Beyond the Exit: Building a Lasting Legacy with Carrie Kerpen
Buy her new book at P&T Knitwear
Sunday Series, May 11th, Carrie Kerpen, Founder, The Whisper Group.
Happy Mother’s Day!
When Carrie Kerpen joined Worthy for Thirty in the Fall of 2024, she shared a startling stat: less than 1% of wealth from acquisitions goes to female founders. That’s the Exit Gap™—and her consultancy, The Whisper Group’s objective is to close it.
Carrie, you’re building generational change, and I’m proud Worthy for Thirty got to help tell that story. Her book, The Whisper Way is here. Run and pick it up!
"Your legacy is not just about your exit, it's about the people you inspire along the way." - Carrie Kerpen
Unlock Your "Roar": Finding Your Unique Advantage in Business. 19 actionable insights from my conversation with Carrie!
Doing good while doing well [00:38]: Business leaders can achieve financial success while making a positive impact on the world. Implication: It's not just about the money; you can make a difference while building a successful business. Application: As you build your business, think about how you can incorporate social good into your model.
Legacy beyond exits [03:08]: The impact and legacy of business leaders extend beyond financial success, influencing others to do good. Implication: Your work can inspire others — keep an eye out for my episode with Kass and Mike Lazerow. Application: Consider the broader impact of your work and how it can influence others.
Early social media agencies [03:38]: Likable Media was one of the first social media agencies, founded in 2007. Implication: Being early to a trend can be a huge advantage. You learn a lot both good and bad, you develop a reputation and meet a ton of people who you hopefully remain in touch with as you head into your next venture! Application: Always be on the lookout for emerging trends in your industry.
Building a sellable business [05:12]: Carrie Kerpen learned how to build a business to be a sellable asset, eventually exiting in 2021. Implication: Think about the long-term potential of your business. Application: Focus on creating a business that can be sold, even if you don't plan to sell it right away.
Mentorship for women entrepreneurs [05:49]: Kerpen founded the Whisper Group to provide mentorship for women-owned businesses, particularly in exit readiness. Implication: Mentorship can be a game-changer. Application: Seek out mentors who have been in your shoes, especially if you're a woman entrepreneur.
Seven tenants of Whisper [05:56]: The Whisper Group's methodology includes understanding your why, how, income, secret sauce, profitability, executive team, and "roar" factor. Implication: These are key components to consider when building a business. Application: Make sure you understand these seven components in your own business.
Importance of mentorship [06:38]: Mentorship is essential for entrepreneurs, especially from those who have experienced similar challenges. Implication: You don't have to go it alone - most entrepreneurs, Carrie included, have more than one mentor. Mentors aren’t intended for the first-time founder either. Seasoned veterans also have mentors! Application: Find a mentor who can provide relevant advice and support.
Mentorship vs. Sponsorship [08:25]: Mentorship provides guidance, while sponsorship involves advocating for someone, especially in fundraising. Implication: Both are valuable, but in different ways. Application: Understand the difference and seek both mentorship and sponsorship. Sponsors advocate for you when you’re not in the room — remember that!
Underrepresentation of women in VC funding [08:46]: Female founders receive less than 2% of total VC dollars raised. Implication: There's still a lot of work to be done in achieving funding equality. Application: Advocate for fair funding practices and support women-owned businesses. Partner and support, The Whisper Group or IFundWomen. Also, listen to my conversation with angel investor, Marcia Dawood!
Exit dollars for women [10:56]: Only a small percentage of exit dollars go to women-founded teams. Implication: The gap in funding extends to exits as well. Application: Work to close this gap and support women in business.
Maximizing asset value [11:59]: Focus on revenue, profit, diversified revenue base, and not being solely reliant on the founder to maximize business value. Implication: These factors can increase the multiple at which a business is valued. Application: Focus on these factors to make your business more valuable.
Key differentiators [13:52]: Identify and prove what makes your business different from the competition. Implication: Standing out is crucial. Application: Figure out what makes your business unique and highlight it.
Customer feedback [14:58]: Surveying clients and employees to understand why they choose to work with you can help refine your differentiator. Implication: Your customers and employees hold valuable insights. Application: Use feedback to improve your business and make your differentiator even stronger.
Importance of pivoting [18:41]: Be prepared to pivot and evolve your business as the market changes. Implication: Staying flexible is key to long-term success. Application: Don't be afraid to change your approach if needed.
Overcoming fear of failure [21:52]: Entrepreneurs must lose the fear of failure to take risks and put their ideas out into the world. There’s only FONT: Fear of Not Trying! Implication: Failure is a part of the journey. Application: Don't let fear hold you back from pursuing your ideas.
Nexus of personal and professional life [22:23]: Working at the intersection of personal passion and professional expertise can be fulfilling. Implication: Align your work with your values. Application: Try to find work that you're both passionate about and good at.
Defining legacy [23:13]: Consider the legacy you want to leave and work towards it. Implication: Think about the impact you want to have. Application: What do you want to be remembered for?
Core values [25:04]: Identify and incorporate your core values into everything you do. Implication: Your values should guide your decisions and be the foundation for everything you do, professionally and personally. Application: What are your core values, and how can you live them out in your work?
Importance of networking [26:32]: Networking is a crucial skill that is not always taught in school. Implication: Building relationships is essential. Application: Make an effort to connect with people in your industry. Never underestimate the power of a cold email!