Summary of Bo Burlingham's Finish Big , livre ebook

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38 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Ray Pagano, the founder of Videolarm, had a life after business when he decided to think about leaving in 2004. He had other interests and passions that he wanted to pursue, and he had a limited number of years to pursue them.
#2 Pagano knew he had to extract himself from the company in order to get a good deal. He knew that as long as he was essential to the company’s operation, he would not be able to acquire other companies. He had to remake the company so that it could function without him if he wanted to get a good deal.
#3 Pagano began giving everyone in the company a tangible reason to take on more responsibility by giving them phantom stock, which would allow them to benefit from any increase in Videolarm’s equity value without having to acquire real stock.
#4 After the sale, Pagano was able to look back and see how much he had changed the company. He had set up an incentive program for the entire workforce, based on achieving certain profit targets for the company and specific goals for each department. The targets were ambitious, but Pagano kept raising the bar.

Sujets

Entrepreneuriat

Entrepreneurship

Informations

Publié par	Everest Media LLC
Date de parution	13 mars 2022
Nombre de lectures	0
EAN13	9781669353560
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Bo Burlingham's Finish Big
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9
Insights from Chapter 1

#1

Ray Pagano, the founder of Videolarm, had a life after business when he decided to think about leaving in 2004. He had other interests and passions that he wanted to pursue, and he had a limited number of years to pursue them.

#2

Pagano knew he had to extract himself from the company in order to get a good deal. He knew that as long as he was essential to the company’s operation, he would not be able to acquire other companies. He had to remake the company so that it could function without him if he wanted to get a good deal.

#3

Pagano began giving everyone in the company a tangible reason to take on more responsibility by giving them phantom stock, which would allow them to benefit from any increase in Videolarm’s equity value without having to acquire real stock.

#4

After the sale, Pagano was able to look back and see how much he had changed the company. He had set up an incentive program for the entire workforce, based on achieving certain profit targets for the company and specific goals for each department. The targets were ambitious, but Pagano kept raising the bar.

#5

The Pagano brothers’ company, Videolarm, improved because of the way they went about preparing to leave it. Therein lies a lesson for other business owners.

#6

If you own a business, begin thinking about your exit plan. The more prepared you are when that day comes, the better off your employees and your company will be. Thinking about an exit plan will force you to ask important, difficult questions about yourself and your business.

#7

The end of your business journey is not the creation of a successful business. That’s the middle. The end is the successful completion of the journey. As serious mountaineers say, the primary goal when you climb Mount Everest is not to reach the summit, but to come back alive and enjoy the experience of having done it.

#8

The exit is a critical phase of a business owner’s journey and an integral part of the entrepreneurial experience. It is not about starting a business, but about actually selling one.

#9

The exit of a business owner is as important as, if not more important than, any other phase of their journey. It can fundamentally change their circumstances and color how they look back on the main work of their lives.

#10

The exit can be a happy or a sad one, depending on the owner’s mindset. Many find themselves dealing with unanticipated regrets, fighting against depression, and desperately in need of a new identity and sense of purpose.

#11

The four stages of the exit process are exploratory, strategic, execution, and transition. The longer you’ve spent preparing for your exit, the less likely you are to experience these problems.

#12

There are more than you think possible. If you’re lucky, you can get away with not planning for your exit. But you’re taking a risk. The journey doesn’t always end when you want or expect it to.

#13

The consequences of your decisions should be positive for Ray Pagano, since he was clear about his goals from the start. He wanted to leave Videolarm in peace, and he got that. He also wanted to continue doing everything he’d been putting off while he built the company, and that happened.
Insights from Chapter 2

#1

Bruce Leech, founder of CrossCom, was about to sell his company. He was forty-eight years old, and had a clean slate. He was multimillionaire, with a solid balance sheet and the likelihood of another big payday in a few years, when the company would be sold again.

#2

Leech tried to sell 40 percent of the company to a private equity firm, but the deal fell through because he had to give up control of the company. He was left with a 20 percent share, and the financial pressures continued.

#3

Leech was offered the chance to buy the San Francisco 49ers, and he accepted. He was terrified, but he had no choice. He was counting on everyone else to make the decision for him, and he had to sign the papers.

#4

The journey of a business owner can end in many ways, and many of them leave little or no time for preparation. It is up to you to decide what you want out of your business and why, so that you can choose among the available options.

#5

Leech began to search for something to replace what he’d lost. He thought he could find it in the not-for-profit world, but he was eventually drawn back to the world of business. In 2008, he and his friend Dave Jackson founded a service and networking organization, Evolve USA, for people who have sold, are selling, or are thinking about selling their businesses.

#6

The most important subject of analysis for a business perspective is yourself. You must understand what you want and don’t want, what makes you tick, and what energizes you and leaves you cold.

#7

The importance of asking why cannot be understated. If you want to know why something happened, ask those who were affected by it. They’ll be able to tell you exactly what happened, and how it could have been avoided.

#8

Brodsky’s conscience forced him to make changes. He resolved never to make a decision that would put employees’ livelihoods in jeopardy again, and he surrounded himself with people who were steady-going, analytical, and detail-oriented.

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