#31: Justin Goodbread: How to Exponentially Increase Your Net Worth

Justin Goodbread, CFP, CEPA, CVGA and owner of inanciallysimple.com speaks with Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. Justin has more than twenty years of experience starting, buying and selling businesses. He talks about how you can exponentially increase your net worth as a business owner using tax minimization, investments and strategic growth.

 

Episode Highlights: 

Justin grew up homeschooled in Southern Georgia and started his first business, a landscaping company, at the age of 15. What was it like when he first started his business and how did he plan his exit strategy? Justin describes how he learned business owners can exponentially increase their wealth.  Justin shares his motivations for starting his company, Heritage Investors. What is the dream team every business owner should have?  Justin defines the terms CFP, CEPA and CVGA. He talks about the viewpoint he has because of his credentials and explains how these  credentials work together to provide components to drive net worth. What should people focus on if they’re thinking about selling their business down the road? How is the multiple derived when determining valuation?  Do you have a business that can operate without you being there? According to Justin, the ‘4 Cs’ are human capital, social capital, structural capital and customer capital.  What resources does he recommend for business owners who want to create better systems? Justin provides an overview of the ‘Financially Simple’ process. A thriving business can have as many as ninety systems or more. Where do you find businesses for sale if you want to grow your business through acquisition? What advice is he giving to business owners in the current marketplace? Make sure your business is a best in class business. Make sure your marketing and sales processes are top-notch.

 

3 Key Points:

Business owners have the unbelievable ability to exponentially increase their wealth. Every business owner should assemble a dream team consisting of a good business tax attorney, a progressive thinking CPA and a certified financial planner. Improving intangible assets improves your ability to sell the business.

 

Tweetable Quotes:

“You can double your net worth every 2-5 years.” – Justin Goodbread  “It’s a heck of a lot easier to work on systems to improve the intangible assets of a company than it is to go out and double revenue.” – Justin Goodbread  “The marketing system is the backbone of every business.” – Justin Goodbread “The biggest Achilles heel is we build a business around us.” – Justin Goodbread “Value is about de-risking.” – Justin Goodbread

 

Resources Mentioned:

Instant Systems Financially Simple (website) The Ultimate Sale (book) Heritage Investor 

 

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