DecaMillionaire Decoded

Recently, I received a very important question from one of our listeners. The question came from a dental entrepreneur who finds himself in a position where his business debts are paid and he has an excess of cash in his reserves. Likewise, he's taken steps to secure his personal finances by diversifying outside the business. He finds himself in a position where he can't take on anymore clients because he's already at capacity, but still wants to grow his practice.   The question is this, "What are the pros and cons of buying a practice to grow my current dental practice?" In this episode, I answer this question, addressing the pros and cons of such a strategic move. I also discuss some of the ways to mitigate the risks involved. Although this question is framed to speak directly to dental entrepreneurs, the information can still be applied to many different industries.   This week on The Financially Simple Podcast:    (1:13) Laying the groundwork/Who asks this type of question? (2:26) Why you should think about buying another practice (7:06) Calculating market share (7:33) Why you shouldn't consider buying another practice (10:17) Avoiding the pitfalls (12:39) A real-life example   Our Favorite Quotes:  "Knowing where you and your competitors sit within your market can enable you to make informed decisions about a strategic acquisition to grow your practice." - Justin Goodbread   "Remember, your team is an asset. It's necessary to invest in them if you want the best from them." - 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. 

I'm always amazed at the number of dentists that listen to the show. It's always very humbling when I meet one of you in person and you tell me how much you enjoy our content and how it has helped you in your businesses. So, with this episode, I want to pay special attention to all of the dental entrepreneurs out there.   In this episode, I look at what it takes to grow your dental practice. From calculating the cost of capital to determining your year-over-year average growth rate, I walk dental entrepreneurs through the factors that go into deciding how and when to reinvest in their practices. However, the principles I'm discussing can also be applied to any business. Therefore, this episode is for all entrepreneurs who are ready to maximize their greatest asset... their business! This week on The Financially Simple Podcast:   (2:17) A few basic assumptions before we begin (5:20) Opportunity Cost (7:21) Calculating Opportunity Cost (8:27) Highest and Best Use of Reinvestment (10:51) What High Revenue Growth practices do differently (14:03) Maximize the number of patients seen each day (throughput) (16:22) Viewing your practice through a buyer's eyes (18:05) Calculating average revenue growth   Our Favorite Quotes:  "Calculating your average growth rate can provide a useful barometer for the overall health of your practice." - Justin Goodbread   "Growing the value of your practice requires deliberate planning and clear, measurable action steps. It's easy to become overwhelmed when working through this. That's where having a trusted advisor to coach and encourage you throughout the process becomes so important." - 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. 

Selling a business provides many new and exciting opportunities. Although it may be tempting to use the proceeds of the sale to start a new business, there are reasons you might choose to wait. In this episode, I look at the effect our current economy could have on a new business.   I also examine how the mass migration going on in the US could have a variety of impacts on emerging businesses. Perhaps most importantly, I discuss the personal impact that immediately jumping into your next business venture could have on you, your health, and your relationships.   This week on The Financially Simple Podcast    (1:36) Current economic factors  (4:37) Mass migration's impact on local economies (9:20) Personal considerations (10:56) Taking care of yourself (12:36) Taking care of your relationships   Our Favorite Quotes:  "We have the desire to make a path where there isn't one. In many ways, that's a good and admirable trait. But we must remember that there is a cost to all of this, and it's one that we often don't pay alone." - Justin Goodbread   "How many birthdays and milestone life moments have you missed because you had to be present in your business? Now that you've sold your business, could it be time to spend time with the kids before they're out of the house?" - 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. 

Expectations are an important part of business. A CEO sets expectations for growth over time. Your sales department outlines product and service expectations for potential clients. But can expectations be harmful to your business? Inherently working to exceed expectations isn't necessarily a bad thing. However, if you're setting expectations too high and consistently underperforming, that could be a recipe for disaster. In this episode, I unpack whether trying to exceed expectations is dangerous to your business. I also give some tips for setting clear expectations, opening the door for you to exceed them.   This week on The Financially Simple Podcast:  (2:08) The importance of clear expectations (3:39) Communicating expectations with clients (4:58) When expectations become dangerous (5:31) Creating realistic expectations (9:45) Exceeding expectations through transparency (11:04) Set boundaries Our Favorite Quotes:   "Setting expectations is only dangerous when they can't be met" - Justin Goodbread "Friends, striving to exceed expectations isn't a bad thing. However, consistently coming up short on your promises could destroy your business and your name." - 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. 

