In this episode of the Innovations and Breakthroughs Podcast, Rich Goldstein is joined by Laurie Barkman, an M&A advisor, about succession planning best practices. They discuss Laurie’s exit planning process, how to avoid regrets after selling a business, and how intellectual property promotes business transferability.
Laurie Barkman is an M&A advisor and the former CEO of a $100 million revenue company that was sold to a Fortune 50 business. She now guides business owners as an M&A intermediary, facilitating both sell-side and buy-side transactions.
Laurie is a dynamic speaker who has consulted, advised, and presented to hundreds of CEOs and business owners. She is the author of The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options and is the host of the award-winning podcast, Succession Stories.
In this episode… When planning to exit a business, the first step is to create clearly defined goals. You need to assess your current business environment and practices including your finances, record keeping, and your business’ worth.
Taking this into consideration, succession planning should start early to ensure a smooth transition out of a business. Working with experienced M&A experts and advisors can help you prepare for a successful exit. A strategic transition plan aligned with your goals will help you avoid the common succession pitfalls.