Podcasts about business transition handbook

“As one takes the journey, you start to make decisions that when collected become the components that are foundational to being an entrepreneur.” - Charlie Buscarino Host Laurie Barkman interviews Charlie Buscarino, the Founder and CEO of The Clarient Group. Charlie shares his path from construction to entrepreneurship. They discuss the innovations in smart building technology and the importance of creativity and problem-solving in uncharted territory. Charlie also reflects on his career, emphasizing the significance of networking and maintaining a work-life balance, while sharing insights from his personal life and family experiences.   Takeaways: Build a strong network, meet people, and seek diverse viewpoints to broaden your understanding and opportunities. Focus on improving client experiences and meeting their business objectives, such as reducing costs or enhancing operational efficiency. Prioritize self-discovery and personal growth alongside professional ambitions. Explore new interests and activities that contribute to your overall development and well-being.   Links: LinkedIn: https://www.linkedin.com/in/charlesbuscarino/  Website: https://theclarientgroup.com/   

“Every entrepreneur sees that in trial, there's treasure.” - Dean Minuto Host Laurie Barkman interviews Dean Minuto, President of YESCALATE. Dean shares his insights on entrepreneurship and the development of crucial skills necessary for success. The discussion emphasizes the importance of asking the right questions to learn in business and Dean elaborates on building muscle in entrepreneurship through learning and community. He also shares personal experiences that shaped his entrepreneurial journey, advocating for transformational relationships in business and life.   Takeaways: Frequently ask important questions like "What works?", "Why does it work?", and "How can I apply it to my situation?" to guide your learning and actions. Emphasize the importance of being curious and having a test-and-learn mindset. This involves continuously seeking knowledge, adapting, and improving.  Treat necessary skills like selling, presenting, or cold-calling as muscles that need regular exercise. Dedicate time to practice and improve these skills consistently. Constantly work on self-improvement, whether it's through reading, attending workshops, or other educational opportunities. Personal growth often translates to business growth.   Links: LinkedIn: https://www.linkedin.com/in/deanminuto/  Website: https://yescalate.com/about/  Book Link: https://www.amazon.com/One-Page-Sales-Coach-New-Revised/dp/1475174349/ref=asc_df_1475174349/  

“I always knew I wanted to do something where I was the person deciding my own destiny, but it's not for everyone.” - Susan Quinn Host Laurie Barkman welcomes Susan Quinn, CEO and President of Circle S Studio. The conversation first explores whether entrepreneurial traits are inherited or nurtured. Susan shares her family's history of business ownership, her journey to founding her own consulting firm, and the values that drive her company's culture. The episode also covers the challenges entrepreneurs face today, the future impact of AI on the industry, and personal anecdotes about Susan's origin story and passions outside of work. This engaging discussion provides insights on leadership and maintaining a positive outlook amidst challenges.   Takeaways: Hire skilled individuals and trust them with responsibilities. Delegating tasks empowers your team and allows you to focus on strategic aspects of the business. Stay curious and continuously seek knowledge. Engage with emerging technologies like AI to boost productivity and innovation. View challenges as opportunities for growth. Maintain a positive approach to problem-solving and encourage your team to do the same. Explore and integrate AI tools to streamline tasks and enhance efficiency. Use technology to free up time for more strategic and creative work.   Links: LinkedIn: https://www.linkedin.com/in/susanquinn01/  Website: https://circlesstudio.com/  Susan's Podcast: https://circlesstudio.com/insights/podcast/   

What does it take to build stronger teams and more effective leaders? For Ken Bogard and Grace Gavin, it begins with a commitment to honesty. Laurie Barkman sits down with Ken and Grace—co-founders of Know Honesty and authors of the new book by the same name—for a compelling conversation about the role of open communication in business success. Dedicated to enhancing professional lives and simplifying leadership, Ken and Grace are leading a transformative movement that empowers individuals and organizations to close communication gaps, foster collaboration, and achieve meaningful goals.

“You don't want to be in the role of telling people what to do, but it's encouraging people to do what you think is right, but also being open to learn from them.” - Bill Spohn In this episode of The Entrepreneur Gene, host Laurie Barkman welcomes Bill Spohn, President and CEO of Tru Tech Tools, to discuss the characteristics of the entrepreneurial mindset, the intersection of engineering and entrepreneurship, and his career journey. Bill shares his family's legacy of risk-taking, talks about the challenges he faces as a business owner, and provides advice for other entrepreneurs. He also discusses his passion for sustainability through the construction of his eco-friendly home and his involvement in the HVAC industry.    Takeaways: Leaders should frequently communicate their vision and goals. Repeating key messages helps ensure everyone understands and aligns with the mission. Reinforce core values and objectives regularly in meetings and newsletters. Connect with other CEOs and entrepreneurs to share experiences and solutions. Maintain a network of peers for regular discussions and support, as it's essential to normalize and tackle common challenges. Highlighting and rewarding team members' adherence to core values can foster a positive and cohesive company culture. Use real-life examples to illustrate these values in action to make them more relatable and tangible. Stay engaged with the latest trends and educate your customers and team on new techniques and processes. For example, using podcasting and presentations to disseminate knowledge and build authority in your industry.   Links: Facebook: https://www.facebook.com/groups/254934411710666/  LinkedIn: https://www.linkedin.com/in/billspohn/  Website: https://trutechtools.com/  Podcast: https://www.buildinghvacscience.com/   

Do you have the conviction to pursue your big idea? In this episode of The Entrepreneur Gene, host Laurie Barkman interviews Pallavi Golla, a serial entrepreneur and professional EOS implementer at EOS Worldwide. They discuss the concept of the entrepreneurial gene, the importance of nurturing entrepreneurial skills, and overcoming challenges in business. Pallavi shares her journey of building and selling two businesses and provides advice for aspiring entrepreneurs. The conversation also touches on the marshmallow test, balancing work and family, and the evolving landscape of the consulting industry.   Takeaways: Foster essential skills such as delayed gratification, perseverance, grit, and the ability to handle failure. These are crucial for navigating the entrepreneurial journey. Build an environment that encourages ideas and input from your team. Make sure that team members feel their opinions are valued and considered in decision-making processes.  Leverage the experiences and lessons from both successes and failures. Use these insights to guide future decisions and strategies. Strive to separate work stress from family life to maintain a healthy dynamic at home and avoid burnout. Quote of the Show: “Be okay with failure. The ability to hear no many, many, many times and still have the conviction to pursue an idea that you have is important.” - Pallavi Golla Links: LinkedIn: https://www.linkedin.com/in/pallavip19/  Website: https://www.eosworldwide.com/   

In this episode of The Entrepreneur Gene, host Laurie Barkman sits down with Nick Hutchison, CEO and Founder of BookThinkers. They discuss Nick's entrepreneurial journey, how books changed his life, and his rebellious nature that drove him to create successful businesses. Nick shares key decisions and challenges in scaling BookThinkers, emphasizing the importance of systems and strategic growth. The conversation also touches upon personal anecdotes, Nick's passion for endurance sports, and his excitement about becoming a father. Listeners gain insights into leveraging books for personal growth and the importance of creating structured business systems.   Takeaways: Delve into books that other successful entrepreneurs recommend to gain knowledge and different perspectives. Consider books like "Rich Dad, Poor Dad" by Robert Kiyosaki, "The E-Myth Revisited" by Michael Gerber, and "Traction" by Gino Wickman. Focus on making small, incremental improvements over time. Break your long-term goals into manageable quarters or small steps progress steadily. Invest in systematizing your business processes. Standard operating procedures (SOPs) and centralized systems can help scale operations efficiently. Consider hiring consultants or coaches who can provide expertise in specific areas, such as backend infrastructure, to streamline your business operations. Ensure your team is aligned with the new systems and processes. Change management is critical, and getting buy-in from your team is essential. Networking is powerful. Engage with people, attend events, and build relationships that can support your business growth.   Quote of the Show: “I genuinely believe at my core and in my bones that the right book at the right time can permanently change somebody's life.” - Nick Hutchison Links: Instagram: https://www.instagram.com/bookthinkers/  LinkedIn: https://www.linkedin.com/in/bookthinkers/  Website: https://bookthinkers.com/   

Is your “Fourth Quarter” of life filled with purpose—or just pressure? Executive coach Scott Couchenour helps leaders over 50 design a future they won't regret. In this episode of Succession Stories, host Laurie Barkman talks with Scott about his journey from burnout to breakthrough, and how he now guides others through mid-life reinvention with intention and clarity. Perfect for business owners and executives navigating succession or personal transition, this conversation will inspire you to turn uncertainty into opportunity.

Welcome to our new sub-show on Succession Stories...The Entrepreneur Gene! In this 1st episode, Host Laurie Barkman interviews David Newman, entrepreneur, author, and sales and marketing expert. David shares his insight into the idea of an entrepreneurial gene, discussing key traits such as being a maverick and a risk-taker. He reflects on his journey from a struggling entrepreneur to a successful mentor, emphasizing the importance of alignment and avoiding distractions in business. David also explores the impact of AI on consulting and shares personal insights and advice for future entrepreneurs. The episode ends with discussing David's passion for retro video games and resources listeners can access for further learning!   Takeaways: Understanding that entrepreneurship often stems from an inherent drive to be mavericks, mavens, and rebels, leaders should recognize and nurture these qualities within themselves. Entrepreneurs often struggle with distractions from multiple ventures. Focusing on how to align efforts under one coherent strategy or "roof" can prevent spreading oneself too thin. Instead of starting entirely new ventures, which David calls hot dog stands, focus on improving and innovating within the current business structure to scale and grow. Embrace technological advancements like AI to improve efficiency but ensure the added value is applied in a human-centric manner. Find mentors, join masterminds, and accept help from peers and successful entrepreneurs early in the journey to accelerate learning and avoid common pitfalls. Before investing heavily in new business ideas (like building logos or websites), sell the concept first to ensure there is market demand. Being part of a community or network can provide support, opportunities for learning, and potential collaborations. Quote of the Show: “The mavericks, the mavens, the rebels, those kinds of people, if that's in their DNA, then they're truly cut out for entrepreneurial success.” - David Newman Links: LinkedIn: https://www.linkedin.com/in/davidjnewman/ Website: https://doitmarketing.com/  

Cheers to 5 years of Succession Stories! On our anniversary, we are excited to introduce our new feature series, The Entrepreneur Gene! A bonus for Succession Stories Podcast listeners! Listen weekly as show host Laurie Barkman talks with founders and CEOs exploring the rewards and challenges of the entrepreneurial path. Be sure to subscribe so you don't miss an episode!   This Show is Sponsored by The Business Transition Sherpa® Get your business unstuck so you can grow, scale, and exit while enjoying the journey. ✨

Ghislain Gouraige, Partner at NewEdge Wealth, helps ultra-high-net-worth families and entrepreneurs navigate business transitions. Ghislain joins host Laurie Barkman to recap the firm's 2025 Onward Conference held at Carnegie Mellon University and valuable insights to help you prepare before a sale: Success factors to prepare personally and financially How to maximize business value Understanding M&A market trends and roll-up strategies Identifying target companies Characteristics that make industries attractive to consolidators Dive in for insights to preserve wealth, achieve your transition goals, and build a lasting legacy. ____________________________________  This Show is Sponsored by The Business Transition Sherpa® 100 percent of owners will leave their business one day. But few are prepared. Are you? Learn what every entrepreneur needs to know about making your business more scalable and sellable! ✨

What happens when a successful entrepreneur faces his own turning point? In this episode, Laurie Barkman sits down with Jon Goldman, CEO of Turning Point, to discuss his journey from co-owning the innovative promotional products company Lumpy Mail to navigating his own business succession. Jon shares insights on guiding leaders toward discovering their life purpose, aligning personal and company values, and upgrading professional and emotional habits. Tune in for a conversation about transformation, leadership, and building a meaningful legacy. ____________________________________  This Show is Sponsored by The Business Transition Sherpa® 100 percent of owners will leave their business one day. But few are prepared. Are you? Learn what every entrepreneur needs to know about making your business more scalable and sellable! ✨

Employee Stock Ownership Plans (ESOPs) are one of the best-kept secrets in business succession planning. In this episode, Laurie Barkman sits down with Dan Zugell, Senior Vice President at Business Transition Advisors and a nationally recognized expert in ESOPs, to explore how these plans create financial value, enhance employee engagement, and offer unique transition options for business owners. Dan shares insights on the financial benefits of ESOPs—like tax advantages and wealth creation—as well as the often-overlooked social impact of employee ownership, including reduced turnover and stronger workplace culture. He also debunks common misconceptions, such as the idea that ESOPs require 100% ownership transfer or that they lack exit opportunities. If you're a business owner considering succession strategies, or simply curious about how ESOPs can transform a company's future, this episode is for you!

Is your business truly valuable—or just another job you've created for yourself? In this episode of Succession Stories, Laurie Barkman speaks with Justin Goodbread, award-winning exit planner, best-selling author, and serial entrepreneur who has built and sold six businesses. Justin shares how he doubled the value of his financial services firm in just 18 months, the key to making your business a transferable asset, and why your business isn't your baby—unless it's an ugly one. Tune in for actionable insights on scaling, selling, and finding joy beyond the exit. ____________________________________  This Show is Sponsored by The Business Transition Sherpa® 100 percent of owners will leave their business one day. But few are prepared. Are you? Learn what every entrepreneur needs to know about making your business more scalable and sellable! ✨

Join Matthew Powell, CEO of Century Companies and a fourth-generation family business leader, along with host Laurie Barkman, as they explore the art of building sustainable, multi-generational enterprises. In a world of short-term exits, Matthew champions a different path—creating lasting value for stakeholders by thinking in centuries, not just years. Through insightful conversations with industry leaders, entrepreneurs, and experts, Built to Last dives into the challenges and triumphs of family businesses, leadership transitions, and fostering a culture of stewardship. Whether you're leading a family enterprise or simply fascinated by legacy-driven leadership, this podcast offers actionable strategies to help businesses flourish for generations to come.  

