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:

The Power of Video for Your Marketing May 16, 2022

Show notes

The role of video in our everyday lives has become more and more prominent. In fact, Business Insider has observed an unprecedented growth in digital video viewership between 2019 and 2020. Yet, despite this rapid increase in viewers, we small business owners don't really tap into the power of video in marketing. I believe that if we took the time and energy to create video-based assets for marketing our businesses, we could drastically increase their value.

In this episode, I discuss the power of video in marketing. I share statistics on the growing demand for video as well as the increasing viewership brought about by the pandemic. I discuss why video marketing doesn't have to be expensive and is feasible with just your smartphone. I also highlight how video marketing has helped us get quality leads and underscore why video facilitates a more connected form of communication.

"Companies who use video to improve their business increase their sales, brand awareness, retention rate, and social capital, and drive their greatest client to their door." - Justin Goodbread

This week on the Financially Simple Experience:

The power and importance of video marketing
How COVID-19 impacted the rapid increase of video viewership
Why creating videos for marketing doesn't have to be expensive
How the service sectors can make use of video marketing for their business
Why creating how-to videos can help grow your market
How using videos can help in lead generation
Incorporating the power of video into your business

Our Favorite Quotes:

"By getting into the regular habit of sharing what you do in business with your followers, you create an unbelievable return on investment." - Justin Goodbread
"The minute we started making videos, we started seeing our engagement and the quality of our leads become more impactful." - Justin Goodbread
"Video allows us to be more involved and intimate. It allows facial recognition, nonverbal communication, tone, and inflection—so much more than just audio alone or just the static picture." - 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.

The Power of Video for Your Team May 09, 2022

Show notes

If you're like me, you spent 90% of your time speaking face-to-face and engaging with clients and groups of people before Covid-19. When the pandemic hit, my world changed. I, like many business owners, had to transition from doing in-person communication to interacting with clients and other people through the phone or video conferencing. But if a business owner isn't using all the video capabilities an app has, they're missing out on the true power of video and visual communication.

In this episode, I discuss how the pandemic has impacted the use of video conferencing for business. I describe how I did most of my communication before the pandemic and outline the advantages of phone calls. I highlight how video calls can provide a more personal experience and improve information retention and focus when conferencing. I also underscore how visual communication can help us tell stories.

"We use video to tell a story—we are in an animated world and our eyes are used to moving objects." - Justin Goodbread

This week on the Financially Simple Experience:

One of my all-time favorite movies
How Covid-19 changed my world and my pivot to online video conferencing
The advantages of using phone calls for quick communication
How Covid-19 increased the use of video-based communication
How video conferencing helps participants to stay engaged
Why visual communication is highly effective in supporting memory and information retention

Resources Mentioned:

ChangingMinds.org

Our Favorite Quotes:

"We're able to recall, through visual effects, with 65% greater accuracy; that's why it's important to have the videos turned on when conferencing." - Justin Goodbread
"Sometimes a quick phone call or a text message is all we need; but when you need to touch base on several topics, video conferencing is your best option." - Justin Goodbread
"Face-to-face meetings are the best options, where we use all our senses. But in today's fast-paced world, go with the more personal conferencing with all the video capabilities on." - Justin Goodbread

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

A Small Business Sale: A Coach's Perspective May 02, 2022

Show notes

David DeCelle is the President of Model FA, a community for financial advisors to come together to learn about sales, marketing, and business development from experts and other financial advisors. David and his team at Model FA are dedicated to empowering financial advisors by helping them build the practice that they envision. Before becoming President of Model FA, David was a financial advisor himself and served as the Director and Financial Advisor for Northwestern Mutual. David joins us today to share his perspective on me as a business owner and my businesses. He discusses the different reasons individuals hire business coaches and explains how having a 1-year vision could be more beneficial than having longer-term goals. He offers advice to entrepreneurs who are experiencing difficulties in life. He also describes his journey as a financial advisor and what he learned from it, as well as the importance of keeping an open mind.

