162: Revolutionize Your Business Post-Bankruptcy, Greg McDonough
Release Date: 06/09/2024
174: Redefine Your Purpose: The Transformative Journey Beyond The Entrepreneurial Exit, Jerome Myers
Succession Stories
Did you know that only 20% of businesses sell... and 75% of owners express regret after selling? Dive in as Succession Stories host, Laurie Barkman, talks with Jerome Myers about why just 5 out of 100 of businesses exit with excellence. Jerome is the founder of Exodus and an award-winning engineer turned business strategist who helps leaders navigate post-exit transitions. Through his NEO Navigator program and DreamCatchers podcast, he guides founders through key life transitions, aiming to help them build a lasting legacy and contribute meaningfully to their communities. He brings...
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173: How to Navigate the Emotional Minefield of Succession, Albert Ciuksza
Succession Stories
Laurie Barkman interviews Albert Ciuksza to challenges faced by millennial successors as they take over from baby boomer predecessors. Listen in as they discuss Albert's new book, “Succeeding: Stepping Up Without Stepping In It." There's a demographic shift, with 10,000 baby boomers retiring daily from 2024 to 2027, often skipping over Gen X. There are emotional dynamics of succession that can sabotage successful transitions due to emotional attachment. Dive in to learn about practical tools for navigating succession effectively and avoid leadership mistakes. Links for Albert: ...
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172: How Two Brothers Took Startup Software Firm From Idea to Exit, David and Chris Sinkinson
Succession Stories
Laurie Barkman interviews brothers and business partners, David and Chris Sinkinson, about their experience as co-founders of AppArmor, a bootstrapped SaaS business with a $40 million exit. They discuss the importance of understanding product-market fit, the role of unhappy customers in identifying issues, and the significance of recurring revenue in their app business. The conversation highlights the value of building relationships with potential buyers over time, which contributed to their successful exit. They emphasize the importance of selling at the right time to capitalize on growth...
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171: From Reluctant Successor to Innovation Leader, Karen Norheim
Succession Stories
Today’s episode is a rewind of one of our favorite conversations with Karen Norheim, a second generation CEO of American Crane, a manufacturing company founded by her father. The show first aired in 2021. Listen in as show host Laurie Barkman, The Business Transition Sherpa, talks with Karen about what fueled their succession story. Karen stepped into her new role with curiosity and tenacity to make things happen. She led the company to lean in on strategic growth and innovation and are seeing the benefits. As an update to the show, later in 2021, the family experienced the...
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170: Navigating Family Business Transitions, Maryann Bell
Succession Stories
Host Laurie Barkman, The Business Transition Sherpa®, interviews Maryann Bell, a partner at Wingspan Legacy Partners, about the common myths and challenges facing next generation successors in family businesses. Maryann shares insights on the importance of communication, education, and bringing in outside expertise to navigate the delicate dynamics of family business transitions. Listen in as they discuss strategies for stair-stepping next gens into the business, assessing fit, and managing the transfer of ownership and authority. This episode provides valuable guidance for family...
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169: The Power of Candid Conversations in Exit Planning, Henry DeVries
Succession Stories
Host Laurie Barkman, The Business Transition Sherpa, talks with Henry DeVries, publisher, writer, and CEO of Indie Books International. Listen in as Henry debunks a few myths about creating a sustainable competitive advantage in service businesses through niche specialization. They also discuss the importance of candid conversations in business ownership transition and exit planning to offer valuable takeaways for business owners. Henry shares how he is planning for succession and exit with a focus on growth and value. Defining the legacy and impact a business owner wants to leave behind is a...
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168: Introducing The Endgame Entrepreneurship Masterclass! Laurie Barkman
Succession Stories
Join host Laurie Barkman, The Business Transition SherpaⓇ, as she celebrates four years of inspiring conversations and life-changing insights on the Succession Stories podcast. With over 4.5 million companies and $14 trillion of business wealth at stake in the next decade, Laurie's mission to guide entrepreneurs through their succession journeys has never been more crucial. Laurie unveils The Endgame EntrepreneurshipTM Masterclass, designed to guide entrepreneurs through the complexities of business transition. This comprehensive online course offers self-paced video lessons,...
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167: Power of Family Business Advocacy and Succession Planning, Pat Soldano
Succession Stories
Did you know that 87% of the businesses in the United States are family owned? That’s 32.4 million family businesses and they contribute $7.7 trillion to the GDP. Pat Soldano, a strong advocate for family businesses, joins Succession Stories host Laurie Barkman, The Business Transition Sherpa. Pat is the President of Family Enterprise USA (FE-USA) whose mission is to promote the growth of generational owned family businesses in the US. She is also President of Policy and Taxation Group that works to reduce onerous tax and economic policies for successful families, family...
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166: Finding the Right Buyer for Your Legacy, Markus Kaulius
Succession Stories
From humble beginnings to founding Magnum Nutraceuticals, Markus Kaulius shares the saga of transforming a passion into a $170 million empire with Laurie Barkman, The Business Transition SherpaⓇ. Discover the pivotal moment when Markus transitioned from operator to visionary owner, crafting a culture of empowerment and resilience. Learn how he scaled his business, fostered a vibrant company ethos, and navigated the delicate dance of succession. Join them as they unveil the human side of entrepreneurship, offering a roadmap for aspiring business moguls seeking fulfillment and legacy in their...
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165: How to Overcome Personal Fears in Business Transition, Heather Penny, PhD
Succession Stories
75% of owners express regrets one year after selling. We’re a mission to break the cycle. What do we fear in times of transition? How do we develop a vision for ourselves beyond today? When it comes to business transition, the identity we have – business owner, CEO, leader, family member, all play a part. Heather Penny works with business leaders on ways to embrace change and anticipate life changes so they don’t control us. Listen in as host Laurie Barkman, The Business Transition Sherpa, talks with Heather about ways to overcome personal fears in business transition planning. ...
info_outlineHost Laurie Barkman, The Business Transition Sherpa, is joined by Greg McDonough, Managing Partner of Blackburn Capital Advisors and host of the Chief Endurance Officer Podcast.
Listen in as they discuss navigating a business turnaround through bankruptcy.Bankruptcy can be viewed as a tool for recovery rather than a sign of failure.
Greg discusses his experience isolating the root cause of the company’s financial issues and creating breathing room from creditors to reorganize fixed costs and debts.Greg also shares how his passion for endurance sports gave him the resilience that he needed to get through the restructuring process.
Learn when bankruptcy might be a solution. After all, hope isn’t a strategy when it comes to solving cash flow problems.
Listen in to learn more about:
- How isolating the root cause of financial struggles and making deeper cuts early can help turn a business around
- Why companies should view the bankruptcy process as a tool for recovery rather than a sign of failure
- Importance of resilience and endurance for entrepreneurs facing challenges
- Address the risk of tying financial recovery only to revenue projections
Find Greg McDonough Here:
❤️ Show us the love on Rate This Podcast: https://ratethispodcast.com/successionstories
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BUYERS BUY ON THEIR TIME, NOT YOURS. WILL YOU BE READY?
Learn more about the Endgame Entrepreneurship Masterclass and build with your exit in mind.
https://thebusinesstransitionsherpa.com/course/
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My Links:
🌐 Website: https://TheBusinessTransitionSherpa.com
⏰️ Meet With Laurie: https://thebusinesstransitionsherpa.com/connect/
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📘 THE BUSINESS TRANSITION HANDBOOK:
Get a free digital copy of "The Business Transition Handbook: How To Avoid Succession Pitfalls and Create Valuable Exit Options" by author Laurie Barkman:
https://thebusinesstransitionhandbook.com