2024 year-end solocast! Laurie Barkman shares reflections and gratitude for family, friends, and the growing community of entrepreneurs building value with the end game in mind. Gratitude and Reflections - 01:00 2024 Show Highlights - 04:58 Lessons Learned from Guests - 07:45 Looking Forward to 2025 - 10:24 Special Invitations for Listeners - 15:05 Get free digital copy of Business Transition Handbook at btsherpa.com/book   Book a 30-minute strategy call at timewithlaurie.com   Email contact@btsherpa.com with guest recommendations. ____________________________________  This Show is Sponsored by The Business Transition Sherpa® 100 percent of owners will leave their business one day. But few are prepared. Are you? Get your copy of the Amazon best-selling book by nationally recognized expert, Laurie Barkman that reveals how to build business value and plan for succession, transition, or selling the business on your terms....what every entrepreneur needs to know.  ✨

Daniel Feiman, is an internationally recognized leader in the areas of strategy, succession, and leadership development. He's the Founder and Managing Director of Build It Backwards, a consulting and training firm working with small businesses and enterprises in over 30 countries including Apple and Hilton Hotels. He's also the author of “THE Book on...Succession Planning Systems.” Listen in as Laurie and Daniel explore the topic of future-proofing your firm and how succession planning builds value. Too many owners and leaders take the short term view, and wait too long to address succession. What can you do now? Laurie and Daniel have suggestions that you can start implementing today. Enjoy this Succession Stories episode about succession planning systems with Daniel Feiman. Links: Website: www.BuildItBackwards.com LinkedIn: Daniel Feiman LinkedIn Succession Stories is Sponsored by The Business Transition Sherpa®  Consider this: 100 percent of owners will leave their business one day. But few are prepared. Are you? Learn how to build business value and plan for succession, transition, or selling the business on your terms. Download FREE digital copy of The Business Transition Handbook: https://btsherpa.com/book _______________________________________

In this episode of the DealQuest Podcast, Laurie Barkman joins me to delve into the crucial topic of business transitions. With her extensive background as a former CEO and her expertise in business succession, Laurie brings invaluable insights into navigating the complex process of exiting a business.Laurie has recently published The Business Transition Handbook, a comprehensive guide to avoiding succession pitfalls and maximizing exit value. She also offers a masterclass based on her book, which is akin to an online MBA for business owners. Laurie's expertise extends to her podcast, "Succession Stories," and her new online course, further showcasing her commitment to helping entrepreneurs succeed in their transition journeys.UNDERSTANDING THE PURPOSE BEHIND EXITING A BUSINESSIt's vital to have a clear grasp of why you want to exit your business. For many entrepreneurs, their business is more than just a source of income—it's a significant part of their identity. This emotional attachment can make the transition challenging. Understanding that the exit process is not just a financial transaction but a significant life event can help you better prepare mentally and emotionally. Reflect on what your business has meant to you and how you envision your life post-exit. This reflection can help you navigate the emotional complexities of leaving a business you've built from the ground up.DEVELOPING A COMPREHENSIVE TRANSITION FRAMEWORKCreating a strategic transition plan involves three essential pillars: personal readiness, financial readiness, and business readiness. For example, ensuring personal readiness means reflecting on your future goals and how the exit aligns with your personal life, such as retirement plans or new ventures. Financial preparedness involves preparing your financial records meticulously, ensuring your business's valuation is accurate, and understanding tax implications. Business optimization means making sure your operations, systems, and team are performing efficiently and that your business is attractive to potential buyers. This might include streamlining operations, improving profitability, and ensuring that your business has a solid growth trajectory. By integrating these elements, you create a comprehensive plan that maximizes your business's value and ensures a smooth transition.TIMING YOUR EXIT PLANNNING Timing is critical when it comes to exit planning. It's recommended to start planning your exit 5 to 7 years before you intend to leave. Delaying exit planning until closer to the actual exit can limit your options and negatively impact the business's value.For example, if you plan to exit in 5 years but only start preparing in the final year, you may miss out on opportunities to enhance the business's value, address potential issues, or explore various exit strategies. Early planning allows you to make strategic decisions, improve business performance, and create a more attractive proposition for potential buyers.RECOGNIZING DIFFERENT BUYER MOTIVATIONS Buyers come with varying motivations and timelines, which can influence the sale process. For example, investment firms may seek quicker returns and have shorter investment horizons, while family-run investment groups or individual entrepreneurs may be interested in long-term stability and growth. Understanding these differences helps you tailor your approach to attract the right buyer. If you know a private equity firm is interested in quick returns, you might focus on presenting your business's short-term growth potential, while for a family office, you might emphasize the long-term stability and growth prospects.KEEPING UP WITH MARKET TRENDS Being aware of market trends is essential for a successful exit. Recent trends show that while the M&A market is recovering from the pandemic, rising interest rates are putting pressure on transaction values. This has led some investment firms to focus more on smaller businesses, while family-run investment groups and individual buyers are becoming more prominent. For example, if you are aware that interest rates are rising and affecting transaction values, you might adjust your exit strategy accordingly. You could consider positioning your business to appeal to family offices or acquisition entrepreneurs who are more active in the current market, or focus on enhancing business aspects that align with lower middle market interests.• • •For my full discussion with Laurie Barkman, and more on this topic and topics not featured in this blog post:Listen to the Full DealQuest Podcast Episode HereGet a free digital copy of the Amazon best-selling book, "The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options” by author Laurie Barkman.Visit: https://thebusinesstransitionsherpa.com/the-business-transition-handbook/• • •FOR MORE ON LAURIE BARKMAN:- Laurie's LinkedIn- The Business Transition Handbook- Laurie's Twitter- Laurie's Facebook Corey Kupfer is an expert strategist, negotiator, and dealmaker with over 35 years of experience. As a successful entrepreneur, attorney, consultant, author, and professional speaker, Corey is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.Get deal-ready with the DealQuest Podcast, where like-minded entrepreneurs and business leaders converge, share insights and challenges, and success stories. Equip yourself with the tools, resources, and support necessary to navigate the complex yet rewarding world of dealmaking. Dive into the world of deal-driven growth today!

"Price is what you pay, value is what you get." - Laurie BarkmanAre you struggling to see what your exit plan is in your business? Today, my guest and I are unlocking the secrets to building a business that thrives without you at the helm!Join us as we chat with Laurie Barkman, a veteran in business transitions and exits, who shares invaluable lessons from her journey, including her tenure as the CEO of a $100 million company acquired by a Fortune 50 giant. Laurie unpacks the importance of balancing hustle culture with creating sustainable systems, and why starting exit planning early can significantly enhance your business's value. As the Business Transition Sherpa, Laurie provides key strategies to ensure your enterprise remains resilient through economic downturns and pandemics while keeping growth on track.In this episode of That Big CEO Energy, you'll learn:Importance of Independence: Laurie emphasizes that a successful business should operate independently of its owner to enhance its value and attractiveness to potential buyers.Balancing Hustle and Sustainability: Learn how to navigate the balance between the 24/7 hustle culture and creating sustainable systems that allow your business to thrive without you.Exit Planning: Laurie shares why planning for an exit from the beginning is crucial for long-term success and how her Sherpa framework helps business owners transition smoothly.Learn how to navigate the complexities of business valuation and why your business needs to operate independently of you to maximize market value. Whether you're a solopreneur looking to scale or a seasoned owner planning your next move, Laurie's insights on strategic planning and personal transition will guide you in making informed, regret-free decisions for your business's future.Timestamps:0:00 - Introduction2:15 - Building a Business Without You5:45 - Balancing Hustle and Sustainability9:30 - Exit Planning13:20 - Transitioning from Job to Asset17:10 - Strategic Growth21:05 - External Challenges and Opportunities24:50 - Strategic Planning for Business Transition28:30 - Business Valuation32:15 - Team-Based Model for Solopreneurs36:40 - Resources Mentioned38:20 - Special Offers39:15 - Connect with Lori Barkman40:00 - Call to ActionConnect with Laurie BarkmanWebsite: https://thebusinesstransitionsherpa.com/Podcast: "Succession Stories"Book: "The Business Transition Handbook"Course: "Endgame Entrepreneurship"Stay Connected:Need to learn how to lead with BIG CEO Energy but don't know where to start? Let's Connect HereVisit the website to learn how I can serve your business as a Fractional COO  www.thekalandco.comDo you have broken systems and processes and need help STAT? Check out my 1:1 Project Intensive where I come in like Superman and leave you with the cape! https://thekalandco.com/servicesLet's be friends on social:Follow me on Instagram @_kalandcoConnect with me on LinkedInI would be really grateful if you left a review on iTunes so that others can find and turn on  their CEO Energy  too! Just Support the Show.

Today, we dive into the essential topic of building a business with the end in mind. My guest is Laurie Barkman, author of the Business Transition Handbook and a seasoned Business Transition Sherpa. Laurie shares invaluable insights and strategies on preparing for a successful business exit. Whether you're a new entrepreneur or a seasoned business owner, this episode is packed with practical advice to help you plan your business journey from start to finish. Laurie begins by explaining the concept of a Business Transition Sherpa. Think of a Sherpa guiding climbers up Mount Everest. Laurie provides similar guidance, but for business owners navigating the complex terrain of succession planning and business transitions. She emphasises that the process should start early, ideally years before the actual exit, to ensure a seamless and profitable transition. One of the key frameworks Laurie discusses is the "three-legged stool" of business readiness. This includes personal readiness, business readiness, and financial readiness. She highlights the importance of evaluating these areas regularly to identify any gaps or risks that could impact the business's value or the owner's ability to exit successfully. Laurie also talks about the significance of understanding what makes a business saleable. It's not just about having a profitable company but also about having transferable value that buyers find attractive. This includes having solid operational systems, a reliable customer base, and minimizing risks that could deter potential buyers. Another critical point Laurie makes is about the emotional aspect of selling a business. For many owners, their business is like a child, making the decision to sell highly emotional. Laurie addresses the need to balance logic and emotion in business decisions, ensuring that the head, heart, and wallet are all considered. Key Elements Discussed Balancing logic and emotion in business Laurie mentions, "There's an emotional component to this as well, right? That's the heart and it's hard. You know, they've built the business or they've inherited the business." (14:51) She emphasises that while the financial and strategic aspects of selling are crucial, addressing the emotional side is equally important to avoid future regrets. Think like a buyer "If we understand and can think like a buyer and look at our business from the outside in like a buyer, you'll be better off." (8:20) Laurie advises business owners to view their business through the lens of a potential buyer to identify and mitigate risks that could lower the business's value. Understanding what makes a business saleable Laurie explains, "What problem does your company solve for another company? Buyers decide the price and the private market." (7:31) She stresses the importance of creating a business that is not only profitable but also has transferable value and solves significant problems for its potential buyers. What is a business transition sherpa? Laurie describes her role: "It is someone who cares so much about the experience of business owners on their journey... I'm guiding my business owner clients and people all over the world how to maximize that experience so they can have an exit without regret." (00:18) As a Business Transition Sherpa, Laurie helps business owners navigate the complexities of succession planning, ensuring they are well-prepared for a successful exit. Tune in to hear Laurie Barkman's expert advice on building with the exit in mind, ensuring that your business journey is well-planned and profitable. You can find Laurie and her resources at https://thebusinesstransitionsherpa.com/.

Host Laurie Barkman, The Business Transition SherpaⓇ, is joined by Darryl Bates-Brownsword, Managing Partner of Succession Plus in the UK. He hosts The Exit Insights Podcast and is a business consultant with over two decades of experience building and selling companies. They discuss the importance of preparing for business exits and scaling entrepreneurial ventures. For business transition, you need a well-thought-out plan, valuation growth, and clear vision for the future.  Listen in to learn more about: Making a mindset shift from revenue growth to valuation growth to make a business more attractive for exit. Beginning with the end in mind to know what you want as an outcome from exiting your business and what your vision is for after exiting. Planning the "earnout period" before exiting to de-risk the business transaction   Show Links: https://succession.plus/us/ https://www.linkedin.com/in/darrylbates-brownsword/ https://succession.plus/uk/podcasts-uk/how-to-objectively-value-your-business-for-maximum-exit-success/   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ ENDGAME ENTREPRENEURSHIP MASTERCLASS LEARN HOW TO MAXIMIZE VALUE AND EXIT ON YOUR TERMS: https://thebusinesstransitionsherpa.com/course/ _______________________________________

Unlock the story behind Reid Tileston's remarkable entrepreneurial journey in this episode of Succession Stories. Join Laurie Barkman, The Business Transition Sherpa®, as she sits down with Reid, a driven acquisition entrepreneur, to dive into his inspiring path from a 23-year-old with $100k to a thriving Anytime Fitness franchisee.    Through candid conversation, Reid shares the highs and lows of his entrepreneurial journey. From navigating the challenges of owning an Anytime Fitness franchise during the rough Great Recession to achieving top-tier success across multiple units, Reid offers invaluable insights into the world of acquisition entrepreneurship.   Discover the pivotal lessons Reid has obtained from buying and selling four companies. Learn why he stresses the crucial role of assembling the right team and adopting the mindset of an "entrepreneurial business owner" who strategically works on the business rather than being consumed by day-to-day operations. Diving into the emotional dynamics of business sales, Reid draws from his doctoral research on seller satisfaction post-sale. He underscores the importance of intentionality, emphasizing the need for sellers to grasp their business's true value and envision their role post-sale with clarity.   Get a sneak peek into Reid's forthcoming book, "Gridiron," which promises illuminating insights into the world of acquisition entrepreneurship. Don't miss this episode filled with wisdom, inspiration, and the raw realities of entrepreneurial success. Listen in to learn more about The journey from finance to fitness franchise mogul Navigating the Great Recession and Beyond The untold stories of selling businesses Building teams and creating freedom A sneak peek into the upcoming book, "Gridiron" In This Episode [00:00] Reid's journey into franchise ownership and initial challenges in the fitness industry. [01:57] Entrepreneurial Business Ownership. [03:22] Reid's experience in acquiring an industrial cleaning company [05:00] Employee Engagement and Business Ownership. [09:06] Exit Strategy and Employee Ownership. [14:45] Seller's Perspective and Business Transition. [15:24] Promotion of the book "The Business Transition Handbook" [16:42] Eye for Opportunities. [17:35] Becoming the Best Fit Buyer. [19:22] Seller regrets one year after the sale [20:29] Factors Affecting Seller Satisfaction. [30:45] The phenomenon of value surprise [33:51] Achieving Satisfaction as a Seller. [34:46] Book Release - "Gridiron". [34:51] The American Dream. [35:42] Relationships in Business Ownership. [36:42] Considerations for Small Business Ownership. [37:21] Key takeaways. Notable Quotes   [10:14] "The money is nice, but what's really going to give you fulfillment is going to be based on the people that you help along the way, and most of those people are going to be your team members."-Reid   [11:57] "I always thought about it as selling to a strategic or doing an ESOP, and those were the two options that I thought about, and I definitely have some regrets about not doing the ESOP."-Reid   [14:39] "I still kind of wonder, was it the right move? Everyone's happy, it was a big victory for me and great for the team and the company, but I still ponder if it was the right decision."-Reid   [23:17] "I was surprised how good of a culture I had built in the business and how quickly the new buyer was able to methodically destroy it." -Laurie   [34:51] "The freedom and autonomy that can come from small business ownership are absolutely fantastic." -Reid   [35:42] "Some of my best relationships in life are with the employees that I've had, so you're going to meet some fun people along the process." -Reid   [37:41] "If you're not all in, you're in the way. This is not a halfway in, halfway out type of endeavor." -Reid Guest Bio Reid Tileston, an esteemed Adjunct Professor at Case Western Reserve University, is a seasoned entrepreneur with a remarkable 16-year journey of acquiring, growing, and successfully selling four companies. As a pioneering co-creator of the Entrepreneurship Through Acquisition curriculum at the University of Chicago Booth School of Business, Reid is dedicated to shaping the next generation of entrepreneurial leaders. His expertise is sought after not only in academia but also in advisory roles, where he shares strategic insights obtained from his diverse experiences. With a track record of achieving extraordinary returns on investment and excelling as an Anytime Fitness franchisee, Reid's impact resonates far and wide. Currently pursuing doctoral research at Case Western, he dives into the complexities of Entrepreneurship Through Acquisition, further solidifying his position as a thought leader in the field. Beyond his professional pursuits, Reid's adventurous spirit as an Eagle Scout and Ironman triathlete underscores his passion for relentless exploration and innovation.   Resources & Links Laurie R. Barkman https://www.linkedin.com/in/lauriebarkman/ https://www.youtube.com/@TheBusinessTransitionSherpa https://thebusinesstransitionsherpa.com/ Reid Tileston http://www.grititdone.com http://www.reidtileston.com https://www.linkedin.com/in/reidtileston/    Resources Book: "Get It Done" by Reid Tileston Book: "The Business Transition Handbook" by Laurie Barkman  

