How a Business Exit Strategy Creates Long Term Wealth
Most entrepreneurs spend years building companies without ever considering how they’ll eventually leave them. In this episode of Lifetime Cash Flow Through Real Estate Investing, serial entrepreneur and business strategist Justin Goodbread explains why every business owner should start with the end in mind. After founding and exiting seven companies, including businesses that reached eight and nine figure valuations, Justin has developed a framework that helps entrepreneurs build companies that create both wealth and freedom.
For real estate investors and business owners alike, a strong Business Exit Strategy isn’t just about selling a company. It’s about creating an asset that can operate independently, generate value, and ultimately provide financial and personal freedom.
Meet Justin Goodbread
Justin Goodbread is a Wall Street Journal bestselling author, entrepreneur, and business coach who has successfully built and exited seven companies. He is the host of The Deca Millionaire Way podcast and specializes in helping business owners increase company value, prepare for exits, and create lives centered around purpose and freedom.
His experience spans consulting, insurance, financial services, business valuation, and marketing, giving him a unique perspective on what makes businesses scalable and attractive to buyers.
The Five Step Framework for Building an Exit Ready Business
Justin’s approach centers around what he calls The Millionaire Way, a five-step framework designed to help entrepreneurs build valuable companies.
- Relentless Foundation
- Relentless Examination
- Relentless Execution
- Relentless Exit
- Relentless Freedom
He emphasizes that most entrepreneurs become trapped inside the businesses they create because they fail to revisit their vision, mission, and values. Taking time to clarify personal goals and define what success truly means can dramatically change how a company is built and managed.
Why Business Owners Become the Bottleneck
One of the most valuable insights from the conversation is that business owners often become the greatest obstacle to growth. Buyers pay a premium for companies that can function without the founder’s daily involvement. If the owner is responsible for every major decision, the business becomes difficult to sell and significantly less valuable.
Justin recommends several steps to remove yourself as the bottleneck:
- Hire people with strengths opposite your own.
- Build systems and processes that allow the business to operate independently.
- Replace yourself in key operational and sales roles.
- Separate your personal identity from the company.
This mindset shift can dramatically increase business valuation while also creating more freedom in everyday life.
Execution Is What Separates Successful Entrepreneurs
Ideas are abundant, but execution is rare. Justin explains that successful entrepreneurs break large goals into smaller, actionable steps. Instead of chasing countless opportunities, business owners should focus on a few key objectives every 90 days and create specific action items that move those objectives forward.
The conversation reinforces an important lesson for investors and entrepreneurs: systems, accountability, and consistent execution create long term success.
Buying a Business May Be Better Than Starting One
Given today’s environment, Justin argues that acquiring an existing company can often be a smarter move than starting from scratch. With thousands of business owners reaching retirement age every day, tremendous opportunities exist for entrepreneurs willing to purchase and improve established businesses.
The same principles still apply:
- Expect setbacks and failures.
- Invest in coaching and mentorship.
- Focus on building systems and leadership.
- Think long term rather than chasing immediate rewards.
Whether buying a business or building one from the ground up, success comes from persistence and disciplined execution.
The Value of Coaching and Mentorship
Both Justin and Rod emphasize that coaching dramatically shortens the path to success. Time is far more valuable than money, and experienced mentors can help entrepreneurs avoid costly mistakes and accelerate growth.
Successful investors and business owners understand that they do not have to reinvent the wheel. Learning from those who have already achieved the desired outcome can compress years of trial and error into a much shorter timeline.
If you want to hear the full conversation and detailed insights, watch the podcast video or read the complete transcript below.
Frequently Asked Questions About Business Exit Strategy
What Is a Business Exit Strategy?
A business exit strategy is a long term plan that outlines how a business owner will eventually leave or sell their company while maximizing its value. A well designed exit strategy helps entrepreneurs prepare their business for acquisition, succession, or other transition opportunities.
Why Is a Business Exit Strategy Important?
A business exit strategy is important because it helps owners build a company that can operate independently of them. It also increases business value, creates financial security, and provides greater flexibility and freedom when it is time to transition out of the company.
When Should You Start Planning a Business Exit Strategy?
Business owners should begin planning their exit strategy as early as possible, ideally five or more years before they intend to sell or step away from the company. Early planning provides more time to improve operations, increase profitability, and make the business more attractive to buyers.
How Does a Business Exit Strategy Increase Company Value?
A business exit strategy increases company value by reducing the owner’s involvement in daily operations, creating scalable systems, building strong leadership teams, and improving financial performance. Buyers typically pay more for businesses that can thrive without the founder.
What Makes a Business Attractive to Potential Buyers?
Potential buyers look for businesses with predictable cash flow, strong systems and processes, recurring revenue, documented operations, and experienced management teams. Businesses that depend heavily on the owner often receive lower valuations.
Can Small Businesses Benefit From a Business Exit Strategy?
Yes. Small businesses often benefit the most from having a business exit strategy because many owners rely heavily on their company for income and retirement planning. Preparing for an eventual sale can significantly increase the owner’s financial outcome.
What Are the Most Common Business Exit Strategies?
The most common business exit strategies include selling to a third party, selling to employees, transferring ownership to family members, merging with another company, or creating a succession plan that allows the owner to gradually step away.
How Long Does It Take to Prepare a Business for Sale?
Preparing a business for sale can take several years depending on the company’s current condition. Most experts recommend beginning the process at least three to five years before a planned exit to maximize valuation and address operational weaknesses.
How Can Business Owners Remove Themselves as the Bottleneck?
Business owners can remove themselves as the bottleneck by hiring strong leaders, implementing systems and processes, delegating responsibilities, and building a management team capable of running the company independently.
Should Real Estate Investors Have a Business Exit Strategy?
Absolutely. Real estate investors who own investment companies, property management businesses, or syndication firms should have a business exit strategy to ensure their operations can continue generating value without their direct involvement and to create future liquidity opportunities.
00;00;47;07 – 00;01;06;15
Rod Khleif
Welcome back to lifetime cash flow through real estate investing. I’m Rod Khleif, and as always, I am thrilled that you’re here. You’re going to get tremendous value from the very interesting gentleman I’m interviewing today. His name is Justin Good Bread, and Justin is a Wall Street Journal bestselling author. I’m a Amazon bestselling author, which is not nearly to the level of a Wall Street Journal best selling author.
00;01;06;15 – 00;01;29;28
Rod Khleif
So that’s cool. He’s done seven business exits. He’s an expert in teaching people about building businesses and exiting businesses. He has a podcast called the Deca Millionaire Way, which I just got invited to speak on. And yeah, international bestseller, a book called The Ultimate Sale. Yeah, I guess I’ll stop there because I’m sure we could keep going. Welcome, brother.
00;01;29;28 – 00;01;42;17
Rod Khleif
Thanks for having me, buddy. Yeah. Of course. So, Tennessee. Tennessee? Yeah. Well, give us a little background on who you are. I got a little bit of a taste, but, you know, give us give us your background, you know, so people know who you are.
