Succession Stories

Most successful business owners spend their time running their business. Their expertise is not planning how to exit, or planning what might happen to the company, their family, employees or customers if something unexpectedly happens to them. That is the expertise of Pass It On, Inc. Laurie Barkman speaks with father-daughter team, Don See and Misty Meschter. Since 1947, their company has helped families think through the options and potential outcomes of passing it on, and they have forged their own journey through three generations of succession. They design plans and funding arrangements to protect family businesses from the financial disasters that can jeopardize survival.

Listen in to learn more about:

• Difference between succession planning, exit planning, and contingency planning

• Why your plan will continually change and how to adapt

• When you should bring your kids into the business (and when you shouldn't)

• Strategies that answer the problems introduced by the classic forms of planning

• How to structure internal transfers and anoint your successors with buy-sell agreements

Show links:

• Order "The Business Transition Handbook" on Amazon https://amzn.to/3Hqj2eo
• Decide When to Sell eBook: https://bit.ly/endgame-ebook
• 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

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.

Solocast with Laurie Barkman, show host and business transition sherpa. In this solocast, Laurie talks about her new book, "The Business Transition Handbook," and discusses a critical owner succession pitfall to avoid – your company needs you too much. A business that relies too heavily on the skills or relationships of the owner is a less transferable and valuable business. Laurie dives into seven ways you can reduce or eliminate value-crushing dependencies by minimizing value derailers and preparing for future ownership succession. Regardless of when you intend to exit, you will benefit by following these time-tested best practices to create a more profitable and enjoyable business to run today.

Show Links:

• Complete a Value Builder Business Assessment at MyTransitionScore.com
• Order "The Business Transition Handbook" on Amazon https://amzn.to/3Hqj2eo
• Get a free Business Transition Toolkit. Download secrets to a successful exit. thebusinesstransitionhandbook.com
• Download 4 Degrees of Delegation eBook: https://bit.ly/4DegreesDelegation
• Subscribe to Succession Stories YouTube Channel
• Connect with Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/

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.

When it comes to evaluating the risk profile of a business, buyers look at the potential pitfalls starting with cash flow. Cliff Spolander, author of The Cash Flow Code, is the CEO of Business By Design, an exit planning advisory company in the UK. He has started, bought and sold several companies across a range of sectors including retail, education, health and construction. Cliff helps business owners strike a balance between protecting cash flow and profit margins, while growing their business. Laurie Barkman talks with Cliff about the importance of improving cash flow as a key step towards getting your business exit-ready and creating the transferable value that every buyer is seeking. Enjoy this Succession Stories episode to help you improve cash flow and reduce risk in your business with Cliff Spolander.

Show links:

Cliff Spolander on Linkedin: www.linkedin.com/in/cliffspolander/

Website: www.businessbydesign.co.uk

The Smarter SCALE-UP: https://www.thesmarterscaleup.com/

Saleability Test: https://www.saleabilitytest.com/

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

Subscribe on YouTube: Succession Stories YouTube Channel

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

Learn more about strategic business transition planning at https://smalldotbig.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.

US Army Veteran Stephen Bollinger is a serial entrepreneur in the medical device industry. Stephen's superpower is discovering market opportunities to help people live better lives. During his career, he sold three medical device companies. He found a market niche by increasing the availability of medically proven approaches. Enjoy this "What's Next" Succession Stories episode about finding a passion that makes an impact with vetrepreneur Stephen Bollinger.

Listen in to learn more about:

• Achieving success through connection with customers

• Deriving opportunity from challenges

• Finding your niche

• Developing viable products that address consumer needs

Show links:

www.userevive.com

[email protected]

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

Learn more about business transition planning at https://smalldotbig.com

Visit www.meetlauriebarkman.com to request a business exit readiness assessment

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast

Succession Stories, hosted by Laurie Barkman, is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

Join our community of owners! Subscribe to the Business Transition newsletter at https://smalldotbig.com

Get a copy of Laurie's book, "The Business Transition Handbook: How to Avoid Transition Pitfalls and Create Valuable Exit Options"

www.theBusinessTransitionHandbook.com

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.

