DecaMillionaire Decoded

You’ve probably heard me preach—shout from the mountaintops, even—several times that for us to drive the values of our companies, we have to decentralize ourselves. We have to remove ourselves from the epicenter of our business—position ourselves where it can function without us. But if decentralization is crucial to the success of our companies, why do we keep returning to the fray?   In this episode, I discuss recentralization, why business owners do it, and what to do to avoid it. I share the different factors that make business owners jump back into the center of their business and explain how decentralization drives the growth of your business. I also highlight the power of business systems and standard operating procedures and underscore the importance of cultivating your company’s culture.   “Don’t recentralize yourself. Your team, your customers, and your business are incumbent on you decentralizing—removing yourself from the epicenter of the business.” - Justin Goodbread   This week on the Financially Simple Experience:   How the process of decentralization helps drive up the value of a company What is business recentralization Pride and fear and how they drive us to recentralize The unwillingness to balance quality and growth Quality control and how to prevent recentralization The introduction of the Six Sigma quality methodology How robust systems and processes help prevent recentralization The right way to disseminate standard operating procedures in the company   Resources Mentioned:   Book: The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael Gerber   Our Favorite Quotes:   “Until your business processes become second-nature to your team, the fire will continue to entice you to jump back into your system and recentralize yourself, costing you the hard work you’ve done to increase the value of your company.” - Justin Goodbread “Create a happy team. If your employee base is content, your client base is content. If your employee base is not content, your client base will not be content.” - Justin Goodbread “When we decentralize ourselves from the company, we can see the growth of the company, but we also drive quality. But if we don’t balance growth and quality, we cause ourselves to recentralize—to jump back into the fray.” - Justin Goodbread   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.

Sales and marketing teams play similar roles in a company. However, many business owners fail to understand the relationship between sales and marketing, costing them resources and the opportunity to efficiently scale their businesses. When it is understood, cultivated, and optimized, a balance of sales and marketing can create happy, long-term customers while boosting a company’s growth.   In this episode, I discuss the relationship between sales and marketing. I define what sales and marketing teams are and describe their tasks and responsibilities within a company. I explain how the collaboration between sales and marketing teams increases efficiency and creates long-term, happy clients. I also highlight why margin matters more than volume and underscore why business owners need to include sales and marketing together in their strategic plans.   “Sales and marketing are like a hand and a glove, like pepperoni and pizza, and like peanut butter and jelly.” - Justin Goodbread   This week on the Financially Simple Experience:   Why many businesses don’t see the relationship between sales and marketing The definitions of sales and marketing How sales teams convert qualified prospects into satisfied customers The importance of growing your business through a long-term relationship strategy The sales team’s mission to convert prospects into long-term, happy clients How marketing teams identify the perfect customer Why sales and marketing teams need to collaborate   Resources Mentioned:   Book: Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business by Jay Conrad Levinson   Our Favorite Quotes:   “People do business with people, not companies. Humans are built for relationships, and people do business with people who are interested in long-term relationships.” - Justin Goodbread “In simple terms, sales brings to people the opportunity to say ‘yes’ or ‘no’ for your product or service.” - Justin Goodbread “It’s paramount that the marketing team can create collateral that can convey the message of what you do as a company for the consumer to understand.” - Justin Goodbread   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 went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there’s no amount of preparation that can prepare you for the emotional rollercoaster you’re going to ride as you exit your business.   What you can prepare for when you exit your business, however, are the blind spots.   In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.   “A blindspot is only going to be revealed and repaired for your ultimate sale when you couple yourself up with clear thinking, determination, and a guide who has walked that path.” - Justin Goodbread   This week on the Financially Simple Experience:   The benefits and challenges of selling your business to a key employee The advantage and disadvantages of transitioning your company to a family member Tax planning in estate planning Selling to an open market and its pros and cons The biggest blindspot in exit planning and how to fill it Working with a certified exit planning advisor and avoiding the familiarity bias Working through a SWOT analysis The three types of businesses Why we need to work with coaches outside of our industry   Resources Mentioned:   Book: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley   Our Favorite Quotes:   “If we business owners delay, we might not be prepared for the opportunity of exiting our businesses. We might miss it, get less than desirable value, or even regret the sale.” - Justin Goodbread “We want to make our assets as valuable as possible. If we invest in it properly, it can give us better value than the open markets and real estate can. We can control it. We can drive it.” - Justin Goodbread “Coaches are powerful. I challenge you to hire a business coach that’s not in your industry and let them challenge you, ask you lots of questions, and make you defend what you’re doing.” - Justin Goodbread   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.

