Owners are Going to Leave Vertically or Horizontally! - Laurie Barkman

Is the most challenging part of running a business knowing when—and how—to let it go? Laurie Barkman, a business transition expert, helps entrepreneurs tackle the challenges of preparing their businesses for exit. She reveals why most businesses fail to sell and what owners can do to avoid this fate. Laurie and Jerome discuss the emotional and practical sides of exiting, offering actionable steps to ensure your business thrives without you. Ready to find out how to exit on your terms? Listen now to discover how you can prepare for a smooth, successful transition. [00:00 - 04:08] Welcome to the Sherpa Journey Jerome introduces Laurie Barkman as a "business Sherpa" Laurie defines what a "business Sherpa" does for entrepreneurs [04:09 - 09:36] The Hard Truth About Business Exits Most business owners need to prepare for exit Only 2 out of 10 businesses that intend to sell do [09:37 - 14:48] Increase Business Value While You Still Run It Laurie compares improving a business to renovating a house Owners should focus on creating value while still in control [14:49 - 20:32] Overcoming Emotional Attachments Laurie shares stories of owners who resist selling Emotional ties to businesses often prevent logical decisions [20:33 - 25:44] When Is a Business Truly Exit-Ready? Preparing for an exit can take up to a year or more Exit readiness requires financial, legal, and operational planning [25:45 - 31:36] The Power of Planning: It’s a Marathon Exiting is a marathon, not a sprint Predictability and stability make businesses more attractive to buyers Key Quotes: "Exit shouldn’t be a dirty word. It’s a transition – a movement from one stage to another." – Laurie Barkman "Predictability and stability lead to the best valuations when it's time to sell a business." – Jerome Myers Connect with Laurie! Website: https://thebusinesstransitionsherpa.com/ LinkedIn: https://www.linkedin.com/in/lauriebarkman/ LEAVE A REVIEW + help someone who wants to expand their business growth by sharing this episode or listening to our previous episodes. Dreamcatchers is a welcoming group focused on personal growth rather than fitting into a specific demographic. It attracts a diverse crowd from various backgrounds and ages, united by the desire to achieve more. Learn more at https://exittoexcellence.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices