Is the most challenging part of running a business knowing when—and how—to let it go? Laurie Barkman, a business transition expert, helps entrepreneurs tackle the challenges of preparing their businesses for exit. She reveals why most businesses fail to sell and what owners can do to avoid this fate. Laurie and Jerome discuss the emotional and practical sides of exiting, offering actionable steps to ensure your business thrives without you.
Ready to find out how to exit on your terms? Listen now to discover how you can prepare for a smooth, successful transition.
[00:00 - 04:08] Welcome to the Sherpa Journey
Jerome introduces Laurie Barkman as a "business Sherpa"
Laurie defines what a "business Sherpa" does for entrepreneurs
[04:09 - 09:36] The Hard Truth About Business Exits
Most business owners need to prepare for exit
Only 2 out of 10 businesses that intend to sell do
[09:37 - 14:48] Increase Business Value While You Still Run It
Laurie compares improving a business to renovating a house
Owners should focus on creating value while still in control
[14:49 - 20:32] Overcoming Emotional Attachments
Laurie shares stories of owners who resist selling
Emotional ties to businesses often prevent logical decisions
[20:33 - 25:44] When Is a Business Truly Exit-Ready?
Preparing for an exit can take up to a year or more
Exit readiness requires financial, legal, and operational planning
[25:45 - 31:36] The Power of Planning: It’s a Marathon
Exiting is a marathon, not a sprint
Predictability and stability make businesses more attractive to buyers
Key Quotes:
"Exit shouldn’t be a dirty word. It’s a transition – a movement from one stage to another." – Laurie Barkman
"Predictability and stability lead to the best valuations when it's time to sell a business." – Jerome Myers
Connect with Laurie!
Website: https://thebusinesstransitionsherpa.com/
LinkedIn: https://www.linkedin.com/in/lauriebarkman/
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