00;01;42;18 – 00;02;00;22
Justin Goodbread
Absolutely. So I’d always say I’m just a country boy. I’m born and raised on a dirt road in South Georgia. I grew up running barefoot, chasing alligators. That’s who I am. You know, if if we forget where we come from, its oftentimes we get we lose our way, right? So that’s who I am. Born and raised there and then started my first business on 15 and my dad left.
00;02;00;26 – 00;02;01;13
Rod Khleif
Is that what you said?
00;02;01;14 – 00;02;16;12
Justin Goodbread
15 years old? Yeah. You’ll love this. My dad, he came home from work and he said, hey, son, if you don’t have a job by this Friday, don’t come home. Yeah. Pretty tough, but we were homeschooled. It’s a little different back then. Right now, there’s homeschoolers everywhere, but back in the day, there were only about 10,000 of us total United States.
00;02;16;13 – 00;02;28;26
Justin Goodbread
And so like the Waltons type of family, you know, sit around the dinner table at night and have fun and dad’s like, hey, you don’t have a job of this, right? Don’t come home. But here’s a couple rules for you. You can’t work fast food, you can’t work for a grocery store, and you can’t work for anybody. I know.
00;02;29;00 – 00;02;45;06
Justin Goodbread
All right, so I got my last name is Good Bread. Have you ever met another good bread before? No. Yeah. You know, forever remember that name. So I was, like, knocking on doors, going different places. Hey, do you know my dad, Alan? Like. Yeah, he’s a good man, dude. After about four days, everybody knew about that, so I finally I was like, what am I going to do?
00;02;45;08 – 00;02;59;27
Justin Goodbread
Friday afternoon or Thursday afternoon if I don’t have a job by Friday? Dennis said, don’t come home. I’m going to be like out in the streets, dude. So grabbed a lawnmower rod, went down the street, cut, cut some grass, made 40 bucks, took me two hours. Came home that day, put the mower up, took a shower with smelling good.
00;02;59;28 – 00;03;15;03
Justin Goodbread
Dad come home from working the blue collar job like most of our warriors out there. Didn’t smell too good. It had a rough day and he said. He said, hey son, looks like he got a job. I said, well, dad, don’t know if it counts as a job. I made 40 bucks in two hours. He said, cool. He said, let me teach you something here.
00;03;15;03 – 00;03;33;28
Justin Goodbread
So I said, what’s that? He goes, if you will forever remember this. If you’ll learn how to work for yourself and never beholden to the man you’ll never go without. Now let’s start a business for yourself. That was a launch many, many, many years ago. From that point to today, it’s been seven companies that we’ve started and exited scaled them for 7 or 8 and nine figure valuations.
00;03;34;01 – 00;03;35;14
Justin Goodbread
It’s been a journey. It’s been fun.
00;03;35;15 – 00;03;37;24
Rod Khleif
What are some of the businesses you’ve done? Well, the.
00;03;37;24 – 00;03;53;17
Justin Goodbread
First one was a landscape company that agree with that one and sold that one and exit it. Just after Emily and I got married and then started consulting business to help dentists by practices and scale their companies and exit and do the same thing, like do a roll up of kind of sorted. They’d be a roll up or exit or some of that nature.
00;03;53;19 – 00;04;19;16
Justin Goodbread
And then I had an insurance business. Everybody had to be an insurance at some point. Right. So I had an insurance business and sold that through a partnership divorce. It’s called lawsuit. And then my last three kind of packaged together, I started in the most ridiculous industry of all times, which is the financial services industry. Started a registered investment advisory firm December 17th, 2017, 49 months later, had an eight figure valuation, took that company a value.
00;04;19;18 – 00;04;44;17
Justin Goodbread
A business valuation acceleration company and a marketing firm sold all three of those together back in 2021. The company who acquired it, they said, hey, good Brad, come and use these skill sets and take our company from where it’s at to the next level. So that company went from low eight figure valuation to a nine figure valuation, had the largest transaction in 2023, took 18 months to triple its value using what we coach around our clients these days.
00;04;44;20 – 00;05;10;22
Rod Khleif
Okay, okay. And so you you you have you have the podcast and you tell me you’re building a studio in your place, which is cool. And you live right down the road from my cousin, my country cousin who can’t pronounce our last name properly. But yeah, we won’t get into that. But yeah, and we were just talking. You guys had had a fireworks display, unsolicited, unplanned fireworks display on the side of a highway yesterday.
00;05;10;28 – 00;05;15;10
Justin Goodbread
Yeah. Saw that. It looked like some truck cut on fire carrying fireworks. Fireworks going everywhere.
00;05;15;11 – 00;05;35;27
Rod Khleif
Yeah. It was it was hilarious. But luckily nobody got hurt. But. So, you know, I love business. I’ve built 30 businesses, and when they fail, I call them seminars. Right? Several of my business has been worth tens of millions of dollars. Most were spectacular flaming seminars. Right. But we fail our way to success, right? Have you had any failures.
00;05;36;00 – 00;05;50;22
Justin Goodbread
In business? No. In terms of being able to lose money, in terms of losing money. But I think failures can be defined throughout the experiences of the education seminars we have in life. Right? In the sense of lawsuits, several of the lawsuits in business, just to me are seminars. Those are things.
00;05;50;22 – 00;05;51;29
Rod Khleif
That I’m in one right now.
00;05;52;00 – 00;05;58;18
Justin Goodbread
Yeah, they’re not fun. But you learn so much those, right? I’ve lost some friends. Yeah, I’ve lost some friends in business.
00;05;58;21 – 00;06;00;15
Rod Khleif
That’s hard. They call that that’s a failure.
00;06;00;17 – 00;06;16;11
Justin Goodbread
That’s a failure for sure. Yeah. I’ve lost some friends in business. I’ve had some family members disengage because of business. You know, it seems to me, rather as you elevate through whatever the glass ceiling is you’re facing. Maybe it’s an economic glass ceiling. Maybe it’s a personality glass ceiling. Maybe it’s their own court system, belief system or whatever.
00;06;16;12 – 00;06;26;22
Justin Goodbread
It seems like every time you level up, you look around and people or friends or acquaintances or even habits, they end up looking like not as shiny as they used to, the way.
00;06;26;24 – 00;06;32;00
Rod Khleif
They fall away. Sometimes they just fall away when your level of consciousness elevates, you lose people.
00;06;32;01 – 00;06;33;06
Justin Goodbread
That’s right. Well said.
00;06;33;13 – 00;06;43;01
Rod Khleif
And so you help businesses prepare themselves for.
00;06;43;03 – 00;06;44;21
Rod Khleif
A sale, basically.
00;06;44;27 – 00;07;10;09
Justin Goodbread
Yeah. So every business owner at this particular let me back up a bit. In the United States right now, there’s roughly 33 million small business owners, according to the SBA, Small Business Association. So small business has under 500 employees. Just from a technical standpoint, a lot of businesses out there, of those 33 million business owners, roughly about 28 million in the service business, you’re in the service business, I’m in the service business, as opposed to retail, like brick and mortar or manufacturing.
00;07;10;13 – 00;07;34;01
Justin Goodbread
So in the service based business community, the vast majority of us never will eclipse 10 million in EBITDA, right? Most of us are in the micro small business. So for those of us in that area, we don’t realize the amount of economic impact that we have on our own lives, much less those outside of us. So for for the if we were going to run the mean right now, the average income that most business owners in the United States try to achieve its roughly 20,000 a month.
