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 would keep my business as family business. This is something that I have invested a lot of my time in so I would definitely keep it and have family members run parts of it as well. I would definitely take an early retirement once my kids are trained well in the business.
2) Why have you selected this particular exit strategy?
a. I selected this exit strategy because I believe that my hard work is something that should stay in the family and that my kids can learn from. This exit strategy will be beneficial to me and everyone in my family.
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?
a. My exit strategy has been a large influence on how I see the potential for this business. Because I want to keep this business in the family, I saw a lot of opportunities that my business can potentially face. As I identified opportunities in the market, I saw chances where my business could grow and develop into a mature and successful business. These opportunities have definitely influenced my growth intentions because deciding to expand globally is definitely something that I personally want to do and be there to witness when it happens.
Hey Kelly!
ReplyDeleteI agree with you on keeping the business within the family. Starting a business is a very difficult thing to do because you invest a lot of time and money and letting that go does not seem so reasonable to me especially if you see a lot of opportunities and potential and stay committed to help it grow. Great post!
Hi Kelly,
ReplyDeleteI also chose to retire and keep the business in the family. I agree as the owner you have put a lot of time and effort into building the company to its current status. As a family oriented person I would want to see my children benefit and improve the company. I also think the culture of the company would stay the same, which would benefit the employees.
Hi Kelly,
ReplyDeleteI totally understand wanting to keep the business within the family and not selling it, and I said the same for my business. Just like you, putting in a lot of work and heart into my business would make me want to keep it within the family. Great Post!