128: [LEGACY SERIES] How This Entrepreneur Is Planning His Future Exit and Benefiting From Talking About It, Bill Spohn

128: [LEGACY SERIES] How This Entrepreneur Is Planning His Future Exit and Benefiting From Talking About It, Bill Spohn

September 04, 20231 min read

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)

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Guest and show notes:

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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:

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Laurie Barkman

Laurie Barkman, The Business Transition Sherpa, emphasizes the importance of planning for the exit of a business, citing that only 20% of companies in the lower middle market have an intention to sell. She highlights the need for an ownership succession plan, estimating the value of the business, addressing risk tripwires, and embracing a sell-ready mindset.

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