Automation can free up hundreds of hours per individual employee every year. Better systems create operational efficiencies that make businesses more scalable. Shanice Miller is a business productivity consultant, specializing in project management, who helps clients ranging from small startups to multi-million dollar businesses save hundreds of hours and thousands of dollars. Over the last 10 years, Shanice has used her ability to identify operational inefficiencies and create solutions to not only help save her clients' businesses (and hairlines), but to also fall in love with them again with simple, effective systems for hire.

Listen in to learn more about:

• How the right systems can lead to faster, more valuable liquidity events

• Avoiding burnout through more effective systems

• Mapping out the owner's role in the marketing, sales, and client delivery systems

• Streamlining existing processes for productivity and efficiency

• The value of process documentation

Show links:

https://tasklygroup.com/laurie

https://score.valuebuildersystem.com/landing/the-definitive-guide-to-sops-ebook-landing-page/ea7431c2-4b12-4961-ba15-fed4981ba28a

https://content.workmarket.com/2020-insight-report-what-ai-automation-mean-for-work/

https://smalldotbig.com/succession-stories-podcast/sell-or-transition-your-business-podcast/e54-scaling-and-selling-a-services-business-kevin-urrutia-ceo-voy-media/

https://smalldotbig.com/succession-stories-podcast/81-how-to-productize-your-services-andy-cabasso/

Social links:

Connect with Shanice on LinkedIn: https://www.linkedin.com/in/shanicemiller/

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

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally.

Join host Laurie Barkman, The Business Transition Sherpa, as she talks with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

To learn more and subscribe to our newsletter, visit https://smalldotbig.com

FEATURED 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.

In today's solocast, I discuss topics from my upcoming book, The Business Transition Handbook The focus of the book is how to avoid succession pitfalls. Prepare yourself and your company to minimize value derailers, and prepare for a future transition. Regardless of when you intend to exit, you will benefit by following these time-tested best practices to create a more profitable and enjoyable business to run today. 100% of owners will leave their business one day - but few are prepared.

Take-aways:

• Having a written plan is essential for achieving the desired outcome in a business transition.

• It is important to have a positive mindset when considering a business transition, as this can lead to better outcomes.

• Business transition involves three key areas: business readiness, financial readiness, and personal readiness. It is important to consider all three when planning a successful transition.

Show Links:

Sign up to pre-order The Business Transition Handbook: Businesstransitionhandbook.com

Book an Advisory Call: https://smalldotbig.com/schedule-an-initial-call/

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

Learn about Strategic Business Transition Planning at https://smalldotbig.com

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally.

Join host Laurie Barkman, The Business Transition Sherpa, as she talks with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

To learn more and subscribe to our newsletter, visit https://smalldotbig.com

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.

Succession Stories host Laurie Barkman talks with Tsitsi Mutendi about addressing the challenges of entrepreneuring families. Tsitsi is an internationally recognised Family Business Expert and Family Office Advisor focused on building multigenerational family wealth. Two past generations of her family were entrepreneurs but faced various challenges. Tsitsi did not inherit financial wealth but did inherit the entrepreneurial spirit to build three of her own businesses in Zimbabwe. Tsitsi is also the co-founder of African Family Firms, an association for Family Businesses operating on the African continent. She is motivated to help family-led companies with their family systems and business systems, and be able to pass on their wealth— whether it's wealth of knowledge, wealth of assets, or wealth of experience, from generation to generation.

Show Links:

http://tsitsimutendi.com/

Nhakalegacy.com

AfricanFamilyFirms.org

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

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

Succession Stories YouTube Channel

Learn more about business transition planning at https://smalldotbig.com

Visit www.meetlauriebarkman.com to request a business exit readiness assessment

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally.

Join host Laurie Barkman, The Business Transition Sherpa, as she talks with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

To learn more and subscribe to our newsletter, visit https://smalldotbig.com

Support the show on Patreon: https://www.patreon.com/lauriebarkman

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 can go wrong if you wait too long to plan your exit strategy? Executive coach and organizational consultant, Bill Prinzivalli, joins Succession Stories host Laurie Barkman to discuss why your entrepreneurial journey is not just the start but also the exit. Bill grew a software company to a $30 million valuation but eventually, the doors of opportunity closed and so did the company. Bill shares the highs and lows of his journey and lessons learned along the way.

