Beyond 8 Figures

If you’ve built a successful business, you’ll already know that it requires a lot of time, planning, and effort. But do you know what it takes to conduct a successful business exit? Laurie Barkman joins us this week to explain why you should start thinking about your exit many years before you actually want to leave your business and to provide an overview of the steps you need to take to make the transition as smooth and beneficial as possible. 

About Laurie Barkman:
Laurie Barkman (the “business transition sherpa”) is the founder and CEO of SmallDotBig LLC (where she is helping owners maximize the value of their company and guiding them through the complex process of letting it go), Adjunct Professor of Entrepreneurship at Carnegie Mellon University Tepper School of Business, and host of the Succession Stories podcast. 

In her book, “The Business Transition Handbook,” Laurie provides a clear and practical guide for business owners considering leaving their ventures. With real-life stories, tools, and exercises, this invaluable resource prepares owners to successfully navigate the emotional and practical aspects of the transition process. Her actionable insights empower readers to exit on their terms, avoiding succession regrets and ensuring a smooth and valuable transition of their businesses.

For a comprehensive book review, check out thispage.

Episode highlights:

• Just like building a business, exiting a business takes a lot of planning and a lot of teamwork. Letting go is a process, and you want to start evaluating and maximizing value while time is still on your side. A lot of businesses never get sold; they just close down. So plan ahead to ensure that doesn’t happen to yours! (05:55)
• Before exiting, it’s important to create a vision of what your life is going to look like afterward so that you don’t lose your identity when you sell your business. (31:08)
• If you want your business to be transferable, make sure you have a documented process of how your business works so that people other than you can do what you do. (42:08)
• Be patient with yourself! Being a business owner means there’s always something more to do, but be easy on yourself; you don’t always have to be in control. (46:53)

Laurie’s best advice for entrepreneurs:

Resources Mentioned:

• The Business Transition Handbook

Connect with Laurie:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Affiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey.

In this episode, Eleanor Beaton explains the benefits of decentralizing your business and how to do it successfully, why entrepreneurs need to focus on improving their leadership abilities, and the importance of understanding that you are not your business! 

About Eleanor Beaton:

Eleanor Beaton is the founder and CEO of SafiMedia, an education and coaching company for women entrepreneurs. Eleanor has been recognized nationally and globally for her work as a women’s leadership expert, business coach, and writer. Foundational to the work that Eleanor does is her belief that small, women-owned businesses have the power to bridge the gap between economic growth and sustainability.

Episode highlights:

• If you want to grow your business, there will come a time when you will need to learn to let go of total control. At this point, you will need to decentralize and focus on the areas where you can have the greatest impact. To decentralize successfully, you must ensure that you have equipped a team of people to replace you. (04:20)
• Despite what it might feel like sometimes, you are not your business! When you become too entwined with your organization, you leave no room for your team members to bring their own sense of genius to the table. (12:18)
• “Economic growth has been linked to a lack of sustainability, and we believe that small (women-owned) businesses are a powerful microcosm to prove that you can have both.” Your small business is making a more significant impact than you think; don’t give up on your dreams! (19:58) 
• As an entrepreneur, you need to be both a visionary and a good leader. Research has shown that only one in 10 managers are well-equipped for their positions. Learn how to be a more effective manager, and you will see a major difference in your business. (22:52)
• Don’t ignore any parts of yourself. The person that you are today is an amalgamation of all the people that you have been along your journey to get here. When you accept yourself wholly as you are, you will enhance your ability to be a great leader. (32:26)
• Don’t create limits for yourself. Set goals that are open and inviting, and you’ll be able to achieve so much more. (42:41)

Eleanor’s best advice for entrepreneurs: 

“Who we are [as entrepreneurs] is very much embedded with the business itself, and when that is fused so tightly, there’s no room for others to truly bring these gifts independently.” (12:30) 

Mentioned in this Episode:

• Hiro Boga

Connect with Eleanor:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

When Mike Smith puts his mind to solving a problem, nothing can get in his way! To turn Rabble Mill into the youth-focused, life-changing organization that it is today, Mike had to do some seemingly impossible things. In this episode, he shares the story of his journey of “proudly serving the misfits.” 

About Mike Smith:

Mike is on a mission to end generational poverty one young person at a time through motivational speaking, consulting, his career education platform (Find Your Grind, and his non-profit organization, Rabble Mill. He works with young people from all walks of life, encouraging them to pursue their passions and live out their dreams. 