00;07;34;05 – 00;07;50;09
Justin Goodbread
So let’s say $250,000 a year is what we try to take home. But then by the time we pay our children, our spouse, the car payment, the cell phones, the trips and everything else that our CPAs teach us to put into the company before you know it, rod, we’re making 400, $500,000 all in out of business. Now. The world sees it.
00;07;50;09 – 00;08;12;29
Justin Goodbread
They see this shiny lifestyle and we get used to living that lifestyle. But most of us, as business owners, don’t realize the amount of capital or assets that we’re going to need outside that business for us to maintain that lifestyle. So we have this business which is oftentimes our largest asset. Most of small business owners don’t do what your expertise is in scaling, using real estate or building portfolios or things of that nature.
00;08;12;29 – 00;08;40;29
Justin Goodbread
Instead, they’re hand to mouth. So part of the millionaire way is to wave the battle, wave the banner, so to speak, and say, hey, mister business owner out there. Yes, we do want you to buy some real estate. Yes, we do want you to have stop portfolios. Yes, we do want you to. But unless you have this business in a position that it can be disposed of, that somebody is willing to walk in and give you some bank, you’re going to reach a point in your life to where you’re going to have to take a significant lifestyle reduction, or you’re going to work longer than you desire.
00;08;41;01 – 00;08;45;17
Justin Goodbread
So the way is to bust all that out, get the bat on the show you. Here’s how you do that.
00;08;45;18 – 00;09;05;22
Rod Khleif
Okay. I mean, there’s 10,000 people a day turning 65 in this country and a lot of businesses. Yes, sir. And they want out. Yes, they want to retire. I’m 66. I’d love to slow down, but I’m not going to. But. So. So what are some of the strategies that you implement? You bring in, you find a small business owner.
00;09;05;24 – 00;09;22;07
Rod Khleif
I mean obviously every business is sales, marketing, operations, culture, people, every business is nothing candidly, but systems and people as well. And Peter Gruber says every business is innovation and marketing. So what pieces do you get involved in? All of it. What what are you get involved in?
00;09;22;08 – 00;09;42;03
Justin Goodbread
Yeah. So we have a five step framework that we use with all of our classes. What our newest I’d love to hear it about. So the five steps are is called the Millionaire way is relentless foundation okay. Relentless examination. You’ll notice I use the word relentless relentless execution, relentless exit and relentless freedom. Five steps and bury within those five steps.
00;09;42;03 – 00;10;02;12
Justin Goodbread
Every business, especially the service based business, can be judged on 286 different metrics. You just mentioned seven of the elements. So you have planning. Where are you going? Where are you going there leadership. How are you going to work with those around you? Sales and marketing, sister, cousins, your team, operations, finance and legal. Eight areas of business is comprised in those 256 metrics.
00;10;02;19 – 00;10;24;28
Justin Goodbread
And so when we’re talking about the deck millionaire way, what we’re looking at is how can we take these 256 elements and maximize it, not for necessarily the owner’s benefit alone, but also for that of the team, because you’ve had employees, you want to take care of them, your customers, your vendors, your charities, all the things that we maximum how do we maximize those and get them into alignment for harmony and for synergy in our lives?
00;10;25;00 – 00;10;47;03
Rod Khleif
Interesting, interesting. Yeah, I love the I love the fact that you have relentless freedom at the end because, you know, so many people, you know, you hear about people retiring from business and and they die with a few years. It’s like, you know, you work your ass off like that. Not you don’t. You don’t do it to to to give up.
00;10;47;06 – 00;10;55;28
Rod Khleif
But no, I love this. The examination is critical. You you don’t know what you’re. If you can’t, we’ll start. So what’s the foundation tear apart.
00;10;56;05 – 00;11;15;13
Justin Goodbread
So let’s. You know, you and I have been in business for old Salty Dogs business for 30 plus years. Each of us. How many times have we heard vision, mission of values forever and ever. Right. But what I’ve discovered is I’ve talked with literally tens of thousands of business owners when I’m doing a keynote like yourself or doing a podcast or, you know, even on our show, whenever I’m talking to business owners, we often lose sight of where we’re going.
00;11;15;14 – 00;11;32;22
Justin Goodbread
And while we’re going there, we get caught up in the trap that we build. So relentless foundation stepping us take a step back and really do an introspective work. The hard work of who is rod, who is Justin and why are we? How did God uniquely equip you and me so that we can go out and impact those we have the privilege and honor serve, right?
00;11;32;23 – 00;11;48;01
Justin Goodbread
Most business owners, like I said, we start off that way. But then we get tired. We get we get into that hamster wheel of just life. So Religious Foundation is all about taking a step back and quantifying where you want to go. Vision. Mission values. Relentless examination.
00;11;48;01 – 00;12;05;10
Rod Khleif
Hold on, hold on, hold on. I just want to salute you, brother. That is so profound. The fact that you start there. Yes, sir. I mean, coming from someone who’s built 30 businesses is in a place right now where I need to be doing that foundational work literally right now in my life. So that really resonated with me.
00;12;05;10 – 00;12;08;23
Rod Khleif
I just got I got to give you a shout out for that because that is cool as hell.
00;12;08;27 – 00;12;27;14
Justin Goodbread
Well, you know, it’s interesting, as I was just talking with a business owner that has a business, we just brought him into our coaching business. He has a $34 million prize business, a solid business. He can sell it tomorrow. Cash offer. We got on the table and we went through the assessment of his values. And he’s like, Justin, it’s been such a long time since I did the introspective work.
00;12;27;17 – 00;12;41;11
Justin Goodbread
One of the things I teach, yeah, we see these things like integrity and honesty and all these, you know, cliche words that no one really mean remembers. I give a value as an example. I have 11 values that come out of my one of my future books, but I have 11 values, right? And one of them came from a life event.
00;12;41;11 – 00;12;56;15
Justin Goodbread
My dad, I call it Turn the Turtle. Now you’re going to resonate with his value because we’re sitting here together today. But one day my dad and I were walking through the woods and we see this little box turtle upside down is struggling, you know, legs flailing. And he reaches down rod and he picks it up and turns it over and puts it on his way.
00;12;56;16 – 00;13;14;18
Justin Goodbread
Right now I’m about 16, right? You know, the age, like my kids downstairs play around now. And I said, hey, pops, I call my dad. Pops, why did you do that? He’s like, what do you mean? I said, why’d you do that, dad? He said, because I can now. I’m trying to be clever, right? I said, no, dad, you missed it.
00;13;14;19 – 00;13;30;01
Justin Goodbread
Why? What made you do that? He said, because I can’t. So I looked at it and said, no, you’re not hearing me. And just like a dad, he put his hands on my shoulder. I never forget like it was yesterday. Put his hands on my shoulder. He said, son, you’re not hearing me. Anytime we have the power and the ability to help somebody else, it doesn’t cost us a lot of time, energy, whatever.
