Apr 29, 2024

Sherpa Strategies, Laurie Barkman on Chief Endurance Officer

Laurie partners with host Gregory McDonough to share the significance of an endurance mindset in personal and professional growth, focusing on strategic planning and lifelong learning. She also delves into the types of clients who benefit from business transition planning and underscores the importance of trust, relationships, and clarity in the process.


Takeaways:
  • Embrace lifelong learning and curiosity. Laurie’s journey showcases the power of continuous learning and how it can lead to unexpected and enriching experiences. Encourage a culture of learning within your organization, and seek opportunities for personal and professional growth.

  • Recognize the significance of setting a direction. Laurie mentioned the importance of leaders providing a clear vision or ‘way north’ for their team to follow. Clearly communicate your organization’s vision and goals, making sure they are understood and endorsed by all team members.

  • Plan with the end in mind. Both Greg and Laurie highlighted the necessity of having an exit strategy for businesses, stressing that every entrepreneur will eventually leave their business. Begin crafting an exit strategy early in your business journey, considering aspects such as when and how you might want to exit and preparing accordingly.


  • Cultivate a transition mindset. A major roadblock for entrepreneurs is the lack of preparation for transitions, including exits. Periodically assess your readiness for significant transitions, including potential business sales or leadership changes, and take steps to address any gaps.

  • Engage in strategic planning with a comprehensive view. Laurie emphasized the need for clear and actionable strategic plans that include visions, missions, goals, and detailed action plans. Develop a strategic plan that is holistic, covers long-term visions and immediate missions, and includes actionable steps for achievement.

  • Emphasize the importance of alignment and execution. Laurie stressed that alignment within the team and excellence in execution are crucial. Ensure your team is aligned with the organization’s goals and has a clear understanding of their roles in achieving these objectives.

  • Seek external advice and support. Laurie and Greg discussed the importance of having advisors, especially when preparing for significant business changes or transactions. Build a network of advisors and mentors who can provide external perspectives and guidance on key business decisions.




    SHOW LINK:

    Website: https://www.chiefenduranceofficer.com/

New Episodes Available Weekly On:

        

Get Succession Stories in Your Inbox Free

Case studies, examples, templates, and tools for business transition, plus notification of new episodes.

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.”

 

Browse More Episodes

Crafting Your Exit, Laurie Barkman on The Bootstrapped Unicorns

Crafting Your Exit, Laurie Barkman on The Bootstrapped Unicorns

Ever wondered what it takes to master the art of mergers and acquisitions? No matter where you are in your entrepreneurial journey, this episode of the Bootstrapped Unicorns Podcast can provide you with valuable insight. Laurie Barkman joins host Josh Pies to unravel the mysteries of M&A and...

Listen