Your Exit Strategy
I don’t think I would sell the business in the next 5 years. I intend to keep the business but maybe if we are successful enough I will have people to keep the business going for me and I don’t always have to be around. It would give me a chance to do other things I might want to pursue. I do think that it would be nice to see the venture be passed down to my children. I think they may even have more or better ideas that could make the venture boom.
I chose this exit strategy because I would hate to see something that I create turn into something that I don’t believe in. I want the values of the company to stay aligned with the original vision I had for it. I personally have worked for a small business and have seen it start out great and after being taken over by someone else who didn’t have the same vision as the original owner, it lost a lot of the loyal clients. That is not what I want. I also think that leaving it to my children would give them an idea of what it is like to run their own business and might give them the idea to start their own, should they choose to. Even if my children don’t want to run the business I would still try to keep it in the family.
I think that my strategy is very family oriented. And I think that it does influence other decisions I have made with my concept. My venture is all about keeping children safe. It has influenced my growth because I think that future products will revolve around how I can make other safe products.
I chose this exit strategy because I would hate to see something that I create turn into something that I don’t believe in. I want the values of the company to stay aligned with the original vision I had for it. I personally have worked for a small business and have seen it start out great and after being taken over by someone else who didn’t have the same vision as the original owner, it lost a lot of the loyal clients. That is not what I want. I also think that leaving it to my children would give them an idea of what it is like to run their own business and might give them the idea to start their own, should they choose to. Even if my children don’t want to run the business I would still try to keep it in the family.
I think that my strategy is very family oriented. And I think that it does influence other decisions I have made with my concept. My venture is all about keeping children safe. It has influenced my growth because I think that future products will revolve around how I can make other safe products.
Eliana,
ReplyDeleteI really admire your exit strategy. I feel your product concept is very lucrative and has a lot of potential to blossom into a full line of products which will enable you to stay relevant and continue your venture. I know first hand how family-oriented businesses can be as I currently work for my grandmothers company and have worked for my dad for years as well. There is a lot of pride in building a business that will eventually be taken over by your own children in the future. There is no one else that you feel you can trust with your concept than your own family. I feel that will be the best way to ensure that your original endeavor stays in line with how your business eventually grows.
Eliana,
ReplyDeleteYour exit strategy is really cool because you do it for all the right reasons. Your post was actually somewhat eye-opening for me. I've never worked for a small business, but I can imagine how great the company culture is when all of the employees are united under the founder's vision. I can also imagine how that can all change once leadership swaps hands to someone who has different incentives. Additionally, I've always known that owners of businesses typically like to hand down their companies to their children, but I never understood why. But from reading your post as well as Shannon's comment above, its apparent to me now that it all has to do with ensuring the continuation of the company's vision.