Succession Stories

🎧 Tune in to learn the realities of entrepreneurship through acquisition, from the search process to surviving economic uncertainty in the first year.

Laurie Barkman sits down with Aashay Kumar, owner of Tri-Form, Inc. Aashay shares his story of leaving a corporate career to buy an existing manufacturing business. He demystifies the process of entrepreneurship through acquisition. Listen in as Aashay reflects on his acquisition journey including stealth search process, securing an SBA loan, diligence misses, and the ups and downs of the first 15 months of ownership. 💬Quote from Aashay Kumar: "Take the approach of being a learner from day one. Always ask questions. Always do more research than you think you have to, and be humble throughout the process." ________________________________________________________________________ Key Takeaways: 💡 Why buy vs. start: The value of buying a business with positive cash flow, especially if you don't have a specific problem you are trying to solve. 👥 Independent search vs. search fund: Why Aashay chose an independent path to maintain full ownership and control, rather than being diluted by a search fund. 💰 How to finance the deal: A look at navigating SBA loans, negotiating with multiple banks, and using a seller financing note to structure the deal. 🏦 The diligence "misses" to watch for: Aashay shares what he overlooked, including the condition of the building and smaller assets like a company truck. 🤝 "Fit first, financials second": Why the cultural fit and relationship with the prior owners (and their family members in the business) was a critical, non-negotiable part of the deal.

This Show Is Sponsored by The Business Transition Sherpa®

What does it take to finance a business transition or acquisition? In this episode, Laurie Barkman sits down with David Miller, Executive Vice President at Enterprise Bank, to demystify lending for business owners — from SBA loans to insider buyouts.

David shares how banks assess deals, why management continuity matters most, and how entrepreneurs can become "bankable" when it's time to grow or exit.

💬 Quote from David Miller:

"Don't think you can't buy a business just because you're not personally wealthy. If you have the right skillset and knowledge of the industry, there are flexible ways to make it happen."

Key Takeaways:

💡 How SBA loans act as an "insurance policy" for banks — and a growth tool for small businesses.

👥 Why insider buyouts often outperform private equity or third-party acquisitions.

💰 How to match financing structures to your business goals and cash flow needs.

🏦 What "being bankable" really means — and how to build it before you need it.

🤝 Why having the right professional team (CPA, attorney, advisor) is critical in any business transition.

🎧 Tune in to Succession Stories to learn practical strategies for financing growth, buying a business, or preparing for your own successful exit.

Host Laurie Barkman welcomes Brandon Stanchock, CEO of SWF Industrial Inc. Brandon discusses his journey to take the helm of a family business. He emphasizes the importance of leadership, employee development, and implementing innovative collaboration strategies in the industrial sector. The conversation also highlights Brandon's commitment to providing support for employees and internal promotion programs. Brandon shares how his personal interests in travel, gaming, and podcasting align with his broader mission to help people reach their full potential both inside and outside the workplace.

Takeaways:

• Embrace the entrepreneurial gene. Leadership, innovation, and employee development are key traits for entrepreneurial success.

• Navigating leadership challenges. Leading a family business requires adaptability and a focus on collaboration to drive growth.

• Support employee growth. Providing support and promoting from within strengthens company culture and fosters employee loyalty.

• Focus on performance management and succession planning. Proper planning ensures long-term success for both leadership and employees.

• Align personal passions with business goals. Staying connected to passions like travel, gaming, and podcasting helps balance professional and personal growth.

Quote of the Show:

• " Give yourself some grace, give yourself some time." - Brandon Stanchock

Host Laurie Barkman welcomes Larry Whiteside Jr., an expert in information security, risk management, and entrepreneurship. Larry discusses his journey from cybersecurity to becoming the Co-Owner of Lifesaver Pool Fence of Tampa and Co-Founder of Confide.

Larry emphasizes the importance of passion, operational efficiency, and overcoming challenges in business. They delve into key trends in cybersecurity, focusing on AI and automation's growing influence. The conversation also highlights Larry's commitment to promoting diversity in the cybersecurity field and how his military background has shaped his entrepreneurial approach. He offers valuable insights on balancing multiple businesses, aligning passion with business ventures, and prioritizing strategic operational planning.

Takeaways:

• Embrace the entrepreneurial gene. Outgoingness and exceptional storytelling are key traits for entrepreneurial success. Connecting with others and communicating your vision is essential.

• Navigating the transition to entrepreneurship. Financial instability and operational hurdles are common, but with perseverance and support from trusted partners, you can overcome these challenges.

• Promote diversity in your industry. Larry emphasizes the importance of fostering diversity in cybersecurity and encourages entrepreneurs to create more inclusive environments.

• Align passion with your business ventures. Staying connected to your passion helps maintain drive and resilience, especially during tough times.

• Focus on systemic operational planning. Managing multiple businesses requires trust in yourself and a strong commitment to strategic planning to ensure everything runs smoothly.

Quote of the Show:

• "Passion will continue to drive you forward." - Larry Whiteside Jr.

" Treat people well, work hard, have a plan." Host Laurie Barkman welcomes Travis Howerton, a technology and security expert with over 25 years of experience. Travis shares his journey from federal service and the nuclear weapons program to becoming the Co-Founder and CEO of RegScale.

They discuss the entrepreneurial gene, personality assessments in team dynamics, and the challenges of scaling a business. Travis emphasizes the importance of empathy, hard work, and strategic planning. He also highlights the potential of automation and AI in the compliance industry. Travis discusses his future goals of starting a venture capital arm to support aspiring entrepreneurs in East Tennessee and provides advice on problem-solving and growth. The conversation provides valuable insights for entrepreneurs navigating the complexities of building and scaling a business.

Takeaways:

• Embrace risk-taking and innovation as key traits for entrepreneurial success. Cultivating a mindset that encourages experimentation and learning from failure can drive growth and open doors to new opportunities.

• Use personality assessments to enhance team collaboration. Understanding individual motivations and strengths helps build a more cohesive and effective team, ultimately contributing to a healthier company culture.

• Be prepared for the challenges of scaling a business. Focus on creating clear plans and strategies to navigate obstacles while emphasizing empathy and hard work to keep the team aligned and motivated.

• Consider giving back by supporting future entrepreneurs. Starting a venture capital arm or mentoring new talent can create a positive impact on your local community and contribute to the growth of the next generation of leaders.

Quote of the Show:

• "Treat people well, work hard, have a plan." - Travis Howerton