00;13;30;01 – 00;13;44;00
Justin Goodbread
And if it does and we can do it, we do it because we’re good brands. We’re children of God. That’s what we’re supposed to do. So out of that was birth the value turn the turtle. Now, what’s interesting is that whenever I go on stage and I talk people forever, members turn the turtle and all of us have that value.
00;13;44;01 – 00;13;58;25
Justin Goodbread
When most of us have that value, we’re going to help others when we can do it. So if we could, we can steal down these experiences, these positives and negatives, these introspective were we were talking about our faith a little bit before we got on camera. We can boil these down to who we are. And how did God uniquely equip us?
00;13;58;25 – 00;14;08;22
Justin Goodbread
Out of the 8.3 billion the people in the world to go out and impact and resonate with those that we have the honor and privilege to serve on a daily basis? Brother, we don’t have to retire.
00;14;08;27 – 00;14;28;28
Rod Khleif
Yeah, well, I will. No, that’s not your dead right. We don’t have I don’t I don’t think I’ll ever retire, quote unquote, totally retire. But you know, it’s sad though. You know, you say that most people have that innate desire. But you see these videos of people in trouble and who shooting the damn video rather than helping, you know, and people walking by these people in trouble.
00;14;29;02 – 00;14;39;09
Rod Khleif
And and don’t get me started on that. But you know, so so I think that message does need to get out there more. But anyway foundation so and then examination.
00;14;39;10 – 00;14;44;06
Justin Goodbread
Examinations I love pancakes. You love pancakes I like pancakes okay okay. Pancakes is one of a favorite.
00;14;44;11 – 00;14;47;11
Rod Khleif
I love them but I can’t eat them anymore.
00;14;47;14 – 00;14;52;11
Justin Goodbread
I like we had some whole grain pancakes. I just love put a little bit of bananas on top. Caramel. I mean, it’s.
00;14;52;17 – 00;14;53;23
Rod Khleif
That sound good? Okay.
00;14;53;24 – 00;15;02;15
Justin Goodbread
Pancakes have two sides. It’s amazing. Most of us, as business owners, were so pointed to one side of our life. We focus all of our attention on our business.
00;15;02;17 – 00;15;03;05
Rod Khleif
Right?
00;15;03;07 – 00;15;18;21
Justin Goodbread
This is not original for Justin. In fact, we have shirts out there. To me, you have two sides of our lives as owners of even those of us who are heavy and real estate like you and I are. We have our faith, our family, our friends, our fitness and our finances. We were talking about your your gym downstairs and how you you dive into fitness.
00;15;18;22 – 00;15;34;21
Justin Goodbread
You know what good is making all the money in the world if you can’t enjoy it physically? What good is make it is earning income if your family’s gone or destitute. I know many people who work billions of dollars have close friends who are billions of dollars that they would trade it all in a heartbeat to have their wife back, or have their son back, or have their children alive.
00;15;34;21 – 00;15;50;26
Justin Goodbread
So to me, for those of us who want to grow, whether that be a business or a real estate or whatever it may be, it helps us to do the the alignment to make sure there’s, I don’t think, a balanced lifestyle, but a blended lifestyle where those five elements are in harmony with our business and they integrate together.
00;15;50;26 – 00;16;09;02
Justin Goodbread
So we talk about examination. We’re going to look at a business, we’re going to look at whatever it is and align that faith, family, friends, fitness, finances into that business so that it doesn’t become the prison that most business owners out there are dealing with. Even those who own big real estate portfolios, they end up being imprisoned by that portfolio they’re trying.
00;16;09;02 – 00;16;13;19
Rod Khleif
To manage. Love that to man. Totally love that. To then execute him.
00;16;13;20 – 00;16;18;14
Justin Goodbread
Execution is where everything falls apart, isn’t it? Yeah. I mean, how many of us have shiny shiny object syndrome.
00;16;18;15 – 00;16;28;22
Rod Khleif
Or ideas I hear? I have people tell me I got this great idealism, this idea. Okay, well, how are you going to execute on that freaking idea? Seriously? Have you done a business plan? You know, where do you have any money? What? You know, anyway? Yeah.
00;16;28;23 – 00;16;48;06
Justin Goodbread
Relentless execution is all about breaking it down into action steps. So what we teach is that every action, every business, should break things down. Every real estate company should break things down into 27 action items per 90 days. So here’s how this works. Most of us have a thousand things to do. What are the three things that we need to accomplish over the next 90 days?
00;16;48;06 – 00;17;11;01
Justin Goodbread
And of those three things, what specifically are we going to accomplish then, for each of those one items, what are three action steps? What are three things that somebody else in the company can accomplish as you work through a framework, then ultimately you’re going to have 27 specific action items that not you, the owner, not me, the owner, but our team’s subcontractors can go out and execute at a granular level so that we can stay visionaries.
00;17;11;06 – 00;17;27;18
Rod Khleif
So you go micro with it. That’s why there’s 27 and there’s only three at the top. That’s correct. Yeah. I you know, in my companies we use iOS, you know, from traction. And it’s the 90 day thing as well. You know you set these 90 day goals. They’re rocks. They call them. But and then you have an accountability chart where only one person’s accountable.
00;17;27;20 – 00;17;44;27
Rod Khleif
Otherwise nobody’s accountable if there’s more than one. So you’ve got some similarities there which I love, the micro where you go really deep on three things. And that’s let’s remember that. Matt okay. I like I like the sound of that. So that’s on execution. And then you, you position for an exit.
00;17;44;29 – 00;17;47;18
Justin Goodbread
Yeah. We always begin with the end of mind don’t we. Right. I mean whenever you.
00;17;47;18 – 00;17;50;10
Rod Khleif
Buy you should I’m not saying you always do, but. Yes.
00;17;50;13 – 00;18;03;28
Justin Goodbread
Well said. But whenever we buy a piece of real estate, we know that we make our money on the front side. You and I both know that after years in business and years in real estate. Same is true in business. Wherever you’re at today, you have to figure out what is your out of this business. Most of us is business owners.
00;18;03;28 – 00;18;09;15
Justin Goodbread
Never think about the out. We actually build ourselves as the epicenter of the business. So the way I describe.
00;18;09;15 – 00;18;12;14
Rod Khleif
It, and in every business, the CEO is always the bottleneck as well.
00;18;12;18 – 00;18;25;11
Justin Goodbread
Well sad. Well said. So I don’t know if you had these, you know where you grew up. But in South Georgia we had these things that I call the spinning wheel of Death. They were merry go round. They were metal merry go round. If you ever get on merry go round, you’re holding on for dear life. Because bubbles are.
00;18;25;12 – 00;18;42;07
Justin Goodbread
They’re pushing round around. Right. Eventually, if you could work your way to the center of the merry go round, it is not as turbulent. It’s not as volatile. Volatile. You can sit there, you can laugh at your buddies falling off of it. What happens in many of our companies around the country is the business owner has worked their way to the center of that merry go round, and they are the complacent.
00;18;42;07 – 00;18;46;22
Justin Goodbread
They’re kind of a little bit comfortable, if you will, and if they’re because they’re.
00;18;46;22 – 00;18;50;05
Rod Khleif
Comfortable causing me to look in the mirror right now, brother, I’m just telling you. But yeah, yeah, but.
