DecaMillionaire Decoded

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   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.

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     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.

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.     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. 

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.  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.

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.    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.

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  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 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.

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  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. 

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 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. 

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: ReminderMedia Podcast: StayPaid ReminderMedia on LinkedIn ReminderMedia on Instagram ReminderMedia on Facebook ReminderMedia on Twitter ReminderMedia on YouTube Luke Acree on LinkedIn Luke Acree on Instagram Luke Acree on Facebook Luke Acree on Twitter   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.