Host Laurie Barkman, The Business Transition Sherpa, talks with David Spray, Founder and President of Export Advisors, which serves the owners of privately-held, U.S. exporting companies. Over the past 20 years, the firm has created more than $400 million in wealth for hundreds of entrepreneurs and their families from the IC-DISC tax savings program.  They discuss value building and how David built a niche podcasting business with infinite ROI, and sold it within two years to his partner. Listen in to learn more about: Finding your niche and owning it Building a specialized business with recurring revenue  Making your business highly transferable to a buyer Enjoy this Succession Stories episode about how to create a profitable niche business to sell with David Spray. Find David Spray Here:  https://www.linkedin.com/in/dspray/ https://www.ic-discshow.com/   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ Show links: Endgame Entrepreneurship Masterclass: https://thebusinesstransitionsherpa.com/course/     Download free eBook of “The Business Transition Handbook” by Laurie Barkman: https://thebusinesstransitionsherpa.com/the-business-transition-handbook/    Connect Via Email: successionstoriespodcast@gmail.com   Leave Voice Message on Speakpipe: https://www.speakpipe.com/LaurieBarkman   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories ________________________________________ Laurie Barkman guides entrepreneurs to create life changing succession stories. Dramatically increase enterprise value and build with your exit in mind.  Find clarity on the often overwhelming process of transition planning. Visit https://thebusinesstransitionsherpa.com for an assessment of value and to schedule a strategy call.

Host Laurie Barkman, The Business Transition Sherpa, talks with Mike Malatesta, CEO of LJP Waste Solutions. Over the past 30 years, Mike's experienced the highs and lows of entrepreneurship. He built and sold two waste recycling companies that grossed more than $500M. He's also an author, podcaster, and advisor to business owners. Mike talks about the unexpected death of one of his business partners due to a workplace accident. Dealing with the loss was challenging and accelerated their interest in a potential exit. You'll want to hear why Mike believes entrepreneurs should not sell their business without the help of advisors and the mistake that cost him $4 Million.  For a successful exit, reflect on where you are now, what you want, and what the first step is to move towards that goal. Listen in to learn more about: Why entrepreneurs should not sell their business on their own What triggered a $4M reduction in purchase price from the strategic buyer Why due diligence when selling your business can be overwhelming Selling a business, negotiation mistakes, and lessons learned Avoiding negotiation pitfalls when selling your business    Show links: Join the Endgame Entrepreneurship Masterclass: https://thebusinesstransitionsherpa.com/course/     Download free digital copy of Laurie's book, “The Business Transition Handbook” or grab your copy on Amazon: https://thebusinesstransitionsherpa.com/the-business-transition-handbook/    Join Our Facebook Group: https://www.facebook.com/groups/businesstransitionsherpa   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories ________________________________________ Laurie Barkman guides entrepreneurs to create life changing succession stories. Dramatically increase enterprise value and build with your exit in mind.  Find clarity on the often overwhelming process of transition planning. Visit https://thebusinesstransitionsherpa.com to schedule a conversation and get started.

In this episode of "Crafting a Meaningful Life," Mary is joined by guest Laurie Barkman, author of the "Business Transition Handbook." They discuss the transitions women and men go through in the workplace and how to navigate them successfully. Laurie emphasizes the importance of identifying your strengths and passions and creating a plan for your career and personal life. She also shares insights on business transitions and the need for proper planning. Tune in for valuable advice on finding your best self and preparing for future success.    Get Laurie's Book: https://tinyurl.com/ye2y9b5e About Laurie:  Laurie Barkman, The Business Transition Sherpa®, is the former CEO of a $100 million revenue company that was sold to a Fortune 50. As a Business Transition and M&A Intermediary, Laurie advises owners how to create more valuable businesses and find the right buyer when it's time to let go. Her expertise in business transition, succession, entrepreneurship, value growth, and M&A has been spotlighted in various media like Newsweek, Forbes, Yahoo! Finance, WTAE/abc, Pittsburgh Post Gazette, and more. She is an adjunct professor of entrepreneurship at Carnegie Mellon University, and Amazon best-selling author of "The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options." She hosts the award-winning Succession Stories Podcast, rated in the top 2.5% of shows globally. Laurie graduated from Cornell University and Carnegie Mellon University Tepper School of Business. She holds a professional designation from The Alliance of Mergers & Acquisitions Advisors.

Succession Stories host Laurie Barkman, The Business Transition SherpaⓇ, sits down with JV Crum III, founder of the Conscious Millionaire Institute and Conscious World Foundation Inc.–a global non-profit that trains youth to become conscious leaders. What happens when you're asked to join the family business but then discover there are BIG financial challenges? JV shares his experience how he helped turn around a family trucking company and became a millionaire by age 25. He overcame conflicts with his father, improved business performance, and sold to a larger family-owned trucking line, resulting in a transaction that took only three months to close. In this insightful episode, they dive into the complexities of family businesses, founder-led enterprises, and the unique challenges faced by hired executives.  Listen in to learn more about: Understanding the importance of aligning personal purpose with business goals to achieve fulfillment and success. Recognizing the impact of family dynamics in business and learning strategies to navigate them effectively. Gaining insights into the process of selling a business, including finding the right buyer and negotiating a successful deal. Embracing a mindset shift towards prioritizing internal growth and mindset development as the key drivers of business success. Discovering the three essential areas of focus for business growth: mindset, strategy, and execution. Things often happen at the right moment when you least expect it.  Enjoy this Succession Stories episode about successfully exiting a family business after turning it around with JV Crum III.   Find JV Crum III Here: https://consciousmillionaire.com/ https://www.facebook.com/jvcrum/   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ SIGN-UP FOR NEW MASTERCLASS TO MAXIMIZE VALUE AND EXIT ON YOUR TERMS: "Endgame Entrepreneurship: Build With The Exit In Mind" https://thebusinesstransitionsherpa.com/course/ _______________________________________ Unlock deeper insights into entrepreneurship and scalability by engaging with us through various social media platforms: My Links:

Succession Stories host Laurie Barkman, The Business Transition SherpaⓇ, is joined by Meghan Lynch, the driving force behind Six-Point Creative, a marketing services firm dedicated to empowering family-owned and closely-held businesses. Meghan's mission is to help family businesses compete against industry giants. Listen in as they explore: The challenges that family businesses face in balancing sustainability and growth Strategies for family businesses to achieve 2X growth while maintaining control over relationships, messaging, and future direction 3 essential steps for family-held businesses to achieve their goals in the coming year and beyond Enjoy this Succession Stories episode about how family businesses navigate growth crossroads with Meghan Lynch.   Find Meghan Here: https://sixpointcreative.com/   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ SIGN-UP FOR OUR NEW MASTERCLASS TO MAXIMIZE VALUE AND EXIT ON YOUR TERMS: "Endgame Entrepreneurship: Build With The Exit In Mind" https://thebusinesstransitionsherpa.com/course/ _______________________________________ Embark on a journey of understanding and practical application as we navigate the realms of building a scalable business, unveiling the potential for growth and empowerment. Unlock deeper insights into the transformative realm of entrepreneurship and scalability by engaging with us through various social media platforms: My Links:

Welcome back to the Succession Stories podcast. If you haven't already, be sure to subscribe, and if you enjoy the show, please leave us a review! Go to RateThisPodcast.com/successionstories.  Host Laurie Barkman welcomes Max Lewis, entrepreneur and author of “Who Is Max Lewis?” Max shares what led to the eventual sale of his company for $37 million.  From selling mangos as a child to amassing millions by exchanging propane tanks, Max beat the odds and became one of America's ultra-high net-worth individuals by 36 years old. Through persistence, hard work, and a willingness to learn from mistakes, he tactfully planned for nothing less than success. It's also about a family in business that fell apart as a family business. For 18 months, Max was literally locked out of his business by his brother. Max's story is about forgiveness, resilience, and the power of faith. There are lots of pivotal moments in our lives. Which ones will stand out to transform your entrepreneurial journey?  His message is that extraordinary success is within your reach—when you're willing to put in the work.  Enjoy this Succession Stories episode about discovering the secrets behind a $37 million exit with Max Lewis. Find Max Lewis Here: https://whoismaxlewis.com/ ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ SIGN-UP FOR NEW MASTERCLASS TO MAXIMIZE VALUE AND EXIT ON YOUR TERMS: "Endgame Entrepreneurship: Build With The Exit In Mind" https://thebusinesstransitionsherpa.com/course/ _______________________________________ Embark on a journey of understanding and practical application as we navigate the realms of building a scalable business, unveiling the potential for growth and empowerment. Unlock deeper insights into the transformative realm of entrepreneurship and scalability by engaging with us through various social media platforms: My Links:

Laurie Barkman is known as the “Business Transition Sherpa”, and in this episode, she dives into the terrain of building, valuing, and selling your business. Laurie brings her expertise to the table, sharing strategies from her book "The Business Transition Handbook" to help entrepreneurs mitigate risks and enhance their company's worth. Her experiences as a CEO provide a practical backdrop, stressing the importance of maintaining focus during major transitions and preparing for the rigor of due diligence and integration. Laurie also peels back the emotional layers owners face when parting with their business, emphasizing the need for a thoughtful exit plan for all parties involved. Listen in as Laurie and Tony unpack the nuances of creating enterprise value, especially through strategic marketing. Reflecting on the evolution of retail in the digital age, this episode emphasizes the critical role of metrics such as Customer Acquisition Cost and Lifetime Value, retention, and churn rates. These indicators are not just buzzwords; they're vital to a company's financial narrative and can dramatically influence its market value. Whether you're a tech startup guru or a small business owner, this discussion offers actionable insights on harnessing data to build a more resilient and valuable business. In this comprehensive discussion, Laurie and Tony also tackle the personal and pragmatic aspects of selling a business, from the initial readiness to the emotional aftermath. Laurie's tales of entrepreneurs post-sale highlight the transformational nature of these transactions. Don't miss out on these vital conversations that could shape the future of your business legacy. Key highlights: Creating Enterprise Value Through Strategic Marketing Building Valuable and Sustainable Businesses Understanding Business Valuation Multiples Navigating the Business Sale Process Private Equity Buyouts and Acquisitions Legacy and Entrepreneurship Transition Strategy Connect with Laurie Barkman: Website: thebusinesstransitionsherpa.com Instagram: @lauriebarkman Connect with Tony Whatley: Instagram: @365driven Facebook: 365 Driven LinkedIn: Tony Whatley

Ralph Ward is the editor of the Corporate Board Magazine and an expert in corporate governance. He's the author of six books on corporate governance and board issues. I asked him to join me on the show to talk about best practices for private company boards. It's about governance and strategic guidance. Boards aren't just for large public companies. Even newer, privately held firms can benefit from having a board. Boards also get involved in CEO succession planning. We address challenges faced by family businesses and how boards can help navigate these complexities. Enjoy this Succession Stories episode about why your company might need a board with Ralph Ward. Corporate governance and board formation in private companies. Board formation in private companies often delayed until crisis strikes Private companies can bring in outside directors with experience in succession planning to help founders navigate family dynamics and ensure a smooth transition. Advisory boards can help with succession planning and governance in family businesses. Advisory boards can provide outside perspectives and help with growth stage challenges in companies. Tips and tools for dealing with drama in the boardroom and improving corporate governance. Advisory boards can provide valuable networking opportunities for companies, connecting them with important people in their industry. Find Ralph Here:  www.corporateboard.com www.boardroominsider.com ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories _______________________________________ SIGN-UP FOR NEW MASTERCLASS TO MAXIMIZE VALUE AND EXIT ON YOUR TERMS: "Endgame Entrepreneurship: Build With The Exit In Mind" https://thebusinesstransitionsherpa.com/course/ _______________________________________ Engage with us on our social media platforms: My Links:

