If you’ve built a successful business, you’ll already know that it requires a lot of time, planning, and effort. But do you know what it takes to conduct a successful business exit? Laurie Barkman joins us this week to explain why you should start thinking about your exit many years before you actually want to leave your business and to provide an overview of the steps you need to take to make the transition as smooth and beneficial as possible.
About Laurie Barkman:
Laurie Barkman (the “business transition sherpa”) is the founder and CEO of SmallDotBig LLC (where she is helping owners maximize the value of their company and guiding them through the complex process of letting it go), Adjunct Professor of Entrepreneurship at Carnegie Mellon University Tepper School of Business, and host of the Succession Stories podcast.
In her book, “The Business Transition Handbook,” Laurie provides a clear and practical guide for business owners considering leaving their ventures. With real-life stories, tools, and exercises, this invaluable resource prepares owners to successfully navigate the emotional and practical aspects of the transition process. Her actionable insights empower readers to exit on their terms, avoiding succession regrets and ensuring a smooth and valuable transition of their businesses.
For a comprehensive book review, check out this page.
How to plan for a business exit?
Strategic planning and careful analysis are necessary while planning for a business exit. Here are some tips to help you plan for a business exit:
Remember, planning for a business exit is a complex process that requires careful thought, professional guidance, and sufficient time. Start early, remain flexible, and be prepared to adapt your plans based on market conditions and other factors.
Episode highlights:
- Just like building a business, exiting a business takes a lot of planning and a lot of teamwork. Letting go is a process, and you want to start evaluating and maximizing value while time is still on your side. A lot of businesses never get sold; they just close down. So plan ahead to ensure that doesn’t happen to yours! (05:55)
- Before exiting, it’s important to create a vision of what your life is going to look like afterward so that you don’t lose your identity when you sell your business. (31:08)
- If you want your business to be transferable, make sure you have a documented process of how your business works so that people other than you can do what you do. (42:08)
- Be patient with yourself! Being a business owner means there’s always something more to do, but be easy on yourself; you don’t always have to be in control. (46:53)
Laurie’s best advice for entrepreneurs:
“Being a planner, being proactive, is a good thing. If we’re always running our business looking in the rearview, how are we able to move forward?” (11:46)
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