28A – Your Exit Strategy




  • 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?
    • Depends, I’m not one to plan far into the future (see failure post “go with ebb and flow”) so I cannot definitively state what I would do down the line with my company. It would really depend on if it’s still making consistent revenue or if we’ve hit a plateau. Definitely not a family business, not planning on children plus everyone can make their own way, I’ll sell to you though ;) 
  •  Why have you selected this particular exit strategy? 
    •  Because I really don’t plan for the future and I don’t want children. I'm going to try to get through college first. 
  •  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? 
    •  Oh for sure, family business can turn ugly in an instant. We’ve had family businesses fall victim to favoritism, embezzlement, nepotism. Plus, my personal afflatus would have to be for social change and reformation to how we treat health concerns. 

Comments

  1. Adi MaimonApril 14, 2019 at 3:39 PM

    Hi Caroline!
    I like the way that you think! Taking everything as a day by day thing can really be beneficial in a business sense because it allows to not have to stress about the future and how things will pan out. Focusing on the now is important instead of stressing out about what will come. I do think though that some things must be thought about beforehand, obviously this not being the case.

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  2. Zack BelusicApril 15, 2019 at 7:27 PM

    Hi Caroline,
    I really appreciate your brutal honesty with this post. It's good that you admit you don't know what your plans are for the future, getting too much in your own head about the future can be detrimental to a business, and just going with the flow will allow for better decision making and less distress if you encounter failure. I can tell you don't want to put all your eggs in one basket here, and that's great as an entrepreneur to do because you always have to be on your feet and ready to move on to greener pastures if necessary.

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  3. Aliana ChuApril 15, 2019 at 8:02 PM

    Hey, good thinking for the future when you considered how family businesses can always fall victim to lots of stuff that can break up bonds and show the darker greedy side of humanity. Especially if its a business you loved and nurtured only to have it be torn apart when your old by people you know and love. I'm also a go with the flow kinda person but I still like to have a plan B so I don't have to worry about everything blowing up in my face randomly one day.

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