Justin Goodbread
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Articles by Justin Goodbread
The Hard Truth Most Financial Advisors Avoid—And Why It’s Costing Them Growth
Written by: Justin Goodbread, CFP, CEPA, CVGA The vast majority of financial advisors who want to work with business owners don't have the credentials to do it. Read that again. Not the licenses. Not the designations. Not the scripts your home office handed you in a three-ring binder. The credentials that cannot be bought, earned in a weekend, or downloaded from a corporate portal.
Most Advisors Hit a Revenue Ceiling Until They Pick One Client
Written by: Justin Goodbread "All Financial Advisors look the same. Prove me wrong." - That's what most of your prospects think before they meet you. And honestly? Until you get clear on who you specifically serve, they're not wrong. I hear it everywhere: conference hallways where I speak, advisor forums, even the financial advisors we coach have these conversations: "Why do AUM advisors charge so much?" "Why do fee-only guys act like they're above commissions?" "Blended fees?
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Five Strategies for Maximizing Your Business' Profitability
As a business owner, maximizing profitability is a top priority. However, achieving sustainable growth requires more than just increasing revenue. It involves implementing strategies that not only boost short-term profits but also lay the foundation for long-term success. Let's explore some key strategies that you can implement to maximize your business's profitability while ensuring sustainable growth. 1. Focus on customer retention.
Cinco estrategias para impulsar el compromiso de los empleados
Formar un equipo que pueda alcanzar sus objetivos empresariales es algo más que tener a meros seres vivos en la oficina; se trata de cultivar una plantilla motivada, apasionada e implicada en su trabajo. Atraer a los mejores talentos para su empresa no dará los resultados que desea si el equipo no está comprometido. Verá, el compromiso de los empleados va más allá del compromiso individual con la empresa; abarca su conexión emocional con los compañeros y con la organización en su conjunto.
"Seduciendo al consumidor": Cómo está cambiando la publicidad en las redes sociales para los dueños de empresas Original
La comercialización de tu pequeña empresa es una parte necesaria del espíritu empresarial. Sin embargo, es un aspecto que desconcierta a muchos. Saber cómo, dónde y durante cuánto tiempo destinar el dinero a publicidad puede parecer un juego de ruleta. La comercialización de tu pequeña empresa es una parte necesaria del espíritu empresarial. Sin embargo, es un aspecto que desconcierta a muchos empresarios.
Por qué un gran liderazgo es esencial para hacer crecer tu negocio Original
El mundo de los negocios es altamente competitivo. Independientemente de la industria, los empresarios deben hacer todo lo posible para mantenerse por delante de la competencia. Una de las áreas que realmente puede diferenciar a tu empresa es el liderazgo. Tener un gran liderazgo es fundamental para el éxito de cualquier organización. Verás, los grandes líderes no solo inspiran a sus equipos a trabajar más duro y lograr más.
Council Post: Great Leadership Is Essential To Growing Your Business
Justin Goodbread CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author and speaker. getty The business world is a highly competitive one. Regardless of industry, entrepreneurs must make every effort to stay ahead of the competition. One of the areas that can really set your business apart is leadership. Having great leadership is critical for the success of any organization.
Council Post: Tips To Help Your New Business Thrive Through Recession
Justin Goodbread CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author and speaker. Starting a business is never simple, but starting one during an economic downturn can be especially difficult. With many challenges compounding the typical struggles business owners face, a recession may cause would-be entrepreneurs to hold off on starting a business. However, there are still opportunities to build a successful business, even in tough economic times.
Council Post: Pay Yourself First: Why It's Important For Small-Business Owners
Justin Goodbread CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author and speaker. As a small-business owner, finances are often a complex subject. Many times, you neglect your personal finances for the sake of growing the business. This is an understandable strategy, but neglecting to pay yourself first could actually hinder your ability to grow at a healthy pace.
