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:

Not a Good Fit...What to Do When You Hired the Wrong Person Oct 10, 2022

Show notes

What do you do when you hire the wrong person into your company?

One of the most difficult aspects of owning and running a business is human resources—people, and hiring them. As business owners, we spend a lot of time, money, resources, sweat, intellectual equity, and energy trying to hire the right people: we articulate and write the perfect job description and go through hours of countless interviews. So, when we realize that an employee isn't a good fit for the role, it becomes a difficult challenge for us to approach.

In this episode, I discuss the steps to take when you've hired the wrong person. I explain why cultural fit is non-negotiable in your organization and outline passive and proactive approaches to identifying poor cultural fit. I describe the signs that tell you've hired the right person for the wrong role and how you can fix the issue. I also highlight how you can mitigate legal action following the termination of an employee due to poor fit or performance and underscore the importance of leading with empathy and grace.

"Cultural fit is non-negotiable. Positive corporate culture enhances productivity through collaboration and creates engagement. A poor cultural fit can demoralize the team and cause burnout." - Justin Goodbread

This week on the Financially Simple Experience:

Leadership and providing a pathway to success for employees
Why cultural fit is non-negotiable when hiring employees
The tell-tale signs of an employee with a poor cultural fit
Passive and proactive approaches to identifying cultural anomalies in your company
Addressing workplace toxicity and the importance of creating safe reporting mechanisms
Avoiding the "Me" monster and the importance of valuing growth over ego
Leading with empathy and how to deal with low-performing employees
What to do when you've hired the right person into the wrong role
Mitigating legal action and lawsuits from firing an employee with a poor fit

Resources Mentioned:

Book: Good to Great: Why Some Companies Make the Leap…And Others Don't by Jim Collins
Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly

Our Favorite Quotes:

"As leaders, we need to ensure that we've done our very best for our employees—those whom we've hired into our companies to excel and succeed." - Justin Goodbread
"Identify and address the problems of a cultural fit before they can make major problems; if you allow them to fester, your company's productivity and profitability can dive." - Justin Goodbread
"Lead with empathy and be transparent. However, we need to always be ready to make hard decisions and let people go." - 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.

When to Phase Out a Service or Product Oct 03, 2022

Show notes

We entrepreneurs have an unbelievable propensity for optimism. When it comes to cutting ties with something familiar, we often face familiarity bias. So, when it's time to phase out a product or service, we tend to cling to it. Or because it's familiar to us, we never know the right time to innovate our product or service mix and lose out on opportunities to widen our margins. But, friends, the world of business is a world of change. The economy ebbs and flows, and consumer trends always evolve. And as things change, we business owners have to be adaptable and in constant creation mode.

In this episode, I outline the factors that tell us it's time to let go of an offer in our business. I explain what the product life cycle is, the characteristics of its different stages, and the variables that impact its phases. I discuss some key considerations we must make before discontinuing a product or service. I also highlight how tracking the profitability of a product or service can help us evaluate if we should discontinue it and underscore how you can effectively communicate to your customers the discontinuation of a product or service.

"When we understand our biases, we can take an objective look at whether or not we should continue a product offering." - Justin Goodbread

This week on the Financially Simple Experience:

Understanding the product life cycle and its four phases
Signs that a product has reached its growth and maturity phases
Different factors that impact the different phases of a product's life cycle
Tracking the profitability of a product or service
How focusing on one product too much can harm your product mix and your business
Looking at employee costs and the cost of production
A quick and dirty math tip for business owners
How highly engaged and motivated employees can increase your profit margins
How to make cross-selling opportunities work
Considering your product array and the power of cross-selling
How products can "cannibalize" others in your product array
How to effectively communicate product or service discontinuation to your customers or clients

Our Favorite Quotes:

"We could be harming ourselves by chasing an old, dying product or service when we should be focusing on a new one which could make a greater margin for our business." - Justin Goodbread
"As we try to navigate the world of business, we have to look at the offering we deliver to customers and clients. We want an offering that makes clients stick around—that drives profitability, scalability, and the value of our companies." - Justin Goodbread
"The way you communicate a product's discontinuation drives perception. And, as we say: perception is reality." - 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.

How Your Business Can Increase Profit Margins During Inflation Sep 26, 2022

Show notes

Every day when I turn on the news I see the word "inflation" and never in my life have I seen this word so much. Just the other day, my wife and I went to our local grocery store and purchased bacon, but the cost has been getting increasingly expensive. It's not just food—we've seen inflation impact power bills and gasoline. Every time we turn around, it seems like inflation is rearing its ugly head. It's a nemesis: an enemy to wealth creation

As business owners, we're not just facing inflation at home. It's not just impacting our checkbooks, but our daily business operations too. As we question how we can deal with inflation, we must also consider how we can increase our profits during these times.

