Succession Stories

Have you thought about who potential buyers of your company might be in the future? This week on Succession Stories, Laurie Barkman is joined by David Wible, CEO of Work.Software and former CEO of Industry Weapon, a company he sold in 2020. David shares his experience of selling his business, what made the sale successful, and why he started conversations five years prior to the actual sale. The key was understanding which value drivers mattered most.

Listen in to learn more about:

• The benefit of starting conversations with potential buyers before you're ready to sell
• Viewing a sale from the buyer's perspective
• How different kinds of businesses are valued differently
• Recurring revenue models
• Creating clarity across departments with the value creation revenue metric

Show Links:

David Wible on LinkedIn

Laurie Barkman on LinkedIn

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer or seller.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

It's never too early to have conversations on exiting your business. Whether you're looking to retire or pass the mantle to the next generation, it's important to understand the merger and acquisition process sooner than later. Listen in as Laurie Barkman and Miche Jean, CEO of Grotte Business Partners, discuss how to make your business ready for transition while readying yourself for your next chapter.

Listen in to learn more about:

• Clarifying the driving force behind your desire to sell
• Laying down your exit strategy
• Why you should work with experts rather than go it alone when selling a business
• Being flexible during the merger and acquisition process

Show links:

Miche Jean LinkedIn

Laurie Barkman on LinkedIn

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer or seller.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

How can business owners focus on enterprise value rather than short-term profits? Listen in as Laurie Barkman talks with Kevin Trout about preparing your business for sale. Kevin built Grandview Medical Resources with the intent to sell one day. Revenue growth was strong, but created too much risk in the business. Kevin shares some key decisions that he made to drive enterprise value and his reflections on what he would have done differently along the way. Today Kevin pays his experience forward as a Vistage Chair, advising high-performing executives and business owners on growing their businesses and enhancing their lives.

Listen in to learn more about:

• The importance of a Value Builder assessment in driving business value
• Phases of a business growth cycle
• How to prepare your business for growth
• Building business value beyond revenue
• Three key things to consider when thinking of selling your company

Show Links:

Kevin Trout LinkedIn

Three Rivers Leadership Podcast - Laurie Barkman's appearance

Vistage

Laurie Barkman on LinkedIn

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer or seller.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

Tricia Staible raised her hand to join the family business, Robinson Fans, and eventually became its sixth generation President. Tricia joined Laurie Barkman to discuss the importance of diversification for long-term growth, and how a culture of curiosity promotes innovation in a manufacturing environment.

While the company has grown and expanded with an acquisition, there was a time when its prospects weren't as bright. This ties well with Tricia's favorite quote about staying in the ring and moving forward despite the downsides that come your way.

Listen in to learn more about:

• Driving innovation in a manufacturing environment
• Finding stability even in the midst of crisis
• Adapting a mature business while protecting its legacy
• Incorporating core values into your business strategy

Show Links:

Robinson Fans website

Robinson Fans LinkedIn

Laurie Barkman on LinkedIn

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer or seller.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

How acquisitions fuel growth at a multi-generational company. Ben Grossman is the Co-President of the Grossman Marketing Group, a fourth generation business he co-leads with his brother. With sustainability as a key priority, they employ acquisition strategies as a platform for expansion.

Listen in as Laurie Barkman talks with Ben about their approach to M&A, including how they source deals, build strong trust based relationships with sellers, and integrate those companies into their organization without losing what makes them special and unique. There's a ton of wisdom in this episode for NextGen leaders, and anyone on the buy-side of deals.

Listen in to learn more about:

• Advice for nextgens entering a family business
• Creating an acquisitions strategy
• How some M&A deals fit better than others
• Why fostering relationships with sellers is important for deal success

Show Links:

Ben Grossman on Twitter: https://twitter.com/bigrossman

Ben Grossman website: http://bengrossman.info/

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

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer or seller.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

Did you know that 80% of mergers and acquisitions fail? An often overlooked yet critical aspect of M&A deals and transitions is the people factor. Jennifer Fondrevay, Founder of Day1 Ready, advises senior executives on how to plan for expected challenges. Listen in as Laurie Barkman talks with Jennifer about the emotional aspect of business transition, and how those emotions come into play for a newly merged organization. If you're anticipating a company transition in your future, listen in to learn more about how strategies around the human factor can drive greater success in M&A deals.

