In this episode, Melinda Emerson chats with Laurie Barkman, CEO of Small Dot Big, about her business transition experiences. They discuss preparing for business transition, estate planning, and tax consequences. Emotions in selling a business, determining business worth, and M&A strategies for scaling up are also covered. Lastly, they discuss the role of transaction intermediaries and share business advice.
(0:00) Introduction to the episode with Laurie Barkman
(2:01) Introduction to Laurie Barkman, CEO of Small Dot Big
(4:01) Laurie Barkman's journey and experiences in business transition
(8:36) Preparing for business transition: Risks, mindset, and growth structure
(13:22) Consulting advisors for estate planning and tax consequences
(14:25) The role of emotions in selling a business
(16:48) Figuring out the worth of your business and using M&A strategy to scale up
(24:29) The difference between being ready to sell and being sell-ready
(26:01) The role of a transaction intermediary in selling a business
(27:30) Best piece of business advice and favorite business tools
(30:01) Closing remarks and invitation to Small Bizlady University
(30:29) Outro and podcast subscription information