Succession Stories

Laurie Barkman interviews brothers and business partners, David and Chris Sinkinson, about their experience as co-founders of AppArmor, a bootstrapped SaaS business with a $40 million exit. They discuss the importance of understanding product-market fit, the role of unhappy customers in identifying issues, and the significance of recurring revenue in their app business. The conversation highlights the value of building relationships with potential buyers over time, which contributed to their successful exit.

They emphasize the importance of selling at the right time to capitalize on growth potential. The brothers also share their experience of transitioning out of the company and their ongoing efforts to help other entrepreneurs in their new venture called Startup Different. Check out their podcast and new book called “Startup Different.”

Enjoy this episode with Chris and David Sinkinson and their succession story from idea to exit.

 

Links for Chris and David:

Website: https://www.startupdifferent.com/

LinkedIn: https://www.linkedin.com/company/startup-different/

Instagram: https://www.instagram.com/startupdifferent/

YouTube: https://www.youtube.com/@StartupDifferent/

  Succession Stories is Sponsored by The Business Transition Sherpa® Consider this: 100 percent of owners will leave their business one day. But few are prepared. Are you? Learn how to build business value and plan for succession, transition, or selling the business on your terms.

• LinkedIn: https://www.linkedin.com/company/thebusinesstransitionsherpa/ 
• Website: https://thebusinesstransitionsherpa.com/ 
• Book: https://thebusinesstransitionsherpa.com/the-business-transition-handbook/
• Course: https://thebusinesstransitionsherpa.com/course/ 

❤️  Write a Review on Rate This Podcast: https://ratethispodcast.com/successionstories

 

 

 

Today’s episode is a rewind of one of our favorite conversations with Karen Norheim, a second generation CEO of American Crane, a manufacturing company founded by her father. The show first aired in 2021. 

Listen in as show host Laurie Barkman, The Business Transition Sherpa, talks with Karen about what fueled their succession story.

Karen stepped into her new role with curiosity and tenacity to make things happen. She led the company to lean in on strategic growth and innovation and are seeing the benefits.

As an update to the show, later in 2021, the family experienced the unexpected death of her father. Fortunately Karen and the company were well positioned. 

 

Connect with Karen:

https://www.karennorheim.com/

https://www.americancrane.com/

_______________________________________

Stop feeling like a prisoner of your own company, and start feeling a sense of freedom like when you first started your business.

We'll show you how.

Join the Endgame Entrepreneurship Masterclass at https://thebusinesstransitionsherpa.com/course/.

Get a 15% discount at checkout with code: successionstories15

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of Laurie's book "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options": 

https://thebusinesstransitionhandbook.com

_______________________________________

❤️  Write a Review on Rate This Podcast: https://ratethispodcast.com/successionstories

 

 

Host Laurie Barkman, The Business Transition Sherpa®, interviews Maryann Bell, a partner at Wingspan Legacy Partners, about the common myths and challenges facing next generation successors in family businesses.

Maryann shares insights on the importance of communication, education, and bringing in outside expertise to navigate the delicate dynamics of family business transitions. 

Listen in as they discuss strategies for stair-stepping next gens into the business, assessing fit, and managing the transfer of ownership and authority. 

This episode provides valuable guidance for family business leaders and successors looking to ensure a smooth and successful succession.

 

Show Notes:

- Common myths facing next generation successors in family businesses - Challenges family business advisors face, including uncertainty and communication issues - Advice for families on embracing succession planning and bringing in outside expertise - Importance of engagement, education, and clear employment policies for next gen successors - Navigating the balance between leadership and ownership succession - Strategies for assessing fit and managing non-operating family members - Transferring ownership and authority, and the shift from owner-operator to owner-investor

 

Connect with Maryann Bell:

Wingspan Legacy Partners

Maryann Bell LinkedIn

 

What’s your entrepreneurial endgame?

If you want your business to be ready to sell at maximum value, now is the best time to start planning. 

Join the Endgame Entrepreneurship Masterclass at https://thebusinesstransitionsherpa.com/course/.

