How To Build With The Exit in Mind, Laurie Barkman on Practical Leadership Podcast

August 05, 2024•1 min read

In this episode, we dive into the crucial topic of building a business with the end in mind. Laurie Barkman, author of “The Business Transition Handbook” and a seasoned Business Transition Sherpa™ joins host, Paul Morton, to share key insights and strategies for preparing for a successful business exit.

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Laurie explains the role of a Business Transition Sherpa, akin to a guide helping climbers navigate Everest, but for business owners facing the complexities of succession planning. She emphasizes the importance of starting early to ensure a smooth and profitable transition.

We discuss the “three-legged stool” of business readiness—personal, business, and financial—highlighting the need for regular assessments to identify any risks or gaps. Laurie also touches on creating transferable value, not just profitability, to make your business attractive to buyers.

Lastly, Laurie addresses the emotional aspects of selling a business, emphasizing the balance between logic and emotion. Whether you’re just starting or nearing an exit, this episode provides practical advice for a successful business transition.

SHOW LINKS
Website: https://practical-leadership.academy/

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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