There are a few ways to sell your business: you can sell to a family member or your employees or managers. But what if none of your family members want to take over your business? What if your managers don’t feel ready to take an entrepreneurial role? In that case, you may want to sell your business to an open market. Just like other exit strategies, selling your company to an open market comes with blindspots that every business owner should be wary of.   In this episode, I discuss the three common exit planning blindspots every business owner needs to consider when selling their business to an open market. I explain why many business owners are unsatisfied with the sale of their business and how to avoid renegotiating against yourself. I also reveal how a business advisor can help you manage your time and maximize value when selling your company.   “Selling your business to a third party has the highest value ceiling among all the exit strategies.” -  Justin Goodbread   This week on the Financially Simple Experience:   Some surprising M&A statistics in Q2 2022 How to avoid being unhappy with the sale of your business Dealing with the financial side of transitioning your business to an open market Why entrepreneurs don’t get to sell their businesses for a high price How much time to invest in selling your company to an open market Avoiding renegotiating against yourself Tax issues you have to consider when selling your business to an open market   Resources Mentioned:   BizBuySell   Our Favorite Quotes:   “If you build your business to have best-in-class value, it’ll shine like a lighthouse—a beacon to buyers who have a hard time finding the right business they want to buy.” - Justin Goodbread “When selling a business, there’s a tax landmine that you have to navigate through—and you want to navigate it before you have your letter of intent signed.”  - Justin Goodbread “Exit planning isn’t for the faint of heart. Building value in your company to create a business that’s worth selling takes hard work and somebody in your corner that helps you to be better.” - Justin Goodbread   About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  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 idea of selling a company to a manager or a group of employees isn’t unheard of. In my decades of being an entrepreneur and consultant to other business owners, I’ve listened to many conversations about transitioning organizations to workers. But should you actually sell your business to your employee? What are the holes and blindspots that you need to consider? In this episode, I discuss the advantages and disadvantages of selling your company to a key employee. I reveal the tax and legal risks involved in transitioning your business to an employee or group of employees. I also explain how hiring financial advisors can help manage risks during the selling process and share some different exit planning tools and approaches to use when selling your company to an employee. “A key employee—because they have tenure and understand the mission, values, and legacy of the company—will more than likely remain committed to the direction and charge of the company.” - Justin Goodbread   This week on the Financially Simple Experience: The advantages and disadvantages of selling your company to a key employee The survival rate of transitioning a business to a key employee The different exit planning tools and approaches to selling your company to a key employee The installment sale approach to selling your business Legal and tax risks associated with the installment sale approach Exit planning with the employee stock option plan and how it works The disadvantages of using the employee stock option plan   Our Favorite Quotes: “There’s a certain fire in the belly of business owners that many employees may not have or may not be comfortable with; just because they’re a great employee doesn’t mean they’re a great entrepreneur or business owner.” - Justin Goodbread “If the key employee is willing to take on their own capital and use that to put the down payment, you know that they’re sincere.” - Justin Goodbread “You, as a business owner, should be able to know where your business is heading just by looking at your critical success factors: your key performance indicators, performance indicators, and key results indicators.” - Justin Goodbread   Related Content: Pros and Cons of Selling Your Business to Employees Using an ESOP with Ben Wells   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.