Cómo la "psicología empresarial" puede beneficiar a los emprendedores y sus negocios
Los dueños de negocios a menudo son un grupo tenaz y resistente. Tendemos a tener una idea o visión de lo que queremos lograr en nuestros negocios y nos sumergimos de lleno en esos objetivos. El fracaso no es algo que desaliente a muchos de nosotros. En cambio, a menudo lo vemos como un precursor del éxito. Pero, ¿qué es lo que realmente nos mueve? ¿Por qué la mayoría de los dueños de negocios pueden recibir patadas en los dientes y levantarse sonriendo una y otra vez?
Cómo la "psicología empresarial" puede beneficiar a los emprendedores y sus negocios
Los dueños de negocios a menudo son un grupo tenaz y resistente. Tendemos a tener una idea o visión de lo que queremos lograr en nuestros negocios y nos sumergimos de lleno en esos objetivos. El fracaso no es algo que desaliente a muchos de nosotros. En cambio, a menudo lo vemos como un precursor del éxito. Pero, ¿qué es lo que realmente nos mueve? ¿Por qué la mayoría de los dueños de negocios pueden recibir patadas en los dientes y levantarse sonriendo una y otra vez?
Council Post: How Business Psychology Can Benefit Entrepreneurs And Their Businesses
Justin Goodbread CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author and speaker. Business owners are often a tenacious and resilient lot. We tend to get an idea or vision for what we want to achieve in our businesses and dive headlong into those goals. Failure isn't something that deters many of us. Instead, we often view it as a precursor to success. But what really makes us tick?
Council Post: Exit Planning For A Sale To A Key Employee
Justin Goodbread CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author and speaker. A major, yet often overlooked, aspect of exit planning is determining who you’re going to sell your business to, and how it will transfer once the sale is lined up. Oftentimes, family business owners have someone in mind, and those who are selling on the open market are open to many different possibilities. But what if you’re planning to sell your company to a key employee?
Selling Your Business? Beware of Potential Blind Spots
No matter your exit strategy, there are positives and negatives to each of them. Yet, the most effective exit plans have contingencies for all of them. A well-thought-out exit plan is vital to a successful transition. That’s why I want to look at some of the common blind spots owners encounter when selling a business on the open market. Even if you’re not currently thinking of selling, at some point you’re going to exit your business.
Council Post: Prevent Recentralization In Your Small Business By Using Systems
CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author, and speaker. More at WealthSource.com. One of the hallmarks of a good exit plan for a small-business owner is decentralization. As an owner, you can do certain things for your company that will increase scalability and grow its value, such as removing yourself from its daily operations. Doing so empowers your team to handle the day-to-day activities while you focus on big-picture strategies.
3 Ways to Prepare to Pass the Family Business to the Next Generation
Owning a family business, and planning the succession of your family business, is as much a part of the American dream as white picket fences and two cars in every garage. But is handing your business down to the next generation a good idea or just ideal? You see, there’s been a long-standing stigma around family businesses. The three-generation rule, as it’s come to be known, suggests that family businesses rarely make it to the third generation. But let’s take a closer look.
How Business Owners Should Invest Differently
As a business owner, you often face a very different set of financial risks than your non-business-owning counterparts. When it comes to investing, there are two major considerations you’ll need to remember. First, keep your powder dry. This is an old seaman’s term that I like to use when describing the need to keep enough cash in your personal and business finances to weather life’s storms. The other consideration is that you likely have heavy concentration risk.
Council Post: Employee Buy-In: 5 Ways To Turn Critics Into Advocates
CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author, and speaker. More at WealthSource.com. People crave routine. There's security in the normal patterns of our lives. That's why change can be difficult to accept. Even when it's for the better, change disrupts our patterns and our routines. Rejecting change is almost human nature. That's why implementing new policies, procedures, systems and processes in your business can be difficult.
Are You Under-Utilizing Your Business’s Marketing?
