DecaMillionaire Decoded

In episode 121 of Financially Simple, Justin advises on how much cash a Business should have on hand. Money in the bank is always good to have, whether it’s to see you or your business through hard times. Justin goes over a simple strategy for having enough for yourself as well as your business - just in case of unforeseen circumstances; as well as when it’s not good to have too many cash assets. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: How Much Cash Should You Stash in Your Business and Personal Accounts?   TIME INDEX: 00:28 - How Much Cash Should My Business Hold? 01:28 - The Four Account Method 03:26 - Personal Accounts 05:53 - Business Accounts 08:53 - Cyclical Businesses 10:35 - Focus on the CFO 11:02 - Money in the Bank 12:09 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 120 of Financially Simple, Justin continues his deep dive into a Best-in-Class Finance Department looking at the role of a CFO/CPA. Many small and middle-market businesses may only have a single bookkeeper, or the owner does their best to handle the various tasks of budgeting, payroll, and accounts. Justin examines the roles of a CFO/CPA within a business, the qualities required of a capable CFO, and how those qualities may vary depending on what stage a business is in. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Why Every Business Needs a CFO to Reduce Business Risk TIME INDEX: 00:28 - The Role of a CFO/CPA 01:17 - Most Small Businesses Only Have One Individual to Handle it All 02:49 - The Four Different Areas of a CFO 03:48 - 1. Treasury 04:22 - 2. Tax 04:42 - 3. Accounting 05:10 - 4. Finance 07:19 - The Four Faces of a CFO 07:45 - The Strategist 07:58 - The Operator 08:12 - The Steward 09:22 - The Catalyst 12:21 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List. The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration. This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 119 of Financially Simple, Justin begins a series of episodes looking at having a Best-in-Class Finance Department for maximum value growth. Many individuals and business owners lack the knowledge of proper book-keeping and financial management, leaving it to the accountants to figure out. But having a fundamental understanding and systems in place to manage the accounts will improve transparency and increase the value of a business. Justin asks key questions to assess your business and gives an overview of how a Best-in-Class Finance Department can enhance a business’s value. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: An Introduction to Building a Best-in-Class Finance Department TIME INDEX: 00:52 - An Introduction to Best in Class Finance Departments for Maximum Business Value 01:20 - What’s Your Financial Know-How and State of Finances? 03:47 - Having a comprehensive Finance Department and Strategy 05:34 - Some Simple Questions to Ask Yourself to Understand Your Own Capabilities 10:12 - The Ways in Which a Best-in-Class Finance and Accounting Department Can Enhance Value 12:00 - Wrap Up.   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 118 of Financially Simple, Justin looks at what makes for a Good Operations Management System. A Business’s Management Systems are the fundamental processes that keep a Business running on track. Justin goes over the five core elements of a good and efficient Operations Management System. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:23 - The Elements of a Good Operations Management System 00:29 - Clearing out the Chicken Coop 03:13 - The Five Elements 04:22 - 1. Processes and Procedures 05:49 - Streamlining 07:11 - 2. Roles and Responsibilities 08:39 - 3. Tools 12:45 - How much are you wasting? 13:15 - 4. Risk and Safety Controls 15:28 - 5. Metrics and Reporting 16:26 - Baseline Capacity vs. Demand Requirements 18:40 - Reporting Frequency 19:06 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter _______ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 117 of Financially Simple, Justin gives an overview of what Lean Management is and how it applies to both Manufacturing and Service Businesses. Lean Management and Continuous Improvement can be thought of as the structure of a Business, with foundations, supporting levels and columns of processes and principles that hold up the success fundamentals of the Business. Justin goes over the different levels of this Lean structure, explaining how each matters in your Business. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 00:21 - What is Lean Management and Continuous Improvement? 01:40 - Lean in Manufacturing 03:28 - Lean in Services 03:39 - The Structure of Lean 04:50 - The Foundations 06:32 - Manage by Fact 07:32 - Workplace Organisation and Visual Management 08:22 - Standardized and Stable Processes 09:58 - The Three Pillars 10:15 - Delivery 12:04 - Environmental 13:17 - Quality 15:15 - People and Teamwork 15:31 - Sustainable Continuous Improvement 15:52 - High Engagement 16:06 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 116 of Financially Simple, Justin looks at the history of Operations Management. Business and Industry has come a long way since the Industrial Revolution in the early 20th Century, with advancements in technology as well as the Operational Processes that manage them. Justin gives a brief history of the development of Operations Management over the last 100 years - looking at the key points of the evolution of Operations, and where it’s headed next. