Entrepreneurs on Fire Beyond the Grind: Creating Radical Value and Wealth for Business Owners with Justin Goodbread
13 snips
Jan 7, 2025 
Justin Goodbread, an award-winning speaker and best-selling author with over 30 years of experience, shares invaluable insights for business owners. He emphasizes that generational wealth can be achieved quickly through focused strategies, likening it to a lightning strike rather than slow growth. Goodbread outlines the importance of understanding the true value of your company and notes that entrepreneurs are often their own worst enemies, highlighting the need for accountability and mentorship to maximize business potential and achieve lasting success.
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Illiquid Asset
- Most business owners have 80% of their net worth tied up in their businesses.
- Only 20-30% of business owners successfully sell their businesses, resulting in significant equity loss.
Business as a Tool
- View your business primarily as a wealth creation tool, not as your identity.
- This mindset shift helps make better decisions to maximize its financial potential.
Five Stages of Value
- The five stages of business value are: identify, protect, build, harvest, and manage.
- Each stage is crucial for maximizing a business's financial potential.