Marketing is an often misunderstood and under-utilized method for growing your business. Many times, marketing is underfunded, overlooked, or ineffective due to not having a strategic marketing plan. According to Fundera, handle marketing on their own. While this is a great representation of the “I can do anything,” attitude that we entrepreneurs have, it’s also indicative of a major problem in your business’s marketing.
Attorneys & Chainsaws: Dangerous Yet Useful Tools
If you’ve never used a chainsaw, you’re probably at least, familiar with them. They are a powerful handheld tool with a rapidly-spinning, razor-sharp chain attached to them. Let me tell you, using a chainsaw is a workout. By the time you’re done using it, you’re completely exhausted, and your back and arms hurt. However, beyond all of this, chainsaws can be quite dangerous, and should be handled with extreme caution. When I was 19 years old, I had an accident with a chainsaw.
Myths Business Owners Tell Themselves About Retirement Risk
I’ve had the great honor and privilege of working with many business owners throughout my career. These are some of the smartest, hardest-working people I’ve ever known. Although they typically have a great head on their shoulders, when it comes to business, many business owners are susceptible to believing myths about their retirement. This could be from hearing the same myths repeated time and again throughout their networks. It could be wishful thinking.
Lawsuits & Litigation: How to Protect Your Business
As a business owner, it can sometimes feel as though you have a giant target on your back. Knowing that the threat of lawsuits and litigation is ever present, today's business owners must take an active stance to mitigate the risk of becoming a target. But what should you do if avoiding legal action isn't possible? Join me, as I discuss how to avoid lawsuits and what to do if your business is sued.
Council Post: Avoid Costly Consequences When Selling Your Business
CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author, and speaker. More at WealthSource.com. Everyone makes mistakes. At some point in your life, you’ve probably even been given a second—or even third—chance at something. When playing baseball, the batter gets three strikes (chances to hit the ball) before being counted out.
6 Differences Between Leaders and Managers in Business
Many times, I meet with small business owners who say, “I have managers. I can leave my business in their hands. Therefore, I’m driving up the value of my business.” Ultimately, yes, you want to build a business that can produce revenue without you being involved. Therefore, you go out and hire managers to take care of the company for you. But managers are not always good leaders, and good leaders are not always managers. But what’s the difference between managers and leaders?
How Taxes Impact Your Wealth Gap
tax planning Taxes are unavoidable, and if you look at their history, they could be on the rise soon. So, use the Internal Revenue Code to reduce your retirement wealth gap. Imagine you’re standing on the bank of a river. The bank you’re standing on represents your current financial status, and the opposite bank is the amount of wealth you need for retirement. The river itself is the difference between how much wealth you currently have and what must be accumulated to reach your retirement goals.
3 Small Business Valuation Approaches
Although you may understand that increasing the intrinsic value of your business is necessary if you want to attract investors or buyers, knowing how you increase that value can be much more complex. To get a handle on this, you must understand how business valuation works from an appraiser’s perspective. So, let’s look at the three most common business valuation approaches appraisers use. Price or Value: Which is More Important?
It seems like you can’t go anywhere without hearing about cryptocurrency. There are television commercials, social media ads, and I’d estimate that around 3 out of 5 direct message requests I receive on LinkedIn are people trying to convince me to purchase crypto from them. I’m sure that many of you have had similar experiences. However, many people don’t really understand cryptocurrency and how it could fit into their portfolio.
How to Calculate Your Retirement Wealth Gap
retirement planning Another version of your “retirement number,” a simple wealth gap calculation could be eye-opening for retirement savers – especially business owners. Whether they admit it or not, many business owners wrestle with anxiety surrounding their financial futures. Maybe you’ve dealt with this yourself. But you don’t have to be fearful about your retirement savings if you plan properly.
How to Calculate Your Retirement Wealth Gap
Contributor Justin Goodbread, CFP®, CEPA, CVGA Kiplinger Published Mar 6, 2022 4:42AM EST Whether they admit it or not, many business owners wrestle with anxiety surrounding their financial futures. Maybe you’ve dealt with this yourself. But you don’t have to be fearful about your retirement savings if you plan properly. I’d like to share a quick calculation with you to help put your fears into perspective and even create plans to put them behind you. What calculation could help to ease your fear?