Whenever I sit down with business owners and ask them where their business is going to end up, the majority of them have the same answer: they’ll give it to their kids. But even if business owners transition their business to their family, it is not without risk. So, if you’re an entrepreneur who wants your children to continue your business legacy someday, what are the things you can do to make a successful transition? In this episode, I discuss selling your business to a family member and transitioning your company to your children. I describe the “Three Generation” rule and share some studies about the longevity of family businesses. I also highlight the risks involved in selling to family members and share my advice on how to groom your children to be your business successor.   “Start your child in the business as soon as possible working from the bottom up. Let them get to know every aspect of the business.” - Justin Goodbread   This week on the Financially Simple Experience:   Why it’s important to assess whether a family member is a viable business successor The “Three Generation” rule and how long businesses usually last The reason family businesses last longer than publicly-traded companies What makes businesses cease operations and why companies quit The oldest companies in the world and what contributes to their longevity The risks involved in transitioning a business to a family member Preparing your child to take over your business   Resources Mentioned:   Book: The Centuries of Success by William T. O’Hara   Our Favorite Quotes: “Family business is not without risk if you’re dealing with a transfer.” - Justin Goodbread “As you’re picking your successor, you need to figure out if the business is in line with the future of the successor.” - Justin Goodbread “If you’re going to transfer your business to your child or children, your employees, customers, vendors, and bankers all have to have confidence that this child knows what they’re doing.” - 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.

This past year—after over three decades of being a business owner—I finally sold my business. There were a few things that I was fortunately prepared for and I was able to avoid devastating blindspots. Unfortunately, not a lot of business owners plan for their exit and, when they do eventually sell their company, they sell it for well under their expectations. How can you avoid this and ensure that you sell your business to its full value?   In this episode, I discuss the value of exit planning and building your business for the perfect buyer. I outline different business blindspots and how to detect them. I explain why it’s difficult for business owners to detect blind spots and why it can be challenging to let go of a business. I also describe the emotional struggles of selling a company and how I felt after selling mine.   “Preparing today through exit planning—planning the business for transaction—is just good business strategy.” - Justin Goodbread   This week on the Financially Simple Experience:   Where a business owner’s net worth is locked up What a business concession is and the importance of exit planning What proximity blindness means for your business Why it’s hard for business owners to let go of their companies How business coaches have helped me see my business’s blindspots and challenged my thinking Business attractiveness and how to measure it Thinking about your ideal client and target persona for a business sale Owner readiness and why business owners should think about their personal wealth gap The emotional struggles of selling your company How I’ve felt since selling my businesses   Resources Mentioned:   Book: The E-Myth Revisited: Why Most Small Business Don’t Work and What to Do About It by Michael Gerber   Our Favorite Quotes:   “The perfect client is the individual or company who’ll acquire us and create a liquidity event.” - Justin Goodbread “A business owner who has gone through a transaction understands the emotion that you face as you consider a transaction.” - Justin Goodbread “Consider what your business’s attractiveness looks like right now and if you’re ready to sell it. And if they look good, consider who you’re selling your business to.” - 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.