Episode highlights:

• Being an entrepreneur requires making sacrifices; there is no such thing as overnight success. If you really believe in your mission, you may have to give up certain things, but the feeling of fulfillment that you get from achieving your goals will be worth it. (15:30)
• When you find a problem that you want to solve, work incrementally towards your big-picture goals. (22:40)
• Don’t say yes to things that don’t align with your purpose. When you understand what drives you, you will be a much more effective entrepreneur. (33:03)
• You will go through many different stages during your entrepreneurial journey. Embrace seasons of growth as openly as your embrace seasons of reflecting. Slowing down is sometimes the key to speeding up in the long term. (37:02)
• KPIs aren’t the only way to measure success; Mike prefers to use Significant Moments of Impact (SMIs). Figure out what strategy works best for you in terms of what you are trying to achieve. (48:37)

Mike’s best advice for entrepreneurs:

“Find a problem you are really excited to solve for the rest of your life. Once you solve that problem, find another variation or go duplicate that solution.” (22:40) 

Connect with Mike:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

A lack of diversity within a company has negative implications for the business and for society as a whole. Through imagiLabs, Dora Palfi is fighting for gender diversity in tech by sparking girls’ interest in coding from a young age. In this episode, she shares the great strides they have already taken in this regard, how she stays motivated and happy, and her approach to improving her entrepreneurial abilities.

About Dora Palfi:

Dora is an impact entrepreneur through and through and believes that technology is our most powerful tool to shape the future. She has years of experience teaching programming to children and teenagers, as well as advocating for women in technology, and she is a yoga teacher. Dora received recognition in 2020 as a Cartier Women's Initiative Fellow, was named on Forbes 30 Under 30 list for 2021, and was awarded Women in Tech Advocate of the Year for 2021.

Episode highlights:

• Surround yourself with people who can hold you accountable and keep you on track. This support system will enhance your entrepreneurial abilities, helping you sustain a thriving business. (17:46)
• Entrepreneurship is a long-term commitment. To stay motivated in a sustainable way, find something that can keep you mentally healthy and balanced. For Dora, it is practicing yoga. (18:52)
• Different population groups will have different responses to marketing strategies. Think carefully about the way you communicate your product or service because it matters. (24:55)
• A lack of diversity results in the creation of products and services that don’t serve everyone as well as they could. Whatever field you choose to found a business in, don’t underestimate the importance of cultivating a diverse team. (29:40)

Dora’s best advice for entrepreneurs: 

“The lack of diversity that we currently have in the tech industry is leading to products that don’t serve all of us as well as they could.” (29:40) 

Connect with Dora:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

The working world is a different place compared to 50, 10, or even five years ago, and a business’s success hinges on its ability to adapt to this new environment. For Ray Kimble, adaptation has meant enhancing employee empowerment within his company, Kuma LLC, and during this episode, he explains why this approach has been so beneficial! 

About Ray Kimble:

Ray is passionate about leading teams and rethinking how services and organizations can thrive in the 21st century. He is committed to revolutionizing the privacy and security consulting industry by creating a company culture where diversity, innovation, and efficiency drive customized cyber solutions. Additionally, Ray is passionate about reducing the access gap for individuals of all backgrounds seeking careers in STEM fields.

Episode highlights:

• Leaders need to be able to adapt to change to ensure their companies stay relevant. Some of the major changes that have taken place in the working world in recent years include the ability to tap into data in real-time, technological advancements, and the rise of distributed workforces. (06:52)
• Different ways of thinking help to create better products and services. Because location is no longer an exclusionary factor for many jobs, the talent pool is much wider. Use this opportunity to increase diversity within your organization! (12:29)
• By trusting your team to make their own decisions about where and when they want to work, you are allowing them to tap into the best versions of themselves, which will do wonders for your business! (16:24)
• To be a good leader, focus on continuous growth in a personal and professional capacity. There are always more books and more people to learn from and be inspired by. (26:00)

Ray’s best advice for entrepreneurs:

“You can now bring in all sorts of people to your business; different ways of thinking, different socioeconomic backgrounds, different cultures. You have the ability to tap into that and bring that knowledge to help create better products and services.” (10:21) 

Connect with Ray:

• LinkedIn
• Facebook
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

You can’t get away from big mistakes in business, but what you can do is turn those mistakes into big success! In this week’s episode, Reg Zeller (the founder of the holding company CaneKast) talks about the importance of learning to roll with the punches and look at your mistakes (and the mistakes of your team members) as opportunities for learning. 

