113: Avoiding Transition Pitfalls with Laurie Barkman, The Business Transition Sherpa

In today's solocast, I discuss topics from my upcoming book, The Business Transition Handbook The focus of the book is how to avoid succession pitfalls. Prepare yourself and your company to minimize value derailers, and prepare for a future transition. Regardless of when you intend to exit, you will benefit by following these time-tested best practices to create a more profitable and enjoyable business to run today. 100% of owners will leave their business one day - but few are prepared.   Take-aways: Having a written plan is essential for achieving the desired outcome in a business transition. It is important to have a positive mindset when considering a business transition, as this can lead to better outcomes. Business transition involves three key areas: business readiness, financial readiness, and personal readiness. It is important to consider all three when planning a successful transition.   Show Links: Sign up to pre-order The Business Transition Handbook: Businesstransitionhandbook.com Book an Advisory Call: https://smalldotbig.com/schedule-an-initial-call/ Laurie Barkman on LinkedIn: https://www.linkedin.com/in/lauriebarkman/ Learn about Strategic Business Transition Planning at https://smalldotbig.com  Subscribe to the Succession Stories YouTube Channel     About Succession Stories Podcast Succession Stories is an award-winning podcast guiding entrepreneurs from transition to transaction. From building value to letting go. The show received the 28th Annual Communicator Award for Audio & Podcast Excellence and is ranked in the top 2.5% of podcasts globally. Join host Laurie Barkman, The Business Transition Sherpa, as she talks with entrepreneurs, family business leaders, investors, and industry experts as they explore the journey from business growth and innovation, creating a more valuable and transferable business, and avoiding succession regrets when exiting and selling your company. If you are an entrepreneur looking for inspiration to create a more valuable business, or an owner who wants to figure out the best way to transition or sell their closely held company, this podcast is for you. To learn more and subscribe to our newsletter, visit https://smalldotbig.com _______________________________________   SPONSOR: STONY HILL ADVISORS Is this the year to sell your company? Don't leave your exit to chance. Stony Hill Advisors works with owners like you to get ready and maximize value when you're ready to sell. Visit www.stonyhilladvisors.com/podcast for a complimentary business valuation.