Summary of Bo Burlingham's Finish Big

By IRB Media

Please note: This is a companion version & not the original book.

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#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.

• Language: English
• Publisher: IRB Media
• Release date: Feb 25, 2022
• ISBN: 9781669353560

IRB Media

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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.