What's Your End Game with Laurie Barkman

On this episode of the Customer's First Podcast, we are joined by Laurie Barkman, a Business Transition Sherpa. She shares her journey from CEO to expert in business transitions and acquisitions. Laurie emphasizes the importance of mindset in the transition process, noting that our mindset influences our actions and can impact the success of our business transitions. She discusses the concept of attachment and detachment for business owners, highlighting the need to detach from their businesses to enable successful transitions. Laurie also addresses the risks of dependency factors in businesses, such as owner dependence and lack of documentation, which can affect a business's salability. Furthermore, Laurie shares insights on financial planning for business owners looking to exit their businesses. She stresses the significance of knowing the value of one's business and creating a financial plan that incorporates personal and business financial aspects. She introduces the concept of the "value gap estimator" to help entrepreneurs assess their financial readiness for transition. Moreover, Laurie provides valuable advice on the seller reality check, emphasizing that buyers operate on their own timelines and that businesses should be ready for sale at any time. She also gives a glimpse into her course, Endgame Entrepreneurship, which guides entrepreneurs through the exit planning process and offers community support and group advisory to ensure a successful transition.   Timestamps: 04:29: Transition Planning and Succession 04:44: Importance of Mindset in Transition 08:22: Considerations for Transitioning Entrepreneurs 10:16: Detachment and Personal Planning 11:45: Impact of Attachment on Business Value 24:23: Endgame Entrepreneurship Course Introduction 24:55: Seller Reality Check and Timing   Laurie's Contact Information: Website: https://thebusinesstransitionsherpa.com Book: BusinessTransitionHandbook Social Media Profiles: @lauriebarkman Tacey's Contact Information: All of Tacey's social media profiles are linked there and here: https://linktr.ee/taceyatkinson Thank you for tuning in, and I look forward to having more valuable conversations together in the future. Remember: Customer-Centric Cultures Create Magical Customer Experiences. Now Go, Create the Magic!  

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