My Worst Investment Ever Podcast
Business:Investing
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 everWhen 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 learnedIt’s important to trust your instincts. If you’re feeling unsure about something, trust that little voice.
Laurie’s recommendationsLaurie 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 monthsLaurie’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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Connect with Laurie Barkman
David Kass – Don’t Invest in a Company Unless the CEO Owns a Large Stake
Christopher Panagiotu – Go With Your Gut, but Verify
ISMS 29: Larry Swedroe – The Shiny Apple is Poisonous and Information is Not Knowledge
ISMS 28: Stocks for the Long Run
Folarin Daniel Adeboye – Business and Friendship Can Never Mix
Dana Anspach – Loving a Product Is Different From Running a Business
ISMS 27: Larry Swedroe – Familiar Doesn’t Make It Safe and You’re Not Playing With the House’s Money
Manisha Thakor – Invest in Your Financial Health and Emotional Wealth
Richard Smith – Anything Valuable Is Hard
David Perry – Bet on the Person, Not the Idea
Tom Wall – If You Make Some Money, at Least Take Half off the Table
Rick Warner – Be Careful When Investing in Banks
Mohit Tater – You Don’t Know What You’re Getting Into Until You Are in It
Vorathep Srikuruwal – Walk That Property Before You Buy It
Phil Bak – Be Slow to Jump Onto Bandwagons
Jack Schwager – Never Stay in a Position That Violates What You Believe In
Sampark Sachdeva – Don’t Be Afraid to Take the Plunge
ISMS 26: Larry Swedroe – Are You Subject to the Endowment Effect or the Hot Streak Fallacy?
Vishal Bhardwaj – Do Not Let Emotions Run Your Business for You
Harjeet Khanduja – Work Smarter Not Harder
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