Financially Simple - Business Growth to Sale

Justin Goodbread

The Financially Simple Business podcast is an all-in-one resource for small business owners. You will gain valuable insights into navigating through today’s business climate. Each episode focuses on the topics that benefit you the most. Learn effective methods of managing your team, tax mitigation, increasing bottom-line revenues without overloading your current infrastructure, and much, much more.

Being a business owner can be a lonely profession, but that doesn’t mean you have to go it alone. Subscribe to the Financially Simple podcast and join the thousands of business owners who have grown and improved their businesses by putting these lessons into action. PlayerFM Top 20 Financial Podcast, FeedSpot Top 10 Business Podcast Financially Simple, LLC, a division of Heritage Investors, LLC - a registered investment advisor. Heritage Investors, LLC only conducts business in states where it is properly registered or is excluded or exempted from registration requirements.

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In episode 387 of Financially Simple, Justin wraps up the Legalities of Selling Your Business series. If you’re thinking of selling your business in the near future, or even much further down the line, knowing the legal issues that can arise and being prepared for those eventualities will be a boon when the time comes. In this episode, Justin summarises the last few episodes covering the legal aspects of selling a business, and asked the question: are you ready? Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - The Legalities of Selling Your Business: Series Wrap Up 02:46 - The Wealth Gap 04:31 - The Value Gap 06:01 - How Value is Determined 10:41 - The Four Cs 16:16 - Ifs and Buts 19:36 - Summary 21:00 - Wrap Up   USEFUL LINKS: Work with Our Team Walking to Destiny, by Chris Snyder Financially Simple on YouTube Advance Child Tax Credit Payments in 2021 Subscribe to the Financially Simple Newsletter   NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

Nov 29

21 min 58 sec

In episode 386 of Financially Simple, Justin talks to Mital Patel of Triamicus Law about the legalities of selling your business. With the “do-it-yourself” attitude of most business owners, some of the important complex and difficult legal issues that crop up when selling a business can be overlooked or even ignored. In this episode, Justin and Mital go over the purchase agreement, and consider the important fundamentals that need to be addressed in the document so that both the buyer and seller, and even third parties involved, are not liable for preventable issues. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - The Legalities of Selling Your Business, with Mital Patel 03:56 - What is a Purchase Agreement 06:24 - The Importance of Language in Provisions 09:11 - When is an Agreement Needed 14:17 - Be Prepared 17:10 - Other Areas an Agreement Covers 18:31 - Red Flags 21:19 - Recommended Reading 23:26 - A Nugget of Wisdom 25:07 - Wrap Up   USEFUL LINKS: Work with Our Team Mital Patel on LinkedIn Triamicus Law What Would the Rockerfellers Do? by Garrett B. Gunderson Financially Simple on YouTube Advance Child Tax Credit Payments in 2021 Subscribe to the Financially Simple Newsletter   NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

Nov 22

27 min 8 sec

In episode 385 of Financially Simple, Justin talks to Dr. Grace Yum about selling her dental practices by herself. Taking the reins and selling your business by yourself can be challenging, and immensely rewarding, especially if you’ve taken the right steps to understand the process and your desired outcomes. In this episode, Justin and Grace discuss the events of her starting, building, and eventually selling her dental practices on her own. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - Selling Your Business Yourself, with Dr. Grace Yum 03:46 - Backstory: Education, Experience, Development 09:30 - Exiting 12:04 - Seeking Guidance 13:38 - Leaving a Legacy 15:57 - Doing it Yourself 19:27 - The Buyer 21:16 - The Process 23:25 - Crossing the Finish Line 25:40 - The Next Step 31:01 - Recommend Reading 31:50 - A Nugget of Wisdom 32:54 - Summary _________________   USEFUL LINKS: Work with Our Team Dr. Grace Yum, LinkedIn Mommy Dentists in Business Selling Your Practice: The Essential Guide to Successfully out of Dentistry, by Dr. David Phelps The Energy Bus, by Jon Gordon Financially Simple on YouTube Advance Child Tax Credit Payments in 2021 Subscribe to the Financially Simple Newsletter   NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

Nov 15

34 min 32 sec

In episode 384 of Financially Simple, Justin talks to James Pugh of Pivot Capital about creating capital for your business’s growth. Whether transitioning or planning the next step of growing your business, having the financing in place to support the move is vital. In this episode, Justin and James look go over the role of investment bankers in increasing the value of your business to building your capital stack, and reducing risk. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - Investment Banking and Business Transition, with James Pugh 03:13 - Who Do Investment Bankers Work With 06:08 - Investment Bankers as Facilitators 07:00 - The Current Market 08:16 - Risk Mitigation and Increasing Value 09:11 - Low Hanging Fruit 10:31 - Effects of COVID 12:22 - Small Market vs. Middle Market 13:01 - Tips to Increase Value 14:45 - What Should Business Owners Ask 16:07 - What is a Capital Stack 16:53 - How to Build Your Capital Stack 19:52 - Recommended Reading 21:21 - The Right Team Members 22:54 - A Nugget of Wisdom 24:36 - Summary _________________   USEFUL LINKS: Work with Our Team James Pugh, LinkedIn Pivot Capital The Handbook of Financing Growth, by Kenneth H. Marks Financially Simple on YouTube Advance Child Tax Credit Payments in 2021 Subscribe to the Financially Simple Newsletter   NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

Nov 8

26 min 39 sec

In episode 383 of Financially Simple, Justin talks to Matteo Valles a Business Broker at Sunbelt Network. Having a Broker on your side when it comes to selling your business might seem unnecessary, but the value that they can add in helping value the business, assisting getting prepared for sale, and with the sale itself far outweighs any costs. In this episode, Justin and Matteo look at the transaction process from both the seller and buyer’s point of view, and give some insight into the complexities of the undertaking. Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening! _________________   TIME INDEX: 00:42 - The Business Process: Transitioning, Selling, and Buying, with Matteo Valles 02:04 - A Typical Transaction 03:39 - Intangible Assets 04:59 - Valuation 06:51 - What to Focus on as a Seller 08:30 - Looking to Buy 10:19 - Are You Really Prepared 11:51 - Expectations vs. Reality 13:08 - Banks vs. SBA vs. VCs 14:41 - Recommended Reading 15:56 - One Piece of Advice 18:09 - Strategic Buyers 18:51 - When Should a Business Owner Approach a Broker 19:36 - Wrap Up _________________   USEFUL LINKS: Work with Our Team Episode Links (Guest etc.) Blog Links (Delete spaces) Matteo Valles, LinkedIn Sunbelt Business Brokers Matteovalles.com mvalles@sunbeltnetwork.com How Did You Do It Truett??, S. Truett Cathy Financially Simple on YouTube Advance Child Tax Credit Payments in 2021 Subscribe to the Financially Simple Newsletter   NEW Book: Your Baby’s Ugly - Maximize the Value of Your Business NOW or You Will Have Nothing to Sell Later _________________   BIO: Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. To learn more about our credentials and awards, please visit https://heritageinvestor.com/awards-certifications/. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

Nov 1

20 min 54 sec