If something in your business can be measured, it’s something you can improve. But we business owners often don’t measure; instead, we’re keen on licking our forefingers and sticking them up in the air to see which way the wind blows. If we want to scale our businesses and increase their value, we need to create a systematic guideline that’s objective, measurable, and repeatable. In this episode, I discuss what standard operating procedures are and why every business needs to have them. I explain the importance of putting standard operating procedures (SOPs) into writing and how you can choose the appropriate format for your SOP manual. I also discuss how writing a solid SOP document can increase the value of your company and underscore how having effective SOPs can give you the freedom that you deserve.   “SOPs are instruction manuals for your company; they ensure that you’re documenting every step you’ve done, so you can control the quality in your company.” - Justin Goodbread   This week on the Financially Simple Experience: What standard operating procedures mean for your business What tasks require standard operating procedures Why SOPs need to be put into writing and what it means to “train-scale” The KISS theory of business and how to write company SOPs Choosing the appropriate format for SOP documents Different CRM systems for your SOPs Deciding who writes your operating processes Outsourcing the creation of your SOPs How creating solid standard operating procedures can give you freedom and liberation   Resources Mentioned: Zoho CRM Confluence LucidChart Loom Process Street   Our Favorite Quotes: “There are so many tasks in a company. If you see a major process, you’ll want to make an SOP for that, especially if it’s a repeated task.” - Justin Goodbread “When you delineate SOPs into writing, it gives your team the rules on which it can operate, providing them with consistency while decentralizing management.” - Justin Goodbread “You don’t have to let your business own you. Processes and SOPs are the keys to efficiency and liberty in business; they give you freedom.” - 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 does 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 have been helping business owners and entrepreneurs reach their dreams and goals through consulting for over two decades. And over the years, one thing is obvious to me: the companies that have detailed and implemented processes are the companies that often yield the best results. So how do you build and implement impactful business processes that can help you scale your organization? In this episode, I outline what a business process is and the four characteristics that make it effective. I explain how writing your company’s business processes in detail can help your organization be more efficient and reach your goals. I also discuss why you need to communicate to your team that a new business process can help them reach their goals and highlight why a business process needs to remain flexible and replicable.   “The ability to pause and put into writing your processes creates more efficiency, helping your company reach your goals.” - Justin Goodbread   This week on the Financially Simple Experience:   What a business process is Creating business processes and why they matter The importance of identifying business processes and putting them into writing The four characteristics of an effective business process Why a business process should be finite Creating repeatable business processes Why business processes should be flexible at all times Identifying, outlining, and mapping the necessary steps in a business process Implementing a business process in your organization Perfecting the adoption or execution of a business process   Our Favorite Quotes:   “There are so many processes to help our businesses turn, but a business process is simply an action that helps us reach our goal.” - Justin Goodbread “When we write our process and give each clarifying step, we create valuable things for our company.” - Justin Goodbread “As business owners, we are amazingly creative when it comes to reaching something we want to reach. When someone tells us we can’t get something, we’ll find a way to get 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.

In our business or personal lives, it’s probable that we sometimes step on other peoples’ toes. We’re only human, after all. As entrepreneurs and business owners, it’s also probable that there will be times when we need to handle a conflict or complaint brought to us by an employee or stakeholder. Whenever there’s a workplace issue, we need to follow some key actions and guidelines to effectively deal with conflict.   In this episode, I discuss how you can handle conflicts and complaints in the workplace. I examine why you may want to consider hiring an outside investigator when handling disputes in the workplace. I explain why you need to have a working knowledge of employment law whether you decide to hire an external investigator or not. I describe the Society of Human Resource Managers (SHRM), the work that they do, and their guidelines for handling workplace investigations. I also underscore the importance of protecting all parties involved and highlight why you need to be detail-oriented when proceeding with an investigation.   “We have a lot to carry as business owners. What’s at risk are our reputation, livelihood, net worth, and the reputation of our team and the livelihood of families we’ve been entrusted with.” - Justin Goodbread   This week on the Financially Simple Experience:   The value of hiring external investigators when dealing with workplace issues The Society of Human Resource Managers: its mission and goals Employment laws and regulations every business owner should know SHRM’s guidelines for conducting a workplace investigation “Need-to-know” confidentiality and how to enforce it How to protect the parties involved in a workplace complaint Hiring an external investigator Characteristics to look for in an external investigator Why creating a plan of investigation matters Developing investigation interview questions and why they need to be detailed What investigation summaries should contain   Resources Mentioned:   Society for Human Resource Management   Our Favorite Quotes:   “If you are to do an investigation, you have to maintain strict, need-to-know confidentiality.” - Justin Goodbread “You need to have a working knowledge of employment law, have strong interpersonal skills, and be able to build rapport, so you’re perceived as neutral or fair.” - Justin Goodbread “You need to bring everything to light to ensure to the ultimate tribunal that you’ve done everything in your power to bring the truth.” - 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.