Succession Stories host Laurie Barkman, The Business Transition Sherpa™, welcomes Cesar Quintero, a serial entrepreneur in the foodservice industry. At age 24, Cesar moved to Miami given the economic turmoil in Venezuela to pursue his dream of starting a business and helping others achieve a healthier lifestyle by founding Fit2Go - the first corporate healthy meal delivery service in Miami.  Nearly 10 years later, he launched two new companies: RawBar2Go, the first licensed food boats in Florida, and The Profit Recipe, a coaching firm empowering entrepreneurs to work ON the business and not IN the business by implementing best practices and the Entrepreneurial Operating System (EOS).  With nearly 50 employees at their peak, and $3.5 million in revenue, Cesar was close to burning out. He resented the business because of the lack of time freedom that he felt. Listen in as Cesar describes his personal journey of rediscovering the passion for his business. Hear how he bounced back by implementing transformative systems and processes; the open book approach to sharing financials with his team, and eventually selling the business to a team member. Entrepreneur burnout happens more often than you may realize. 75% of entrepreneurs report occasional or frequent burnout. Enjoy this Succession Stories episode on how to avoid entrepreneur burnout with Cesar Quintero.   ❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories   Find Cesar Quintero Here:  Cesar´s Linkedin: https://linkedin.com/in/cesarquintero Profit recipe website: https://theprofitrecipe.com/ Profit recipe FB: https://www.facebook.com/TheProfitRecipe/ Profit recipe LinkedIn: https://www.linkedin.com/company/the-profit-recipe _______________________________________ CHECK OUT OUR NEW MASTERCLASS: "Endgame Entrepreneurship: Build With The Exit In Mind" https://thebusinesstransitionsherpa.com/course/ Learn how to maximize value and exit on your terms! _______________________________________ Embark on a journey of understanding and practical application as we navigate ways to avoid entrepreneur burnout, unveiling the potential for growth and empowerment. Unlock deeper insights into the transformative realm of entrepreneurship and scalability by engaging with us through various social media platforms: My Links:

Join us in an exclusive session with Laurie Barkman, The Business Transition Sherpa™, as we delve into the art and science of preparing your business for a successful exit. Laurie, a seasoned expert with a history of steering companies towards lucrative sales, brings her vast experience in business transition, M&A, and succession planning to our listeners. In this episode, we will dissect the key elements that make a business attractive to buyers, drawing on Laurie's rich background and her role in advising business owners on maximizing their company's value. She'll share insights from her book, "The Business Transition Handbook," highlighting effective strategies to circumvent common succession pitfalls and develop robust exit options. Furthermore, Laurie will give us a peek into the most compelling stories and lessons learned from her top-rated podcast, Succession Stories, providing listeners with real-world examples of successful business transitions. As an adjunct professor of entrepreneurship, Laurie will also offer her best advice to budding entrepreneurs on how to future-proof their ventures from day one. Tune in to this episode to unlock the secrets to planning and executing a business transition that not only meets but exceeds your expectations. Whether you're years away from considering an exit or actively looking to sell, Laurie's expertise will provide you with the roadmap you need for a seamless and profitable transition. To check out Laurie's book, "The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options", head on over to Amazon (affiliate): https://amzn.to/3T68kA4 Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Do your due diligence. Click here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphd We couldn't do it without the support of our listeners. To help support the show: CashApp- https://cash.app/$drchrisloomdphd Venmo- https://account.venmo.com/u/Chris-Loo-4 Buy Me a Coffee- https://www.buymeacoffee.com/chrisJx Thank you to our sponsor, CityVest: https://bit.ly/37AOgkp Click here to schedule a 1-on-1 private coaching call: https://www.drchrisloomdphd.com/book-online Click here to purchase my books on Amazon: https://amzn.to/2PaQn4p Follow our YouTube channel: https://www.youtube.com/chL1357 Follow us on Twitter: https://www.twitter.com/drchrisloomdphd Follow us on Instagram: https://www.instagram.com/thereal_drchrisloo Follow us on Threads: https://www.threads.net/@thereal_drchrisloo Follow us on TikTok: https://www.tiktok.com/@drchrisloomddphd Follow the podcast on Spotify: https://open.spotify.com/show/3NkM6US7cjsiAYTBjWGdx6?si=1da9d0a17be14d18 Subscribe to our Substack newsletter: https://substack.com/@drchrisloomdphd1 Subscribe to our Medium newsletter: https://medium.com/@drchrisloomdphd Subscribe to our email newsletter: ⁠https://financial-freedom-for-physicians.ck.page/b4622e816d⁠ Subscribe to our LinkedIn newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=6992935013231071233 Join our Patreon Community: https://www.patreon.com/user?u=87512799 Join our Spotify Community: ⁠https://podcasters.spotify.com/pod/show/christopher-loo/subscribe⁠ Thank you to our advertisers on Spotify. Financial Freedom for Physicians, Copyright 2024

When the time comes to pass the torch of your business, the journey involves much more than a transaction—it's a transformation. Join Mike Malatesta as he sits down with Laurie Barkman, the insightful business transition sherpa, to illuminate the often-overlooked facets of preparing for a business handover. This discussion spans the emotional landscape business owners traverse, blending wisdom from the late Charlie Munger with personal anecdotes and expert strategies to equip you for a seamless transition. Ascending to a top executive role isn't a mere step; it's a leap enveloped in self-reflection and resilience. Laurie and Mike peel back the layers of what it takes to not only land that CEO chair but to also thrive within it. Hear from Laurie about the formidable hurdles of an executive search and the tenacity required to steer through them. This candid conversation offers a blueprint for transformational leadership—from squaring off against self-doubt to aligning your inner compass with the demands of the C-suite. Laurie's own metamorphosis from navigating corporate mergers to carving out a niche in entrepreneurship infuses this episode with real-life tales of growth and innovation. These experiences have sculpted both her podcast 'Succession Stories' and her book "The Business Transition Handbook," serving as a conduit for knowledge and inspiration to our listeners. For those charting their course through the business world's shifting tides, tune in to this episode for guidance.Key highlights:Business Transition and Succession PlanningPrepare and Land a CEO PositionEvolution of a PodcastCharlie Munger's Legacy Book and WritingTransition Planning Services for Business OwnersConnect with Laurie Barkman:Website: thebusinesstransitionsherpa.comPodcast: Succession StoriesBook: The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit OptionsYou can get Laurie's book by texting the word “transition” to 762-320-2826To Connect with Mike: Website LinkedIn Instagram Twitter YouTube Coaching Get Mike's book: Owner Shift Please LIKE

When the time comes to pass the torch of your business, the journey involves much more than a transaction—it's a transformation. Join Mike Malatesta as he sits down with Laurie Barkman, the insightful business transition sherpa, to illuminate the often-overlooked facets of preparing for a business handover. This discussion spans the emotional landscape business owners traverse, blending wisdom from the late Charlie Munger with personal anecdotes and expert strategies to equip you for a seamless transition. Ascending to a top executive role isn't a mere step; it's a leap enveloped in self-reflection and resilience. Laurie and Mike peel back the layers of what it takes to not only land that CEO chair but to also thrive within it. Hear from Laurie about the formidable hurdles of an executive search and the tenacity required to steer through them. This candid conversation offers a blueprint for transformational leadership—from squaring off against self-doubt to aligning your inner compass with the demands of the C-suite. Laurie's own metamorphosis from navigating corporate mergers to carving out a niche in entrepreneurship infuses this episode with real-life tales of growth and innovation. These experiences have sculpted both her podcast 'Succession Stories' and her book "The Business Transition Handbook," serving as a conduit for knowledge and inspiration to our listeners. For those charting their course through the business world's shifting tides, tune in to this episode for guidance.Key highlights:Business Transition and Succession PlanningPrepare and Land a CEO PositionEvolution of a PodcastCharlie Munger's Legacy Book and WritingTransition Planning Services for Business OwnersConnect with Laurie Barkman:Website: thebusinesstransitionsherpa.comPodcast: Succession StoriesBook: The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit OptionsYou can get Laurie's book by texting the word “transition” to 762-320-2826To Connect with Mike: Website LinkedIn Instagram Twitter YouTube Coaching Get Mike's book: Owner Shift Please LIKE