Making the transition from business owner to employee after selling your business is something that many entrepreneurs aren't well prepared for. Friends, I'm not referring to those who've sold their companies and must now find a job. Instead, I'm talking about those who do as I recently did, selling their business and staying on as an employee. Are you truly prepared for that type of transition? Can you handle it? In this episode, I'm exploring how to go from owner to employee in your own business.   This week on The Financially Simple Podcast:   ●        (2:15) Employment agreements and Earn-outs ●        (5:20) Can you handle the change? ●        (7:40) A new set of benefits ●        (10:01) Lowered risk ●        (11:30) Don't do it alone   Our Favorite Quotes: "You can handle whatever you desire to handle. Whether you think you can or think you can't, you're right." - Justin Goodbread   "Being at the top is a lonely place. While you might not be truly alone, there are very few people in the entrepreneur's life that really understand what it's like to be a business owner." - 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.

Your company's core values are more than just a few "feel good" words plastered on your wall. They have the power to shape the entire culture of your business. Therefore, it's critical that your values actually mean something. More than this, they must be such a part of your daily culture that you and your team embody them without a conscious effort. In this episode, I discuss the importance of choosing the correct values for your business and how to live them out. I also cover 4 easy ways to communicate your core business values with your customers.   This week on The Financially Simple Podcast: ●       (1:33) Why core business values matter ●       (3:10) Putting your values to work ●       (4:34) How Chick-fil-A integrated their values into their culture ●       (9:35) 4 ways to communicate your company's core values with customers ●       (9:44) Listing values on your website ●       (11:08) Displaying values through actions ●       (11:34) The power of "Cause Marketing" ●       (12:48) Values-based consumer testimonies   Our Favorite Quotes:   "Son, your what you do speaks so loudly that your words, I cannot hear" - Terry Goodbread, AKA, "Momma" "The point is that a company's core values must be an active part of its culture." - Justin Goodbread "They can't just be empty platitudes. Your core values have to mean something." - 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.

In this episode, I discuss something very near and dear to my heart... the pro forma. You've probably heard of pro forma before. In fact, you may have used them in your business. But are you aware of the many different pro forma documents and their unique benefits?  Using pro forma documents can help you understand what the future holds for your business. I'll discuss this and explain the different types of pro forma and how they can be applied to your business in this episode of the Financially Simple podcast.   This week on The Financially Simple Podcast:  ●        (1:48) What is Pro Forma? ●        (2:35) Pro Forma calculation ●        (5:03) Budget documents ●        (5:24) Company income statements ●        (6:24) Earnings projections ●        (10:53) Secure funding ●        (11:51) Inspire confidence in prospective buyers ●        (13:38) Assessing M&A and risk analysis   Our Favorite Quotes:  "If you use correct assumptions in creating your pro forma, you can demonstrate viable growth, making your business attractive to investors." — Justin Goodbread   "By changing a few key factors, you can identify risks in your planning well before they have the chance to be realized." — Justin Goodbread Get the Financially Simple Pro Forma Template: Financially Simple Pro Forma   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.

Have you ever wondered why some leaders are more effective than others? The extreme ownership principles taught by Jocko Willink and Leif Babin, both in their book and consulting firm, shine a light on the necessary traits of effective leaders. But how do you take battle-tested (literally) leadership principles and apply them to your business?   In this episode, I explore how extreme ownership applies to small business. I'll also explain 3 ways you can quickly implement extreme ownership principles in your team to supercharge your business.   This week on The Financially Simple Podcast:   (2:02) What is Extreme Ownership? (4:52) Accepting Criticism and Deflecting Praise (7:17) Self Evaluation (7:59) Implementing Extreme Ownership in Your Team (10:44) No Bad Teams, Only Bad Leaders (11:56) Transforming Leaders (16:26) Cover and Move (20:09) Steps to Break Down Silos   Our Favorite Quotes:   "With great leadership, any team can succeed." — Justin Goodbread   "Allow your group leaders to lead. Micro-managing their efforts displays a lack of trust and is not conducive to successful operations." — Justin Goodbread   Get Your Copy: Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink & Leif Babin   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.

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.