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.
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/
