Financially Simple - Business Growth to Sale Justin Goodbread

I'm always amazed at the number of dentists that listen to the show. It's always very humbling when I meet one of you in person and you tell me how much you enjoy our content and how it has helped you in your businesses. So, with this episode, I want to pay special attention to all of the dental entrepreneurs out there.
 
In this episode, I look at what it takes to grow your dental practice. From calculating the cost of capital to determining your year-over-year average growth rate, I walk dental entrepreneurs through the factors that go into deciding how and when to reinvest in their practices. However, the principles I'm discussing can also be applied to any business. Therefore, this episode is for all entrepreneurs who are ready to maximize their greatest asset... their business!

This week on The Financially Simple Podcast:
 
(2:17) A few basic assumptions before we begin
(5:20) Opportunity Cost
(7:21) Calculating Opportunity Cost
(8:27) Highest and Best Use of Reinvestment
(10:51) What High Revenue Growth practices do differently
(14:03) Maximize the number of patients seen each day (throughput)
(16:22) Viewing your practice through a buyer's eyes
(18:05) Calculating average revenue growth
 
Our Favorite Quotes: 
"Calculating your average growth rate can provide a useful barometer for the overall health of your practice." - Justin Goodbread
 
"Growing the value of your practice requires deliberate planning and clear, measurable action steps. It's easy to become overwhelmed when working through this. That's where having a trusted advisor to coach and encourage you throughout the process becomes so important." - Justin Goodbread
 
About The Financially Simple Podcast 
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ 
 
Connect with Justin:
Financially Simple newsletter 
Facebook 
LinkedIn 
Twitter 
 
Subscribe Here:
Apple Podcast 
Spotify 
Google Podcast 
iHeart Radio 
Stitcher 
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. 
 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”). 
 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of

Selling a business provides many new and exciting opportunities. Although it may be tempting to use the proceeds of the sale to start a new business, there are reasons you might choose to wait. In this episode, I look at the effect our current economy could have on a new business.
 
I also examine how the mass migration going on in the US could have a variety of impacts on emerging businesses. Perhaps most importantly, I discuss the personal impact that immediately jumping into your next business venture could have on you, your health, and your relationships.
 
This week on The Financially Simple Podcast 
 
(1:36) Current economic factors 
(4:37) Mass migration's impact on local economies
(9:20) Personal considerations
(10:56) Taking care of yourself
(12:36) Taking care of your relationships
 
Our Favorite Quotes: 
"We have the desire to make a path where there isn't one. In many ways, that's a good and admirable trait. But we must remember that there is a cost to all of this, and it's one that we often don't pay alone." - Justin Goodbread
 
"How many birthdays and milestone life moments have you missed because you had to be present in your business? Now that you've sold your business, could it be time to spend time with the kids before they're out of the house?" - Justin Goodbread
 
About The Financially Simple Podcast 
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ 
 
Connect with Justin:
Financially Simple newsletter 
Facebook 
LinkedIn 
Twitter 
 
Subscribe Here:
Apple Podcast 
Spotify 
Google Podcast 
iHeart Radio 
Stitcher 
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. 
 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”). 
 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances. 

Expectations are an important part of business. A CEO sets expectations for growth over time. Your sales department outlines product and service expectations for potential clients. But can expectations be harmful to your business? Inherently working to exceed expectations isn't necessarily a bad thing. However, if you're setting expectations too high and consistently underperforming, that could be a recipe for disaster.
In this episode, I unpack whether trying to exceed expectations is dangerous to your business. I also give some tips for setting clear expectations, opening the door for you to exceed them.
 