Today on the IC-DISC show, join us for an insightful discussion with Laurie Barkman, a renowned CEO and author of The Business Transition Handbook. As the acclaimed Business Transition Sherpa, Laurie sheds light on the reality that all business owners will exit someday. We explore the challenges of selling a business, like why most small businesses don't sell successfully and the potential pitfalls of an exit. We also discuss relying on experienced advisors and how understanding taxes and markets can aid planning. Laurie shares invaluable advice on navigating this critical phase successfully. This episode is a must-listen for any business owner planning to navigate their business transition.   SHOW HIGHLIGHTS Laurie and I discuss her journey as a CEO and author of The Business Transition Handbook, providing insights into the realities of business transition. She highlights the hard truth of selling a business and how eight out of ten small businesses fail to do so successfully. We talk about the common pitfalls of business transition, the five "D's" that can disrupt a business, and the value of creating a satisfied client base. Laurie explains the unique challenges law firms face during business transition and offers her strategies for a smooth transition. We delve into the importance of a clear exit plan and the different options business owners have when transitioning their business. Laurie advises focusing on three primary goals during business transition: business, personal, and financial. We discuss the analogy of business transition planning to having a sherpa guide you through a treacherous terrain, making the process seem less daunting. Laurie emphasizes the significance of accountability in business and the benefits of having industry expert conversations during transition. We explore the upcoming online course based on Laurie's book that she plans to launch in the first quarter of 2024, aiming to reach a wider audience of entrepreneurs. We discuss the importance of having an experienced network of professionals to help businesses reach their goals and create a successful transition plan. LINKSShow Notes Be a Guest About IC-DISC Alliance About The Business Transition Sherpa About The Endgame Entrepreneurship Course GUEST Laurie BarkmanAbout Laurie TRANSCRIPT (AI transcript provided as supporting material and may contain errors) David: Hi, this is David Spray. Welcome to another episode of the IC Disc Show. My guest today is Laurie Barkman from Pittsburgh. Laurie is a really fun and interesting guest. She just released her first book entitled the Business Transition Handbook, and she is called in many circles the business transition, the idea being that a Sherpa guides somebody on a journey over a period of time rather than just a one-point event in time. Laurie has an impressive background as a former CEO of a large privately held company. She has a bachelor's and an MBA, and we talked about mistakes business owners make when they're transitioning their business. We talked about the sober reality that 100% every last business owner is going to exit their business and the question is will it be on their terms or someone else's? So there is some great advice and information for any company, any business owner who is looking to exit their business at some point, and I think you'll get a lot of value from this. Good morning, laurie. How are you today? Laurie: David, hey, great to see you, I'm awesome. David: That is great. Now, where are you located today? Laurie: I'm in the great city of Pittsburgh, Pennsylvania. David: Yes, now are you a native of Pittsburgh. Laurie: I am not. I am not. I'm an adopted daughter of the city. I'm originally from Albany, New York. David: Okay, so Ithaca wasn't too far to go for you. Laurie: That's right, it was not. It was only about three hours away. David: Okay, and then what brought you to Pittsburgh? Laurie: After graduating from college, my husband and I moved around Pennsylvania with different corporations. I was with Aigner Sol Rand Company and I was with a division in Shippensburg and after four years decided to get my masters, get my MBA, and decided to move to Pittsburgh. My husband had gotten a nice job with McKinsey and company and here we are. Okay 25 years later. David: You got your MBA in Pittsburgh, right at Carnegie. Laurie: Mellon. I did at Carnegie Mellon okay. David: Well, let's dig into this. So the business transition Sherpa. Where did this nickname come from? Did you come up with this yourself, or did somebody else give you that title? Laurie: You know, it's kind of an amalgamation of things. I remember talking to my husband about a trip that he and I had taken in 1997. We did a trek, we did a hike, and this idea of somebody guiding you and stuck with me. And as I was thinking about what I'm doing, working with business owners, it's not just one moment in time, it's over a period of time, and I really feel like my role is to be a guide. I don't have all the answers. I have a path, I have tools and, just like a Sherpa and the great work that they do, it's that same idea is we're on a journey together. Entrepreneurs build their business, sometimes on their own, but most likely not. Entrepreneurs are building their companies with other people, and so when they get to this other side of the mountain, so to speak, and thinking about their next chapter, why would they go about that by themselves? And I want to be the person that helps guide them. David: Yeah, I love the description of what you do because it picks up the fact that it's a journey, it's not a point in time and it's tough to do by yourself. In my experience I've just closely held small to medium sized business owners. Only sell a business once right, that's right. Laurie: We can regret things in our experience. We can regret what we do and wish we did something differently, or we do not take an action and we regret not taking that action. And my book the whole reason I wrote the book the business transition handbook was to help people proactively so that they don't have regrets. It's a very big, lofty goal to not have regrets in life, but if we can be proactive and we can understand what it takes to build a more valuable, transferable business and then understand what resources we might want to have on our side. I like to say, David, you can't do exit planning when you're exiting. It's just too late. So if you give yourself a time and space to work on having a more valuable, transferable business, the good news is that it's going to be a lot more fun to run your company. It's going to have an economic benefit to you and then in the future you'll have more options. You'll have more valuable options too. David: Yeah, I really enjoyed reading your book. In fact, behind you there, I believe, there's a blown up cover. Yes, it is. Laurie: That's right. Yeah, it was really interesting to write the book. I guess I could say it's my first book. I don't know that I'll have a second, but this, no matter what, is my first book and it was challenging, but at the same time, it was fun. It was like a giant puzzle. Once I mapped out what I believe the big pitfalls are right. So the subtitle of the book is how to avoid succession pitfalls. Each chapter in the book and I don't know if you picked up on this as you were reading it but each chapter is a pitfall. What do you want to avoid? And so what I tried to do was put myself in the reader's seat, the entrepreneur's seat, and how I developed that perspective was from my own experiences, client experiences and then integrating case studies and other learnings from my podcast. I have a show called Succession Stories that you will be a part of soon, and there are so many valuable things to learn from other people's wins and losses and challenges, and that's what I have always sought out to do with my show. The show is about three years old at this point and when I was writing the book, I had, I think, about 120 recordings, so that's a lot of knowledge and content. And what was so fun for me, david, was I was going back into the archives of a discussion. Every show I have has a transcript and of course I don't remember everything. But when I would write a chapter and I would need a case study, I had space for a case study in that particular spot, for a particular topic I would think, okay, which shows, should I go back to dive into those transcripts and then find these golden nuggets and I it was just so interesting to have the recall in writing of oh yeah, you know, she said that was an amazing conversation, and you, my memories are not long, right, we have so many, only so much storage in our brains, exactly. So it was really cool to go back to that body of knowledge that I had created, and I began to appreciate that body of knowledge even more. I think this case studies bring the book to life. I'd like to hear what you think about that, but that's that's what I hear from my readers is they love the, the learning and the concepts, the business concepts in the book, and they think that it's like me having a conversation with them by sharing these case studies and stories along the way. David: Yeah, I agree there were a number of. I mean, there was a lot of great stuff in there, but some of the particular ones I kind of wanted to dive in with you on is so this is a little bit of a quiz to see how much of your book you remember Do. When somebody, when people, decide to sell their business, do they just automatically sell it or do some portion of them? Are they unable to sell the business? Laurie: There's a mix, as you can imagine. Yeah, what percentage are you? David: able to actually sell it in the small business space. Laurie: It's a surprisingly low number. You know the statistics out. There is that every two out of 10 companies in the lower middle market actually sell. So that leaves eight out of 10 not selling. And you could ask, well, why is that? And there's a lot of reasons why. Sometimes along the way we have the five D's kind of pop up, or always also known as the 60s. These D's are taboo things, sometimes we don't want to talk about them, but they're real and we do need to talk about them. It could be the debt of an owner. It could be divorce disaster like COVID you know we put it in that category or disaster like fires and the business or the market has experienced is something traumatic it could be. Did I say divorce already? Divorce is another D. So these D's are something we can plan for. We don't want them to happen but we do need to be prepared. So if we're not prepared for the 60s, they can really wreak havoc on a business. Particularly death. The death of an owner can throw a business into a tailspin and I did cover that at some you know level in the book with a couple of episodes, snippets of people who had experienced that. The other reason why businesses don't sell, david, is because they're just not transferable. If they are so owner dependent and owner centric, that can be a really big reason why it won't sell and it's hard for owners to see that. You know, sometimes owners think that they are the secret sauce. I have a business assessment that one time I'm marketing. The owner of a marketing firm took this assessment and she said oh my God, she goes. I didn't realize I was standing in the way. She thought she, you know, she's a photographer, she's the creative, she's got the client relationships and she realized at that moment oh my goodness, I am making my company less valuable. So there's a pivot in our brains when we recognize some of the elements that help create a more transferable business and companies that have an owner who don't necessarily see the business as an asset, they see it as a job or they see it as a piggy bank. Those are different things, because if you see your business as an asset, you're going to want to create value in that asset over time. You're also going to want to protect that asset. If it's a job, right, I just accepted what is. And it's not growing, it's staying the same. Maybe you're not reinvesting in the business. You're not reinvesting in yourself or your people. And let's just jump to an example. I have a client who, in his favor, had very loyal people Once he got to his sixties, as did his key employees, and everybody's looking to retire. Buyers looking at that business said oh my goodness, how transferable is this business when all the key people are going to retire at the same time? So he had saved money, so to speak, by not bringing in new people, kind of underneath and over a period of training. So he recognizes that now, but it's too late. David: Sure, yeah, I was having this conversation yesterday with a group of CEOs and we were talking about enterprise value, increasing it, owner dependency, and there's a guy that owns a small boutique intellectual property law firm and they were asking him how sellable law firms are in general and he said not very and from his perspective that he said there's things he could do to make the business run without him better. But his model that he really likes to work with his clients directly, he doesn't like an associate between them and so that in his and a couple of his clients are actually in the room and they're like, and he's like, yeah, if I had like some associates that could potentially lower the fees to a client, you know, because there's more leverage in the client. So like no, we'd rather pay more and have you. So I've noticed in professional services there's this tradeoff between what. If you really want to have delighted clients, sometimes that's at odds with making your business the most valuable. And I know my business is like that. I mean I've got huge owner dependency issues because I am the key relationship, but I've gotten peace with the fact that it's just not very sellable and I like being a craftsman and just like it hit. Laurie: Yeah, and that isn't that the important thing. If you recognize it and are accepting of it, hey, you know what? That's okay. Not every business is going to be an asset to sell to another buyer and that's totally okay with the law firm. Just to circle back, because I do have some professional experience with law firms, one of the catch 22 things about law in particular is the code of ethics that they have to abide by. David: The non-competence, the non-compete. Laurie: Yeah. So if a lawyer leaves a law firm, they you know there's certain restrictions on when they can inform their clients and taking their clients with them, and I know there's lots of gray areas. I'm not going to talk about all of the nuances there. My point is that with law firms also there could be other types of professional services that run into this, but in law in particular what clients will say is that they hire lawyers, not law firms. Yeah, and so when you're tied let's just like you're talking about with that particular partner that the clients are willing to pay more because they want to work with that particular partner it could be highly likely that client would jump and go with them, no matter where they are. That can be particularly concerning for an acquiring firm, knowing that they may have some stickiness to certain clients and then they may not have other stickiness. So it really is dependent If there's a firm that's acquisitive and looking at buying other professional services, whether it's law or any other profession. I work with engineering firms quite a bit and in engineering firms there might be contracts but those contracts are not assignable and it might influence not only the type of transaction that we would do, whether an asset sale or entity sale, but it also would influence potentially on the transition for the sellers and how long they might want to stay, or the buyers might want them to stay under either an employment agreement or consulting agreement. It could also influence whether or not there's an earn out. You could structure an earn out, for example, if the buyer wants to structure an earn out to ensure a certain percent of those contracts are assigned over whatever time period or year and a half. So it could influence it in a big way. David: Talk to me about, and thank you for that. Talk to me about what you enjoy most, about being a business transition or not. I shouldn't say A, but the business transition, Sure. What are some of the aspects of that in working with those companies that you just find particularly satisfying or rewarding? Laurie: One of the things that I experienced as a CEO of a privately held company was the loneliness and being in my own head and having big questions and not really knowing where to go. I find that I bring kind of this EQ, if you will, of smarts and know-how and experiences and questions, and then I bring excuse me, the IQ around that, then the EQ, which is more of the emotional side. I've always been a kind of person that people confide in. Obviously, this is a highly confidential type of scenario but, I talk with my clients about the business. for sure, that's the practical side of everything, but we also talk about the personal side. We have to talk about them because remember earlier in our conversation I talked about regrets and there's some alarming statistics out there about experiencing regrets at least one year after the sale. I'm kind of on this mission to help business owners find clarity, and find clarity in a way that makes sense for them, for their family, for their stakeholders, which includes employees and other shareholders and their communities that they serve. A lot of people feel after a transaction that they let so-and-so down. Maybe they let their employees down, maybe they let their communities down. I had a guy in my show whose family business fourth generation chlorine cleaning product was sold in grocery stores and he could not walk down the aisle anymore. He couldn't bear to see that product under another name or by another. He said, yeah, there was a pride. We used to the small town and we had our name on the baseball team and people knew who I was. The identity that this particular person had his family name was on the company. Identity is a really big part of it, david. People go through almost like a withdrawal If they're not excited about what's next, this pull factor, what's pulling you forward to your next thing? If we're not excited about it, it can be really. You can imagine worst case scenarios. Those things do happen. But the in-between space is not that great either, for what makes me feel that I'm helping entrepreneurs? I've always orbited entrepreneurs with a great respect for the risk that they take. I've come to know family businesses as a category. Also. There's the founder-led, family-led, privately held company. I've worked in venture backed, so no offense to venture backed folks, but they're not really a focus for me. I'm really focused on call it the bootstrapped or family-led companies where they're the everyday entrepreneur making it happen. The sense of clarity clarity on three core types of goals is where we focus business, personal and financial. There's a lot of work to be done there. I think that's what makes me motivated, makes me feel appreciated by my clients. They are awesome people. I work with some amazing people that are doing really wonderful things for their community, for their family. They have excellent intentions. They just don't know how to put it all together. I don't either. I don't have all the answers, as I said earlier, but what I do have is I have an awesome Rolodex and I have an awesome way to bring professionals together and collaborate and help my client assemble a business owner transition team advisory team to help them make big decisions along the way. Again, this clarity is the number one thing that I think my clients benefit from. David: Yeah, no, that's really important because, as you talk about in the book, unfortunately 100% of the business owners are going to exit the business, just like 100% of us are going to exit this earth. I was thinking when you were talking about that fourth generation gentleman who couldn't walk down the grocery aisle, but it's one of those things, but it wasn't like he really had. He must not have had a great way to avoid that, because he wasn't going to run the business forever. So you come into what are the options? Basically, if somebody's not immortal, what are the options to exit a business? Because there's several paths, right? Laurie: Yeah, absolutely. Just to finish the statement with 100% of business owners are going to leave one day, there's a big however, you know. However, very few are planning for that day To leave on their terms, and when we have a plan, we're more likely to achieve it. That's just how it works, right. That's why we do strategic planning for businesses. So why don't we do strategic planning for our exit or our transition? And that's really the main advocacy I have in the book is let's have a process, let's have an understanding of what it takes. So to your question I think I address it quite a bit in one of my favorite chapters, which I think is chapter six, which is who should own your business after you, and it shines a spotlight on the different kinds of buyers. When I do workshops, david, I do webinars and I do in-person workshops, and I put up this slide and I have essentially three columns and I go through some examples of each bucket three buckets and people's eyes light up, they take out their camera, they start taking photos of this one particular slide and it is enlightening because we hear about certain kinds of buyers and we don't know that there might be other options out there and maybe not every option is a fit. So what I advocate for is let's understand what are some exit options for your company and which ones might be a better fit than others, and why let's prioritize those and let's come up with option A, b, c and if option A doesn't work out, then we know we've got an option B. It's just like in any negotiation If you have the power to walk away, then you know you're going to get the right deal for you. It's when you don't feel that you have any other options that you feel pinched. So that's why back to the conversation about the five or sixties if an owner passes away and the company is going in a tailspin, with employees leaving and the spouse doesn't know what to do, and they've inherited this company. They've never worked in it, it's a mess and the buyers come out like sharks and there's chum in the water. We want to avoid that. We want to avoid that. So, yeah, I mean we could talk about what. Who are the different kinds of buyers, if you want. David: Sure, yeah, because I mean, I, just off the top of my head, we've got passing it on to the next generation selling it to the employees. A third party buyer? What are some of the other options? Laurie: Yeah, let me just frame it out and that way, visually, I'm kind of working left to right as I talked about these three columns and I put it in that order for a reason. So the first column is strategic buyers, the middle is financial buyers and the one on the right is related buyers. So the examples you mentioned, family and managers would be in the related buyers category. Typically speaking, that is going to be more of a fair market value type of approach to valuing the business, of what price you might expect for your business, and if you kind of go left on that chart then the price expectation should go up right. David: Strategic generally not always generally speaking, will pay the most. Laurie: And why is that? Well, and also, what's a strategic? So a strategic is an entity, it's a company, it could be a competitor, it could be a marketplace vendor, it could be a customer, it could be an adjacent industry to yours where they want to make moves, either geography wise, or into your industry, if they're not part of it yet. So those are strategic and, typically speaking and this was my experience going through a pretty big M&A transaction with a third generation company that we were acquired by a Fortune 50. And, believe me, they had an M&A playbook and when they're that big and they've done that many transactions, so for us it was understanding what's the fit, what will this look like? And for them, I'm sure, in their financial models, it was about leverage what assets do they keep, what employee teams might they cut and how do they gain some cost leverage? And so that's typical where these pieces of the business might be kind of bolted into something else. Maybe it's standalone, maybe it's bolted in, but that's typically why strategic can pay more, because on the back end, as they're modeling out their financials, they know what costs they're going to take out. We don't necessarily know that, but that's what they're looking at. Financial buyer most often we think of private equity firms, and private equity groups will invest on a time horizon roughly five to seven years could be longer and they'll want to buy low, sell high, and so in between, they're investing in that business to improve it, they're putting in management teams and they will take a larger entity, maybe keep it as a standalone and that would be a platform deal. And a platform deal may eventually have other firms acquired to tuck underneath it. Those acquisitions we call tuck ins or add ons. And because they are taking assets and putting them into something larger, you could say, oh well, that kind of sounds like the strategic. And the answer is, yeah, kind of does. So that's why, in a private equity deal, the hybrid, as we might also call it, could, from a multiple standpoint, look more like a strategic offer. So that's just a little financial nuance there. But typically speaking, private equity groups are going to be the biggest, you know, the biggest buyers out there. There's still a lot of dry powder and another big category that I like to spotlight. Well, there's two others I would put under this financial bucket. One is family offices might be investing in privately held companies in different asset classes. So, for example, I had a family office. Second generation was on my show and he talked about what he and his father's investment thesis is. And they're focused on warehousing, like storage, you know, storage unit for consumer storage so you can rent one for a year or whatever and put your stuff in it. So he liked they like that asset class because it has a recurring revenue model to it. And that's just one example. And what's really interesting, if you compare the time horizons for these investments, well, a family office is looking for a buy and hold, more likely than buying, selling a short period of time. So, as I said earlier about fit, this is where it's really important. If the seller doesn't want to be in a situation where it could be sold to the one fish and gobbled up by another. They want to be held for like a longer period of time and perpetuity. Then maybe they should look to you know, talking with family offices who are doing acquisitions in their space. So that's a category that is kind of under the radar and I just put a spotlight on in the book. And then the third one are ESOPs, which is a you know, think of it like an almost like a 401k program for your people. When they retire from your company, they're incentivized to stay, and when they retire they will get a distribution check, and so an ESOP is an interesting option for some other companies Again, not a fit for everyone, but it might be a fit for companies of a larger size with enough employee base, where, again, you're going to have a liability at some point to pay these people, so you have to be able to fund that. But what happens in that transaction is that the company becomes a tax-free entity, and so that's a real incentive, you know for companies to reinvest and acquire others, and it can be very positive for the culture too, yeah. David: I know quite a bit about ESOPs because you were kind enough to introduce me to Mike Silverman and in fact he and his partner, Matt were, I guess, in my podcast a few episodes ago and it's really interesting on some of the ESOP opportunities. And I'm glad you brought up the family office because, right, people don't think of that. Laurie: But when? David: I think about the. What I think of philosophically is the super family office. I think about Berkshire Hathaway's acquisition targets. But the problem is I think now they're up to where. When I started reading Warren's annual letters, they were looking for businesses with enterprise value, I think of like 25 million and up, and I think the last I checked it's half a billion or a billion and up. Just because $25 million companies don't move the needle for them. But yeah and it's kind of like their sales pitch is similar to the family office sales pitch. So I guess one way to think of it is, if you like being an aquire of Berkshire Hathaway but you're smaller than a half a billion dollars, then maybe a family office might make sense. But even then when you think about Berk acquisition requirements. They want a business that runs independently of them. They do not want to manage the business. So you're right back to. A business that can run without the owner is more valuable for everybody. Laurie: Yeah, they have the portfolio largely independent of each other. They've kept the brands, I think, pretty separate because they appreciate the brand and the competitive moat, as they like to call it, around that business. I think they look for companies that have a competitive market differentiation, so it makes sense that they don't muddle the water. David: Yeah. Laurie: Yeah. David: Have there been any positive surprises from writing the book that you didn't anticipate when you wrote? Laurie: it Surprises. Let me think about that. I think just the reviews have been so delightful and meaningful to me and I guess I just didn't think about it. I don't know that it's a surprise, it was just. Maybe I could say a surprise and delight just to see how this book is helping people or how they've shared told me that it's helping people. I think that has been a really lovely outcome. As an author, you put good in the world and you hope goodness comes back, or you hope that it's helping, but you don't really know unless people tell you, and so that's been really great, I would say. The other is with my clients. I have my clients and meet with them on a regular basis and I have clients that are reading the book and then when I meet with them they're like, yeah, I just read chapter five, let's talk about it. So this combination of I'm not going to quite do this myself, I'm going to read the book, I'm going to get knowledge, but I still want to work with someone to help me along the way, was really reinforcing that what I expected. I expected that, frankly, and I think it's important. I do think people can go through this book on their own and at some point in this call give, I'll give the listeners an option to how to make the most of it, but you can do it on your own. You can. What I think is human nature is we want someone to hold us accountable, and that's, I think, not again not necessarily a surprise, but very reinforcing. That is true and that's why just a kind of a pre announcement here I'm going to be creating an online course from the book so that it can help more people in a different way, and hopefully they'll watch the videos and they'll read the book, and I, what I'm aiming to do is reach a wider audience of entrepreneurs, not just the people who are, you know, three to five years out. This is really a book, I think. If you are beyond startup phase but you're growing your business, why not read this book and understand what it's going to take to create a more valuable exit when you're ready? So it's exciting. I'm planning to launch it in the first quarter of 2024. David: Oh, that is exciting. If somebody is interested in learning more about that is do you have any place for them to go yet, or are we too soon? Laurie: We are too soon, but that's a great idea. I should put up like a waiting list or something on my website, but the businesstransitionhandbookcom is the website page for the blog BusinessTransitionHandbookcom. Yeah, the businesstransitionhandbookcom is a page on my site, so they'll see all other pages too, but this is the landing page for the book, so what I might do is put up I'll put up a blurb at some point about awaiting this for the class. And yeah, no, I'm excited about it. Like I said, I aim to reach more people and help more people with it. David: Yeah, and you know that accountability is interesting, because one of the things I see with our clients is that one of the things that's interesting about our clients is that 90% of them have revenues between 10 and 100 million probably somewhere in the light of your clients and the vast majority of them do not borrow money. They've been financially successful enough. They've been able to, you know, internally find growth and because of in that, in addition to other reasons, and most of these also, it's a single shareholder, they don't have a board, and so these clients have zero accountability, like their only accountability is like to their family, to make sure that you know the monthly income is what they're hoping it would be. But you know, they don't have a bank to be accountable to, they don't have a board, they don't have other shareholders, so I can see where that accountability is something that they could be really helpful for them, that they don't really have anywhere else. Now, of course, they may have done that on purpose. Maybe they didn't really like being accountable. You know they were an accountable employee and then they borrowed money from the bank to start a business, so maybe they don't really like me. What do you think? Laurie: I have a client that's about 120 million revenue business in the call it food production space and he's very purposeful, has very good intentions for transition with his daughter over time and really wants to see her be successful in the company and grow with the company. And his partner, to his credit, said hey, not real name. You know, joe, you're going to want we should do a new operating agreement. You know your daughter's in the business now. She's doing a great job. We need a new operating agreement. And this operating agreement was sitting on my client's desk coffee stains. You know he literally had it in the corner of his desk. He told me he was there for nine months and then I met him in a workshop and then that was it. He said oh, that's it, I have to do something. I can't just keep looking at that document. And of course in the transition it's more than just the operating agreement. But it was so many other things too and he just the accountability was really good for him. He needed that. He really did because he had the intention to do it. It just was, you know, backburner and it was never the thing to do when all these other important things are common. Adam. David: Now that makes sense, and I just want to be clear businesstransitionbookcom or businesstransitionhandbookcom. Laurie: I just want to make sure I had it. Yeah, that's okay. It's the title of the book. Yeah, oh it's the. David: Okay yeah, I'm looking at the book. Okay, yeah, that is easy note to remember. What do you enjoy the most about your podcast? Trying to switch gears a little bit. Laurie: I love talking with people on my show about what's worked for them, what they've learned and what they would do differently and if I have an entrepreneur. I have two kinds of entrepreneurs that come on the show. One type is looking in the rearview mirror and that's where they'll get the lessons learned right. We really learn a lot from others where it just didn't quite go the way they would have liked and when they have successes, of course we learn a lot from that too. So that's one type of entrepreneur. The other type of entrepreneur is looking forward and I've started to have more conversations with entrepreneurs and I'm asking them questions about their legacy and how their intentions are for their transition and legacy, if they're open to sharing it. I've had a gentleman came on my show. He's in the HVAC space and he had let his company, his partner, know his intentions to retire in three years and it was almost like this huge weight was lifted off his shoulders and now that it's out there, they can create plans, they can work on things and it's a little bit freeing to do something like that. Other people who aren't quite ready to say what it is they want to do. We talk a little more generally about what's important to them as they think about transition and leaving a meaningful legacy for their stakeholders or family or employees, and I'm really enjoying those conversations. I also talk with people who are experts in the industry on some particular topic, like tax advisors, financial advisors, legal advisors, and those conversations are wonderful because then, as I build my Rolodex of professionals that are able to be the best fit for my clients, it's a wonderful way to do business development and people who listen to the show have. You know, not every listener becomes a client, but I have had listeners reach out. They've listened to succession stories for a year, two years, whatever it is, and they reach out and they said Lori, a longtime fan would love to talk with you. And the resources that are available from the show are on my website, like business assessments and different articles and knowledge articles give plenty of videos and ask to help people learn about different topics. So I feel like this body of knowledge. You know this thought leadership type of approach where if people listen, they learn about me, they learn about what would they do, and then maybe they want to follow up. You know is pretty exciting. So I really like that. I like when I hear from my audience. They tell me what's an interesting topic to them or questions they might have, and I think the learning is really the main thing. I'm a continuous learner I always have been and I find that with every show I'm learning something. You know, I'm learning something every time and I just love that. David: Yeah, and I've probably listened to half of your episodes. I suppose and you know that episode you have with Mike Silverman was really memorable that you know have had to introduce several clients to Mike, and so I think having the advisors on is also a great idea and that's kind of how you fit short of on my show, right? We're not talking about the ICDisc program at all, but you're somebody who my clients outside the ICDisc may find value to this conversation and yeah and I'm like you I love to hear, to hear, people's stories on the Colby. I'm an 8643, which I don't know. If you know the Colby, I do know the Colby. So I'm. That's what's called high fact finding. Okay, so I lead with the fact finding. So for me, I'm always more comfortable, you know, asking questions than answering them. Maybe that's from childhood trauma, where I was forced to answer too many uncomfortable questions by my parents. I don't know. Well, I can't believe how the time has flown by. By the way, what's your website? Laurie: My website is thebusinesstransitionsherpacom. David: Oh, okay, I like it. Laurie: Thank you, you know. I just wanted to mention David, because if your listeners are finding this topic helpful, that's good, you know, and then they probably might be wondering well, what's the next step? Or you know how do I sort of take small nibbles as opposed to biting off a whole arm, and I would recommend that. You know, I don't want people to feel overwhelmed, I want them to feel reassured that we have a process and we'll work with them to meet them where they are and I guess the you know. The next thing would be to reach out and whether they are in a mode of transition and planning, which is what I'll call pre-M&A right, not that they have to sell, but just conceptually. And then, for folks who are anticipating selling to a third party or a family member, you know that transaction somehow some way. So I'm a certified Mergers and Acquisitions Advisor and can help steer them on that path, from the practical side as well as the emotional side, to get a deal done that makes them happy. Okay, I like it. David: If people want to reach out to you, is LinkedIn probably the best way. Laurie: Yeah, linkedin's a great way. Let me know that you heard me on the show. That would be awesome, and I think, david, you'd probably love to know that too. And they could reach me on my website. As you said, the business transition Sherpa, there's a spot to book directly with me. We can connect via Calendly. David: Okay, and then what's the website for the podcast? Laurie: Successionstoriescom is the name of the show and again, you can find it directly on my website in the podcast section. All the catalog of the shows are there, but it's in every type of platform, so if you're Apple or Spotify or whatever you like, you'll find it. David: That's great. So here's the surprise question I promised you. Laurie: So I have two questions left. David: And so here comes the surprise one. So if you could go back in time and give advice to your 25 year old self, what advice might you give? Laurie: I think I should have bought a business. David: Okay, so you would have encouraged yourself to buy a business. Laurie: Yes, when I was 25 and I was graduating from my master's program. It was all about the next great tech startup, yeah, and creating that from scratch. And that wasn't me, yeah. But I knew I wanted to be an entrepreneur. I just didn't feel like that was me in that mold. And I think now I'm more attuned to entrepreneurs through acquisition, you know as a category, and I didn't mention them, but they also would fall under the financial buyer category and there are many of them out there, not just in the US but around the world, who are interested in being part of that succession plan for a founder next generation leader. David: If you do you ever listen to the my First Million podcast. Laurie: I'd spent a while, but I'm familiar with it. You like that. David: They had a guest on recently. That is probably certainly my top five favorite podcast interviews ever and it's about a woman Sarah I forget her last name, but she was getting her MBA and decided she was going to buy a business with and she had zero money. She was going to buy a business you like these real estate advertisements? Buying real estate with no money down. She was going to buy a business with no money down and it's just a fascinating story of the process she went through through in just an astonishingly wonderful interview that I couldn't recommend highly enough. So apparently she was able to somehow go back in time and give her a 25 year old self that advice because she managed to pull that off. That's very cool. Is there anything we didn't cover that you wish we had? Laurie: Well, I think just to reiterate for people that when time is on your side, you can make an impact on your future and give yourself the space to work on your business and not just in your business. That would probably be my main advocacy and surround yourself with people that can help hold you accountable to the process and meet you where you are. So if they are just thinking about it, trying to figure it out, trying to understand what's their business worth today, yeah, that's a great place to start to. You know, try to figure out and model. Where are you now, where do you want to be and what's the gap and how are you going to get there? David: That's awesome, Laurie. I really appreciate your time on the show and I appreciate you taking the time to be on here. Laurie: Well, David, thank you for having me. I know this is my second time around you and I talked on a different show. We did. David: Yeah, we did. Laurie: It's lovely to be back with you and reconnect, and I'm just so glad that you are sharing this content with your audience, and I appreciate you, thank you. David: Yeah, it is my pleasure. Well, I hope you have a great day. Laurie: You too. Special Guest: Laurie Barkman.

