If my business is in full operation and successful after its implementation, I intend to continue the business. However, I will pass down ownership to another employee and team of management. I do not see this business being pass down to a family member of mine in the future. It is the type of business that no one in my family would be interested in working for. I will stay with this business for a few years and ultimately give someone else the opportunity to own it.
I have made this exit strategy decision because I do not see a long term relationship with this business. A business such as this one does not have hold any interest to me in pursuing continuously. My ideal business does not lie in a consulting firm, but in sports. I am an avid sports fan and will pursue a long term career in the world of sport. This business will be temporarily a place of work for myself as I gain more experience in working.
This business has been essential in starting a company from a given opportunity and proceeding with it. It is a great learning tool and experience and provides the basic training and development of creating a business to satisfy customers' needs and wants. I feel like I have become an entrepreneur just because of this business concept. It may or may not be successful, but it has provided me with the basic fundamentals of entrepreneurship.
Hello Brent,
ReplyDeleteI really enjoyed reading about your exit strategy and think that you have done a great job defining it. I am honestly impressed by your exit strategy of staying in business for a few years and then passing it on. I can appreciate this fact because it shows you know exactly what you want from your business idea and are not doing simply for the money. Great work bro!
Hey Brent,
ReplyDeleteI believe you have a solid plan set up in place for what you wish to see with your business. If it is truly not your passion then there is no reason to pursue it. I believe you would find great amount of satisfaction from seeing someone else use the foundations you started and continue to create a great business atmosphere.
I think your decision is the best for your situation. Not all businesses are supposed to be heirlooms. Sometimes they are meant to be a generational thing. Also, if you aren't passionate about it anymore and neither is any of your family, find an employee that loves it and that you trust and give it to them. I think that is the best way to go about it, while still exiting yourself.
ReplyDeleteHello Brent,
ReplyDeleteI think you did a great job on this blog post. Knowing if a business you have an idea of is not a long term plan is very valuable. This knowledge will allow you be extremely objective when making decisions for the business and will help the business succeed. Again, great job on this and keep up the good work!
Hey Brent,
ReplyDeleteI think you did a great job with your exit strategy. I think you have great vision, and it takes a lot of maturity to decided early on that this business is not meant to be passed down to family but rather to management or an employee. I also think it is smart to know ahead of time what your relationship to the business will be, whether short or long term. Overall, good job and solid exit plan!