Succession Stories

When is the right time to transition your business? Bill Spohn, President and Owner of TruTech Tools, plans to retire in three years. TruTech Tools is an award-winning e-commerce reseller of tools and test instruments for HVAC and building performance professionals. He's working on making the company less dependent on him by adding capable leaders, documenting workflows, and keeping a notebook of ideas. Bill joins host Laurie Barkman on Succession Stories for a "Legacy Series" conversation how entrepreneurs can start plan your future exit and benefit from talking about it.

Listen in to learn more about:

• Ensuring your business can thrive without you
• Hiring the right talent
• Portfolio approach to building wealth
• When to start transition planning
• Why it's good to talk about your exit intentions
• Documenting workflows and standard operating procedures (SOPs)

Guest and show notes:

• Bill Spohn LinkedIn: https://www.linkedin.com/in/billspohn/
• Building HVAC Science Podcast: www.buildinghvacscience.com
• Download a guide to better SOPs: https://bit.ly/SOPGuide

Learn how Strategic Business Transition Planning with Laurie Barkman can bring clarity to your biggest succession questions by visiting https://thebusinesstransitionsherpa.com

THE BUSINESS TRANSITION HANDBOOK:

Get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman:

https://thebusinesstransitionhandbook.com

OR text TRANSITION to +1 (762)320-2826

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What do small business owners wish they had done differently before selling? While the attention on billion dollar mergers and acquisitions, detailed information about acquisitions of smaller businesses is harder to find. Alexis Grant launched an online media platform, They Got Acquired, to help founders understand deal-making in the lower middle market. It's valuable to think about your potential exit even if it's years away. Lexi joins host Laurie Barkman on Succession Stories to discuss how to set up your business for a successful sale regardless of its size.

Listen in to learn more about:

• Lessons from owners who have sold their businesses
• Handling the transition from entrepreneur to employee
• How to be better prepared personally to sell
• How to increase the transferability of your business with structured systems

Guest and show notes:

theygotacquired.com/newsletter

Succession Stories Episode 82: John Warrillow

Learn how Strategic Business Transition Planning with Laurie Barkman can bring clarity to your biggest succession questions by visiting https://thebusinesstransitionsherpa.com

THE BUSINESS TRANSITION HANDBOOK:

To get a free PDF copy of "The Business Transition Handbook" by author Laurie Barkman go to: https://thebusinesstransitionhandbook.com or text TRANSITION to +1(762)320-2826

SHOW US THE LOVE : RATE + FOLLOW SUCCESSION STORIES

SUBSCRIBE wherever you listen and follow on YouTube

Write a review using Rate This Podcast

Are you prepared for the emotional realities of succession planning? Regina Beatty, an advisor with the financial planning group, Heritage Financial Consultants, joins Laurie Barkman on Succession Stories to discuss how to prepare and transition a business to the next owner, while navigating the financial and emotional challenges associated with transitioning from a family-owned business.

Listen in to learn more about:

• Top concerns for business owners looking to exit
• How to minimize the tax impact of succession
• How to start a legacy plan

Guest and show notes:

• distinctivewealthstrategies.com
• [email protected]
• Regina Beatty is a Registered Representative of Lincoln Financial Advisors. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor.
• New York Times, "When Your Career, and Retirement Are The Family's Business" https://www.nytimes.com/2023/03/25/business/family-business-retirement-succession-New York Times

More business transition resources:

Grab a copy of "The Business Transition Handbook" for yourself at https://amzn.to/3Hqj2eo

Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com

Follow the Succession Stories YouTube Channel

Follow Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/

If you enjoy Succession Stories, please leave a review. Reviews help us reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review.

https://RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction.

Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and mergers and acquistions advisory services by visiting: https://thebusinesstransitionsherpa.com

If your goal in life is to have no regrets, what are the things you need to address now to be happy about your business transition? Bruce Werner, family business advisor and author of "The Ownership Journey," joins Laurie Barkman on Succession Stories to discuss how a board of advisors or family board can help with the growth and transition of your business. They also explore common issues owners face with life after the deal. You can make more money, but you can't make more time.