Are you prepared to unlock the door to financial freedom and real estate success? Picture this: a life where you're in control of your finances, ready to empower your community through financial literacy. It's not a dream – it's a journey we're embarking on today. Joining us in this episode is the exceptional Laurie Barkman, the business transition sherpa. She's the CEO of Small Dot Big, and the best-selling author of The Business Transition Handbook. Recently featured in Forbes, Laurie is the expert you need to guide you towards making sound financial decisions and securing your future. Laurie shares her extensive knowledge on preparing your business for a successful exit. She emphasizes the significance of early planning, and she's here to guide you through the common pitfalls to avoid, tying it all back to the core principles of financial literacy. From the importance of maintaining clean financials to understanding the value of recurring revenue, Laurie offers valuable insights into making informed decisions for your business. You'll learn how to achieve the freedom and success you desire as a business owner while still leaving a lasting impact on your community. Laurie's book, The Business Transition Handbook, serves as a comprehensive guide for business owners looking to transition or sell their businesses. The book offers exercises and a digital toolkit that can aid you in your transition journey. Key Takeaways: 03:22 The mindset you need for a successful business transition. 10:15 The pitfalls to avoid in the exit strategy process. 18:45 The importance of clean financials. 27:10 How recurring revenue can transform your business. 35:50 Strategies to secure your legacy and make an impact. Connect with Laurie @:Website: https://smalldotbig.com/ Podcast: https://thebusinesstransitionsherpa.com/succession-stories-podcast/ The Business Transition Handbook: https://a.co/d/6HEY3Ap Email: lbarkman@smalldotbig.com LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Connect with Corwyn@: Contact Number: 843-619-3005 Email: corwyn@corwynmelette.com Instagram:⁠ https://www.instagram.com/exitstrategiesradioshow/⁠ FB Page:⁠ https://www.facebook.com/exitstrategiessc/⁠ Youtube:⁠ https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA⁠ Website:⁠ https://www.exitstrategiesradioshow.com⁠ Linkedin:⁠ https://www.linkedin.com/in/cmelette/⁠ Shoutout to our Sponsor: MEME EUBANKS Do you want something more? More Meaningful Moments opportunities, deeper relationships and memorable experiences? Do you want to make a difference? If you say YES, a career and real estate could be the opportunity you're looking for guiding people to one of the most important decisions they ever made, the purchase or sale of their home can be both rewarding and lucrative.  Exit Realty has a revolutionary compensation model training and technology that provides you with the tools you need to start and build your successful real estate career. Call me today MEME EUBANKS Your Country REALTOR at 843-730-3327 that's 843-730-3327 or visit exitlowcountry.com/joinexit and make your EXIT today. --- Support this podcast: https://podcasters.spotify.com/pod/show/corwyn-j-melette/support

Stepping out of a business is a formidable challenge, fraught with emotional and pragmatic hurdles. After all, when you have poured everything into building something, it's an almost impossible undertaking to leave it all behind. In this episode, Elliot Kallen brings on Laurie Barkman, author of The Business Transition Handbook, to discuss the intricate journey every entrepreneur faces: the path from birthing a business idea to the emotional and pragmatic challenges of selling and transitioning into retirement. They discuss the essential role of an advisor, the hazards of not being adequately prepared for transitions, and the significance of charitable considerations post-sale. Tune in and learn how to start, scale, and step back!

