1. My exit strategy would be to eventually give the business to my children and continue the legacy. If they do not have an interest in taking over the business, I would find someone to sell the business to.
2. I have thought about this question long before I took this class and one thing that I have learned from one of the companies that I work with is to build a legacy that you can pass down to your children. I want to build something that I can hand down to my kids one day and let them continue the legacy that I have started so that they can leave their mark as well. But if they had no interest in taking over, I would sell the business to someone else.
3. I honestly don't think my exit strategy has influenced any of my decisions. I have known for a while now that if I were to build a business that has thrived over the years that I would want my kids to take over once my time was done.
I agree completely that one should build a legacy which can be passed down to the next generation. I think you exit strategy will be very successful and it resembles mine in many ways. Good job with this post. Here is mine http://cristalsicard.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteDear Brandon,
ReplyDeleteIt is quite noble to build value through a business and then hope that your children will carry on the good work for future generations. You state that your exit strategy has not influenced your business decisions but how will you communicate this to your children increasing the chance that they will want to take over from you? Take a look at my exit strategy at http://taleemreflections.blogspot.com/2016/04/my-exit-strategy.html. Thanks.
Farrukh
Hey Brandon, my exit strategy also did not influence my decisions but rather than continuing the business until I am retired, I would like to sell the business in 5 years or so. I find it admirable that you would like to give the business to your kids if they were interested and I could see myself doing something similar if I had an idea I was really passionate about. If you want to check out my post visit http://ariannaschmid.blogspot.com/2016/04/my-exit-strategy.html
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