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CEO and Founder of BookThinkers l Bestselling Author l Keynote Speaker l Top-Rated Podcast Host
I am excited to highlight some of the things I've learned from my friend Laurie Barkman, The Business Transition Sherpa, who has a wealth of knowledge on building and exiting businesses successfully. Two key takeaways from Laurie that have profoundly impacted my perspective: 1. Begin with the End in Mind 🧠 🎯 Laurie emphasizes the importance of starting a business with a clear exit strategy. Without this foresight, you risk significant long-term damage to your business. Studies show that businesses with a defined exit plan are more likely to achieve higher valuations and smoother transitions. This forward-thinking approach not only ensures a successful exit but also drives better decision-making throughout the business lifecycle. 2. Build to Sell 🤑 🧾 Only 20% of businesses that are for sale actually sell. Laurie advises that baking in the right systems, infrastructure, documentation, and reporting as you grow is crucial for making your business attractive to potential buyers. Additionally, businesses that prioritize these elements typically experience more efficient operations, higher profitability, and greater resilience to market changes, making them more appealing in the competitive marketplace. Laurie's expertise in business transition, succession, and value growth has been spotlighted in Newsweek, Forbes, Yahoo! Finance, and more. She’s the former CEO of a $100 million revenue company that was sold to a Fortune 50 and now serves as an adjunct professor of entrepreneurship at Carnegie Mellon University. Check out her best-seller, The Business Transition Handbook, and her podcast for more insights. #businessbook #businessplanning #beginwiththeendinmind #businesstransition
Laurie has always been a Rock Star - thanks for sharing.
Amazing!
Laurie's insights are truly transformative! Starting with a clear exit strategy and building a business that’s attractive to buyers are game-changers. It’s refreshing to see these principles highlighted, Nick. They not only prepare us for the future but also enhance our day-to-day operations. Excited to check out her book and podcast for more wisdom!
Nationally Recognized Business Transition Expert | The Business Transition Sherpa® | Exit Planning and M&A Advisor | Adjunct Prof. | Award-winning Author, Podcaster, Speaker | Vistage and Private Board Member
2moNick Hutchison thank you so much, I was thrilled to meet you and the BookThinkers team. There are entrepreneurs who "get it" and those who don't. No one wants to be told their baby is ugly. Better to hear it from a friendly voice -- like a business advisor-- versus an acquirer. The more time you have to do something about it, the better. You can't do exit planning when you're exiting. It's just too late!