This episode provides great questions to help you think about what can protect your business and create wealth. Brian Trzcinski, Director of Business Market Development with MassMutual, joins host Laurie Barkman to discuss questions business owners need to answer to enhance value and reduce risk. Like what would your business be worth today if you died 90 days ago? And why should exit planning begin the day your doors open? Head to SuccessionStories.com for the show notes and transcript to get all the questions you need to be considering. Enjoy this Succession Stories episode about soul-searching questions for exit planning with Brian Trzcinski.   Learn more about: The importance of having an exit plan Risk Pillars of Success The first question business owners need to answer How health issues can impact value The value of not waiting too long to plan your exit   Show Links: MassMutual - Resources for Business Owners SuccessionStories.com Schedule a call with Laurie Barkman to discuss transition planning: https://thebusinesstransitionsherpa.com      THE BUSINESS TRANSITION HANDBOOK: Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:  https://thebusinesstransitionhandbook.com OR text TRANSITION to +1 (762)320-2826     SHOW US THE LOVE:  FOLLOW Succession Stories wherever you listen WRITE a review on Apple Podcasts  SUBSCRIBE on YouTube    

"This episode was brought to you by Reconciled.com. Helping M&A Entrepreneurs just like you with Bookkeeping, CFO & Controller Services, Outsourced Enterprise Accounting and Tax Services. Reconciled.com" Also Sponsored by www.SmallBizAcquisitions.com/exit - Expert 1:1 mentorship program to help you buy your first U.S. Based Small Business. From training, then funding, and post acquisition support.About The Guest(s): Laurie Barkman is the CEO of a privately held company and a certified mergers and acquisitions advisor. She is also the host of the "Succession Stories" podcast and the author of the book "Business Transition Handbook."Summary: Laurie Barkman shares her journey from being the CEO of a privately held company to becoming a mergers and acquisitions advisor. She discusses the emotional and practical aspects of business transitions and highlights the importance of planning for the future. Laurie also emphasizes the need for a transition mindset and the value of understanding the different types of buyers in the market. The book "Business Transition Handbook" is a valuable resource for business owners, family businesses, next-gen leaders, and acquisition entrepreneurs who are looking to navigate the complexities of business transitions.Key Takeaways:Begin with the end in mind and have a transition mindset.Understand the different types of buyers and find the best fit for your business.Take an inventory of your assets and determine their attractiveness and transferability.Foster a team that can run the business without you and create a sales process that involves others.Time is on your side when it comes to creating options for your business transition.Watch it on Youtube: https://youtu.be/FwbUShy3eTg--------------------------------------------------Contact Laurie onLinkedin: https://www.linkedin.com/in/lauriebarkman/Website: https://thebusinesstransitionsherpa.com/--------------------------------------------------How2Exit Joins IT ExchangeNet's Channel Partner Network!-Why IT ExchangeNet?Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match."Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron Skelton TheIT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.If you are interested in learning more about the process and current market valuations, complete the contact form and we'll respond within one business day. Everything is kept confidential.Are you interested in what your business may be worth? Unlock the value of your IT Services firm, visit https://www.itexchangenet.com/marketplace-how2exit and complete the contact form.Our partnership with IT ExchangeNet focuses on deals above $5M in value. If you are looking to buy or sell a tech business below the $5M mark, we recommend Flippa.--------------------------------------------------

When it comes to family business succession, will dysfunction prevail? Eva Fischer was the chair of the family business, Brunata, one of Scandinavia's largest clean-tech companies, and at the helm during its turnaround. Eva talks candidly with host Laurie Barkman about how the business consumed the family, and caused relationships to become dysfunctional.  Family problems became company problems and there was a negative spiral. Eva was a dark horse in a succession process that eventually led to the sale of the 450+ employee business to a strategic buyer in Germany. Now as a family business advisor and speaker, Eva serves on the board of Family Business Network Denmark, and promotes openness about succession.  There are better paths you can take by having strong communications, succession planning, and good governance. Enjoy this Succession Stories episode about how sibling rivalry disrupted the succession of a family business with Eva Fischer.   Show Links: evafischer.com SuccessionStories.com Learn how Laurie Barkman helps business owners build generational wealth: https://thebusinesstransitionsherpa.com    THE BUSINESS TRANSITION HANDBOOK: Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:  https://thebusinesstransitionhandbook.com OR text TRANSITION to +1 (762)320-2826   SHOW US THE LOVE:  FOLLOW Succession Stories wherever you listen WRITE a review on Apple Podcasts  SUBSCRIBE on YouTube  

If you're a fan of business podcasts, you might know the name John Lee Dumas (JLD), founder and host of the award-winning show, Entrepreneurs on Fire. Since launching in 2012, JLD has interviewed over 3,000 of the world's most successful entrepreneurs. With over 100 million listens, he's turned the show into a media empire generating 7-figures of net annual revenue. JLD joins Succession Stories host Laurie Barkman to talk about business and personal legacy. What does it take to create a business that leaves a lasting legacy? It involves doing things today that lay the foundation. When the time comes, you will be ahead of the game- and you can do it the right way. Enjoy this new Legacy Series of Succession Stories and why if you're looking to create a legacy, it's time to get intentional with John Lee Dumas.    Show Links: Entrepreneurs On Fire: www.EOFire.com SuccessionStories.com Learn how Laurie Barkman helps business owners build generational wealth: https://thebusinesstransitionsherpa.com      THE BUSINESS TRANSITION HANDBOOK: Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:  https://thebusinesstransitionhandbook.com OR text TRANSITION to +1 (762)320-2826     SHOW US THE LOVE:  FOLLOW Succession Stories wherever you listen WRITE a review on Apple Podcasts  SUBSCRIBE on YouTube        

BIO: Laurie Barkman, the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to a Fortune 50 company.STORY: Though Laurie has had a flourishing career in the startup world, she regrets not spending that time building her own business.LEARNING: Quit often, quit fast. Don't hesitate, or stay in something that doesn't bring you value. Pay attention to your instinct; don't be afraid to act on it. “Gravitate towards your strengths and follow your passions if you're clear about what they are.”Laurie Barkman Guest profileLaurie Barkman, the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to a Fortune 50 company.Laurie guides business owners through the often overwhelming process of transition planning. As a mergers and acquisitions intermediary, she facilitates sell-side and buy-side transactions in the lower middle market.Laurie is the Amazon best-selling author of The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options and hosts the award-winning podcast Succession Stories, rated in the top 2.5% of podcasts globally.Laurie earned an MBA from Carnegie Mellon University and a bachelor's from Cornell University. She received a professional designation from The Alliance of Mergers & Acquisitions Advisors.Get a complimentary business assessment. See how an acquirer would evaluate your business, enabling you to focus today on what will be important down the road. Learn what changes could double the value of your business.Worst investment everWhen Laurie was studying for her MBA, she also took entrepreneurship courses and was the president of the entrepreneurship club. Laurie was excited about graduating and going into entrepreneurship. But, she didn't have the big idea or tech skills. This was in the late 90s when it was all about tech startups. Laurie also lacked the risk profile. So, instead of starting a business or buying an existing one after her MBA, she joined a startup, which in and of itself was a good thing.Looking back at her career, most of the positions Laurie had helped her add value and grow professionally. But one or two roles made her realize that she should have invested her time in building her own business instead of going into employment.Lessons learnedTry to figure out what you're good at, what you're not, and what you enjoy and don't before settling on a permanent career path.Gravitate towards your strengths and follow your passions if you're clear about them.Andrew's takeawaysQuit often, quit fast. Don't hesitate, or stay in something that doesn't bring you value.Pay attention to your instinct; don't be afraid to act on it.Actionable adviceIt's important to trust your instincts. If you're feeling unsure about something, trust that little voice.Laurie's recommendationsLaurie recommends her book, The Business Transition Handbook, for business owners with questions...

Ryan Dusick is the founding drummer of Maroon 5, one of the world's most popular bands. In the nineties, Ryan and his high school buddies Adam Levine and Jesse Carmichael dreamed about making it big…and they did!  Ryan joins host Laurie Barkman to talk about his book, “Harder to Breathe: A Memoir of Making Maroon 5, Losing It All, and Finding Recovery.”   Just as his career was taking off, Ryan left the band after suffering from a breakdown on the Grammy award-winning “Songs About Jane” tour in 2005. After a decade, he pursued a path of recovery and new life full of meaning, purpose, and fulfillment. Now working as a mental health professional, Ryan is spreading the message that recovery is possible and some astounding things can come with it. When you spend years architecting your life around a goal and suddenly it's gone, it's understandable that you may face an identity crisis and depression. Accepting the reinvention process enabled Ryan to let go of the past and embrace a new future. Enjoy this special “What's Next” Succession Stories episode about exit and recovery with Ryan Dusick.   Show notes: Ryan Dusick website: https://www.ryandusick.com Take a Personal Readiness Assessment for business transition: https://bit.ly/personal-readiness-to-exit   Learn how Strategic Business Transition Planning drives value and clarity by visiting https://thebusinesstransitionsherpa.com    THE BUSINESS TRANSITION HANDBOOK: Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:  https://thebusinesstransitionhandbook.com OR text TRANSITION to +1 (762)320-2826     SHOW US THE LOVE:   RATE + FOLLOW THE SHOW SUBSCRIBE to Succession Stories wherever you listen and YouTube Write a review using Rate This Podcast https://ratethispodcast.com/successionstories  

When is the right time to transition your business? Bill Spohn, President and Owner of TruTech Tools, plans to retire in three years. TruTech Tools is an award-winning e-commerce reseller of tools and test instruments for HVAC and building performance professionals. He's working on making the company less dependent on him by adding capable leaders, documenting workflows, and keeping a notebook of ideas. Bill joins host Laurie Barkman on Succession Stories for a "Legacy Series" conversation how entrepreneurs can start plan your future exit and benefit from talking about it.   Listen in to learn more about: Ensuring your business can thrive without you Hiring the right talent Portfolio approach to building wealth When to start transition planning Why it's good to talk about your exit intentions Documenting workflows and standard operating procedures (SOPs)     Guest and show notes: Bill Spohn LinkedIn: https://www.linkedin.com/in/billspohn/ Building HVAC Science Podcast: www.buildinghvacscience.com Download a guide to better SOPs: https://bit.ly/SOPGuide   Learn how Strategic Business Transition Planning with Laurie Barkman can bring clarity to your biggest succession questions by visiting https://thebusinesstransitionsherpa.com    THE BUSINESS TRANSITION HANDBOOK: Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:  https://thebusinesstransitionhandbook.com OR text TRANSITION to +1 (762)320-2826     SHOW US THE LOVE :   RATE + FOLLOW SUCCESSION STORIES SUBSCRIBE wherever you listen and follow on YouTube Write a review using Rate This Podcast https://ratethispodcast.com/successionstories        

What do small business owners wish they had done differently before selling? While the attention on billion dollar mergers and acquisitions, detailed information about acquisitions of smaller businesses is harder to find. Alexis Grant launched an online media platform, They Got Acquired, to help founders understand deal-making in the lower middle market. It's valuable to think about your potential exit even if it's years away. Lexi joins host Laurie Barkman on Succession Stories to discuss how to set up your business for a successful sale regardless of its size.   Listen in to learn more about: Lessons from owners who have sold their businesses Handling the transition from entrepreneur to employee  How to be better prepared personally to sell How to increase the transferability of your business with structured systems    Guest and show notes: theygotacquired.com/newsletter Succession Stories Episode 82: John Warrillow Learn how Strategic Business Transition Planning with Laurie Barkman can bring clarity to your biggest succession questions by visiting https://thebusinesstransitionsherpa.com      THE BUSINESS TRANSITION HANDBOOK: To get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman go to: https://thebusinesstransitionhandbook.com or text TRANSITION to +1(762)320-2826     SHOW US THE LOVE :  RATE + FOLLOW SUCCESSION STORIES SUBSCRIBE wherever you listen and follow on YouTube Write a review using Rate This Podcast    

For anyone who owns a business, the process of passing down a company from one owner to the next can be quite challenging. Without proper guidance and careful planning, it can be difficult to know where to start when considering how best to transition ownership and ensure profitable continuity for yourself and future owners.  Furthermore, understanding the pitfalls of succession planning and developing clear exit options before any transactions occur is essential in creating positive long-term outcomes for all parties involved.  Join Matt DiFrancesco and Laurie Barkman, The Business Transition Sherpa, Author, and M&A Advisor, as they talk about how entrepreneurs can approach transitioning their businesses from transactional model efforts to more strategic initiatives —and what measures need to be taken to avoid common missteps along the way.   They talk about: (02:46) The story behind the name “Business Transition Sherpa” (03:51) What prompted Laurie to write the Business Transition Handbook (10:31) Why businesses that are very dependent on the owner will not create much value (11:56) What is a strategic readiness plan and why is it important? (15:49) The best time to start planning for business transition (19:58) A good place to start when transitioning your business (22:52) Why is hiring a Transition or Exit Planning Specialist important? Connect with Laurie Barkman Website: https://thebusinesstransitionsherpa.com Book: https://thebusinesstransitionsherpa.com/the-business-transition-handbook/ LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Connect With Matt DiFrancesco: matt@highliftfin.com (814)201-5855 LinkedIn: Matt DiFrancesco LinkedIn: High Lift Financial Facebook: High Lift Financial  Instagram: @high_lift_financial Youtube: @highliftfinancial About Our Guest: Laurie Barkman, the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to a Fortune 50. As a mergers and acquisitions expert, Laurie offers business owners a systematic method for organizing smooth transitions inside their organizations. Laurie is the author of The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options, guiding business owners on their journey from transition to transaction, from creating value to letting go. She is an adjunct professor of entrepreneurship at Carnegie Mellon University and hosts the award-winning podcast Succession Stories, where she speaks with hundreds of entrepreneurs who have shared their journeys through succession. Laurie earned her MBA from Carnegie Mellon University and a Bachelor of Science degree from Cornell University. She received certifications from The Alliance of Mergers & Acquisitions Advisors, The Exit Planning Institute, and The Value Builder System. Laurie currently lives in Pittsburgh with her husband and two kids.  DISCLAIMER: The content posted here solely represents the opinions and views of the guest and may not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.