Listen in to learn more about:

• What to anticipate from your workforce when you announce an M&A deal
• Three key things to consider when buying or selling a business
• Benefits of a human capital-centric approach to M&A
• How to build confidence and synergy among different parties involved during a transition

Show Links:

Jennifer Fondrevay on LinkedIn

Harvard Business Review article

Fast Company article

Laurie Barkman on LinkedIn

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

Listen in as Laurie Barkman talks with John Brown about taking an owner-centric approach to exit planning to achieve your financial goals and be rewarded with the lifestyle you desire. Only 20% of business owners have a formalized plan to transition ownership, but 100% will exit their company one day. John Brown, best selling exit planning author, started BEI in 1996 for the purpose of helping owners benefit from their lives' work by supporting business advisors who share the same vision.

Listen to learn more about:

• Working with a financial advisor for future planning
• What builds business value
• Why exit planning is business planning
• How an owner-centric approach to exit planning can help you achieve your transition goals
• Assessing obstacles to the exit scenario you've envisioned
• How to prevent transition plans from falling through

Show Links:

BEI website: https://www.exitplanning.com/

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

Reignite growth in your company by doing this one thing: Be curious. Rethink your assumptions about why people buy from you-- and why they don't. On this episode, Laurie Barkman talks with Dr. James Richardson, a professionally trained cultural anthropologist turned business strategist, about the importance of customer research. Understanding customer needs is a critical part of strategic planning and differentiating your business in an increasingly competitive market.

Listen in to learn more about:

• Approaching innovation from a customer-focused perspective
• Discovering potential product category issues through interaction with consumers
• Listening to consumers and driving innovation to address their concerns
• The 4Ps of strategic planning

Show Links:

Premium Growth Solutions:

https://link.premiumgrowthsolutions.com/SS

Ramping Your Brand - Book:

https://www.rampingyourbrand.com/succession_stories/

Podcast website: SuccessionStories.com

About:

The Succession Stories podcast is hosted by Laurie Barkman, Founder of SmallDotBig.

We'll help you maximize business value, plan your exit transition, and get rewarded for all of your hard work by finding the right buyer.

Visit https://smalldotbig.com for more value building resources and subscribe to our newsletter!

In Africa, private businesses have just a 2% succession rate to the second generation, compared to 40% in the US. Helping owners achieve business success and lead their family organizations to long-term impact and legacy is a core focus for Nike Anani. With over a decade of family business expertise in Africa, Nike is creating a multinational network to help reverse this trend. Listen in as Laurie Barkman talks with Nike about bridging generational gaps to enable companies to successfully transition to the next generation.

Listen in to learn more about:

• Integrating into a family business as a next-gen
• Challenges facing generational transition in family businesses
• How African family businesses can enhance the rate of cross-generational succession
• Navigating the improvement of family businesses while maintaining stakeholder relationships

Show Links:

Nike Anani's website: http://www.nikeanani.com/

African Family Firms: https://www.africanfamilyfirms.org/

Podcast website: SuccessionStories.com

The Succession Stories podcast is hosted by Laurie Barkman, Business Transition and M&A Advisor/Founder of SmallDotBig, a strategic advisory firm for closely held businesses anticipating a leadership or ownership transition in the future.

For more info, or to connect with Laurie visit https://smalldotbig.com or [email protected]

How does exit planning differ from succession planning for business owners? Laurie Barkman and Mike Silverman, Shareholder of Dentons Cohen & Grigsby, discuss the strategic benefits of business transition planning to maximize enterprise value and exit options. Listen in to learn more about the differences between exit and succession planning and importance for your business. Be sure to learn more about the Business Advisory Group-- a collaborative approach to exit and succession planning for business owners-- and how they can help you get started.

Listen in to learn more about:

• The difference between an Exit Plan and a Succession Plan
• Why it's important to design and implement these plans as a business owner
• The strategic benefits of internal transactions
• The pros and cons of different exit options
• The financial implications of your succession and exit strategies

Show Links:

Business Advisory Group

Contact Michael Silverman: [email protected]

Clearing Blurred Lines of Business Transition with Chris Chaney, Succession Stories E22

Maximizing Value: The Key to Your Business Exit - Webinar Replay Video

The Succession Stories podcast is hosted by Laurie Barkman, Business Transition and M&A Advisor/Founder of SmallDotBig, a strategic advisory firm for closely held businesses anticipating a leadership or ownership transition in the future.

For more info, or to connect with Laurie visit https://smalldotbig.com or [email protected]