00;18;50;05 – 00;19;08;29
Justin Goodbread
Whenever they’re comfortable, the problem is, is that now when we go to exit, the outside buyer sees that comfort, the outside biases, that comfort. And they recognize that the value of that company is not what it could be. And so they’re going to come in pennies on the dollar and acquire that company. And the owner. Statistically speaking, only 4% of owners that do exit are happy.
00;19;09;00 – 00;19;30;27
Justin Goodbread
So that owners now sitting there because they were comfortable trying to enjoy life. All that hard work. For those decades, you and I have been toiling away. It’s exhausting. And it’s like, man, we finally got here. Why don’t want to go back into the fray and ride that merry go round? The goal with the exit. The relentless exit is at least five longer preferred five years from the time that you desire to exit, you’ve got to get off the merry go round.
00;19;30;27 – 00;19;35;26
Justin Goodbread
You got to have this thing operating where you’re. It’s an autonomous golden goose, the autonomous creature, if you will.
00;19;35;28 – 00;19;50;28
Rod Khleif
Without you necessarily being directly involved to the level that you probably have been in the past. I’m assuming you pull the CEO back from the business a little bit, try to try to leverage that skill set or or how do you work that?
00;19;50;29 – 00;20;09;28
Justin Goodbread
Absolutely. So those eight areas that I mentioned beforehand, the planning, leadership, sales, marketing, people, operations, finance and legal picture those as placeholders on a merry go round like a perfectly slice of pizza, if you will. Merry go round. Well, the owner has to do is oftentimes they have to relinquish they. It’s easy for us to relinquish to the opposite personality that we are.
00;20;10;03 – 00;20;30;07
Justin Goodbread
It’s difficult for us to relinquish to our mini mes. For most of us as owners, the hardest thing for us to relinquish is sales and marketing. Because we know our product, we know our service, we know the avatar, we know how we can impact their lives. And so as soon as we can start relinquishing even those things that we’re strong in, it allows us to literally sit on the proverbial bench over there and watch that company spin around and round around.
00;20;30;08 – 00;20;46;27
Justin Goodbread
The bottleneck, as you mentioned earlier, is whenever, because God equipped us very uniquely, because we’re tenacious, because we’ve been beat up, we know how to jump back in on the ground, solve the problem really quick, and we don’t want to see our team spend weeks upon weeks upon weeks fighting for the same thing we learned 25 years ago.
00;20;46;28 – 00;20;55;27
Justin Goodbread
The challenge for us, much like we do when we’re when we’re parenting our children, is to set the systems and the processes up so the owner can get off the merry go round and enjoy the wheel spinning around.
00;20;55;29 – 00;21;03;06
Rod Khleif
Yeah. No, that makes sense. What? You know, just for my own edification, what do you do on the relentless freedom? Fun?
00;21;03;12 – 00;21;18;05
Justin Goodbread
Freedom is interesting, isn’t it? It’s a word that we often toss around, but we often most of us is. Owners never quantify. You know, some of us may say freedom of assets or freedom of money, right? That’s easy. I think. Money is so cheap, I really do, right? The older I get, the more money just seems so fickle to me.
00;21;18;07 – 00;21;33;12
Justin Goodbread
Freedom of time is pretty powerful to me right now. I love, you know, after several of these eggs that’s being able to, like, come down for this weekend and spend some time with you and, and spend some time here on the beach. I’ve enjoyed that. That’s freedom of time, freedom, freedom of talent, freedom of impact. You know, we have charities in our lives.
00;21;33;12 – 00;21;52;25
Justin Goodbread
So what we have to look at goes back to that, that relentless foundation. And why are we doing this? Whatever this is, why do we have this portfolio of real estate? Why do we have this business portfolio? Why do we have these things? What’s the ultimate purpose for Emily? And our life was how do we take all the things that God’s equipped us with, and how do we pour back into his kingdom?
00;21;52;25 – 00;22;08;22
Justin Goodbread
How do we pour it back so we can impact others? So we have charities that we support, that we set up ourselves, that we we help girls come out of the sex trades in the, in the, in the islands, in the Caribbean we have some things that are freedom giving for us. What? Whenever we look at the millionaire way though, don’t.
00;22;08;26 – 00;22;30;27
Justin Goodbread
I don’t want the audience to be confused. Freedom doesn’t have to wait until you exit your company. It’s a linear progression because we logically can think in terms of line, but freedom can occur today. Freedom can occur. For many of us as business owners, just dropping those remedial things and saying, hey, I’m not going to return my email, hey, I’m not going to go do this bit, hey, I’m not going to do that sale and instead replace whatever that time frame was.
00;22;30;27 – 00;22;38;13
Justin Goodbread
If we’re talking about freedom of time was something that is life giving to you, to your purpose that God’s designed you for.
00;22;38;16 – 00;22;58;27
Rod Khleif
You say God a lot. And I know that you’re you’re very faith driven guy. And I was telling you that I was agnostic six months ago, maybe eight months ago. And I went on Ryan Pineda show. And let me tell you why. One of the reasons I was as I’m in, you know, I had an exporter embezzle millions of dollars from 23 of our apartment complexes.
00;22;58;27 – 00;23;22;16
Rod Khleif
And and he was religious, quote unquote. In fact, I talked to one of the parishioners in his church, widow that invested $900,000 as a as a mortgage against their home. And she’s she’s losing it, you know, and one of many, many investors that this guy, this nefarious guy screwed around. And so I was kind of, you know, if somebody talks religion, I put my hand over my wallet.
00;23;22;18 – 00;23;41;12
Rod Khleif
Right. But I went to Ryan Panetta’s show. I want to give him a shout out. And I told him that, and he had me get a book called The Case for Christ. You’ve heard of that book? Yeah. Yeah, great. Great speaker as well. Just if you don’t know, guys, it’s an investigative reporter that didn’t believe in Jesus and investigated an investigative reporter.
00;23;41;12 – 00;24;03;00
Rod Khleif
They dig deep and became very religious after doing the investigation and speaks and wrote that book. And so I’ve now started embracing God and Jesus. And it’s very, very unique for me. Got a Bible and the whole thing. And we actually preyed on Ryan’s show, which was really awkward at the time for me, because I’d really never prayed before.
00;24;03;00 – 00;24;16;17
Rod Khleif
But, you know, I was I was, I’ll tell you, I’d just tell you a quick story. I was writing, I have this elliptical bicycle that I write. It’s the gayest thing you’ve ever seen. It’s I lose my masculinity a minute, I get on it, but I ride it around the neighborhood here, to the amusement of my neighbors. And I was.
00;24;16;18 – 00;24;34;14
Rod Khleif
I did a prayer because someone told me to do this. Ask God to show himself to you. And so I was writing that bike and I did that prayer. I didn’t even tell you this mat. I did that prayer. And I go around the cul de sac and there’s a woman and her son painting a figurine of Jesus on the on the on the lawn right there.
00;24;34;15 – 00;24;51;18
Rod Khleif
I mean, like seconds after I did that. Is that crazy? But yeah. No, I’m actually going to a faith based men’s group tonight. You know, just, you know, I’m embracing this and I want to put that out there because I’ve never really talked about it, that if at all on the show and, you know, I encourage you to explore it as well.
