Business Transition: Preparing Your Company for the Future with Laurie Barkman

Episode Overview

In this month’s episode of Better Experiences by Design, we’re joined by Laurie Barkman, a leading expert on business transitions, also known as the Business Transition Sherpa. Laurie shares her unique insights on preparing for the inevitable transition every business owner faces—leaving the company. Whether it’s succession, exit planning, or scaling your business for a future sale, Laurie dives into the important steps business owners must take to ensure a smooth transition.

Through her book, The Business Transition Handbook, Laurie offers actionable advice on how to enhance the value of your company, plan for a strategic exit, and avoid common pitfalls many owners face. She also discusses the emotional side of business transitions, which often go overlooked, and how owners can prepare themselves personally for life after business.

Key Takeaways:

• The Importance of Early Planning: Laurie emphasizes that no matter where you are in your business journey, you need to start thinking about transition today—whether you’re planning a succession, selling, or preparing for other major changes.
• Identity & Attachment: Business owners often find it difficult to detach their personal identity from their companies. Laurie discusses the emotional challenges that come with this and how preparing early can alleviate regret after the sale.
• Creating a Business with Transferable Value: Laurie shares strategies for building business value that will make it attractive to potential buyers, and why this should be a continuous process.
• The Difference Between Succession & Exit Planning: Understanding the distinction between these two processes and why it matters for long-term success.
• The Role of Advisors: Laurie also stresses the importance of having the right advisory team in place to guide you through the transition process.

Featured Guest:

• Laurie Barkman – Laurie is the Business Transition Sherpa and the author of The Business Transition Handbook. She helps business owners navigate the complex process of exiting or transitioning their business, offering both strategic advice and emotional support.

Resources:

• Laurie Barkman’s Book: The Business Transition Handbook is available on Amazon. You can also receive a digital copy by visiting Laurie’s Website.