There are countless items that business owners should be evaluating when they are approaching the sale, or even a transition of any kind, of their business! However, there is a key, initial question they should be asking themselves: Is my business transition ready?

On the latest episode of Lessons by the Lake, we welcome Chris Smith, Founder of Campfire Effect, for a deep dive into this very question. Oftentimes, in order for your business to truly be ready for a transition, your business needs to have a culture of leadership that flows throughout it.

We explore what this culture of leadership looks like and how it can be attained!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:50 - Introducing Chris Smith to the show

4:21 - What is leadership?

10:03 - Chris' backstory and the adversity he faced in his life

15:00 - Growing up in a rodeo family

15:56 - Businesses that are dependent on charismatic leaders

21:51 - What can happen if your transition plan isn't ready to go

25:06 - The four freedoms

29:06 - The regrets associated with selling your business

32:20 - Bob's parents immigrating to America and starting a business

36:12 - How you can get in touch with Chris and Campfire Effect

39:20 - Closing remarks

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