"Regardless of someone's age, revenue, or personal income—or how buttoned up their business is—if you can suppress your ego and have an open mind, you can learn anything from anyone." - David DeCelle

This week on the Financially Simple Experience:

The Model FA company and the advantages of hiring business coaches as thinking partners
The reasons people hire business coaches
Why David recommends envisioning goals in a 12-month timeframe
David's advice for business owners wrestling with difficult emotions
His observations on my biggest struggles as a business owner
Why business owners need to onboard their employees when transitioning their organizations
David's journey as a financial advisor

Our Favorite Quotes:

"If we sit back every morning and write down the things we've been blessed with, we'll never finish that list because we're indeed blessed as humans." - Justin Goodbread
"Every good business owner has an excellent team behind them." - Justin Goodbread
"When you handle conflict directly and with grace, it can shake out for the better." - David DeCelle

Connect with David DeCelle:

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

Business Owner Self Sabotage Apr 25, 2022

Show notes

We business owners are a unique breed. In addition to the many plates we spin and the responsibilities we have, we want to see our businesses move forward. And, whether you realize it or not, we have a destructive habit that, if left unchecked, can undermine our dreams, our team, and our vision—and that habit is self-sabotage. In this episode, I discuss what self-sabotage is, why it happens, how to identify it, and how to limit it. I outline the roots of self-sabotage and describe how fear prevents us from seeking growth. I explain what impostor syndrome is and how it is a detriment to our chance of success. I also share different ways to overcome self-sabotage and underscore the value of self-awareness for business owners.

"When we have an abundance mindset we often never harm ourselves." - Justin Goodbread

This week on the Financially Simple Experience:

How we bend our values and goals to pursue immediate gratification
The negative mindset, how self-sabotage stems from it, and how to reframe it
My love for pizza and the difference between conscious and unconscious self-sabotage
Finding the roots of self-sabotage
How fear triggers self-sabotage
Impostor syndrome and how it detriments our chance of success
The common forms of self-sabotage
Perfectionism and how it leads us to self-sabotage
Celebrating small victories and other ways to combat impostor syndrome
Why micromanaging and not asking for help is self-sabotage
The importance of continuing education

Related Content:

How Business Owners Can Overcome Imposter Syndrome

Our Favorite Quotes:

"If you're too wrapped up in menial tasks to invest in your own thought patterns, you'll fall behind your competition." - Justin Goodbread
"We don't look for perfection in business—there are too many moving parts. We look for best-in-class movement." - Justin Goodbread
"Perfectionism prevents the business owner from reaching good and great. Sometimes we don't have to be the best in everything; we just have to be good at some things." - Justin Goodbread

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

Lessons I Learned from Selling My Business Apr 18, 2022

Show notes

I've been in the business game for over 30 years, and in that time, I've helped many business owners sell or buy businesses (I also wrote The Ultimate Sale and Your Baby's Ugly to tell the tale). However, it's one thing to write about an event and another to go through it yourself; so, when I sold my companies, I was reminded of the key principles all business owners need to consider when preparing for great business change—whether they're about to launch a new product or sell a company.

In today's episode, I share the key lessons I've learned from selling my businesses. I explain why preparing your team is vital when selling your business. I discuss why your customers are your most essential source of lessons when undergoing any kind of organizational transition. I also highlight the role of attitude in a successful business sale and underscore the importance of strategic planning in a business owner's career.