Council Post: Estate Documents You’ll Need Beyond A Last Will And Testament
CFP®, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author, and speaker. More at WealthSource.com. getty Nobody likes to talk about it, but death is inevitable for all of us. Therefore, you should count every moment as a blessing. Beyond this, you should remember there’s no time to waste when it comes to preparing for your eventual passing. When you think of estate planning, a couple of things come to mind.
‘Reductio ad Absurdum’ Keeps Inflation Fears In Check
Photo by unsplash/@jannerboy62 If you turn on the television at any given time, you’re likely to see more disaster and catastrophe than the human mind was ever intended to process. Incredible acts of violence, devastating storms, disease, political division, and economic fallout come from it all — including the highest inflation in 40 years. With so much bad news, it’s easy to understand why so many people suffer from anxiety and depression.
How To Create Effective Long-Term Goals and Objectives
As a business owner, you can’t make plans for the future and simply “hope” to achieve them. Taking action is the only way to improve your business and having clear and measurable objectives is the only way to take effective action. Therefore, during strategic planning sessions, as you’re mapping out how to increase the value of your business, you must set long-term objectives in your business that can actually be achieved.
Council Post: Benefits Of Hiring Your Spouse To Work In Your Business
CFP, CEPA, CVGA, at WealthSource Partners, LLC, is a financial educator, wealth manager, author, and speaker. More at WealthSource.com. getty The past couple of years have presented many obstacles for small-business owners. Between closures, disruptions to the supply chain and labor shortages, entrepreneurs have had to display an unprecedented level of adaptability and agility. Whenever business owners face these types of issues in their organizations, they must find creative solutions.
The Business Planning Process
Planning is a foundational component of a successful business. But many times, business owners become frustrated with it. You have big ideas for your business, and you just want to get to work on them. Therefore, planning can feel like it's getting in the way of accomplishing your goals. This couldn't be further from the truth. A well-conceived plan will actually help you reach your goals faster and more efficiently.
Warning: Your Business Is Not a Retirement Fund!
A coffee shop owner leans with her elbows on the counter with a worried look on her face. Getty Images I often receive inquiries from business owners seeking to increase their company’s profitability, margin, etc. Many of them view the business as their retirement plan. Although it’s an asset you could use to fund your retirement, I believe focusing on profitability is shortsighted. By focusing on growing the bottom line, you’re creating a generous income for your present.
The One Account That Every Millennial Should Consider
Young woman drinking coffee and smiling. Getty Images If you’re suspecting that I’ve got an obscure cryptocurrency or robo account to flaunt … fear not. Every millennial need look no further than an ordinary health savings account (HSA). SEE MORE 5 HSA Benefits You Might Not Know About The HSA may very well be the most powerful tax shelter, pound-for-pound, in the United States. Unfortunately, not everyone is eligible to contribute to an HSA.
Pandemic Lessons for Business-Owner Clients - and You
Photo by unsplash/@beckybekks The Covid-19 pandemic changed so much about our world. How we socialize, learn and operate our businesses saw major changes in the last two years. Fortunately, some of the restrictions that were imposed at the height of the pandemic have been relaxed. But there are still lessons we can take from the pandemic to help our business-owning clients (and ourselves) weather future disasters. As advisors, we have a unique platform to impact our clients’ lives.
Is Your Home as Protected as You Think? It’s Time for a Policy Review
It's better to find out your coverage falls short before something happens rather than after. Here's how to get started and what to look for as you review your policy.
Is Your Home as Protected as You Think? It’s Time for a Policy Review
Across my 20+ years of helping business owners with their personal and business finances, I’ve gained many valuable insights on a variety of topics. I’ve come to realize that people often pay too little attention to their insurance coverages. In particular, many people fail to understand the importance of regularly reviewing their policies. This is especially true of homeowners insurance. If you haven’t taken a recent look at your policy, you could be setting yourself up for disastrous consequences.