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: The Evolution of Business Operations Management   TIME INDEX: 00:43 - The History of Operations Management 01:32 - The Principles of Scientific Management 02:34 - Assembly Line/Parts Standardization 03:41 - Method-Time Measurement 05:52 - Toyota Production System 06:58 - Six Sigma 08:10 - ISO 9000 08:39 - Lean Operations 10:03 - The 5 Key Principles of Lean 10;46 - 8 Waste Obstacles of the Lean Process 13:26 - Business Process Re-Engineering 13:49 - 7 Components of Business Process Re-Engineering 18:44 - Next Generation Risk Management 22:08 - Summary   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 115 of Financially Simple, Justin looks at the Top 3 Operational Problems. If the Operational Systems and Management in your Business are not working to add value and growth to the company, you need to start looking for the cause of the problems. Justin goes over the process of finding out the root causes for Operational Problems, and what those problems can ultimately be. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! BLOG/TRANSCRIPTION: BLOG: 3 Operational Issues that Weaken Your Business's Infrastructure   TIME INDEX: 00:27 - The Top 3 Operational Problems 01:51 - The Salmon Run 04:51 - Operational Problems 06:08 - Tracking Back the Failures 08:53 - Finding the Source 09:52 - Challenge the “Why” 10:20 - The 3 Problems 10:29 - Inefficient Throughput 11:27 - Excess Capacity 12:58 - Inconsistent Execution 15:33 - Closing   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 114 of Financially Simple, Justin begins to look at the process of building Operations for Maximum Growth. To effect growth in your Business, having well managed Operating Systems is a must no matter how big or small the company - even the smallest improvement to the management of a process will yield positive results. Justin goes over the various elements of Operations management and their systems. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Operational Steps Service-Based Businesses Should Take   TIME INDEX: 00:46 - The Operating Elements of a Service Business 01:14 - What is a Service Business? 01:56 - The Master Blueprint 03:29 - Design & Engineering 05:09 - Account and Order Management 06:10 - Project and Production Management 06:56 - Procurement 07:48 - Materials and Inventory Management 08:42 - Facilities Management 09:11 - Tools and Tech 09:45 - Resourcing 10:56 - Quality and Risk Management 11:59 - Field Operations 12:40 - Distribution 13:44 - Packaging 14:05 - Work on Your Business, Not in Your Business 15:43 - Managerial Systems 16:40 - Customer Service 19:11 - Management Reporting 19:49 - Master Data 20:23 - IT 21:05 - Talent Training 21:20 - Closing   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 113 of Financially Simple, Justin takes a look at Operations and Systems within a Business. The Operations of a Business will effectively run the Business. How well those Operations Systems work, will determine how well the Business runs and its value growth. Justin looks at Operations Management and Operations Systems, and what Business Owners should consider to make these processes work for them. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! ARTICLE TRANSCRIPT: BLOG: Build Business Operational Systems for Maximum Value Growth   TIME INDEX: 01:24 - Operations Department vs. Operations Systems 01:57 - Ant Farm Operations 04:05 - Definition of Operations 04:28 - The Big “O”: Operations Management 05:47 - What the Operations Department Oversees 09:25 - The Little “o”: Operations Systems 11:29 - 10 Tips About Operations 11:56 - 1: Operations Include both People & Processes 12:35 - 2: People is Often the Largest Cost in an Organization 12:51 - 3: Most People Want to Do Good Work 13:26 - 4: There Are Very Few Quick Fixes in the Operations of Established Businesses 14:16 - 5: Operations is Not Rocket Science 14:55 - 6: Small Wins Build Motivation, Large Wins Improve ROI 15:17 - 7: Needing Help isn’t Always a Lack of Ability 16:19 - 8: Hidden Issues are Often Out of the Sight of the Owner or Management 17:18 - 9: Mitigation vs. Perfection 18:53 - 10: The Problem With Operating Systems is Usually a Weak Management System 19:31 - Closing   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter Operations Management Definition Operating Systems Definition ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.

In episode 112 of Financially Simple, Justin looks at Seven Key Processes that a Business Owner should have in place for their Employees. Having set processes established in your company with regard to the handling of your Team’s hiring, performance, advancement, firing and retirement will add value to your Business. Justin goes over his seven Key Employee Processes that will help your Team and Business succeed. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! TIME INDEX: 01:03 - The Employee Systems needed for Maximum Value 01:57 - Having Processes in Place 03:02 - The Hiring Process 07:31 - The Performance Management Process 08:02 - The Education Process 10:09 - The Recognition Process 12:00 - The Advancement Process 13:08 - The Firing Process 16:09 - The Retirement Process 16:51 - Closing   USEFUL LINKS: Financially Simple Financially Simple on YouTube Financially Simple on Facebook Financially Simple on Twitter ________ BIO: Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.   Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers.  Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy.  Neither performance nor client experience, however, were considered.  No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.   The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.   This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.