"As you go through transitions and major events, your customers will be your greatest source of learning." - Justin Goodbread

This week on the Financially Simple Experience:

My first trip to the Rocky Mountains in Montana
The failure rate of businesses when undergoing great transitions
Preparing and supporting your team through times of great change in business
The importance of increasing employee engagement
Letting your team be the driver of change
Preparing your customers through organizational change and communicating with them
The value of knowing your customers and overcommunicating with them
The role of attitude in successful business transitions
Being ready for extra negotiations in the process of selling your company
The three special people you need in your life as a business owner
How I almost cost myself six figures in taxes
Writing a personal financial plan, a strategic business plan, and getting a best-in-class valuation

Resources Mentioned:

Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
Book: Your Baby's Ugly: Maximize the Value of Your Business or You'll Have Nothing to Sell by Justin Goodbread
Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly

Our Favorite Quotes:

"If your customer is with you—if they're engaged with you and your service—they will want to see you succeed as well." - Justin Goodbread
"Through any time of change initiative, let your team drive the change; let your team be the catalyst. You, the business owner, set the vision, the direction, the value, and the tempo, then get out of the way." - Justin Goodbread
"Before you even get to the time where you consider selling your business, you have to have everything lined up. Planning is vital to us business owners." - Justin Goodbread

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

Interviewing the Buyer with Patrick Brewer Apr 11, 2022

Show notes

Patrick Brewer is the President and Chief Marketing Officer of WealthSource, a company dedicated to helping financial advisors thrive with business resources and innovative solutions. He is also the founder of the Model FA family of companies that supports financial advisors in growing sustainable businesses. An entrepreneur and speaker, Patrick is passionate about helping advisors and the people they serve realize their full potential and find financial freedom. Patrick joins us today to discuss the factors that attracted WealthSource into buying Financially Simple, Heritage Investors, and Heritage Business Advisors. He explains how WealthSource executed its due diligence process while buying our businesses. He outlines the key characteristics that make an organization attractive to buyers. Patrick also highlights the importance of organizational culture and underscores why business owners need to continue improving themselves.

"People don't want to be sold; they want to be part of the process by being educated." - Patrick Brewer

This week on the Financially Simple Experience:

Patrick's background and his work with WealthSource
WealthSource: its services and its mission to help people maximize the value of their money
The eight key areas of a successful business
How WealthSource implemented its due diligence in acquiring our team's businesses
Two methods of growth and how dynamic companies scale
Decentralization and how companies can improve their workforce and leadership to attract the ideal buyer
The future of Financially Simple
The role of business owners in society
Patrick's advice to business owners on growth and success

Our Favorite Quotes:

"Companies can grow through two methods: marketing and acquisitions. Companies who make dynamic footprints do both." - Justin Goodbread
"Build the business where it can operate and grow without the key stakeholders involved." - Justin Goodbread
"Create systems and points of collaboration between your team, processes, and technology; that's what a buyer is looking for." - Patrick Brewer

Connect with Patrick Brewer:

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

I've Sold! Apr 04, 2022

Show notes

"If you had limited time and resources, what would you do tomorrow that you're not doing today?" This is a question I've thought a lot about since 2021—a time when my wife and our family experienced severe ups and downs that had us reevaluating what's truly important to us. As we evaluated what mattered the most to us, one word kept coming back to me: "impact." It has always been my mission to share knowledge and help people reach their destination; once I remembered this, I decided that it was time to make a change in my life and business.

In this episode, I share some of the biggest news in my business career. I reveal why only less than 20% of business owners sell their companies and explain the reason I wrote The Ultimate Sale and Your Baby's Ugly. I explain why we hired consultants for our businesses and reveal what they taught us about the wealth gap we needed to fill. I also describe our fight with COVID-19 and underscore how the experience inspired me and my wife to reevaluate what truly matters to us.

"Life is hard, but life is good; we are blessed beyond measure. It could be frustrating, but it doesn't have to be. Let's continue making our lives financially simple." - Justin Goodbread

This week on the Financially Simple Experience:

Impacting people's lives and why cemeteries are the saddest places for me
The reason I wrote Your Baby's Ugly and The Ultimate Sale
Why only less than 20% of business owners sell their businesses
Our fight with COVID-19 and how it impacted our outlook on life
What it would take for me to quit and the value of hiring consultants for our businesses
Determining our wealth gap to meet our financial goals
How I decided to partner with a larger organization and sell my businesses
Making the ultimate sale and getting the "best-in-class" valuation

