Justin Goodbread: The Shades of Entrepreneurship

Justin's entrepreneurial journey @ 0:01

Justin Goodbread shares his background growing up in a small town in Georgia, where his parents instilled an entrepreneurial mindset in him from a young age. He started a successful lawn mowing business as a teenager, which led him to pursue other entrepreneurial ventures over the next 30 years, including a landscaping company, a dental consulting firm, and an insurance-based business.

The importance of building a transferable business @ 5:15

Justin discusses how he learned the hard way that building a business solely around the owner's skills and involvement is not a recipe for long-term success or a profitable exit. He emphasizes the importance of building a business that can operate without the owner, with systems, processes, and a talented team in place.

Preparing for a successful business exit @ 10:17

Justin outlines the eight key areas of business that drive value and must be optimized for a successful exit: planning, leadership, sales and marketing, people, operations, finance, risk management, and legal. He stresses the need to build a business with the buyer in mind, not just the current customers.

The power of marketing and the importance of pivoting @ 32:46

Justin shares his own experience using marketing to drive significant growth and value in his financial services business, even in a highly regulated industry. He encourages entrepreneurs to view marketing as a critical component of building a valuable, transferable business, and to be willing to pivot their strategies as needed.

Advice for aspiring and current entrepreneurs @ 40:36

Justin provides advice for both aspiring and current entrepreneurs. For those considering entrepreneurship, he emphasizes finding something you're passionate about and not being afraid to take risks, especially when young. For current business owners, he encourages them to reflect on their "why" and what they ultimately want to achieve, and to start building an exit plan, even if they don't plan to sell immediately.