Merry Christmas From The DecaMillionaire Team
DecaMillionaire Decoded
In this special holiday episode, host Justin Goodbread reflects on the significance of Christmas, blending biblical history with business principles . While acknowledging that December 25th is a symbolic date, he highlights the story of the Wise Men as a lesson for Entrepreneurs . Learn more about Relentless Value Coaching:
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Achieving Business Freedom by Empowering Teams and Building Relationships, with Michael Walsh
DecaMillionaire Decoded
In this episode of DecaMillionaire Decoded, host Justin Goodbread sits down with Michael Walsh, President of the Walsh Business Growth Institute and author of Freedom by Design . With 30 years of experience, Michael discusses how business owners can navigate "danger zones"—critical revenue plateaus between $2 million and $20 million where existing structures fail and mindset shifts are required . Justin and Michael also cover how scaling radically requires moving away from controlling management styles and toward structures that support human behavior and "provoke thought" in employees ....
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Stop Playing Small: The Formula to Building a Business That Works For You, with Ryan McGarghan
DecaMillionaire Decoded
In this episode of DecaMillionaire Decoded, Justin interviews Ryan McGarghan, a fractional CFO and founder of Synergy, to explore strategies for scaling businesses to $10 million in enterprise value. Ryan explains that a fractional CFO offers high-level strategic guidance to companies that cannot afford full-time executives, typically targeting businesses with under $25 million in revenue. Learn how, as businesses mature, the focus must shift to long-term strategic planning, optimizing gross profitability, and ensuring alignment between sales, marketing, and finance departments . ...
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How to Build a Workplace Culture Where Employees Want to Stay, with Anton Gunn
DecaMillionaire Decoded
In this episode, we sit down with leadership expert Anton Gunn, who shares his incredible insights on building a thriving business culture. Discover the hidden costs of employee turnover, the importance of trust, and how to avoid the loyalty trap with your top performers. Anton draws from his extensive experience, including his time serving the President of the United States, to provide actionable strategies for business owners looking to foster an environment where employees truly want to stay. LinkedIn: WWW: Learn more about Relentless Value Coaching:
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Scaling Frameworks and Building Legacy, with Dr. Thomas J. Powell
DecaMillionaire Decoded
In this episode, we explore the path to achieving DecaMillionaire status with Justin Goodbread and his guest, Dr. Thomas J. Powell. Together, they discuss the essential frameworks and strategies needed to scale a service-based business beyond $10 million in enterprise value. Tune in as they share valuable insights on clarity, alignment, stewardship, and the importance of building a legacy. LinkedIn: WWW: WWW: Learn more about Relentless Value Coaching:
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The Four Questions That Will Change Your Life For The Rest Of Your Life
DecaMillionaire Decoded
In this episode, we unpack the mindset of DecaMillionaires with Justin Goodbread as he reveals the four transformative questions that can elevate your decision-making process. Discover how shifting from a 'Can I?' mindset to 'How can I?' can unlock new opportunities and lead you to greater success. Learn more about Relentless Value Coaching:
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How to Become a Super Bold Business Leader, with Fred Joyal
DecaMillionaire Decoded
In this episode, we explore the journey to achieving true freedom and wealth in business with Justin Goodbread and his guest, Dr. Fred Joyal, author of the book 'Super Bold.' They discuss the importance of boldness, the steps to transition from confidence to super boldness, and share actionable insights on overcoming resistance in pursuing one's calling. Whether you're a seasoned entrepreneur or just starting out, this episode is packed with strategies to help you scale your business beyond $10 million and live a fulfilling life. LinkedIn: WWW: Book: Learn more about Relentless Value...
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The Greatest Business Plan
DecaMillionaire Decoded
In this episode, we explore the path to achieving DecaMillionaire status with Justin Goodbread. Discover the blueprint inspired by Solomon's principles and how to build a business that thrives on wisdom, partnerships, and credibility. Justin shares powerful insights on overcoming imperfect beginnings, the importance of strategic alliances, and how to prioritize what truly matters for lasting success. Learn more about Relentless Value Coaching:
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The Importance of Change Leadership, with Dr. Fred Johnson
DecaMillionaire Decoded
In this episode, we explore the path to becoming a Decamillionaire with Justin Goodbread and his guest, Dr. Fred Johnson. Together, they delve into the crucial leadership strategies that can help service-based business owners scale their enterprises beyond the $10 million mark. From the importance of vulnerability in leadership to the necessity of embracing change, this conversation is packed with actionable insights. LinkedIn: WWW: WWW: Book: Learn more about Relentless Value Coaching:
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The Importance of Relentless Execution, with John Mallora
DecaMillionaire Decoded
Join Justin Goodbread as he and John Mollura break down essential strategies for overcoming hesitation and taking bold action in your business. Discover the six checkpoints that can transform your approach to entrepreneurship and help you build real wealth and freedom. LinkedIn: WWW: Learn more about Relentless Value Coaching:
info_outlineIn episode 127 of Financially Simple, Justin begins his deep dive into having a best in class Finance Department for maximum value growth by looking at the different types of Financial Reports.
Financial Reports can cover different aspects of a business, from income and expenses, to liabilities and equity. As a business owner, it is very helpful to examine and understand these reports to increase the value of your business. Justin goes over the various reports, breaking them down and explaining how each can be useful in understanding a business’s affairs.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
ARTICLE TRANSCRIPT: BLOG: 9 Financial Statements Business Owners Should Examine Regularly
TIME INDEX:
00:22 - What are the best Financial Reports for Business Owners to examine?
01:30 - The Balance Sheet
04:28 - The Income Statement
07:47 - The Cash Flow Statement
09:27 - The Account Receivable Report
12:29 - The AR Day vs AP Day Report
14:27 - The Budget vs Actual Report
15:33 - The Daily Average Sales Report
16:57 -The Operating Cash Flow Report
18:05 - The Net Profit Margin Over Time Report
19:37 - Summary
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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.