1.
Identify the exit strategy you plan to make. Do
you intend to sell your business in the next 5 years for a large return? Do you
intend to stay with the business for several decades and retire? Do you intend
to protect the venture as a family business, and pass it down to your children?
a.
I believe that I would be interested in working
with this venture for as long as I can, whether it be until the day I retire,
or until I get bored of it and magically lose interest in everything that it
has to offer.
2.
Why have you selected this particular exit
strategy?
a.
I would consider it to be a family business, but
I wouldn’t want to force my children into this business, which would provide me
with the opportunity to sell for a large return at the moment the
aforementioned “end” comes to be.
3.
How do you think your exit strategy has
influenced the other decisions you’ve made in your concept?
a.
For me, I always wanted to work this venture
until the end, so in any and all situations, I was looking at it from my
perspective, not a prospectus new owner. Of course I want to grow as much, and
as quickly as possible, so I’ve put my best foot forward in that regard.
Alex,
ReplyDeleteI think it's good you do not want to force your children into the business as they may run it into the ground if it's something they do not want to do. It's a good plan to see what they want to do and then decided afterwards if you would keep it or sell it. I looked at it the same way, from only my perspective, so I never thought about exiting in my decision making. I just wanted to grow it as much as possible and it wasn't until last week that I thought about planning an exit strategy.
Hi Alex,
ReplyDeleteI agree with you in not wanting to force your children into a family business if they don't want to do it. My mother has a successful insurance agency but there is no way I could ever see myself doing that for a living. I think it's great that you have so much passion for this venture that you would want to continue working it for the rest of your life. Don't work too hard, can't just be all work and no play though. Good luck!
Hi Alex,
ReplyDeleteI also chose passing it down to my family as an exit strategy but you are right not all the time do your kids want your business. I decided if they did not want I would sell it for a good profit that is if I decide I do not want to run the business anymore. I too would like to continue having my business for the rest of my life but get some people to manage and I just own it. It was nice to hear another persons exit strategy and take some ideas from it.
I also want to see my idea out as far as it can go and I think that is a good sign for both of our ventures. I can appreciate not wanting to force your children into the business. However, if it is successful and if they are see the opportunity, it is better to to a sure thing, in my opinion!
ReplyDelete