Thursday, July 25, 2019
Blog Post #28: Assignment 28A - Your Exit Strategy
For my exit strategy, I intend to stay with my business for as long as possible until I no longer feel a passion for the work I am doing. Once that day comes, I will sell my service for a (hopefully) large enough return so that I can retire and live comfortably for the rest of my life. I have chosen this strategy because I truly care about my business. I want it to succeed for as long as possible by having the most capable people doing their best work for it. However, if I lose my passion or for whatever reason can no longer do my best work, then it only seems fair to the company to sell it someone who can do a better job than me. I also chose this strategy because I would like to retire early and make as much money from my business as possible. With that being said, I believe that the only thing this decision has influenced about my company is that I want the best, hardest-working, most passionate employees working for me and my service.
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Hi Jack, I think you brought up a great point of losing interest in future. It is only fair to your idea to give (sell) it to someone that is ramped up to take it over. I don’t think this is a sign of weakness, I think it is a sign of strength to know when your exit is the best for the company. Unfortunately, I think many business owners feel like they are the only ones that can manage their business. A new owner can bring fresh innovation to a tiring business.
ReplyDeleteHey Jack! Great job on this post! I really respect you bringing up the point that you may not feel passion for this same line of work years down the line, but that you would obviously still want the business to successful without you. If you are not longer passionate about your business, it makes sense to pass it along to someone who is!
ReplyDeleteHey, great job on your exit strategy it was a very clear and worked properly. Your exit was my second choice, I chose to keep my business in the family due to my want of success and responsibility to be common among my kids and siblings. Selling the business is a smart strategy because you can pass down certain things to your kids.
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