1) My exit strategy plan for the company is to stay with the business for serval decades and then pass it down to my children. To ensure this strategy can work for the long-term my company will remain innovative and take creative risks.
2) The reason I chose this strategy is because I feel like my company has long-term potential and I do not want to pick a strategy to sell my business early. Furthermore, I believe if I protect the venture and pass it down to my kids they can preserve the mission and values of the company which is to make affordable sanitation products so we can all live in a healthy society.
3) My exit strategy shows that I am willing to take risks with my business to ensure that it remains successful. This has influenced opportunities that I have identified with my business such as scented hand sanitizers for my customers. Since I believe in taking risks it has influenced my growth intentions because and how I plan to acquire and use resources. I want my business to expand so I am planning to acquiring suppliers for ingredients and a small gas station to launch the pilot product.
Nothing better than keeping it between the family. One recommendation I would give you is to ask your children if this is what they want to actually do with their lives. Remember this might be your dream/goal but not someone else forcefully.
ReplyDeleteKyle,
ReplyDeleteIt seem as if you have a solid plan and that your business will be one of a long term future more than a short term plan. It's also good to see that you plan to keep your business within the family for future generations to run. Overall a good exit plan and thank you for sharing your thoughts!
Hey Kyle I like your exit strategy. I agree with you in that you want to keep your business as a family business and possibly pass it down to your children. Since my grandfather started our family business I have always been for working for the family if that was something I wanted to do. Your business idea definitely has potential to be successful for a long time.
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