Listen in to learn more about:

• Fiduciary boards vs. family boards

• Understanding the generational differences in ownership

• How to hire a new CEO

• The importance of succession planning

• Defining your purpose and social structure

• Advice for business owners thinking about creating a board

Show links:

• Bruce Werner email: [email protected] LinkedIn: https://www.linkedin.com/in/brucedwerner/ Website: Brucewerner.com
• Grab a copy of "The Business Transition Handbook" for yourself at https://amzn.to/3Hqj2eo
• Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com
• Follow the Succession Stories YouTube Channel
• DM Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review.

RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

For any business, regardless of size, innovation is an essential part of growth. We live in the age of entrepreneurs who are disrupting large companies more than the large companies are disrupting each other. Technologies like generative AI are enabling us to create value at a rapid pace. How do we explore new ideas that can drive radical value for your customer?

Succession Stories host, Laurie Barkman, talks with Mike Stemple, the Amazon best-selling author of two books, "Million Dollar Ideator: The Surprisingly Simple Way to Quickly Create Profitable Ideas" and "Innovating Innovation: Why Corporate Innovation Struggles in the Age of the Entrepreneur." His ideas have created millions in revenue and helped millions of people.

Mike's journey of creativity, curiosity, and innovation began with a life-altering event– an accident that ended one chapter of his life but opened another. He's a successful entrepreneur who has built more than 20 companies and products including Skinit and 3M Original Wraps– those vinyl stickers you can put on tech devices like ear pods and phones.

Mike shares a unique story about Skinit that will inspire you. It's a moving story that illustrates his belief that innovation is about solving problems for customers.

Enjoy this Succession Stories episode that just might inspire your next million dollar idea!

Listen in to learn more about:

• Rejuvenating innovation in mature companies

• A philosophical perspective on technology and innovation

• Building a business driven by innovation and problem-solving

• Have a radical love for the customer

• The 200-hour rule for shaping ideas and innovating

• Buy versus build approach to innovation

Show links:

• www.mikestemple.com
• Grab a copy of "The Business Transition Handbook" for yourself at https://amzn.to/3Hqj2eo
• Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com
• Follow the Succession Stories YouTube Channel

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy.

Please click here to leave a review: RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

The earlier you plan for life after exiting your business, the more successful your transition will be. Determine your post-exit goals and work towards a number that helps you achieve your preferred lifestyle. Anna Felix, Smart Money Strategist with StrongHold Wealth Partners, talks with host Laurie Barkman about long-term incentives that owners might consider to retain and reward key employees.

Listen in to learn more about:

• Find the number; how much do you need to live on after exiting your business

• When to find out what your business is worth

• Employee retention and golden handcuffs

• How much should an employee expect to receive

Show Links:

• Annafelix.com
• Grab a copy of "The Business Transition Handbook" for yourself at https://amzn.to/3Hqj2eo
• Download the official workbook to help you plan your transition as you read at https://thebusinesstransitionhandbook.com
• Follow the Succession Stories YouTube Channel
• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/
• Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review.

RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

Ben Rizzo, Founder of Hartwood Point, makes direct private investments across the US and UK, primarily in operator-led buyouts. Ben talks with Succession Stories host, Laurie Barkman, about acquisitions, and how he turned around a distressed business and sold it in just two years. Having experience on both sides of M&A deals, Ben shares practical tips for business owners and acquisition entrepreneurs. Owners will gain insights about what you can do now to get your business sell-ready and be better prepared for a great exit when the time comes to sell.

Listen to learn more about:

• Getting started as an acquisition entrepreneur

• How to look for recurring revenue

• Transitioning from family business to a new owner

• What an M&A process entails

• Selling to a private equity buyer

• Advisor network for acquisition deals

• Advice for small business owners looking to sell

Show links:

• Ben Rizzo: [email protected] Website: https://www.hartwoodpoint.com/
• How will you decide when to sell? Text 'Transition' to +1-646-495-9867 to get the EndGame eBook.
• Follow the Succession Stories YouTube Channel
• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/
• Get your copy of Laurie Barkman's book, "The Business Transition Handbook" on Amazon https://amzn.to/3Hqj2eo

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review.

RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

When selling your business, it's the net number that counts. Succession Stories host Laurie Barkman focuses on tax strategies to consider when selling a business and speaks with two colleagues from Wessel & Company, a regional tax and accounting firm in Pennsylvania- Joel Valentine, President and CEO, and Christopher Weir, Partner. Wessel provides corporate tax, business valuations, mergers and acquisitions, and ESOP advisory services. For anyone thinking about selling in the future, the advice is to treat your business like it's for sale every day. In a transaction, we want to maximize the top number and also maximize after-tax proceeds. After all, it's the net number that counts.

Listen in to learn more about:

• Ways to minimize the tax burden of selling a business and maximize overall value.

• Strategies to consider when selling a business

• Minimizing post-transaction tax obligations

• Differences bewteen reviewed and audited financials

• How businesses can benefit from ESOPs (Employee Stock Ownership Plans) as an ownership succession planning tool

Show links:

• Wessel & Company website: https://www.wesselcpa.com/
• Complete a Value Builder Business Assessment at MyTransitionScore.com
• Get your copy of "The Business Transition Handbook" on Amazon https://amzn.to/3Hqj2eo
• Decide When to Sell eBook: https://bit.ly/endgame-ebook
• Follow the Succession Stories YouTube Channel
• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/
• Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review: RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

Solocast with Laurie Barkman, show host and business transition sherpa. Laurie discusses a critical owner succession pitfall to avoid. You don't know what you will do after you leave the business. Personal readiness is an important aspect of business transition planning, and it's often overlooked. Being emotionally unprepared for the transition can lead to feelings of loss and a lack of purpose. Many owners struggle with the decision within 12 months of selling their business. What can you do now to avoid succession regrets?

Listen in to learn more about:

• Why owners feel pushed out of their business when they leave

• Key drivers for exiting without regrets

• Know what's important to you for personal transition

• Seller notes, earnouts, and recapitalization strategies

• Take a personal readiness to exit assessment

Show Links:

• Complete Personal Readiness Assessment at MyTransitionScore.com

• Order "The Business Transition Handbook" on Amazon https://amzn.to/3Hqj2eo

• Subscribe to Succession Stories YouTube Channel

• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/

• Subscribe to The Business Transition Newsletter-- text Transition to +1-646-495-9867

If you enjoy Succession Stories, please leave a review. Reviews help me reach new listeners, grow the show and continue creating content you'll enjoy. Please click here to leave a review.

RateThisPodcast.com/successionstories

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Learn more about Laurie's strategic business transition planning and M&A advisory services by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.

What is it like to sell your same business twice? As CEO of a pharmacy software company, Tim Tannert led the business through two successful transactions. Key to their success was having a differentiated niche and strong market position. This enabled them to construct a sale process where they could select a partner that was the best fit. Tim talks about being open and honest with yourself. Evaluate your team and business to find the resources you need to take the company to the next level. Ultimately, Tim's company selected a partner that had the size, scale, and infrastructure to achieve their goals.

Today Tim works with companies to develop success strategies as an EOS Implementer. This episode focuses on a key decision step for owners: determining who should own your business after you. Enjoy this Succession Stories episode about evaluating your business to find the right buyers with Tim Tannert.

Listen in to learn more about:

• Getting a second bite at the apple through follow-on exit to strategic buyer

• Developing market niche and recurring revenue

• Creating a bid process for an exit

• Finding right fit for potential buyers

• Lessons learned from the diligence process

• For more info on this topic, pick up a copy of Laurie Barkman's new book, "The Business Transition Handbook"

If you enjoy Succession Stories, please leave a 5-star rating and review on Apple Podcasts!

Show links:

• https://www.eosworldwide.com/tim-tannert
• Complete a Value Builder Business Assessment at MyTransitionScore.com
• Order your copy of "The Business Transition Handbook," an Amazon best-seller https://amzn.to/3Hqj2eo
• Decide When to Sell eBook: https://bit.ly/endgame-ebook
• Follow the Succession Stories YouTube Channel
• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/
• Subscribe to The Business Transition Newsletter. Text Transition to +1-646-495-9867

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. Hosted by Laurie Barkman, author of "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options."

Get your copy at: www.theBusinessTransitionHandbook.com

Start your business transition plan by visiting: https://thebusinesstransitionsherpa.com

______________________________

SHOW SPONSOR: STONY HILL ADVISORS

Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell.

Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.