Are you prepared for the emotional realities of succession planning? Regina Beatty, an advisor with the financial planning group, Heritage Financial Consultants, joins Laurie Barkman on Succession Stories to discuss how to prepare and transition a business to the next owner, while navigating the financial and emotional challenges associated with transitioning from a family-owned business.   Listen in to learn more about: Top concerns for business owners looking to exit How to minimize the tax impact of succession How to start a legacy plan     Guest and show notes: distinctivewealthstrategies.com Regina.Beatty@LFG.com Regina Beatty is a Registered Representative of Lincoln Financial Advisors. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. New York Times, "When Your Career, and Retirement Are The Family's Business" https://www.nytimes.com/2023/03/25/business/family-business-retirement-succession-New York Times     More business transition resources:   Grab a copy of "The Business Transition Handbook” for yourself at https://amzn.to/3Hqj2eo   Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com   Follow the Succession Stories YouTube Channel   Follow Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/   If you enjoy Succession Stories, please leave a review. Reviews help us reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review. https://RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and mergers and acquistions advisory services by visiting: https://thebusinesstransitionsherpa.com   

If your goal in life is to have no regrets, what are the things you need to address now to be happy about your business transition? Bruce Werner, family business advisor and author of “The Ownership Journey,” joins Laurie Barkman on Succession Stories to discuss how a board of advisors or family board can help with the growth and transition of your business. They also explore common issues owners face with life after the deal. You can make more money, but you can't make more time.    Listen in to learn more about: Fiduciary boards vs. family boards Understanding the generational differences in ownership How to hire a new CEO The importance of succession planning Defining your purpose and social structure Advice for business owners thinking about creating a board   Show links: Bruce Werner email: bruce@konaadvisors.com  LinkedIn: https://www.linkedin.com/in/brucedwerner/  Website: Brucewerner.com Grab a copy of "The Business Transition Handbook” for yourself at https://amzn.to/3Hqj2eo Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com Follow the Succession Stories YouTube Channel DM Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review. RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com  ______________________________   SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.  

For any business, regardless of size, innovation is an essential part of growth. We live in the age of entrepreneurs who are disrupting large companies more than the large companies are disrupting each other. Technologies like generative AI are enabling us to create value at a rapid pace. How do we explore new ideas that can drive radical value for your customer?  Succession Stories host, Laurie Barkman, talks with Mike Stemple, the Amazon best-selling author of two books, “Million Dollar Ideator: The Surprisingly Simple Way to Quickly Create Profitable Ideas” and “Innovating Innovation: Why Corporate Innovation Struggles in the Age of the Entrepreneur.” His ideas have created millions in revenue and helped millions of people.  Mike's journey of creativity, curiosity, and innovation began with a life-altering event– an accident that ended one chapter of his life but opened another. He's a successful entrepreneur who has built more than 20 companies and products including Skinit and 3M Original Wraps– those vinyl stickers you can put on tech devices like ear pods and phones. Mike shares a unique story about Skinit that will inspire you. It's a moving story that illustrates his belief that innovation is about solving problems for customers. Enjoy this Succession Stories episode that just might inspire your next million dollar idea!   Listen in to learn more about: Rejuvenating innovation in mature companies A philosophical perspective on technology and innovation Building a business driven by innovation and problem-solving Have a radical love for the customer The 200-hour rule for shaping ideas and innovating Buy versus build approach to innovation   Show links: www.mikestemple.com Grab a copy of "The Business Transition Handbook” for yourself at https://amzn.to/3Hqj2eo Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com Follow the Succession Stories YouTube Channel    If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy.  Please click here to leave a review: RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com  ______________________________ SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.    

The World's #1 Personal Development Book Podcast! In today's episode we have the pleasure to interview Laurie Barkman author of “The Business Transition Handbook”  Laurie, aka Business transition Sherpa, is the former CEO of a company that did $100 million dollars in yearly revenue that was sold to a Fortune 50 company. She now provides Strategic Business Transition Planning (pre-M&A services) with her firm, SmallDotBig. Laurie is a wife, mother, and adjunct professor of entrepreneurship at Carnegie Mellon University, she also hosts the award-winning podcast Succession Stories!  In this episode you'll learn all about Laurie's book, hear some interesting succession stories, why it's important to build a company worth buying, and what you can do to set yourself up for a successful exit! Don't be like the majority who run out of time and options. Please enjoy this incredible conversation with Laurie Barkman! To Learn More Visit: ⁠⁠thebusinesstransitionsherpa.com For FREE resources to increase the value of your business visit: thebusinesstransitionsherpa.com/business-transition-assessments Today's episode is sponsored by Audible. Try Audible for free: www.bookthinkers.com/audibletrial. The purpose of this podcast is to connect you, the listener, with new books, new mentors, and new resources that will help you achieve more and live better. Each and every episode will feature one of the world's top authors so that you know each and every time you tune-in, there is something valuable to learn. If you have any recommendations for guests, please DM them to us on Instagram. (www.instagram.com/bookthinkers) If you enjoyed this show, please consider leaving a review. It takes less than 60-seconds of your time, and really makes a difference when I am trying to land new guests. For more BookThinkers content, check out our Instagram or our website. Thank you for your time!

The earlier you plan for life after exiting your business, the more successful your transition will be. Determine your post-exit goals and work towards a number that helps you achieve your preferred lifestyle. Anna Felix, Smart Money Strategist with StrongHold Wealth Partners, talks with host Laurie Barkman about long-term incentives that owners might consider to retain and reward key employees.   Listen in to learn more about: Find the number; how much do you need to live on after exiting your business When to find out what your business is worth Employee retention and golden handcuffs How much should an employee expect to receive   Show Links: Annafelix.com Grab a copy of "The Business Transition Handbook” for yourself at https://amzn.to/3Hqj2eo Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com Follow the Succession Stories YouTube Channel Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867   If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review. RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com  ______________________________ SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.  

This episode should be helpful to business owners.  However, anyone working IN a business should find it interesting to know more about one of the topics on the mind of many business owners: business succession planning. After walking the walk of leading a $100M family-owned business through their transition, Laurie is now a guide to business owners providing a structured process to plan successful transitions of their companies. Laurie hosts a podcast, Succession Stories (link below), has written a book: The Business Transition Handbook (link below) and is an adjunct professor of Entrepreneurship at the Tepper School of Business at Carnegie Mellon University. I have both been a guest on her podcast and read her book. Laurie has a tremendous depth of knowledge and experience and easily understood way of speaking and teaching on a topic so near and dear to her heart.   Laurie's links: Website: https://smalldotbig.com/ Podcast: https://thebusinesstransitionsherpa.com/succession-stories-podcast/ YouTube: https://www.youtube.com/channel/UCZrCRoEBQhh-SP1BDwnhMZA/videos The Business Transition Handbook: https://a.co/d/6HEY3Ap Email: lbarkman@smalldotbig.com LinkedIn: https://www.linkedin.com/in/lauriebarkman/     This episode was recorded in June 2023.  

Ben Rizzo, Founder of Hartwood Point, makes direct private investments across the US and UK, primarily in operator-led buyouts. Ben talks with Succession Stories host, Laurie Barkman, about acquisitions, and how he turned around a distressed business and sold it in just two years. Having experience on both sides of M&A deals, Ben shares practical tips for business owners and acquisition entrepreneurs. Owners will gain insights about what you can do now to get your business sell-ready and be better prepared for a great exit when the time comes to sell.   Listen to learn more about: Getting started as an acquisition entrepreneur How to look for recurring revenue Transitioning from family business to a new owner What an M&A process entails Selling to a private equity buyer Advisor network for acquisition deals Advice for small business owners looking to sell   Show links: Ben Rizzo: Ben@Hartwoodpoint.com Website: https://www.hartwoodpoint.com/ How will you decide when to sell? Text 'Transition' to +1-646-495-9867 to get the EndGame eBook. Follow the Succession Stories YouTube Channel Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Get your copy of Laurie Barkman's book, “The Business Transition Handbook” on Amazon https://amzn.to/3Hqj2eo   If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review. RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com  ______________________________   SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.  

When selling your business, it's the net number that counts. Succession Stories host Laurie Barkman focuses on tax strategies to consider when selling a business and speaks with two colleagues from Wessel & Company, a regional tax and accounting firm in Pennsylvania- Joel Valentine, President and CEO, and Christopher Weir, Partner. Wessel provides corporate tax, business valuations, mergers and acquisitions, and ESOP advisory services. For anyone thinking about selling in the future, the advice is to treat your business like it's for sale every day. In a transaction, we want to maximize the top number and also maximize after-tax proceeds. After all, it's the net number that counts.    Listen in to learn more about: Ways to minimize the tax burden of selling a business and maximize overall value.  Strategies to consider when selling a business Minimizing post-transaction tax obligations Differences bewteen reviewed and audited financials How businesses can benefit from ESOPs (Employee Stock Ownership Plans) as an ownership succession planning tool  Show links: Wessel & Company website: https://www.wesselcpa.com/ Complete a Value Builder Business Assessment at MyTransitionScore.com Get your copy of “The Business Transition Handbook” on Amazon https://amzn.to/3Hqj2eo Decide When to Sell eBook: https://bit.ly/endgame-ebook  Follow the Succession Stories YouTube Channel Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867   If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review:  RateThisPodcast.com/successionstories   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com  ______________________________   SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.  

Welcome to the "How to Sell a Business Podcast"! In this episode, we dive deep into the critical question of who should take the reins of your business after you step away. Our special guest, Laurie Barkman, an esteemed authority on business transition planning, shares invaluable insights and practical tools to help you navigate this crucial phase of your entrepreneurial journey. As the author of "The Business Transition Handbook," Laurie Barkman understands the challenges faced by busy entrepreneurs who often overlook the importance of planning for their company's future. Join us as Laurie sheds light on the often-overwhelming exit process and empowers CEOs and business owners to take proactive steps towards a successful transition. During this interactive session, Laurie draws from her vast experience and provides real-life examples to guide you through the complexities of value building and exit planning. Discover how to sidestep common succession pitfalls and unlock more valuable exit options for yourself and your business. If you've ever wondered how to ensure a smooth and rewarding transition, this episode is a must-listen. Laurie Barkman, the trusted business transition sherpa, shares actionable guidance based on her role as the former CEO of a $100 million revenue company that was successfully sold to a Fortune 50 corporation. Don't miss this opportunity to gain the knowledge and tools you need to plan your company's future on your own terms. Tune in now to "How to Sell a Business Podcast" and get ready to embark on a transformative journey of business transition and success. Don't forget to connect with her at: Email: lbarkman@smalldotbig.com Website: https://TheBusinessTransitionSherpa.com Podcast: www.successionstories.com   Twitter: @LaurieBarkman Facebook: https://www.facebook.com/successionstories  LinkedIn: linkedin.com/in/lauriebarkman   ************ About the Show The How to Sell a Business Podcast combines nearly 31 years of valuation and exit planning expertise working with business owners. Ed Mysogland has a mission and vision to help business owners understand the value of their business and make it a salable asset. Most of the small business owner's net worth is locked in the company, and to unlock it, a business owner has to sell it. Unfortunately, the odds are against business owners that they won't be able to sell their companies because they don't know what creates a saleable asset. Ed interviews experts who help business owners prepare, build, preserve, and one-day transfer value with the sale of the business.   ************ For past guests, please visit https://www.howtosellabusinesspocast.com/ Follow Ed: Connect on LinkedIn: https://www.linkedin.com/in/edmysogland/ Twitter: twitter.com/edmyso Instagram: instagram.com/howtosellabusinesspodcast Facebook: facebook.com/howtosellabusinesspodcast  

What is it like to sell your same business twice? As CEO of a pharmacy software company, Tim Tannert led the business through two successful transactions. Key to their success was having a differentiated niche and strong market position. This enabled them to construct a sale process where they could select a partner that was the best fit. Tim talks about being open and honest with yourself. Evaluate your team and business to find the resources you need to take the company to the next level. Ultimately, Tim's company selected a partner that had the size, scale, and infrastructure to achieve their goals. Today Tim works with companies to develop success strategies as an EOS Implementer. This episode focuses on a key decision step for owners: determining who should own your business after you. Enjoy this Succession Stories episode about evaluating your business to find the right buyers with Tim Tannert.   Listen in to learn more about: Getting a second bite at the apple through follow-on exit to strategic buyer Developing market niche and recurring revenue Creating a bid process for an exit Finding right fit for potential buyers Lessons learned from the diligence process For more info on this topic, pick up a copy of Laurie Barkman's new book, “The Business Transition Handbook”   If you enjoy Succession Stories, please leave a 5-star rating and review on Apple Podcasts!   Show links: https://www.eosworldwide.com/tim-tannert Complete a Value Builder Business Assessment at MyTransitionScore.com Order your copy of “The Business Transition Handbook,” an Amazon best-seller https://amzn.to/3Hqj2eo Decide When to Sell eBook: https://bit.ly/endgame-ebook  Follow the Succession Stories YouTube Channel Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Get your copy at: www.theBusinessTransitionHandbook.com Start your business transition plan by visiting: https://thebusinesstransitionsherpa.com  ______________________________   SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.  

Solocast with Laurie Barkman, show host and business transition sherpa. In this solocast, Laurie talks about her new book, "The Business Transition Handbook," and discusses a critical owner succession pitfall to avoid – your company needs you too much. A business that relies too heavily on the skills or relationships of the owner is a less transferable and valuable business. Laurie dives into seven ways you can reduce or eliminate value-crushing dependencies by minimizing value derailers and preparing for future ownership succession. Regardless of when you intend to exit, you will benefit by following these time-tested best practices to create a more profitable and enjoyable business to run today.    Show Links: Complete a Value Builder Business Assessment at MyTransitionScore.com Order “The Business Transition Handbook” on Amazon https://amzn.to/3Hqj2eo Get a free Business Transition Toolkit. Download secrets to a successful exit. thebusinesstransitionhandbook.com Download 4 Degrees of Delegation eBook: https://bit.ly/4DegreesDelegation Subscribe to Succession Stories YouTube Channel Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/   About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."  Get your copy at: www.theBusinessTransitionHandbook.com Start your business transition plan by visiting: https://thebusinesstransitionsherpa.com  ______________________________   SHOW SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.