financially simple book of the month

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.

If you have a great book you think we would like, i.e. must read, let us know (if you’re suggesting your own book, please visit this page).

The Business/Financial Book of the Month

Our Pick for November 2021:

Think Big, Act Small: How America’s Best Performing Companies Keep the Start-Up Spirit Alive by Jason Jennings

Think Big Act Small

How have some of the most profitable companies, who have increased profits and revenues by 10 percent or more for ten consecutive years, done so? Is there a better way to manage your business than what is traditionally expected?

Jason Jennings and his research team worked tirelessly screening and interviewing companies and individuals that have been successful to get the answers most of you have been looking for.

Jennings discovered that consistent high performance takes more than locker-room speeches to the sales team. What these companies have in common is a culture based on a shockingly simple precept: Think big, but act small. It works for retailers like PETCO and Cabela’s, manufacturers like Medline Industries, service companies like Sonic Drive-In, private educational companies like Strayer, and industrial giants like Koch Enterprises.

In Think Big, Act Small, Jennings reveals the unique power of combining the strengths of a big organization with the hunger of a start-up. Any company, no matter what its size or industry, can benefit from following these examples.

Financially Simple Guides

Your Baby’s Ugly: Maximize the Value of your Business or you’ll Have nothing to Sell by Justin Goodbread

Your Baby's ugly cover 3d

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

The Ultimate Sale business book by Justin GoodbreadThough 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

The Business Owner’s Guide to Financial Freedom by Mark J. Kohler

The Business Owner’s Guide to Financial Freedom wonderfully reveals the secrets behind successful investing in your business while bypassing the Wall Street-influenced financial planners. It feels tailored specifically to small-business owners and entrepreneurs who are looking for sound long-term financial planning and wealth management.

Attorney and CPA Mark J. Kohler and expert financial planner Randall A. Luebke deliver a guide catered to your entrepreneurial journey as they teach you how to create assets that provide income so work is no longer a requirement, identify money and tax-saving strategies, and address business succession plans to help you transition into the investment phase of business ownership.

This book helped me to learn more about pinpointing dollar values in your business, understanding the difference between good and bad debt, achieving long-term goals with a financial independence plan, and most importantly helping beginning business owners select the right advisor for their specific needs.

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!

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 for great deals on them.

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