Finish Big audiobook cover - How Great Entrepreneurs Exit Their Companies on Top

Finish Big

How Great Entrepreneurs Exit Their Companies on Top

Bo Burlingham

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Entrepreneurship

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Key Takeaways from Finish Big

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Mind Map

Finish Big
Preparation+
Transition Period+
Four Stages of Exit+
Exit Strategies+
Appealing to Buyers+
Successor & Legacy+

Quiz — Test Your Understanding

Question 1 of 7
According to the text, why is it essential to fix organizational trouble spots well before you plan to exit?
  • A. It ensures your employees won't quit right after you leave.
  • B. It allows you to raise the company's market value by making it function without your influence.
  • C. It prevents strategic buyers from installing their own management teams.
  • D. It guarantees that you will find a buyer within the first year of listing.
Question 2 of 7
What is a critical requirement for a company's long-term survival after the founder leaves?
  • A. The owner must remain on the board of directors indefinitely.
  • B. The business must immediately transition to a franchise model.
  • C. The company must be entirely free of dependence on its original owner.
  • D. The owner must personally select every new manager hired by the buyer.
Question 3 of 7
Which of the following correctly lists the four stages of a good exit strategy?
  • A. Preparation, Marketing, Negotiation, and Handover
  • B. Assessment, Valuation, Liquidation, and Succession
  • C. Planning, Restructuring, Selling, and Retirement
  • D. Exploratory, Strategic, Execution, and Transition
Question 4 of 7
During the 'strategic phase' of an exit, how should an owner primarily view their company?
  • A. As an extension of their own personal identity and legacy.
  • B. As a product itself, focusing on strengthening weaknesses to maximize value.
  • C. As a liquid asset that should be immediately sold to the highest bidder.
  • D. As a family heirloom to be passed down to the next generation.
Question 5 of 7
What harsh reality about selling a business does the U.S. Chamber of Commerce point out?
  • A. Between 65 and 75 percent of owners who hope to sell never even make it onto the market.
  • B. Most businesses are sold for less than half of their actual market value.
  • C. Finding a strategic buyer typically takes an average of ten years.
  • D. Only small businesses with recurring revenue streams are able to find buyers.
Question 6 of 7
What actionable advice does the author give regarding appealing to potential buyers?
  • A. Keep your business model strictly independent to show the buyer it works on its own.
  • B. Adapt your business model to specifically suit the wishes of the targeted buyer.
  • C. Hide minor operational flaws to ensure the valuation remains as high as possible.
  • D. Avoid selling to strategic buyers if you want to maximize your financial return.
Question 7 of 7
Why might an owner NOT need to worry about preparing a successor if they are selling to a 'strategic buyer'?
  • A. Strategic buyers usually liquidate the company's assets immediately after purchase.
  • B. Strategic buyers rely entirely on the seller's existing lower-level employees to run the company.
  • C. Strategic buyers typically install their own managers to align the new business with their existing companies.
  • D. Strategic buyers are legally required to manage the newly acquired company themselves.

Finish Big — Full Chapter Overview

Finish Big Summary & Overview

Finish Big (2014) is a guide for how to exit an organization in a way that's healthy and positive for both a business owner and the company. Leaders often overlook this aspect of their career, mistakenly thinking that leaving will be simple, when instead it requires long-term planning to truly finish in a way that benefits everyone.

Who Should Listen to Finish Big?

  • Entrepreneurs or anyone interested in business strategy
  • CEOs or leaders looking to leave their organization soon
  • Anyone interested in the politics and philosophies of exit strategies

About the Author: Bo Burlingham

Bo Burlingham is a successful author and the editor of Inc. magazine. He's written several other books, including Small Giants, Street Smarts and The Great Game of Business.

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