WHR 3.176: Overcoming Succession Pitfalls with Business Transition Sherpa Laurie Barkman

In this episode of the Work at Home Rockstar podcast, Tim interviews Laurie Barkman, also known as the Business Transition Sherpa. Laurie shares her journey of becoming a CEO, the challenges of customer concentration risk, and the importance of planning for business succession and exit strategies. She emphasizes the value of certifications, continuous learning, and the importance of thinking about the end game when building a business. Laurie also discusses her new course, 'End Game Entrepreneurship,' and offers valuable insights and tools for small business owners to create valuable exit options and avoid pitfalls in succession planning.

Who is Laurie Barkman?

Laurie Barkman, The Business Transition Sherpa®, is a former CEO of a $100 million revenue company that was acquired by a Fortune 50 company. Laurie guides business owners through the often overwhelming process of transition planning. As a mergers and acquisitions intermediary, she facilitates sell-side and buy-side transactions in the lower middle market. Laurie is the author of "The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options," and hosts the award-winning podcast called Succession Stories. Her expertise in business transition, succession, entrepreneurship, and M&A has been spotlighted in media including Newsweek, Forbes, Yahoo! Finance, and more.

Connect with Laurie:

Company Website: https://www.thebusinesstransitionsherpa.com Facebook: https://www.facebook.com/TheBusinessTransitionSherpa Instagram: https://www.instagram.com/TheBusinessTransitionSherpa YouTube: https://www.youtube.com/@TheBusinessTransitionSherpa LinkedIn: https://www.linkedin.com/in/lauriebarkman Twitter: https://www.twitter.com/LaurieBarkman TikTok: https://www.tiktok.com/@businesstransitionsherpa

Giveaway: Go to https://www.thebusinesstransitionsherpa.com to get a free digital copy of Laurie’s book or grab your copy on Amazon.

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In this Episode:

00:00 Introduction 00:30 Guest Welcome 00:50 Laurie's Journey to CEO 02:13 Overcoming Business Challenges 03:45 Understanding Customer Concentration Risk 05:37 Practicing and Honing Your Craft 08:06 Mid-show Advertisement 09:06 The Importance of Succession Planning 17:22 Building a Strong Team 22:12 Marketing and Growing Your Business 28:15 Exciting New Ventures 32:55 Conclusion and Contact Information