Listen in to learn more about:

• Having an exit strategy throughout the lifetime of your business
• Knowing how long you want to work in the business
• Planning for the transition
• Having trusted advisors to lean on
• Surrounding yourself with a trustworthy team

Show links:

https://billprinzivalli.com/

Learn more about business transition planning at https://smalldotbig.com

Visit www.meetlauriebarkman.com to request a business exit readiness assessment

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally.

Join host Laurie Barkman, The Business Transition Sherpa, as she talks with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

To learn more and subscribe to our newsletter, visit https://smalldotbig.com

Support the show on Patreon: https://www.patreon.com/lauriebarkman

Don't leave your exit to chance.

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.

How can you position your family's business to successfully transition between generations and begin to grow for the future? Innovation, transition, growth. These are the key drivers of disruptive succession that help businesses evolve and continue to thrive.

This week on Succession Stories, Jonathan Goldhill joins host Laurie Barkman for a conversation on moving businesses forward in the face of change. Jonathan is the founder of Goldhill Group which has been serving closely-held and family businesses for over three decades.

Drawing from his experience as a strategist and consultant, Jonathan is also the author of Disruptive Successor: A Guide for Driving Growth in Your Family Business. Jonathan advises closely held and family-owned businesses on this challenge. His passion for advising next gen entrepreneurs ignited when his family's business, one of the largest manufacturers of men's clothing in the US, ceased operations and failed to survive into the fourth generation.

Learn about how next-gen leaders can scale up as they take over the leadership and ownership of the company. Enjoy my conversation about how disruptive successors can position your business for next generation success with Jonathan Goldhill.

Listen in to learn more about:

• Evaluating potential partners prior to a partnership venture
• Challenges facing multi-generational succession
• Viewing succession from an outsider's perspective
• Developing a business identity beyond the founder
• Building a team of trusted people to help the business navigate succession
• Effectively governing family businesses

Show Links:

https://www.thegoldhillgroup.com/

Learn more about business transition planning at https://smalldotbig.com

Visit www.meetlauriebarkman.com to request a business exit readiness assessment

Subscribe to the Succession Stories YouTube Channel

About Succession Stories Podcast:

Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally.

Join host Laurie Barkman, The Business Transition Sherpa, and founder of SmallDotBig, a strategic growth and M&A advisory firm, in weekly conversations with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company.

If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you.

To learn more about Laurie and subscribe to our newsletter, visit https://smalldotbig.com

Support the show on Patreon: https://www.patreon.com/lauriebarkman ______________________________________________________________________

Thanks to our show sponsor, Stony Hill Advisors

Is this the year to sell your company? Don't leave your exit to chance.

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.

Catch up on the Succession Stories Podcast with highlights from recent episodes. Host Laurie Barkman spotlights the challenges of business transition, M&A exits, and succession in this special Rewind episode. Topics include building a more sellable business with Jeffrey Feldberg, how to value a business with Fred Kaplan and Kristi Poszlusny, and spotting hidden risk factors in business transferability with Rebecca Monet.

Whether you're a long-time listener or new to the show, subscribe to Succession Stories in your favorite podcast player, and on YouTube, so you don't miss any episodes. You can always go back and listen to earlier shows in the catalog. Enjoy today's Rewind episode of Succession Stories.

Show Links:

Succession Stories E105:

https://smalldotbig.com/succession-stories-podcast/105-skills-to-build-your-business-are-not-same-to-sell-it-jeffrey-feldberg/

Succession Stories E104:

https://smalldotbig.com/succession-stories-podcast/104-business-valuation-benefits-and-myths-fred-kaplan-and-kristi-posluszny-stony-hill-advisors/

Succession Stories E:107

https://smalldotbig.com/succession-stories-podcast/107-making-your-business-transferable-rebecca-monet/

About Succession Stories Podcast

Succession Stories is an award-winning podcast hosted by Laurie Barkman, The Business Transition Sherpa-- guiding business owners through the process from "transition to transaction." Subscribe to Succession Stories and share a review if you enjoy the show!

Learn more at https://smalldotbig.com

Book a 1:1 Advisory call at: www.meetlauriebarkman.com

_______________________________________

Become an Official Patron of Succession Stories Podcast:

https://www.patreon.com/lauriebarkman

Don't leave your exit to chance.

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.