Get a 15% discount at checkout with code: successionstories15

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

_______________________________________

❤️  Write a Review on Rate This Podcast: https://ratethispodcast.com/successionstories

 

 

Host Laurie Barkman, The Business Transition Sherpa, talks with Henry DeVries, publisher, writer, and CEO of Indie Books International.

Listen in as Henry debunks a few myths about creating a sustainable competitive advantage in service businesses through niche specialization.

They also discuss the importance of candid conversations in business ownership transition and exit planning to offer valuable takeaways for business owners. Henry shares how he is planning for succession and exit with a focus on growth and value. Defining the legacy and impact a business owner wants to leave behind is a key part of the planning process.

Find Henry DeVries Here: 

http://www.linkedin.com/in/henryjdevries

Indie Books International Website

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

Book a call to learn more:

https://thebusinesstransitionsherpa.com/course/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

 

 

Join host Laurie Barkman, The Business Transition SherpaⓇ, as she celebrates four years of inspiring conversations and life-changing insights on the Succession Stories podcast. 

With over 4.5 million companies and $14 trillion of business wealth at stake in the next decade, Laurie's mission to guide entrepreneurs through their succession journeys has never been more crucial. 

Laurie unveils The Endgame EntrepreneurshipTM Masterclass, designed to guide entrepreneurs through the complexities of business transition.

This comprehensive online course offers self-paced video lessons, exercises, and a supportive community of advisors to help you maximize your business value and plan for a meaningful future.

With millions of businesses at a crossroads, there’s an imperative to go beyond exit strategies. It's about creating meaningful legacies and embracing the emotional journey of letting go. 

What’s your entrepreneurial endgame?

_______________________________________

If you want your business to be ready to sell at maximum value, now is the best time to start planning. 

Join the Endgame Entrepreneurship Masterclass at https://thebusinesstransitionsherpa.com/course/.

Get a 15% discount at checkout with code: successionstories15

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

_______________________________________

❤️  Write a Review on Rate This Podcast: https://ratethispodcast.com/successionstories

 

 

Did you know that 87% of the businesses in the United States are family owned? That’s 32.4 million family businesses and they contribute $7.7 trillion to the GDP. 

Pat Soldano, a strong advocate for family businesses, joins Succession Stories host Laurie Barkman, The Business Transition Sherpa. 

Pat is the President of Family Enterprise USA (FE-USA) whose mission is to promote the growth of generational owned family businesses in the US. She is also President of Policy and Taxation Group that works to reduce onerous tax and economic policies for successful families, family business, and family offices. 

Family Enterprise USA is relied upon to be the voice in Washington, DC for family businesses, generationally owned businesses, and multigenerational businesses across the US. 

Listen in as Pat and Laurie discuss policy related challenges, particularly around taxes and estate planning. Succession planning impacts family businesses and that proactive planning is the way to mitigate some of these challenges over time.

Find Pat Soldano Here: 

https://familyenterpriseusa.com/

https://policyandtaxationgroup.com/

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

https://thebusinesstransitionsherpa.com/course/

_______________________________________

My Links:

🌐 Website: https://TheBusinessTransitionSherpa.com

⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

 

 

 

 

From humble beginnings to founding Magnum Nutraceuticals, Markus Kaulius shares the saga of transforming a passion into a $170 million empire with Laurie Barkman, The Business Transition SherpaⓇ. Discover the pivotal moment when Markus transitioned from operator to visionary owner, crafting a culture of empowerment and resilience. Learn how he scaled his business, fostered a vibrant company ethos, and navigated the delicate dance of succession. Join them as they unveil the human side of entrepreneurship, offering a roadmap for aspiring business moguls seeking fulfillment and legacy in their own ventures.

 

Listen in to learn more about:

1. How building a business aligned with your passions can lead to greater fulfillment and success;

2. How surrounding yourself with skilled individuals who share your vision can help you make better decisions;

3. The importance of developing a scalable business model that can grow beyond your individual efforts;

4. Why you should have an exit strategy in place, even before you find the right buyer;

5. And how collaboration refines the transition and negotiation process for everyone’s benefit.

 

Find Markus Here: 

playabiggergame.com

https://www.instagram.com/markuskaulius/

https://www.facebook.com/markus.kaulius

https://www.linkedin.com/in/markuskaulius/

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

https://thebusinesstransitionsherpa.com/course/

_______________________________________

My Links:

🌐 Website: https://TheBusinessTransitionSherpa.com

⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

 

 

75% of owners express regrets one year after selling. We’re a mission to break the cycle.