00;24;51;18 – 00;25;00;07
Rod Khleif
If, you know, if it’s not in your, you know, in your bailiwick. But anything to add to what I just said. I mean, I’m.
00;25;00;07 – 00;25;17;07
Justin Goodbread
Never surprised. Excuse me, I’m never surprised, but always amazed what God will do. Yeah. I hear, you know, in East Tennessee, that’s the Bible belt of the US. And I was born and raised in church. But over the last, you know, almost 50 years of my life, I’ve seen God do some pretty amazing things that you can’t explain away.
00;25;17;09 – 00;25;27;28
Justin Goodbread
I’ve read the book that you’re talking about her, the speaker. But what it also comes down to is that personal relationship, that conversation that you had, that God revealed himself to us. And I would just challenge you as as.
00;25;27;29 – 00;25;41;03
Rod Khleif
I’m still struggling a little bit with it. I’m just going to be honest with you. I’m still I’m still a little like, you know, it’s it’s it’s hard because I’m so pragmatic. I’m so, hey, show me. I’m such a show me person that I’m still struggling a little bit. Just.
00;25;41;06 – 00;26;01;13
Justin Goodbread
You know, it’s amazing to me. Rod is. Yesterday morning we went fishing out here in the bay with a guide, and the sun was coming up. And it happens every day, the same exact way. And the dolphins were bouncing behind the boat and I took a breath of air. Not my air, but I took a breath there. My lungs work that day, and when I started looking at this world that we live in, and you look at the beauty man makes a pretty good things.
00;26;01;13 – 00;26;09;22
Justin Goodbread
But I’ve never been able to create things from nothing. When you look at this world, this entire environment around us, you can’t help but know that I believe that there’s something bigger than all.
00;26;09;22 – 00;26;10;11
Rod Khleif
Of us. I have.
00;26;10;11 – 00;26;11;25
Justin Goodbread
To agree. I believe that, but.
00;26;11;25 – 00;26;15;18
Rod Khleif
It couldn’t have all fallen together perfectly like that without some divine intervention.
00;26;15;22 – 00;26;40;23
Justin Goodbread
So if we believe that I don’t want to get super theological today, but if we believe that, then ultimately where do we fit in that system? And so what I look at is, is that Justin, Good Bread or Rochefort, everybody else who’s listening to us, God has uniquely positioned us with own DNA, with her own life, with her own turmoils, the hardships we face, the challenges we face, the gifts he’s given us, everything has put put in us for something.
00;26;40;24 – 00;26;56;04
Justin Goodbread
What is that something? That something for each of us has to be discovered. And what’s cool about it is you don’t find it in a weekend. You don’t find it right on the bike. Unfortunately. I wish we could. We find as we have that conversation over and over and over, and as we walk through this thing of faith, right, we look into faith.
00;26;56;04 – 00;27;15;09
Justin Goodbread
It’s like, wow, there is a part for just in this life and that this phase of my life now 30 years in business, a lot of successes, some hard times and failures. When I look back, it’s like, you know what? Why would I not take everything that God is equipped with me in my life, the way he’s put me together uniquely and share it, if for nothing else, to give somebody else and say.
00;27;15;09 – 00;27;18;01
Told me that dumb mistake. I’ve been there. You don’t want to step.
00;27;18;01 – 00;27;27;21
Justin Goodbread
On that, right? So that to me is the faith journey we’re on, especially someone who has recently shifted from agnostic to maybe saying, hey, I see you. Let me know a little bit more about you.
00;27;27;22 – 00;27;51;00
Rod Khleif
Yeah, yeah. No. Same. And I feel the same way about what you just said as well. I mean, you know, coaching is, is is one of the ways to do that. And I, we just discovered a few days ago that my students now own more real estate than everybody else that does this combined like 305,000 units just in multifamily, which just blows my mind and we know we’re missing a bunch.
00;27;51;01 – 00;28;08;23
Rod Khleif
It’s probably 400,000, honestly. But you know, it’s just astounding. So it’s effectively the best coaching real estate coaching program really in the world. Just like I said, it just blows my mind. And you know, I’ve got a wall in the other house here with hundreds and hundreds of thank you cards from from students. And it’s just such a blessing.
00;28;08;24 – 00;28;29;27
Rod Khleif
You know, people ask why I’m still doing this. It’s because of that. I get I get love every single day. Cards, gifts, you know, emails, DMs, every single day. It’s a blessing. And I’ve got a charity as well. But but talk a little bit more about some of the things you see when you get in deep with some of these business owners.
00;28;29;28 – 00;28;42;23
Rod Khleif
You know, you’ve talked about some of the stuff, but talk about some of the, you know, any other shortcomings that you come across that might add value to the listeners that have a business or starting a business? Want to start a business?
00;28;42;25 – 00;29;03;13
Justin Goodbread
Yeah, let’s go to top three that I hear and see holds the value down. Right. So there’s 286 different metrics. I mentioned that earlier KPIs, KPIs, different metrics that that evaluation firm is going to look at, whether that be a bank, whether that be an advisory firm, something of that nature or private equity, you name it. When we get down to it, the number one you mentioned earlier, the bottleneck.
00;29;03;13 – 00;29;20;24
Justin Goodbread
And what I say is the owner is the epicenter of the business, right? That is the number one, hands down. You mentioned iOS. You know, we’ve been here and I’ve been on the stage together talking to business owners. Phenomenal example there of somebody who’s taken that, that, that, if you will, the bully wake and drive it for and say, hey owners, get out of the business.
00;29;20;24 – 00;29;35;27
Justin Goodbread
But most of our owners don’t know how to do it, right. Most of our owners can’t see their way. They’re like, hey, I’m in the company. How do I get out? Show me the way. So we have a simple process that we show an owner how to exit the company. Okay. So that’s usually the number one. So how do you get how do you how does an owner.
00;29;35;29 – 00;29;38;03
Rod Khleif
Okay no, no you can’t say that and let it slide.
00;29;38;03 – 00;29;40;05
Yeah we’re gonna do it. Let’s go through that. Give me give me a little.
00;29;40;06 – 00;29;41;02
Rod Khleif
A little a little deeper.
00;29;41;02 – 00;29;41;25
Than just okay.
00;29;41;26 – 00;29;52;23
Justin Goodbread
So how does an owner get out of the business, right. Number one, you hire your offset, you hire the person opposite you. Right? My wife’s right over here. She’s directly opposite me in personality. She will not get on this microphone.
00;29;52;24 – 00;29;53;12
So you’re talking.
00;29;53;13 – 00;29;55;08
Rod Khleif
You’re talking in and yang person.
00;29;55;10 – 00;29;55;19
Correct.
00;29;55;19 – 00;30;02;15
Rod Khleif
So you’re talking about hiring somebody. That’s not like if I’m an extrovert type A personality, I’m not going to hire that personality.
00;30;02;16 – 00;30;19;14
Justin Goodbread
Nope. Not off the bat. Okay. Well, because you and I, you know, let’s say we’re extrovert on which type of a personality profile you want to use this Myers-Briggs or Colby or disc or whatever it is. We know who we are, right? It’s interesting that many of us who’ve been married for a very long time, we also realize our mates are opposite of us.
