Book Review
In her new book, The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options, author and entrepreneur, Laurie R Barkman, asks you to consider a key fact - 100% of owners will leave their business one day, but few are prepared. The question she asks is, are you prepared? When you’re ready to sell, the company may not be sell-ready–leaving you out of time and unrewarded. Most entrepreneurs are too busy to begin thinking about the end. But you may be leaving money—and your happiness—on the table. It’s crucial to start planning for your transition, whether it comes next year or in a decade.
In her new book, The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options, author and entrepreneur, Laurie R Barkman demystifies the often overwhelming exit process, guiding business owners who are considering leaving their ventures or simply beginning to think about their next steps.
As the former CEO of a $100 million revenue company that sold to a Fortune 50, Laurie provides actionable guidance for business owners to plan successful transitions of their companies and let go on their terms.
The Business Transition Handbook prepares owners to navigate the emotional and practical nature of the transition process so you can exit on your terms and avoid succession regrets. Using real-life stories, tools, and exercises, the book will help you learn how to:
personally prepare for a business transition
determine what your business is worth
focus on value building; reduce transferability risk
consider family or management successors
prepare for the selling process
put a strategic transition plan together
and more
Author Quotes
My observation is that business owners typically fall into one of two categories. The first group wants to run away from the business due to reasons like boredom, burnout, illness or skills gaps. The second group runs towards the next chapter of their life, whether it be retirement or starting a new venture.
Your transition mindset and what drives your motivation to exit will be influenced by your specific circumstances.
What is the reason to develop an exit strategy even if your timeline is ten-plus years away? Here’s the amazing secret: all the things you need to prepare for an exit will enable you to run a more profitable and enjoyable businesses. So why wouldn’t you want to do that?
About the author
Laurie Barkman, otherwise known as the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to a Fortune 50. As a mergers and acquisitions advisor, Laurie provides a structured process for business owners to plan successful transitions of their companies. Laurie is the author of The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options, guiding business owners on their journey from transition to transaction, from creating value to letting go. She is an adjunct professor of entrepreneurship at Carnegie Mellon University, and hosts the award-winning podcast Succession Stories, where she speaks with hundreds of entrepreneurs who have shared their journeys through succession. Laurie earned her MBA from Carnegie Mellon University, and Bachelor of Science degree from Cornell University. She received certifications from The Alliance of Mergers & Acquisitions Advisors, The Exit Planning Institute, and The Value Builder System.
Why LoA loves it…
It’s a hard fact to face up to, but as author and business transition expert, Laurie Barkman says, everyone will leave their business one day - it’s inevitable. So that’s why we all need to start planning for a successful transition and handover at some time in the future that makes sense to us. The more we plan today, the easier it will be when the time eventually comes to step away from the business and brands we have built. Laurie provides a really strategic and practical framework for making that transition as painless and stress-free as possible. This is definitely one to read if you are thinking about the future, your legacy, and what you want for your business in the long-term after you are no longer at it’s helm. It’s time to start planning now. — Melanie Hawken, founder & ceo, Lionesses of Africa