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?
I personally would love to protect the venture and pass it down to my children, however with a venture such as mine I do not just need someone to take it over - I need someone who is passionate about it, well-educated, and driven. If this person is not my child, then it will be someone who holds these qualities.
2) Why have you selected this particular exit strategy?
I have selected this particular exit strategy because it doesn't just need a business-minded person to run, but a like-minded person as well.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I believe it has influenced my growth intentions because it means I'm not just bringing in anyone, especially an individual that is looking to just have person gain (in the sense of monetary value, socioeconomic status, etc.) It also means those working with me will carry not only the same skillset (if not broader) but a like-mind and a burning passion. I believe that these aspects are the backbone of a business.
Tina, I really admire your creativity with creating this blog. I also like how in your exit strategy, you would love to pass your business on down to your children. I think that is a great idea, and although we had different viewpoints, it seems like a great idea. If you would like to check out my blog post you can do so below:
ReplyDeletehttp://maxwilk.blogspot.com/2016/04/my-exit-strategy.html
Hi TIna,
ReplyDeleteI really like the exit strategy you chose. I as well wanted to pass on my company to a child or close family member, but know it may not be the most responsible decision for the company. While I will love my child or close family member, their job is no more valuable than all of my employees' jobs. You chose a very mature answer, and I wish you well in your venture!
Check out my Exit Strategy blog post here: http://jrozent3003.blogspot.com/2016/04/my-exit-strategy.html
Hi Tina, thank you for your post. It makes sense to keep your venture in the family. I'm aiming for something similar, but not too similar I guess, opting to aim to sell my venture to have money for another venture that I can leave for my family. You have a good point that it will take passion from your kids and you can't just assume that they'll like what you like.
ReplyDeleteHave a look at my post here when you get a chance.