What do we fear in times of transition? How do we develop a vision for ourselves beyond today?

When it comes to business transition, the identity we have – business owner, CEO, leader, family member, all play a part.

Heather Penny works with business leaders on ways to embrace change and anticipate life changes so they don’t control us.

Listen in as host Laurie Barkman, The Business Transition Sherpa, talks with Heather about ways to overcome personal fears in business transition planning.

 

Find Heather Penny Here: 

https://heatherpenny.com/

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

https://thebusinesstransitionsherpa.com/course/

_______________________________________

My Links:

🌐 Website: https://TheBusinessTransitionSherpa.com

⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

 

 

Be sure to subscribe to the show and sign up for our newsletter at https://thebusinesstransitionsherpa.com

Host of the #1 stock investing podcast in the world, “We Study Billionaires” Kyle Grieve, joins Laurie Barkman on today’s episode. As part of The Investor's Podcast Network, Kyle helps professional investors and business people all over the world grow financially and personally.

Listen in as they explore how acquisitions can be a successful growth strategy through the lens of publicly traded company transactions. We also discuss common mistakes and why deals can go wrong even with successful investors like Warren Buffett. 

Finding the right buyer is relevant in the public markets and privately-held companies. A key takeaway for growth through acquisition is to focus on targets with predictable cash flows that fit your areas of expertise and focus on integration early in the process. 

 

Listen in to learn more about:

• The importance of strategic fit between acquiring and acquired businesses for deal success. 
• Keeping founders involved post-acquisition to aid in cultural integration and knowledge transfer.  
• How established acquisition playbooks can help larger companies smoothly integrate new businesses.
• The risks of extrapolating short-term performance without considering changes to macro factors that could impact growth.
• Vetting potential acquirers' track records of retaining staff, culture and independence of past deals to find the best buyer.

 

 

Find Kyle Grieve Here: 

https://www.theinvestorspodcast.com/ 

https://twitter.com/IrrationalMrkts

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

https://thebusinesstransitionsherpa.com/course/

_______________________________________

My Links:

🌐 Website: https://TheBusinessTransitionSherpa.com

⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com

 

 

Laurie Barkman, The Business Transition SherpaⓇ, talks with Tony Whatley, a 20+ year serial entrepreneur, business coach, best-selling author, podcast host, and speaker. Tony is Co-Founder of LS1Tech, an online automotive performance community which grew into the largest of its kind with more than 300,000 registered members and 150 advertising accounts. After only 5 years, the company sold for 7-figures and amazingly, it was just his part-time business!

Tony shares his mindset and business strategies within his Amazon #1 best-selling book, Side Hustle Millionaire, and teaches people how to startup, scale, and exit their companies within his coaching group and podcast, 365 Driven.

Learn the valuable lessons Tony gleaned about assessing digital assets from an acquirer's perspective and advice for overcoming fears that can arise when selling your baby. Reflecting on core purpose and goals can help smooth the rollercoaster. 

Tune in to get practical tips for launching and growing your own venture.

Listen in to learn more about:

• Treating your side business like a serious venture from the start by implementing professional processes and systems. 
• Growing your audience organically through strategic partnerships and promotions without relying on social media.
• Properly valuing your digital assets and database from an acquirer's perspective to get the best price in a sale.
• Taking consistent action on your business ideas instead of just learning through endless planning.

 

Find Tony Whatley Here: 

365driven.com

instagram.com/365driven

 

❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories

_______________________________________

BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?

Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind. 

https://thebusinesstransitionsherpa.com/course/

_______________________________________

My Links:

🌐 Website: https://TheBusinessTransitionSherpa.com

⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/

_______________________________________

📘 THE BUSINESS TRANSITION HANDBOOK:

Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman: 

https://thebusinesstransitionhandbook.com