This week on The Financially Simple Podcast: 
(2:08) The importance of clear expectations
(3:39) Communicating expectations with clients
(4:58) When expectations become dangerous
(5:31) Creating realistic expectations
(9:45) Exceeding expectations through transparency
(11:04) Set boundaries
Our Favorite Quotes:  
"Setting expectations is only dangerous when they can't be met" - Justin Goodbread
"Friends, striving to exceed expectations isn't a bad thing. However, consistently coming up short on your promises could destroy your business and your name." - Justin Goodbread
 
About The Financially Simple Podcast 
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ 
 
Connect with Justin:
Financially Simple newsletter 
Facebook 
LinkedIn 
Twitter 
 
Subscribe Here:
Apple Podcast 
Spotify 
Google Podcast 
iHeart Radio 
Stitcher 
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”). 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances. 

Making the transition from business owner to employee after selling your business is something that many entrepreneurs aren't well prepared for. Friends, I'm not referring to those who've sold their companies and must now find a job. Instead, I'm talking about those who do as I recently did, selling their business and staying on as an employee. Are you truly prepared for that type of transition? Can you handle it? In this episode, I'm exploring how to go from owner to employee in your own business.
 
This week on The Financially Simple Podcast:
 
●        (2:15) Employment agreements and Earn-outs
●        (5:20) Can you handle the change?
●        (7:40) A new set of benefits
●        (10:01) Lowered risk
●        (11:30) Don't do it alone
 
Our Favorite Quotes:


"You can handle whatever you desire to handle. Whether you think you can or think you can't, you're right." - Justin Goodbread
 
"Being at the top is a lonely place. While you might not be truly alone, there are very few people in the entrepreneur's life that really understand what it's like to be a business owner." - Justin Goodbread
 
About The Financially Simple Podcast
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
 
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
 
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.

Your company's core values are more than just a few "feel good" words plastered on your wall. They have the power to shape the entire culture of your business. Therefore, it's critical that your values actually mean something. More than this, they must be such a part of your daily culture that you and your team embody them without a conscious effort.
In this episode, I discuss the importance of choosing the correct values for your business and how to live them out. I also cover 4 easy ways to communicate your core business values with your customers.
 
This week on The Financially Simple Podcast:
●       (1:33) Why core business values matter
●       (3:10) Putting your values to work
●       (4:34) How Chick-fil-A integrated their values into their culture
●       (9:35) 4 ways to communicate your company's core values with customers
●       (9:44) Listing values on your website
●       (11:08) Displaying values through actions
●       (11:34) The power of "Cause Marketing"
●       (12:48) Values-based consumer testimonies
 
Our Favorite Quotes:
 
"Son, your what you do speaks so loudly that your words, I cannot hear" - Terry Goodbread, AKA, "Momma"
"The point is that a company's core values must be an active part of its culture." - Justin Goodbread
"They can't just be empty platitudes. Your core values have to mean something." - Justin Goodbread
 
About The Financially Simple Podcast
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
 
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
 
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.
 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own

In this episode, I discuss something very near and dear to my heart... the pro forma. You've probably heard of pro forma before. In fact, you may have used them in your business. But are you aware of the many different pro forma documents and their unique benefits? 
Using pro forma documents can help you understand what the future holds for your business. I'll discuss this and explain the different types of pro forma and how they can be applied to your business in this episode of the Financially Simple podcast.
 
This week on The Financially Simple Podcast: 
●        (1:48) What is Pro Forma?
●        (2:35) Pro Forma calculation
●        (5:03) Budget documents
●        (5:24) Company income statements
●        (6:24) Earnings projections
●        (10:53) Secure funding
●        (11:51) Inspire confidence in prospective buyers
●        (13:38) Assessing M&A and risk analysis
 
Our Favorite Quotes: 
"If you use correct assumptions in creating your pro forma, you can demonstrate viable growth, making your business attractive to investors." — Justin Goodbread
 
"By changing a few key factors, you can identify risks in your planning well before they have the chance to be realized." — Justin Goodbread
Get the Financially Simple Pro Forma Template:
Financially Simple Pro Forma
 
About The Financially Simple Podcast
 
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 
 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/
 
Connect with Justin:
Financially Simple newsletter
Facebook
LinkedIn
Twitter
 
Subscribe Here:
Apple Podcast
Spotify
Google Podcast
iHeart Radio
Stitcher
 
Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. 
Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
 
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.