BIO: Laurie Barkman, the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to a Fortune 50 company.
STORY: Though Laurie has had a flourishing career in the startup world, she regrets not spending that time building her own business.
LEARNING: Quit often, quit fast. Don’t hesitate, or stay in something that doesn’t bring you value. Pay attention to your instinct; don’t be afraid to act on it.
“Gravitate towards your strengths and follow your passions if you’re clear about what they are.”
Laurie Barkman
Guest profile
Laurie Barkman, the business transition sherpa, is the former CEO of a $100 million revenue company that was sold to 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 Amazon best-selling author of The Business Transition Handbook: How to Avoid Succession Pitfalls and Create Valuable Exit Options and hosts the award-winning podcast Succession Stories, rated in the top 2.5% of podcasts globally.
Laurie earned an MBA from Carnegie Mellon University and a bachelor’s from Cornell University. She received a professional designation from The Alliance of Mergers & Acquisitions Advisors.
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Worst investment ever
When Laurie was studying for her MBA, she also took entrepreneurship courses and was the president of the entrepreneurship club. Laurie was excited about graduating and going into entrepreneurship. But, she didn’t have the big idea or tech skills. This was in the late 90s when it was all about tech startups. Laurie also lacked the risk profile. So, instead of starting a business or buying an existing one after her MBA, she joined a startup, which in and of itself was a good thing.
Looking back at her career, most of the positions Laurie had helped her add value and grow professionally. But one or two roles made her realize that she should have invested her time in building her own business instead of going into employment.
Lessons learned
- Try to figure out what you’re good at, what you’re not, and what you enjoy and don’t before settling on a permanent career path.
- Gravitate towards your strengths and follow your passions if you’re clear about them.
Andrew’s takeaways
- Quit often, quit fast. Don’t hesitate, or stay in something that doesn’t bring you value.
- Pay attention to your instinct; don’t be afraid to act on it.
Actionable advice
It’s important to trust your instincts. If you’re feeling unsure about something, trust that little voice.
Laurie’s recommendations
Laurie recommends her book, The Business Transition Handbook, for business owners with questions about business transition at any stage of their entrepreneurial journey. The book has a lot of content, resources, and ideas for how to help you build your business with the mindset of creating value. Every chapter is a succession pitfall to avoid and ends with an action summary and tips on your next steps. There’s great content, stories, and case studies for companies that have had some challenges and successes along the way.
Laurie also recommends checking out her website for other resources, including two assessments you can take. One is a business assessment to understand your business’s strengths, opportunities, or risks. And if you share your financial information, you’ll also get a valuation of your business. The other assessment is for personal transition readiness to help you understand the emotional side of things.
No.1 goal for the next 12 months
Laurie’s number one goal for the next 12 months is to help a million business owners with business transitions. She’d like to take her book and make a course.
Parting words
“Keep on working on your transition; you’ll always remember the value it brought you.”
Laurie Barkman
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