Friday, April 12, 2019
EXIT STRATEGY
All good things must come to an end so it seems, and therefore I have begun my plans to develop a proper exit strategy from the business and pay for a vacation in the Philippines. I'm betting on selling my business out within the next 5 years. From a realistic point of view, it's not gonna work out and we all gotta get ready to jump ship. My plan is to sell it to a property realtor or even wait until a new Starbucks comes to town and sell it then. Or if it goes well, more so than expected, then I'd gladly give the company over to someone more ready for the position. I've decided it's best this way because honestly I wouldn't give the burden of owning a business on my children, and I'd like to get on with my life now. I think this plan will now affect my major decisions instead of having always been. Now every plan is made with a more immediate risk in mind, and therefore we have just widened our profit margin by a great deal.
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I like your exit strategy, and interestingly, you even decided where you want to have a vacation! I also think about giving my business to someone I trust, but if my business is very successful, I will hope to give it to my children because they can alleviate a lot of burdens.
ReplyDeleteThis was my thoughts on an exit strategy as well. Even if our ventures become wildly successful, yeah right, selling them once they're doing well and people want to buy sounds ideal. Reap the benefits and relieve some of the stress of owning a business!
ReplyDeleteI may see a realtor being interested in your company, though I think a HOA or city would have more funding available to actually buy your company. You mention that you would be willing to give the company over to someone that's ready. Why would you give your company away when you could simply hire a manager and take a percentage of the profits for virtually no work?
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