About Reg Zeller:

After climbing the corporate ladder for many years (and experiencing a lot of stress and unhappiness as a result), Reg Zeller took the leap and became an entrepreneur. Five years after buying his first foundry, he has done six acquisitions and is on track to do another 15 to 20 over the next five years and to settle out at $100 million in sales!

Episode Highlights:

• Make sure your business is sustainable in the long term by putting the right people in place. You won’t be around forever, but if you build a strong team, your business could be! (11:55)
• It’s inevitable that you will make mistakes along your journey, and if you give your team members autonomy (which you should), then they will too. The way to move forward is to treat all mistakes as learning opportunities. (14:56)
• To be a successful entrepreneur, learn to roll with the punches! No entrepreneurial journey is going to be smooth all the time, and you have to be willing to take the hard times in your stride. (18:32)
• Take the time to check out from your business and clear your head as often as you can. This will allow you to respond to issues more objectively and effectively. (37:04)

Reg’s best advice for entrepreneurs:

“You have to learn to be okay with getting punched in the face and then turning around the next day and smiling and coming back the next day.” (34:16) 

Connect with Reg

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Kevin Lee credits much of his success in the for-profit and non-profit marketing world to the people in his life, so one of his key pieces of entrepreneurial advice is to surround yourself with winners! During this episode, we also get into the importance of making your plans flexible and why “unsexy” areas are sometimes more fun to pursue than “shiny objects!”

About Kevin Lee:

Kevin describes himself as an “inventor and marketing-mad scientist.” He is the founder of GivingForward.org (a cause marketing nonprofit), Co-Founder of Didit (a marketing/tech firm), and CEO of the eMarketing Association (a digital marketing education platform). His innovative work in the for-profit and non-profit spaces has earned him worldwide recognition, and he is frequently quoted by high-end publications. 

Episode highlights:

• Surround yourself with a team of people who you trust, who you can bounce ideas off of, and who will hold down the fort so you can take a well-deserved vacation every now and then! (05:02) 
• Don’t underestimate the importance of Human Resources and the recruiting process. People can either make or break a business, so being able to “pick out the winners” is essential to success (that’s where the HR expertise comes into play!) (07:02)
• No matter how far along you are on your entrepreneurial journey, there is always room for growth! Continually seek out opportunities and business relationships that you can learn from. (10:18)
• If you want to do good as an entrepreneur, you may want to get into cause marketing. When done well, businesses, consumers, and non-profits will benefit from this marketing approach. (23:33)
• You can’t plan for every eventuality, and you don’t know when you’re going to have your next epiphany, so always be open to receiving whatever comes your way and pivoting as need be. (32:56)
• Shiny objects may look like good opportunities, but if everyone is chasing the same thing, they may end up not being worth your while. Don’t underestimate the “unsexy” marketing areas (direct mail, for example); they can be the most fun to innovate within! (35:44)

Kevin’s best advice for entrepreneurs: 

“Entrepreneurship is the ability to choose where to point your mental energies and where to deploy them.” (05:41) 

Connect with Kevin:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

As with most things in life, the best way to experience entrepreneurial growth is outside of your comfort zone! In this episode, Dru Riley shares what life as an entrepreneur can look like when you are willing to take risks.

About Dru Riley:

Dru has been involved in more than 100 different projects throughout his time as an entrepreneur! Trends.vc, his newsletter with over 35000 subscribers, is his most successful venture to date. His lifelong goal is to engage in one million “comfort challenges” in which he extends himself way beyond his comfort zone.

For entrepreneurs seeking invaluable insights and actionable information on the most critical trends, Dru's "The Essentials" is an absolute must-read. Offering 1,000+ actionable insights, this report is a treasure trove of knowledge that empowers individuals to stay ahead of the curve and capitalize on emerging opportunities. 

Seize the chance to supercharge your business growth and success with an exclusive limited-time offer: Get “The Essentials 10 Must-Read Reports” now at 50% off!

