1) Identify the exit strategy you plan to make.
I plan on staying with the business for several decades, retire, and pass it down to my children. The company would be my number one priority. I would retire after one of my children was ready to take over the company.
2) Why have you selected this particular exit strategy?
I enjoy seeing things improve and finish what I start. I think it would be a great life accomplishment to start a company from scratch and see it prosper. If the company was doing well and I enjoyed being the owner, I would not see a reason to change careers. I chose to pass the business down to my children, because I am very family oriented. Family owned businesses tend to keep the same values over time. I would want my customers to feel comfortable and taken care after I left.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept?
Since I plan on staying with company for a while I would want to establish great values from the beginning. I would create a through company manual and have everyone trained the same way. In regards to acquiring and using resources, I would find a distribution company and bank that are very economically stable. I would look for other companies to build long term relationships with. Since I plan on passing the business down to one of my children, I intend to bring them into the business at a young age. I would give them the opportunity to start working with the company in high school and try my best to train them. I would allow them to make some of the business decisions and get a feel for a management position.
My exit strategy is similar to yours because I am also very family oriented. I believe passing it down to my children would be the most effective thing to do because I believe that it would be in the best hands if it stays within the family. I really like how you would also like to establish great values and training everyone the same way. Your exit strategy is great!
ReplyDeleteHi Jessica
ReplyDeleteReading about your exit strategy helped me realize the importance of establishing great values from the start. I, too, want to work hard for my business and eventually pass it down for my children to run. I also agree that giving your children an opportunity at a young age to learn the family business would be a great start for them but also be a really good bonding experience. Loved reading your post!
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ReplyDeleteI like the fact that you enjoy you business idea. I think when you love something it is important to stick with it. Seeing a business that you started from the ground up with work that you enjoy would be hard to get rid of. Good post! You have a nice vision for the future.
ReplyDeleteYour exit strategy is a great idea. Hopefully your future kids are as excited about the company as you are. It seems like you have a great plan to ensure that. I liked what you wrote about making your customers feel comfortable even after you aren't in charge anymore. I think that is a great mindset to have.
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