00;30;19;14 – 00;30;37;09
Justin Goodbread
God puts us together. And Yang, you mentioned, right? So in order for for me to hire somebody just like me is going to take that proverbial merry go round that I mentioned earlier and wait it too heavy to one side. But so for for me, I am really good. I’m a high D, high C personality. You probably as well as a high D personality.
00;30;37;15 – 00;30;53;09
Justin Goodbread
So for those of us who are hides, oftentimes we’re not really good at systems, right? We know we need systems, but for somebody for us to get in and say all the little micro points and five bullet points down and wireframe things out, we’re just probably not comfortable doing it. Can we do it? Yes, we can do it.
00;30;53;09 – 00;31;09;10
Justin Goodbread
But is it our skill set? No. But I heard somebody years ago say, do you realize that out of the 8.3 billion people in the world, the things that you hate doing, God has position somebody out there who knows exactly how to do that and they want to do that. So for those of us in business, if want to get out of the business, we have to look goes, what is it that’s draining us?
00;31;09;10 – 00;31;12;22
Justin Goodbread
What is it that’s weaken that company, that’s hire somebody for that position?
00;31;12;22 – 00;31;12;27
Right.
00;31;13;02 – 00;31;14;19
Rod Khleif
It makes complete sense.
00;31;14;21 – 00;31;38;24
Justin Goodbread
Now here’s where it even gets more funny. You take that take that, that merry go round. As an example, we had a friend named Bubba. Bubba was the type of guy you want center playing football. He was the guy you wanted running in front of you. Not like my build. So Bubba’s about twice my size. For us as business owners, our weight is so much heavier than the rest of our team that we have to wait, offset the balance of our company with lots of operations.
00;31;38;24 – 00;31;55;00
Justin Goodbread
If we’re a high dominant personality, we have to have lots of S’s. If we’re a D, we have to have lots of alternative or opposite personalities to weight us down. What we like to do is we like to. The old saying says birds of a feather flock together. We like to hire people who are just like us, who are killers, right?
00;31;55;03 – 00;31;55;09
Justin Goodbread
Right.
00;31;55;14 – 00;31;56;08
It makes us feel.
00;31;56;08 – 00;32;02;11
Justin Goodbread
Good because we’re the alpha dog inside there. But it doesn’t scale the company. We can’t get out of it. So step number one is hire the opposite.
00;32;02;12 – 00;32;02;22
Gotcha.
00;32;02;23 – 00;32;21;15
Justin Goodbread
Then work your way around to yourself so your higher higher higher higher higher. All the different positions to where ultimately most business owners are going to be left as the top salesperson. Most of us maybe a marketing person if you’re in the content world, but most of us going to be the top sales. Step number two, after you hire the opposites around you, is going to be replace yourself as a salesperson.
00;32;21;21 – 00;32;43;04
Justin Goodbread
That takes some time. We’ve been coaching Deca millionaires for some time now, and for those of us who’ve been weathered, if you will, by the storms of life and by business, it takes time to train that person, hand them the baton. It takes time, not necessarily to get them up to speed, right, but to get us ready to us, to get our mind ready to say, okay, I’m entrusting this person or persons.
00;32;43;04 – 00;32;43;14
There’s a lot.
00;32;43;14 – 00;32;44;04
Rod Khleif
Of fear around that.
00;32;44;05 – 00;32;44;08
Justin Goodbread
Well.
00;32;44;08 – 00;32;45;06
That’s our baby. Yeah.
00;32;45;07 – 00;33;01;15
Justin Goodbread
It’s our baby. It’s our it’s our reputation. It’s our livelihood. It’s who we are. It’s our identity for many of us. So in order for us, number one, to become get out of the bottleneck and drive our value as high as possible, we have to remove ourself. Number three, and that is, as I just alluded to, is we’re dropping your identity.
00;33;01;21 – 00;33;18;26
Justin Goodbread
Once we look external back to that vision, mission values, back to the self-reflective things. Once we realize that Justin Gilbert is more than just a business coach, an award winning author, an international speaker, once I get outside of that and say, you know what? I’m a dad. I’m a husband, I’m a pianist. I like to hunt and fish, man.
00;33;18;29 – 00;33;19;19
Justin Goodbread
Once I realized.
00;33;19;19 – 00;33;20;11
All these things.
00;33;20;11 – 00;33;34;15
Justin Goodbread
That I am outside of my business, it helps me look back and say, hey, this one business, it was fun. It can now run by itself. But what if I would ever here did this? What if I went over it, started coaching business? What if I wrote that book that I’ve been thinking about for years? What if I went and spoke to somebody on a podcast?
00;33;34;15 – 00;33;44;04
Justin Goodbread
What if I did those things? What if I went and helped to an orphanage in the Philippines? So for us, as the number one issue that we as business owners have is the bottleneck of the business.
00;33;44;06 – 00;33;47;22
Rod Khleif
Okay, okay, okay. And the third or did you was.
00;33;47;22 – 00;33;52;14
Justin Goodbread
That so the first three is how are your opposites. That’s how your sales person then move your identity outside.
00;33;52;14 – 00;34;08;06
Rod Khleif
The move the identity. You know on identity. It’s also very dangerous to have your business be your identity because if the business it fails, you’re a failure. People kill themselves over that. The business should always be the vehicle, not the identity. Well said. Yeah.
00;34;08;08 – 00;34;09;04
Justin Goodbread
I agree 100%.
00;34;09;04 – 00;34;21;07
Rod Khleif
Right? Yeah. So any advice for someone that wants to start a business? They’ve got their excited about the possibility of a particular business. Talk to somebody that hasn’t started one yet and just give them some tips.
00;34;21;10 – 00;34;27;17
Justin Goodbread
Yeah. First thing I would say is ideas are cheap right? That is are cheap. How many times have you and I’ve been approached by people. You mentioned it earlier. People.
00;34;27;20 – 00;34;28;23
Rod Khleif
Two days ago I got approach.
00;34;28;23 – 00;34;44;11
Justin Goodbread
With something. Yeah it is are cheap. It ultimately it ultimately in order to start a business there’s just one one word action action action. You’ve got to take a step. You got to take a step and realize that no matter what you do in the first year or 2 or 3 years, it’s going to be wrong. You’re going to fall on your face, you’re going to fail forward.
00;34;44;11 – 00;35;09;10
Justin Goodbread
You’re going to fail often. Every time you do stand up and continue to falling forward. And the road to success for that of a business owners is through a lot of failures, through a lot of blood, through a lot of sweat, through a lot of tears. That’s the only way that we can get the running business. If we if we understand the mindset, the mindset of burn the ships, like many of us heard, like so many of the people before us have spoken into the ethos like Zig Ziglar and Les Brown and Charlie Johnson and so many out there that I used to listen to.
00;35;09;12 – 00;35;25;23
Justin Goodbread
Once we understand the mindset of, hey, we’re going to charge hell with the water pistol, but I say, we’re going to charge hell with a water pistol. Once we get to that point, then we can ultimately answer the question, which I think that most of us who’ve been in business for a long time can resonate with is it’s not.
