28A - Your Exit Strategy
1. As my exit strategy, I would definitely like to keep my business for several decades and then retire. I would have worked very hard to get this business up and running, starting with nothing and creating a whole something. It would be very much ideal if I could make this a family business and pass it down to my children, but I do not want to have them feel like I have expectations for them; I want them to choose their own future paths.
2. I selected this exit strategy because I feel as though I wouldn’t want to sell my business after putting so much into it. This business would definitely be my passion and why would I stop doing something I love and am passionate about?
3. I don’t think my exit strategy has influenced any other decisions I’ve made. I think I’ve always made decisions that would be for the good and benefit of the business. I think this exit strategy is still up in the air, as anything can change within an instant. With that said, I don’t think this strategy has influenced how I identify other opportunities. I feel that I am still able to keep a very open mind about my future.
Hi Madison,
ReplyDeleteI have seen a trend in these exit strategies, and everyone wants to continue to work with their business until they retire because it is something they are passionate about. I completely agree with that! I love your point that so much work went into the start up, that it would be hard to give it away. I think you would become attached to this business especially since you worked so hard to see it succeed. I really like how open minded you are, but still have overall goals to benefit yourself and the business.
I think it's good that you would want to stay with your company until you retire because of all the work put in. I didn't make a strategy, because I feel that when the time comes, I will know what decision should be made. I'm not sure if that's the best strategy, but it makes the most sense to me. The thought of staying with a company till retirement sounds good in the fact that you become comfortable and successful in it, but I also get bored so I don't know if I would take that route.
ReplyDeleteHi Madison,
ReplyDeleteI had a different approach with my business exit strategy, but I think it is nice to see people have a lot of passion with what they want to do. I am scared that my business plan might not as work as well as other competitors which is why I am hesitant with continuing on with my business plans rather than transferring to someone who is capable of running it after setting up the foundation. I also agree with how my exit plans did not really influence how I approached my business because I was too focused on starting it to know or plan how it would end.
Hi Madison, I like your idea of not selling your business because you're passionate about it. Like everyone else, they agreed that the exit strategy would not affect their other decisions. It's important to keep an open mind and be able to adapt to any situation. I don't think anyone imagines the end of the business at the beginning of their career. Everyone wants to carry their career forward. Leave no regrets. I hope everyone's plan can be more perfect and achieve their goals.
ReplyDeleteHello Madison,
ReplyDeleteI chose the same exit strategy as you and I agree that you should not give up something you're passionate about after you've worked so hard. I also really admire that you would like to make it into a family business but you don't want to put pressure on your children and you want them to choose their own careers. Keeping the business for several decades will allow you to really get to know the ins and outs of the industry so when you sell it or pass it on to your children, you can bestow your knowledge and expertise onto them. Great job!