In this episode, I discuss inflation and how your business can maintain or increase profit margins during inflationary times. I outline some actions to take to mitigate the effects of inflation on your business. I share some inflationary trends and insights from the Harvard Business Review and describe how one company broke down silos and saved $300 million on annual expenses by appointing and empowering a spending czar. I also discuss how technology and automation can help save money and make processes more efficient and underscore the importance of remaining vigilant during inflation.

"Inflation is here and, as business owners, it's imperative that we focus. To weather this particular storm and survive its attacks is going to require vigilance." - Justin Goodbread

This week on the Financially Simple Experience:

Annual inflation rates in 2022
How inflation changes the nature of business
The pros and cons of adjusting the pricing of your products or services
The 'five by five principle' and controlling your spending during inflationary times
Differentiating strategic and non-strategic expenses
The power of accurate accounting and inventory controls
Using the efficiency of technology
Prioritizing high-profit margin products during inflation
The economic cycle

Our Favorite Quotes:

"Inflation drastically changes the nature of our business, and loss of profit and decrease in margins impact us directly." - Justin Goodbread
"You must be vigilant and agile. Every day you have to keep a finger at the pulse of your businesses. If you don't, you may not be able to move fast enough to keep your margins in place." - Justin Goodbread
"There are things we don't have to spend money on in our business, and when we're in inflationary times, we want to be protective of our resources." - Justin Goodbread

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

Sales Department: Beware of Recentralization Sep 19, 2022

Show notes

You've probably heard me preach—shout from the mountaintops, even—several times that for us to drive the values of our companies, we have to decentralize ourselves. We have to remove ourselves from the epicenter of our business—position ourselves where it can function without us. But if decentralization is crucial to the success of our companies, why do we keep returning to the fray?

In this episode, I discuss recentralization, why business owners do it, and what to do to avoid it. I share the different factors that make business owners jump back into the center of their business and explain how decentralization drives the growth of your business. I also highlight the power of business systems and standard operating procedures and underscore the importance of cultivating your company's culture.

"Don't recentralize yourself. Your team, your customers, and your business are incumbent on you decentralizing—removing yourself from the epicenter of the business." - Justin Goodbread

This week on the Financially Simple Experience:

How the process of decentralization helps drive up the value of a company
What is business recentralization
Pride and fear and how they drive us to recentralize
The unwillingness to balance quality and growth
Quality control and how to prevent recentralization
The introduction of the Six Sigma quality methodology
How robust systems and processes help prevent recentralization
The right way to disseminate standard operating procedures in the company

Resources Mentioned:

Book: The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber

Our Favorite Quotes:

"Until your business processes become second-nature to your team, the fire will continue to entice you to jump back into your system and recentralize yourself, costing you the hard work you've done to increase the value of your company." - Justin Goodbread
"Create a happy team. If your employee base is content, your client base is content. If your employee base is not content, your client base will not be content." - Justin Goodbread
"When we decentralize ourselves from the company, we can see the growth of the company, but we also drive quality. But if we don't balance growth and quality, we cause ourselves to recentralize—to jump back into the fray." - Justin Goodbread

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

The Relationship Between Sales and Marketing Sep 12, 2022

Show notes

Sales and marketing teams play similar roles in a company. However, many business owners fail to understand the relationship between sales and marketing, costing them resources and the opportunity to efficiently scale their businesses. When it is understood, cultivated, and optimized, a balance of sales and marketing can create happy, long-term customers while boosting a company's growth.

In this episode, I discuss the relationship between sales and marketing. I define what sales and marketing teams are and describe their tasks and responsibilities within a company. I explain how the collaboration between sales and marketing teams increases efficiency and creates long-term, happy clients. I also highlight why margin matters more than volume and underscore why business owners need to include sales and marketing together in their strategic plans.

"Sales and marketing are like a hand and a glove, like pepperoni and pizza, and like peanut butter and jelly." - Justin Goodbread

This week on the Financially Simple Experience:

Why many businesses don't see the relationship between sales and marketing
The definitions of sales and marketing
How sales teams convert qualified prospects into satisfied customers
The importance of growing your business through a long-term relationship strategy
The sales team's mission to convert prospects into long-term, happy clients
How marketing teams identify the perfect customer
Why sales and marketing teams need to collaborate

Resources Mentioned:

Book: Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business by Jay Conrad Levinson

Our Favorite Quotes:

"People do business with people, not companies. Humans are built for relationships, and people do business with people who are interested in long-term relationships." - Justin Goodbread
"In simple terms, sales brings to people the opportunity to say 'yes' or 'no' for your product or service." - Justin Goodbread
"It's paramount that the marketing team can create collateral that can convey the message of what you do as a company for the consumer to understand." - Justin Goodbread

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

Filling the Holes in Your Exit Plan Today Sep 05, 2022

Show notes

I went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there's no amount of preparation that can prepare you for the emotional rollercoaster you're going to ride as you exit your business.

