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?
Hiring other managers to run the daily operations while I am away. The goal is to have a chain of locations that operate in different cities, so this will be primal in the beginning. When I am old I will just focus on maybe one main location and not worry about the others. When I am 70 I will sell everything off and be stress free.
2) Why have you selected this particular exit strategy?
I think when I am older the last thing I want to be is bored. Many people who are retired have nothing to do, and they usually develop bad habits like gambling,or drinking. If i continued working until I as 70 I would still be pursuing my passions and having a good time!
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?
Well this might slow down the process in my opinion, because I extend my deadline. When people want to build an empire and sell it they usually take about 5 years to accumulate what they need and then they retire. THey have a close deadline. If I have a 50 year deadline, work will get done slower, that is nature of it. But I will probably have more fun!
Hi Stephen,
ReplyDeleteWish I knew what your venture was! Oh well though, good post. Seems like you're in the long haul with this idea, which is pretty unusual because it seems like most people want a get rich quick kind of a business. If you plan on keeping your business for 50 years that is definitely different than most people. If you want to check out my exit strategy, here's the link: http://cassandrathe.blogspot.com/2016/04/my-exit-strategy.html
Stephen, awesome post. I really like the attitude you have about the future of your business. I also like how you plan to hire reliable managers to take care of your business in other areas, and you can just focus on one branch. I think it would be incredibly smart to sell off the business when you're older so you can retire comfortably and live out the rest of your life knowing that you worked very hard. In business, it can be difficult to know when to sell or stick around, but it seems like you have an understanding of what would be best for you. Feel free to check out my post here,http://jessjohns1.blogspot.com/2016/04/my-exit-strategy.html
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