Episode highlights:

• Sometimes when we get too close to something, we can’t see how to fix it. One of the benefits of attending Mastermind groups or joining entrepreneur communities is that listening to other people’s experiences can help you gain a broader perspective on your own struggles and therefore figure out how to solve them. (04:47)
• Don’t be afraid to overcommunicate. Even if some people find it tiring, rather express yourself in multiple ways to ensure you have been understood than risk the opposite. (14:04)
• Don’t ignore your health. Entrepreneurs tend to put their needs second when building a business, but your well-being should be non-negotiable. (18:07)
• If you’re too comfortable, you’re doing something wrong! Growth happens outside of our comfort zones. Set “comfort challenges” to stretch yourself, and you’ll soon see the benefits. (25:38)
• Setting goals is one of the most effective ways to stay on track as an entrepreneur. Set daily, weekly, and monthly goals and regularly reflect on them so that you can continuously improve. (29:38)

Dru’s best advice for entrepreneurs: 

Connect with Dru:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Affiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey.

Leverage your network, focus on small steps, and reflect regularly; this is what Neel Parekh sees as the keys to business growth. In this episode, he shares how he has learned not to compare his journey to anybody else’s and what his commitment to continuous learning looks like in action.

About Neel Parekh:

Neel is the founder and CEO of MadeThis, the world’s first and only Airbnb cleaning franchise. Driven by his desire for location freedom, what began as a side hustle is now a thriving business that has generated millions of dollars in revenue. Through the MadeThis Franchise, he helps other entrepreneurs achieve whatever kind of freedom they desire.

Episode highlights:

• In the beginning, you may be able to do everything yourself, but there will come a time when you need to shift from doer to manager, and when that happens, you need to make sure you have a solid team. The key to finding the right people is to leverage your network! (01:06)
• The best way to progress is in small, steady steps. Develop an abundance mindset and don’t be afraid of failure; test things out, and if they don’t work, try something else!  (03:14)
• Your entrepreneurial journey is unique; everyone has different goals, motivations, and methods. Don’t compare your story to anyone else’s; you are in your own race! (17:56)
• Remember to regularly check in with yourself about whether your actions align with your goals. It’s easy to get caught up in the process, but try to be as mindful of your actions as possible. (20:44)
• Your entrepreneurial journey is lifelong, and as you and your business grow and change, there will be new challenges to face and different skills to improve upon. Commit to continuous learning, and you are far more likely to succeed. (37:40)

Neel’s best advice for entrepreneurs: 

“I’m running my own race, and I have my own goals. There’s no point in comparing people because everyone has different motivations.” (18:18) 

Connect with Neel:

• LinkedIn
• Twitter
• Website

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Jon Dwoskin has been on the giving and receiving end of many kinds of mentorship, so he is well versed in the reasons why you need a business coach to get unstuck! In this episode, Jon shares why vulnerability is as much of a superpower for entrepreneurs as trusting your intuition is! 

About Jon Dwoskin:

Jon Dwoskin is a sought-after coach, mentor, and speaker, committed to assisting C-level executives, managers, salespeople, and professionals from all walks of life. His expertise lies in helping individuals deal with overwhelm, optimize time management, enhance communication skills, and gain deeper insights into human behavior. With an ambitious mission to impact one billion entrepreneurs, Jon is dedicated to empowering others to reach their full potential.

In his transformative book, “The Think Big Movement: Grow your business big. Very Big!“, Jon shares invaluable insights on business growth. Focusing on mindset, overcoming obstacles, and cultivating consistency, this resource becomes a guiding force for readers, encouraging them to shift their paradigm and achieve remarkable growth and success in their businesses.

For a comprehensive book review, check out this page.

Episode highlights:

• Be vulnerable enough to ask for guidance, and trust yourself enough to follow your intuition. By surrounding yourself with trustworthy mentors, you are opening yourself up to the gift of constructive feedback. (06:09)
• Don’t make the mistake of thinking that because somebody is good at their job, they will be a good manager. People need to be trained to be managers, and if you are managing people (or hiring managers), you need to ensure that you (or they) can help people grow to reach their highest potential. (17:43)
• Asking questions is not a downfall. No matter how far along you are on your entrepreneurial journey, you aren’t expected to know it all. Nobody knows everything; we all need an outsider’s perspective every now and then. (19:15)
• Approachable, accessible, and kind; are the three words that underpin Jon’s journey to reaching his goal of helping one billion entrepreneurs! (20:41)
• If you struggle with time management, you are not alone. The good news is that it is a skill that can be improved, and Jon’s time management training course could save you an hour or two every day! (27:05)

Jon’s best advice for entrepreneurs:

“Be open for feedback but still trust your gut.” (07:52)

Connect with Jon:

• Website
• Twitter
• Email

Follow Beyond 8 Figures:

• LinkedIn
• Twitter
• Website

Affiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey.