My first
exit strategy would be to leave my business to protect the venture as
a family business, and pass it down to my children. However, this may
not always be an option. As, children can often choose to peruse
their own interests that do not include my current business. In that
case I would choose to stay with with the business until I retired.
At that point I would have decide if the business was suitable for
sale, or to be dissolved.
I have
chosen this exit strategy because I believe that it would provide the
best result deepening on the circumstances that exist at the time
that I choose to cease being involved in the business.
I do not
believe that my exit strategy would have a negative impact on the
planning for the business for the future. Regardless of the direction
that would be chosen to exit the business, I would continue to grow
the business, look for new opportunities wherever they can be found
and would continue to grow the business using resources to acquire
more resources. Therefore, it would not matter which direction I went
at my exit. If I passed the business to family the business would be
in a good position to continue in a positive direction. Should I be
in a position to dispose of the business, it should be in a good
position to be sold as opposed to liquidation.

I too came to the initial concept of passing it on to family. I thought about the same issues, kids not caring the way you do. I think if you instill that family legacy from childhood, you can see which children value the meaning behind the business. Wouldn't it be great to see three generations take on a care for something you've built from nothing?
ReplyDeleteIf you have time, I always appreciate feedback
http://jamiecgarcia.blogspot.com/2016/04/my-exit-strategy.html
I think it was smart that you discussed your idea of passing it down to your family, but saw the flaws in that plan. I believe that by maintaining the company in your hands, you can do the best possible work for the company. If future generations want to join, the spot is always there. Check out my exit strategy blog post http://ent3003tb.blogspot.com/2016/03/my-exit-strategy.html
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