Laurie Barkman and Chris Chaney from Fort Pitt Capital talk about transition planning for business owners. Many owners do not yet have robust transition plans in place. It may feel complicated because of blurred lines between personal identity, finances, and the company. Answering what success means to you is a way to start separating these lines and avoiding larger problems down the road. If you haven't started planning your business transition, you may find this episode helpful.

Listen in to learn more about:

• Ownership Mentality
• Blurred Lines Between Work and Personal Life
• Building Financial Buffers
• Successful and Fulfilling Second Chapters
• Why Culture is Key to a Successful Transition for Owners
• How Value Acceleration and Exit Planning Maximizes Value and Options

 

Show Links: 

Fort Pitt Capital website

 

Connect with the Host, Laurie Barkman:

Accelerate your business value with Laurie Barkman. Visit SmallDotBig.com for your complimentary ValueBuilder Score and discover where to invest your time for the biggest return.

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Laurie Barkman speaks with Elizabeth Blount McCormick, 2nd generation CEO of UniGlobe Travel Designers. Elizabeth discussed the challenges of COVID-19 on her firm, and how focusing on client service, relationships, and fresh ideas are creating value in the new travel industry landscape.

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Show links:

• UniGlobe Travel Designers on LinkedIn, Facebook
• @UniGlobeTD on Instagram
• UniGlobe Travel Designers website

Follow and connect with the host, Laurie Barkman on LinkedIn

Visit SmallDotBig for more resources, podcasts, and schedule a complementary business assessment to identify opportunities to grow your business, reduce risk, and accelerate business value.

Laurie Barkman speaks with Evan J. Segal, General Partner of 412 Venture Fund. Evan shares how he grew his third generation manufacturing company and sold it to a strategic buyer. He also tells how he created a meaningful next act career in social entrepreneurship and venture investing focusing on providing greater opportunities for women and minorities.

Show Notes:

• Follow Evan J. Segal on LinkedIn
• Evan J. Segal website
• 412 Venture Fund
• YPO organization

Follow and connect with the host, Laurie Barkman on LinkedIn Visit SmallDotBig for more resources, podcasts, and make sure to reach out today for a complementary Business Assessment to identify opportunities to grow your business, reduce risk, and accelerate business value.

Shift your focus from maintaining your business to reimagining. Laurie Barkman is joined by Sean Ammirati, Co-Founder and Director of the Corporate Startup Lab and Partner at Birchmere Ventures. Listen in as they discuss how mature companies can rediscover their entrepreneurial vision and develop innovation strategies to thrive post-recession.   Show notes:

• LinkedIn - Sean Ammirati
• seanammirati.com
• Book: The Science of Growth on Amazon
• Corporate Startup Lab at Carnegie Mellon
• Agile Giants Podcast
• HBR article "Roaring Out of The Recession"
• McKinsey article, "Innovation in a Crisis - Why it is more critical than ever"

Laurie Barkman speaks with Ann Dugan, former Executive Director and Founder of the Institute for Entrepreneurial Excellence. Her expertise in succession, Board governance, and family philanthropy stems from her relationships with thousands of family businesses over 30 years. Ann shared insights how families can break the tradition of “shirtsleeves to shirtsleeves in three generations" by innovating and embracing change.

 

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Show Notes:

• Ann Dugan LinkedIn
• Institute for Entrepreneurial Excellence, University of Pittsburgh
• More Money Than God, by Rabbi Steven Leder 
• Family Business Magazine
• Family Office Exchange

On the Season 1 Finale, Bradley Franc, author of The Succession Solution, joins Laurie Barkman to discuss how business owners can bring the future into the present by including transition planning as part of strategic planning. Listen in as they discuss Bradley's framework to identify obstacles and develop a roadmap forward. Bradley also shares succession stories where obstacles broke up the company and the family.

Show Links:

• Bradley Franc Bio
• The Succession Solution website
• The Succession Solution book on Amazon

Mary Richter is a Shareholder at Schneider Downs, one of the 60 largest accounting and business advisory firms in the United States. Mary was a catalyst for formalizing a practice group for exit planning and succession advisory services to help clients control their destiny. When it comes to succession, it takes a realistic and objective approach to getting the oars in the same direction at the same speed. Listen in as Laurie Barkman speaks with Mary about successful transitions and common pain points, helpful insights if you're starting to think about the process for your business.   Show Links:

• Mary Richter LinkedIn
• Schneider Downs website
• Schneider Downs Exit Planning & Succession Assessment
• Exit Planning Institute

James Austin company was a fourth generation family business without a succession plan. After 130 years, the company sold to a competitor in 2018. Laurie Barkman spoke with one of the family members, Doug Austin, about his experience before and after the sale. Doug was an ex-prosecutor, ex-litigator and ex-street salesman for years. His mantra was it's all about the “sale.” Now two years later, the sale has been an emotional letdown. Doug shares the ups and downs about what it feels like to sell the family business.

Show Links:

• Doug Austin LinkedIn
• KIK Custom Products
• Burton Folsom, The Myth of The Robber Barons, on Amazon

 

Dawn Fuchs Coleman is the former CEO of Weavertown Environmental Group, a 2nd generation company. Dawn shared her decision to join the family business, getting the keys to the company when she didn't expect it, leading a turnaround and growth, and selling the business to a strategic buyer. And that was just the beginning of her story. Five years after the sale, Dawn is living her entrepreneurial mantra, “If you're not going, you're not growing.” Listen in as Laurie Barkman speaks with Dawn about leadership and ways to build value in difficult economic times.

Show Links:

Dawn Fuchs Coleman LinkedIn

We Guide, You Grow website

Get Your Game F.A.C.E. On: The Secret to Growing Your Company in Any Economy by Dawn Fuchs Coleman, on Amazon

Weavertown Environmental Group

It's a topic on the mind of many business owners, what to do when family members are not interested or not able to run the company going forward. Listen in as Laurie Barkman speaks with Jamie Van Buren, Managing Director at Generational Transfer Entrepreneurs about his search fund that acquires legacy businesses and places energetic operators as CEOs. Jamie shares his strategies for successful transitions and managing in uncertain times. GTE business transitions typically unfold with minimal changes in the first year. But this has been a time when strategic plans last just a few days and managing unforeseen challenges is the new normal. Jamie’s mantra that hope is inspirational, but it is not a strategy, and that fuels them forward.

Show Notes:

Jamie Van Buren LinkedIn

Generational Transfer Entrepreneurs (GTE) website

8th US President Martin Van Buren

Tepper School of Business at Carnegie Mellon University

Swartz Center for Entrepreneurship