What you can prepare for when you exit your business, however, are the blind spots.

In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.

"A blindspot is only going to be revealed and repaired for your ultimate sale when you couple yourself up with clear thinking, determination, and a guide who has walked that path." - Justin Goodbread

This week on the Financially Simple Experience:

The benefits and challenges of selling your business to a key employee
The advantage and disadvantages of transitioning your company to a family member
Tax planning in estate planning
Selling to an open market and its pros and cons
The biggest blindspot in exit planning and how to fill it
Working with a certified exit planning advisor and avoiding the familiarity bias
Working through a SWOT analysis
The three types of businesses
Why we need to work with coaches outside of our industry

Resources Mentioned:

Book: The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas Stanley

Our Favorite Quotes:

"If we business owners delay, we might not be prepared for the opportunity of exiting our businesses. We might miss it, get less than desirable value, or even regret the sale." - Justin Goodbread
"We want to make our assets as valuable as possible. If we invest in it properly, it can give us better value than the open markets and real estate can. We can control it. We can drive it." - Justin Goodbread
"Coaches are powerful. I challenge you to hire a business coach that's not in your industry and let them challenge you, ask you lots of questions, and make you defend what you're doing." - Justin Goodbread

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

Filling the Holes, Selling to an Open Market Aug 29, 2022

Show notes

There are a few ways to sell your business: you can sell to a family member or your employees or managers. But what if none of your family members want to take over your business? What if your managers don't feel ready to take an entrepreneurial role? In that case, you may want to sell your business to an open market. Just like other exit strategies, selling your company to an open market comes with blindspots that every business owner should be wary of.

In this episode, I discuss the three common exit planning blindspots every business owner needs to consider when selling their business to an open market. I explain why many business owners are unsatisfied with the sale of their business and how to avoid renegotiating against yourself. I also reveal how a business advisor can help you manage your time and maximize value when selling your company.

"Selling your business to a third party has the highest value ceiling among all the exit strategies." - Justin Goodbread

This week on the Financially Simple Experience:

Some surprising M&A statistics in Q2 2022
How to avoid being unhappy with the sale of your business
Dealing with the financial side of transitioning your business to an open market
Why entrepreneurs don't get to sell their businesses for a high price
How much time to invest in selling your company to an open market
Avoiding renegotiating against yourself
Tax issues you have to consider when selling your business to an open market

Resources Mentioned:

BizBuySell

Our Favorite Quotes:

"If you build your business to have best-in-class value, it'll shine like a lighthouse—a beacon to buyers who have a hard time finding the right business they want to buy." - Justin Goodbread
"When selling a business, there's a tax landmine that you have to navigate through—and you want to navigate it before you have your letter of intent signed." - Justin Goodbread
"Exit planning isn't for the faint of heart. Building value in your company to create a business that's worth selling takes hard work and somebody in your corner that helps you to be better." - 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.

Filling the Holes, Selling Your Business to a Key Employee Aug 22, 2022

Show notes

The idea of selling a company to a manager or a group of employees isn't unheard of. In my decades of being an entrepreneur and consultant to other business owners, I've listened to many conversations about transitioning organizations to workers. But should you actually sell your business to your employee? What are the holes and blindspots that you need to consider?

In this episode, I discuss the advantages and disadvantages of selling your company to a key employee. I reveal the tax and legal risks involved in transitioning your business to an employee or group of employees. I also explain how hiring financial advisors can help manage risks during the selling process and share some different exit planning tools and approaches to use when selling your company to an employee.

"A key employee—because they have tenure and understand the mission, values, and legacy of the company—will more than likely remain committed to the direction and charge of the company." - Justin Goodbread

This week on the Financially Simple Experience:

The advantages and disadvantages of selling your company to a key employee
The survival rate of transitioning a business to a key employee
The different exit planning tools and approaches to selling your company to a key employee
The installment sale approach to selling your business
Legal and tax risks associated with the installment sale approach
Exit planning with the employee stock option plan and how it works
The disadvantages of using the employee stock option plan

Our Favorite Quotes:

"There's a certain fire in the belly of business owners that many employees may not have or may not be comfortable with; just because they're a great employee doesn't mean they're a great entrepreneur or business owner." - Justin Goodbread
"If the key employee is willing to take on their own capital and use that to put the down payment, you know that they're sincere." - Justin Goodbread
"You, as a business owner, should be able to know where your business is heading just by looking at your critical success factors: your key performance indicators, performance indicators, and key results indicators." - Justin Goodbread

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