00;35;25;23 – 00;35;46;16
Justin Goodbread
If I fail, it’s what if I didn’t take the risk? I don’t want to meet myself. Right. And this is where someone says, I want to start a business. You’ve got to get to the point to where you say, I don’t want to face myself and my deathbed saying, I wish I would have. I want to say, if I’m going to start a business, that, okay, it’s going to be hard, it’s going to suck, it’s going to be laborious.
00;35;46;16 – 00;35;54;03
Justin Goodbread
But I would rather fall, fail and be a laughingstock of everybody out there as opposed to looking at myself in the mirror many years from now.
00;35;54;04 – 00;36;11;14
Rod Khleif
You heard about the book Bronte where wrote it’s. She was a hospice nurse in Australia and she asked people that were dying a question. And the question was, do you have any regrets? And she wrote a book about it, bestseller, something like The Five Regrets of Dying. And the number one regret was not living the life I could have lived.
00;36;11;14 – 00;36;16;11
Rod Khleif
Living someone else’s life. Yeah, I fear that. Don’t fear failure. Yeah, yeah, yeah.
00;36;16;12 – 00;36;30;02
Justin Goodbread
So I think once we understand that, hey, we’re going to fail. We are going to fail. Just go ahead and accept it. Yeah. People are going to laugh at you. That’s okay. Look at yourself in the years from now. Then once you do that, what you can then lean into if you’re going to start a business is get some wisdom.
00;36;30;07 – 00;36;34;01
Justin Goodbread
I’m a firm believer in hiring a coach, I really am. I have five coaches in my life right now.
00;36;34;02 – 00;36;35;04
Rod Khleif
I got two right now myself.
00;36;35;05 – 00;36;53;28
Justin Goodbread
I believe that a coach can shortcut our mindset, but they also can give us frameworks that help us reach capacity, whatever that may be, in a quicker time frame. As you hire the coach. Here’s a piece of words of wisdom. Took me decades to figure this one out is that time is infinitely more valuable than money is. Money is so easy to make.
00;36;53;28 – 00;36;54;27
Justin Goodbread
Money is so easy to get.
00;36;54;27 – 00;36;56;10
Rod Khleif
It shortens time.
00;36;56;10 – 00;37;16;17
Justin Goodbread
It does. He shortens the times. But I have to come to the I had to come to the position in my own life, right where I was willing to let go of my hard earned dollars in order to get gain back what I conceived as my short amount of time. Now, as 30 something years in business, it’s like, dude, I trade my dollars for time every day of the week.
00;37;16;20 – 00;37;36;03
Justin Goodbread
And if I were going to coach somebody who says, hey, I got this idea, great, you’re going to fail. Go ahead and acknowledge that. Look at yourself in the future. Let’s take a step back and be willing to depart from your hard earned dollars to hire somebody who can shortcut that time frame for you. And then whenever you hire coach, this is a sidebar for those of you who consider hiring rod as a coach in your own for real estate, let me give you some advice.
00;37;36;07 – 00;37;51;02
Justin Goodbread
There’s a program. I hadn’t even seen your program. I know you have a program and a success metric that if you follow these things, it will work. Obviously, case and point, but you’re not going to get the depth of your wisdom rod in a year’s time. You’re going to get the foundational things. You’re gonna get things that are going to make you successful.
00;37;51;02 – 00;38;11;21
Justin Goodbread
But we hadn’t even begin to crack open the experience that you’ve had for decades from now. So oftentimes when we hire a coach in this microwave environment that we live in, we want instant results. We jump in, we get a framework, and we don’t realize, yes, the framework is there, but it’s the application, the wisdom and the mentor and and the coaching and the blowing the whistle at you to help you become successful through that framework.
00;38;11;21 – 00;38;12;17
Justin Goodbread
So if I.
00;38;12;19 – 00;38;32;11
Rod Khleif
In the repetition, repetition and all of that. Yeah. All of that. Yeah. No, I agree completely. And yeah, I’ve had coaches my entire life and, and you know, and even in my business, yes, you could do it on your own seven years with, with with us. You do it in two years, you know, that’s it. If you’re willing to do it now, you got to do it.
00;38;32;12 – 00;38;41;05
Rod Khleif
I do the work. You got to do the work. But we’ll give you the map, the maps there. The roads have been, you know, the wheels been built. You don’t have to build the wheel. You just have to do it and execute on it. Yeah.
00;38;41;06 – 00;38;52;27
Justin Goodbread
And in today’s world, I’m not so sure. And this is going to sound contradictory to everything we’ve said thus far. Your question directly was, what would I say to somebody who wanted to start a business in today’s world? I’m not so sure. I’d start a business by one by one.
00;38;53;00 – 00;39;06;19
Rod Khleif
Right now, especially ten babies, 10,000 people a day turning 60. Yeah, I’m buying senior housing because there’s also 10,000 people a day turning 80. And they need senior housing. Yeah. So I mean, you know, instead of getting crushed by the wave, ride that wave, right.
00;39;06;19 – 00;39;09;05
Justin Goodbread
The banks are there to lend you the money. That’s right. So no.
00;39;09;07 – 00;39;17;13
Rod Khleif
I agree completely. Agree completely. I’m so glad you said that. For God sakes, don’t start one by one. I mean so many opportunities right now. Yeah. Love it.
00;39;17;14 – 00;39;20;11
Justin Goodbread
But the same rules apply. Even if you buy a business, realize.
00;39;20;11 – 00;39;21;15
Rod Khleif
That you’re going to fail. Yeah.
00;39;21;20 – 00;39;34;11
Justin Goodbread
You’re still going to need a coach. You’re still going to have to have that mindset that that killer mindset. You’re going to have to have that. You’re going to have to not want it. You’re not going to you’re not going to take it. You’re not going to have the nice house and the cars and the fantasy vacations for probably a decade.
00;39;34;13 – 00;39;48;22
Justin Goodbread
Yeah, I know that scares some people, but you’re going to have to put everything back into the company and like gambling. And I’m probably like you and your family, you lived on beans and rice for a long period of time in order to get that company where it’s sustainable. So, you know, there’s a lot of what I call young ones today, young ones in terms of.
00;39;48;24 – 00;40;00;21
Rod Khleif
They want to take a pill and have it because it were no, you got you got to actually got to actually do the work. You know, I don’t know if I agree with the ten years, I think you can do it less than that. But I but that said, you got to do the work. You gotta do the bottom line.
00;40;00;24 – 00;40;03;04
Rod Khleif
So how do people reach out to you, bud?
00;40;03;06 – 00;40;09;26
Justin Goodbread
Yeah. The best way is either connect with us on Instagram. It’s a fun story. I know some good bread or we have our own podcast. Deck a millionaire.
00;40;09;29 – 00;40;10;17
Rod Khleif
Yeah yeah yeah.
00;40;10;20 – 00;40;15;26
Justin Goodbread
The code is the podcast. It’s on all the major challenges. You can hear us talk about how to rapidly scale companies.
00;40;15;27 – 00;40;22;28
Rod Khleif
Love it, love it. Well, I appreciate it, but it’s a pleasure to meet you, man. It’s been a lot of fun. And your family as well, of course. Absolutely. Thanks for having us.
