataMetrics Management, a firm focused on providing investment advisors with an integrated investment solution. He also served as the CIO of US Wealth Management and Vice President of Goldman Sachs. Chris holds a Bachelor of Arts degree in Economics from the University of Massachusetts Amherst in addition to a Chartered Financial Analyst designation.

Chris joins me today to offer advice on how business owners can invest. He shares his background in investment management and describes how he became the Chief Investment Officer of WealthSource. He discusses asset classes and why business owners need to invest differently from other kinds of investors. He also outlines his ideas on building a diverse portfolio tailored to a business owner's unique needs and highlights why investing is all about patience.

"Good investing is about how you think about yourself, how you confront the world, and patience." - Chris Shea

This week on the Financially Simple Experience:

Understanding company-specific risks and why business owners need to decentralize
Why publicly traded companies have lower company-specific risk
The Chartered Financial Analyst designation and how to earn it
Chris's role and responsibilities as Chief Investment Officer at WealthSource
Why small business owners have high-risk businesses
Concentration risk and the value of setting aside cash reserves
Why business owners need to invest differently
Other asset classes to which business owners can diversify their holdings
Building a custom, diversified portfolio that will help small business owners de-risk and decentralize their businesses

Resources Mentioned:

Book: Gems from Warren Buffett: Wit and Wisdom from 34 Years of Letters to Shareholders by Mark Gavagan and Warren Buffet
Book: Think and Grow Rich by Napoleon Hill

Our Favorite Quotes:

"The lower the risk of a company, the higher the value." - Justin Goodbread
"You need to have enough dry powder—cash reserves in your business and personal finance—to weather something like a COVID-19 pandemic." - Justin Goodbread
"Everybody is different, but business owners possess a unique set of characteristics that, from an investment perspective, they would want to be mindful of." - Chris Shea
"As we de-risk and decentralize ourselves through investing in various asset classes, we have to accept the notion that we'll get boring returns; not all assets have to return at the highest possible number." - Justin Goodbread

Connect with Chris Shea:

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

Getting Employee Buy In Oct 31, 2022

Show notes

Business owners and leaders always set visions not only for their companies, but for products and services as well. The thing is, life happens, and not everything turns out exactly as we plan. While we leaders and managers can push through change, disruptions, or obstacles, it's not necessarily the same for teams and employees—and we're inclined to go so fast that we don't think about how the people around us perceive change and disruption.

In these circumstances, it's easy for employees to become critical. That's something we always want to avoid; when we're driving change or adapting to disruptions like a pandemic, we need to get employee buy-in to have advocates for the success of the organization.

In this episode, I outline how you can build employee buy-in, especially during times of change and disruption. I define employee buy-in and differentiate it from employees' adoption of your company's mission. I explain why adoption—of company values or product and service vision—will quickly fall apart without employee buy-in. I also highlight how empathy and transparency create trust and buy-in and underscore how turning employees into advocates affects company success.

"Employee buy-in means the team has caught the vision and trusts you as the leader; they believe in what you're trying to accomplish and are willing to climb mountains not for you, but with you." - Justin Goodbread

This week on the Financially Simple Experience:

Acknowledging the difference between adoption and buy-in
How employee buy-in impacts the success of operational changes in a company
Building employee buy-in by cultivating honesty and empathy
Explaining the 'why' before the 'how' and the importance of communicating change
Gaining buy-in through incentivizing success
The power of transparency and tracking

Resources Mentioned:

Book: Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek
Book: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink

Our Favorite Quotes:

"Adoption without buy-in means your team is simply following orders, and we may not be able to receive the best from them." - Justin Goodbread
"Before you can get buy-in, you need to articulate what you're trying to accomplish in such a way that employees can connect. Then, you can bring them to a point where they feel essential and valued." - Justin Goodbread
"Every single employee has something rocking their worlds, and we need to be empathetic to that. It's not all about work." - Justin Goodbread

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

5 Ways to Keep Good Employees Oct 24, 2022

Show notes

Many of us business owners are like drivers: our heads are always in the future, thinking about where our companies are headed. On the other hand, many of us aren't experts in human resources and have difficulty working with groups of people with different personalities and skill sets. Still, people are an essential aspect of a company and we have to have a core group of high-performing employees aligned with the direction of the company we're driving. And, amid the Great Resignation, it has become more imperative for business owners to keep their A-level employees happy.

In this episode, I outline the different ways to make your top-performing employees happy and retain them. I discuss how voluntary turnover rates have increased since the pandemic began and describe new workforce issues and needs today's business owners face. I explain why flexible working arrangements are vital to retaining key employees. I also highlight the multigenerational impact of employee recognition and underscore how happy employees can increase your profit margin.

"If you have 10 employees, you are likely to have two to three voluntary departures in the near future, and it could be disruptive for your business." - Justin Goodbread

This week on the Financially Simple Experience:

How voluntary turnover increased throughout the pandemic
The transient workforce and the stigmatization of remote work
Understanding employee demographics and their needs
Investing in employee engagement
How improving employee engagement can lead to increased profit margins
Daily actions that could increase employee engagement in your company
Supporting your top employees' professional development
The multi-generational impact of employee recognition
Healthy corporate culture and avoiding toxicity in the workplace
Embracing workplace flexibility
Why flexible schedules and remote work are vital to retaining employees
Building friendship and camaraderie in the organization
How employee turnover drags profitability and team morale
How working with a business coach can help you overcome familiarity bias and retain your high-performing employees

Our Favorite Quotes:

"Commit to your A-players' movement and development. You can build a professional development system, no matter what industry you're in." - Justin Goodbread
"We have to maintain motivation. We need to build a healthy corporate culture, strengthen our employee relationship, and reduce micromanagement as much as possible." - Justin Goodbread
"We have to rule with empathy. If we're completely rigid and demanding peak performance with no empathy, someone who's going through a hard time in their lives will not stay with the company." - Justin Goodbread

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

How to Know When is the Best Time to Sell My Business Oct 17, 2022

Show notes

Undoubtedly, in our lives as business owners, we will reach a point where we find ourselves considering selling our businesses. Some owners may feel like they've already achieved a certain goal while others may want to sell their business to raise funds for a new venture. Whatever the reason is, we business owners need to be prepared, and we need to take a step back and evaluate whether it's really time to exit our businesses.

In this episode, I outline the factors that determine whether a business owner is ready to sell their company. I explain why many business owners feel regretful within a year of selling their businesses and discuss how you can avoid experiencing an identity crisis after exiting your business. I also describe the "trigger" events that make owners want to transition their companies and underscore why an exit plan is essential to a successful business sale.

"With real estate, it's 'location, location, location.' With business exits, it's timing, timing, timing." - Justin Goodbread

This week on the Financially Simple Experience:

The factors that determine you're ready to sell your business
Thinking about the goals and life you want to have after business
Evaluating your personal finances
How to avoid regret and identity crisis after selling your business
Putting together a transition team before selling your company
Building a solid contingency plan
Understanding your "trigger" events and defining the "win" for your business
The contents of an exit plan

Resources Mentioned:

Book: Walking to Destiny: 11 Actions An Owner MUST Take to Rapidly Grow Value & Unlock Wealth by Christopher Snider

Our Favorite Quotes:

"Without an exit plan, you could put yourself in a position where you'd regret selling your company within a year." - Justin Goodbread
"We want to build the business—and you—in a way that whenever opportunities and wins cross paths, you are completely prepared." - Justin Goodbread
"It was because of exit planning that I was able to accomplish an unbelievable dream of mine: to reach a certain number, and to position employees and clients to where they can win." - Justin Goodbread

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

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