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The Justin Goodbread Show

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, CFP® (Certified Financial Planning professional), CEPA (Certified Exit Planning Advisor), and CVGA (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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  2. 10 Steps for Designing an Employee Incentive Program to Fuel the 8-Figure Exit

10 Steps for Designing an Employee Incentive Program to Fuel the 8-Figure Exit

Oct 9, 2023

Over the past few years, business owners have been through the wringer. From lockdowns to the Great Resignation, simply going to work has presented a much larger challenge than it did in the past. As a result, attracting and retaining great talent has become more important than ever. So how can you achieve this in your RIA?

In this episode, I talk about the importance of employee incentive programs and the many different ways to show your team that you appreciate their loyalty and hard work. Likewise, I discuss 10 steps you can take to design and implement an employee incentive program to fuel your eight-figure exit!

This week on The Financially Simple Podcast: 

  • (1:45) Attract, engage, and retain talent

  • (3:35) Incentive programs can drive profitability

  • (5:13) How does an incentive plan tie into the eight-figure exit?

  • (6:31) What should be included in your employee incentive program?

  • (7:33) The importance of recognition and bonus pay

  • (12:03) Ten easy steps

  • (21:26) Something I’ve never seen in business before

Our Favorite Quotes:

 “One of the very first things we identify with an incentive plan is that it’s there to attract, to engage, and to retain talent.” - Justin Goodbread

“Recognition helps the employee see that your firm or your business values them for all their contributions and successes as part of the team.” - Justin Goodbread

  
About The Financially Simple Podcast

If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  

 
If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/

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Financially Simple is a division of WealthSource Business Advisors, LLC. Business planning services offered and provided by WealthSource Business Advisors, LLC. WealthSource® is the marketing name for a group of financial services companies composed of WealthSource Business Advisors LLC, WealthSource Partners, LLC, and WealthSource Insurance Solutions LLC. Each company has financial responsibility only for its own products and services and is not responsible for the products and services provided by the other companies. All companies are subsidiaries of WealthSource Holdings, Inc.

This podcast is distributed for informational purposes only. 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 WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.