Retiring in Uncertain Times? Try the Bucket Strategy!
Budgeting For retirement savers who want to help make sure their money lasts as long as they do, this very basic planning method is an oldie but a goodie. I've often heard an old saying that states, "Today is what it is because yesterday is what it was, so tomorrow will be what we make of today." I believe this statement sums up retirement in the truest sense. Whether it is 30 years away or five, retirement is coming. How you prepare today makes all the difference tomorrow.
10 Ways You Could Avoid the 10% Early Retirement Penalty
Retirement is something each of us must plan for. Not surprisingly, you want to make sure you’ll have enough income to last throughout your lifetime. Theoretically, if you plan well, you could even retire early. Perhaps you’ve sold your business for a profit, maximized your retirement account contributions, invested in non-qualified accounts, and own multiple rental properties.
10 Ways You Could Avoid the 10% Early Retirement Penalty
retirement You’ve saved diligently in your 401(k), and you wouldn’t mind tapping into it – but you’re not age 59½ yet, so you could have to pay the IRS a 10% penalty on your withdrawal. There are exceptions to that rule, though. Here are 10 of them. Retirement is something each of us must plan for. Not surprisingly, you want to make sure you’ll have enough income to last throughout your lifetime. Theoretically, if you plan well, you could even retire early.
Want to Pay 0% in Taxes? Here’s How
capital gains tax Investors and retirement savers have many tools at their disposal to whittle their incomes down to a point where capital gains are taxed at a 0% tax rate. The magic number for couples? $80,800. One of the greatest expenses business owners and retirees alike face is income taxes. That’s why a forward-thinking tax planner is so valuable. They can leverage the Internal Revenue Code (IRC) to lower your taxes and help you build wealth.
9 Life Events that Require You to Revise Your Budget
Your life is always changing. Is your budget keeping up with the times?
9 Life Events that Require You to Revise Your Budget
Budgeting Your life is always changing. Is your budget keeping up with the times? Most of the time, when I tell a client to draw up a budget for their personal finances, they look at me as if I just insulted their grandmother. But, writing a budget and sticking to it is one of the most effective ways of taking control of your personal finances. A well-designed budget shows you exactly where your money is going and enables you to easily redirect each dollar.
Council Post: Why You Need A Written Business Plan
CFP®, CEPA®, CVGA®, at Heritage Investors, LLC, is a financial educator, wealth manager, author, and speaker. More at FinanciallySimple.com. getty Imagine setting out on a road trip without knowing where you wanted to go. There are immediate and inherent problems with this idea. First, without knowing where you’re going, you can’t possibly chart a course to arrive there.
What’s So Great about Diversification?
investing Balancing out the risks and rewards of your investment portfolio is always a good idea. Here are the basics of diversification and the different asset classes that will help you get the job done. Whether you’re a novice hobby trader, a seasoned titan of Wall Street, or just beginning to research investing, you’ve probably heard of diversification.
Council Post: Paying Yourself As A Business Owner
CFP®, CEPA®, CVGA®, at Heritage Investors, LLC, is a financial educator, wealth manager, author, and speaker. More at FinanciallySimple.com. getty A common theme I encounter when working with small-business owners is a lack of regularity in how they pay themselves. Often, business owners are hesitant to pay themselves unless they have a surplus in their business accounts. This is understandable during your business’ infancy, as you’re doing everything you can to ensure it succeeds.
Council Post: When Should You Begin Receiving Social Security?
CFP®, CEPA®, CVGA®, at Heritage Investors, LLC, is a financial educator, wealth manager, author, and speaker. More at FinanciallySimple.com. Getty Retirement is something we all must face. How you plan and prepare for your retirement is as unique as your individual goals. Regardless of the plans you’ve made to prepare for your retirement, Social Security is likely to be a part of them. With that comes the question of when you should begin receiving your Social Security benefits.
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