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Running the business with the end in mind improves its future saleability and also enhances how the business operates today.
Laurie Barkman, is the CEO of The Business Transition Sherpa, adjunct professor of entrepreneurship, and podcast host. She is the former CEO of a $100 million revenue company that was sold to a Fortune 50. Her expertise in business transition, succession, entrepreneurship, marketing, and M&A has been spotlighted in various media like Newsweek, Forbes, Yahoo! Finance, WTAE/abc, and more.
After going through an acquisition herself, she recognized the importance of helping business owners with succession planning and building value proactively. Many business owners don’t consider exit planning early enough and that is a crucial step not only for later-stage companies. The usual scenario is selling when the company is in bad shape is the worst option. Lori offers examples of how business owners can make their business more attractive to buyers and some might be weird to most owners. But the process of preparing your business for sale allows you to leave on your terms, ensuring your legacy continues while you reap the rewards of your hard work.
Show notes:
👠 Laurie's career transition led her to doing transition work with business owners. 2:21
👩🏻💼 As a marketing leader for 25+ years, Laurie focused on three pillars: growth, innovation, and transition. 4:18
💲 When should you sell your business? Having a perspective of where you're headed. 7:07
⏰ Timing is everything: Ensure your business is ready to sell at any time. 13:05
⚠️ A business that's too dependent on its owner can't successfully transition to another owner. 17:43
🤓 Make your business an asset: the power of clear identification, documentation, and systems in place. 20:32
🎯 Transition planning: personal readiness, business assessment, and a financial perspective. 23:26
👉🏻 The differences between exit, contingency, and succession. 25:39
🍼 People create their identity around their business: "My business is my baby." 30:11
Links:
Website: www.thebusinesstransitionsherpa.com
Free Book: "The Business Transition Handbook” https://bit.ly/business-transition-book
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