Garrison Keillor once said, “A book is a gift you can open again and again.” The great thing about business books is that the gifts within them can be life-changing for you, your business, and all the lives impacted as a result. The Financially Simple team understands this concept well and we love to share the books Justin reads—some on an annual basis, and others for the first time.
The Business/Financial Book of the Month
Good to Great: Why Some Companies Make the Leap and Others Don’t by Jim Collins
Over a span of five years, Jim Collins and his research team analyzed the historical data and management infrastructure of 28 companies to discover why some companies “make the leap” and others don’t.
This study shows how great companies grow exponentially over time. Likewise, it reveals how long-term, sustainable performance can be duplicated and built into the DNA of a company that goes from good to great. What defines a great company? What characteristics does a great company have? Find out in Good to Great!
Financially Simple Guides
Your Baby’s Ugly: Maximize the Value of your Business or you’ll Have nothing to Sell by Justin Goodbread
The second book in author Justin Goodbread’s Financially Simple Business Series, Your Baby’s Ugly: Maximize the Value of your Business or You’ll Have Nothing to Sell, teaches small business owners, like yourself, to honestly evaluate the sellable value of their business. It dives into the eight key areas appraisers use to determine if a business is best-in-class. For example, you can use the same methodology to evaluate whether your operational systems are causing money-wasting inefficiencies, or to measure how your personal values contribute to (or harm) your team and its marketing efforts.
If you have no plans to sell any time soon, Your Baby’s Ugly can add stability and direction for your team and even lowered stress for you while also making your “baby” more beautiful for the day you do decide to transition out.
Is this review a shameless plug? Probably. Are we confident that Your Baby’s Ugly will change business owners’ lives? Absolutely!
The Ultimate Sale: Selling a Business for Maximum Profit by Justin Goodbread
Though not strictly a financial book, I would like to also recommend my first book, The Ultimate Sale, to any of you that own a business and plan to retire (and who doesn’t intend to retire one day?). In it, I challenge business owners to begin thinking of their business as more than simply a paycheck. We discuss how to grow it in ways that not only increase day-to-day efficiencies but also its value as a sellable asset. It is available on Amazon in print, ebook, and audio versions.
Previous Books of the Month
Every Family’s Business by Thomas Deans
Every Family’s Business is one of my favorites when it comes to succession and exit planning in a family-owned business. Deans warns against the negative aspects of family units when there is a transfer of a business from one generation to another. He offers an easy method for family businesses to begin their own succession plan. This is done through 12 central questions for families to address- he says, silence is the great destroyer of wealth in a family business. After addressing the 12 questions, it will be clear who, when, and how the business will be owned and operated in the future — the family succession plan will be born.
A Random Walk Down Wall Street by Burton G. Malkiel
A Random Walk Down Wall Street, written by Burton G. Malkiel, a Princeton University economist, discusses the seemingly, random nature of the stock market. Malkiel communicates to his readers that one cannot consistently outperform market averages. In addition, he discusses different investment strategies and highlights the historical indicators of both passive and active strategies. The book is frequently cited by those in favor of the efficient-market hypothesis.
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
The authors of The Millionaire Next Door delve into the spending habits of those that would be deemed millionaires based on net worth. This is often the first financial book I suggest to my clients that are business owners. It gives readers a calculation to help them see exactly how they’re doing right now. That formula takes their age and multiplies it by the annual gross income and then divides the answer by 10—giving them their net worth at the moment and letting them know if they are on their way to being “the millionaire next door.” Additionally, it offers practical tips to help grow that net worth no matter where they’re at in the process.
The Richest Man in Babylon by George Samuel Clause
Written in 1926, The Richest Man in Babylon may often get overlooked as a top financial read with some of today’s heavy hitters. However, it’s a book I recommend hands down to everyone that is seeking to gain financial wisdom. It is plain and simple advice set up as common sense stories that will not only enlighten you but keep you entertained as well. It’s just a really good book for those that don’t like to read the typical self-help books that tell you to do A, B, and C to get E, F, and G. Without a doubt, it’s a down-to-earth book chocked full of knowledge that if followed will help you get on the financial track you’ve been looking for.
Think and Grow Rich by Napoleon Hill/Ben Holder-Crowther
This is another old book, published in 1937, that is actually considered the original motivational book. It’s one of the founding books that every financier will ever read. The premise of Think and Grow Rich is, what makes a winner? Basically, exploring how to succeed at whatever you do in life. Hill wrote the book during the Great Depression in an attempt to propel his readers to change the course of their future. He basically says—you can do this if you stop and think.
Rich Dad Poor Dad by Robert Kiyosaki
Considered the #1 personal finance book of all time, Kiyosaki tells his readers of two dads…supposedly his real father and the father of his best friend. The two men have completely different attitudes when comes to money—one understands how money works and the other doesn’t. In Rich Dad Poor Dad, Kiyosaki contends that it’s a mindset that will help you develop the habits you need in order to build wealth, claiming it’s not where you were born…it’s not the circumstances you face in life…it’s basically all about your habits.
Total Money Makeover by Dave Ramsey
This is one of the top books for figuring out where you need to start. I give this book to people that come to me and are in trouble with debt or they just need help. For those that have made unwise decisions and might be financially anemic, I absolutely recommend The Total Money Makeover to help them get on the path to success. It doesn’t matter if someone didn’t start well; you can definitely finish well if you follow the plans laid out in Total Money Makeover.
These books are all in my personal library and have been read by myself, my family, and my staff many times. I do recommend heading over to your local library and checking them out. If you prefer to own them (as I do) we have made it easy for you to order… simply click on the book’s image and you will be whisked off to Amazon.com for great deals on them.
Enjoy educating yourself and need book recommendations?
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