May 10, 2021

[Video] How Do I Plan Personally For a Business Transition?

Laurie Barkman, CEO SmallDotBig and Jacquelyn Core, M&A Attorney from The Lynch Law Group, talk about important considerations for business owners when preparing to sell their company. Listen in as they discuss key questions you’ll need to be prepared to answer as a business owner. What’s your timeline? Would you still want to be involved in the business even if you weren’t the owner?

Watch the video:

Many business owners are accelerating their transition timelines, shifting from more than 10 years away, to less than 5 years. Coupled with retirement demographics, potential tax law changes, and pandemic wear-down, more business owners are contemplating their options.

Only 2 out of every 10 businesses that come to market actually sell. We want to increase the number of saleable businesses.

Of those that succeed in the sale of their business, 75% experience “profound regret” within one year of exiting their business. We want to understand why and create strategies that achieve profound success, wealth, and satisfaction.

As you think about your business exit strategy, you’ll not only want to consider how you’ll leave, but also four key drivers that are involved with this process.

Is there a way to quantify personal readiness and risk factors? Yes.

Go to to take a 10 minute online assessment. You’ll receive your scores on these four drivers and exercises to challenge your assumptions.

FUTURE VISION: Why do you want to exit your business? What do you plan to go do after you leave your business?

STRUCTURING FLEXIBILITY: How much is your business worth to you? What’s your bottom line? Have you considered the practical financial questions surrounding your exit?

PERSONAL DETACHMENT: How attached are you personally to your business? Have you built a fulfilling life outside of your company?

TEAM INVOLVEMENT: Have you considered how your employees will be treated when you exit your company?

There are some people who think that planning their business transition is a far out in the future thing. What would be some reasons why owners might want to start putting plans in place now and not wait until they’re “ready”?

  1. Estate planning implications of not planning in your business
  2. Having a clear path to retirement
  3. Contingency planning vs. succession planning vs. transition / exit planning

Let’s talk about different options owners have in terms of a business exit strategy. There are certainly options that may work better for you, depending on your particular situation.

Listen in for the discussion of pros and cons:

1. Pass the business along to a family member

2. Explore a merger or get acquired

3. Become part of an “acquihire”

4. Have existing managers buy you out

5. Sell your stake to a partner/investor

6. Plan an initial public offering (IPO) or SPAC

7. Liquidate the business

8. File for Bankruptcy

9. Sell Your Shares to an ESOP – Employee Stock Ownership Plan

What are 3 action items for business owners listening to this discussion today?

[1] Write down a number. Set a goal.

[2] Take stock of your business. Is it more valuable than it was last quarter or last year? Baseline where your business is today [] Make a plan for what you will do in the next 90 days – and over the next year – to make your business more valuable and sellable.

[3] Write down what experiences you want to enjoy after you transition your company.

Reach out to Laurie or Jacquelyn to learn more about their M&A Advisory Panel and complimentary session to speak with experts about your goals.

To connect with Laurie Barkman, visit


To connect with Jacquelyn Core, visit


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The Business Transition Handbook

The Business Transition Handbook

Preparing owners to navigate the emotional and practical nature of the transition process so you can exit on your terms and avoid succession regrets.

“A game changer to help you win in your exit and in life.”