Resources Mentioned:

Model Financial Advisors
Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread
Book: Your Baby's Ugly: Maximize the Value of Your Business or You'll Have Nothing to Sell by Justin Goodbread

Our Favorite Quotes:

"We can reach our dreams; we don't have to forsake them. We don't have to lose our family, our hobbies, or our identity trying to build wealth." - Justin Goodbread
"We don't have to sacrifice our family, our person, our dreams, or our aspirations on the altar of success." - Justin Goodbread
"You can reach your goals. If I can do it, you can." - Justin Goodbread

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

Attitude = Success Part 2 The Owner's Determination Mar 28, 2022

Show notes

Throughout my career as a business owner and entrepreneur, I've had several people ask me why I put myself through this. Some naysayers have even blatantly told me that I'll never make it. Whether you're a seasoned business person or an aspiring entrepreneur, you've probably had someone tell you the same things. But, in the world of entrepreneurship, you'll need to learn to put your earplugs on and keep working—because here, attitude is everything.

In this episode, I discuss the value of attitude in the life of an entrepreneur and business owner. I reveal the key characteristics that differentiate seasoned business owners from novice entrepreneurs. I explain how success is highly dependent on your goals and why it's essential to define what success means for you. I also highlight the value of having a vision and the role of crystal-clear plans.

"Your attitude is everything. The way you approach every single day is everything." - Justin Goodbread

This week on Financially Simple:

Why entrepreneurship can be exhausting
Why life doesn't care about your success
The best practices and tricks for ignoring the naysayers (in business and in life)
The relationship between success and the goals you set
What makes some business owners bitter and unhappy
The attitude of success and its cost

Resources Mentioned:

Our Favorite Quotes:

"Success is dependent on your goals, but don't lose sight of what's important." - Justin Goodbread
"Grow your business purposefully. Profitability is good and necessary, but so are people—you want somebody on your side to enjoy this journey with you." - Justin Goodbread
"To achieve your vision, you must have a crystal-clear plan to achieve it. You've got to have laser focus. When you do, you can overcome the obstacles and the naysayers, and you'll never be swayed." - Justin Goodbread

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

Attitude = Success? The Owner Controls the Business's Destiny Mar 21, 2022

Show notes

In episode 403 of Financially Simple, Justin looks at how your attitude as a business owner can determine your business's success.

The mindset of a business owner and how they approach their dealings with their clients and suppliers will ultimately set them up for success or failure. In this episode, Justin considers the meaning of success to an individual business owner, and how that can influence their dealing with others as well as the security and prosperity of their business.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

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TOPIC INDEX:

- Attitude = Success: The Seasoned Owner

- How Do You Define Success

- Is Money Success?

- Pride Poisons Success

USEFUL LINKS:

Allie Taylor: The Paradox of Success

Tennessee 1998 National Champions - Clint Stoerner Fumble

Work with Our Team

Subscribe to the Financially Simple Newsletter

NEW Book: Your Baby's Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later

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BIO:

Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute's Exit Planner Leader of the Year.

DISCLOSURES:

This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. 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. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. 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 WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.

The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.

This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

The Emotions of Making the Ultimate Sale Mar 15, 2022

Show notes

In episode 402 of Financially Simple, Justin considers the emotional and psychological impact that selling their Business can have on the Owner.

You've devoted a chunk of your life to building a successful business, and now you're ready to sell it - but are you, personally, prepared for the mental shocks to come? In this episode, Justin looks at what it is like to sell a business from the emotional and psychological side of things - the sudden realization and change that comes somewhat unexpectedly.

Don't forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!

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TOPIC INDEX:

- The Emotions of Making the Ultimate Sale

- The Unexpected Weight of Emotion

- Winning The Lottery

- After the Initial Thrill

- The Personal Side

- How Will You Occupy your Time

- Separating Your Identity From Your Business

- Impression Management

USEFUL LINKS: