I have chose this strategy because I believe this is a positive and more successful way to keep a business going. If you pass down the reigns to a family member, the company will stay in tact the way you planned for years and years. For example, if a company is successful enough to stay a float for years to pass down through the family, then the company had to be ran right. If you all it and let somebody else take over, then they might run the company into the ground because they don't know how to successfully run this type of company. With the experience inside the family, the company has a better opportunity to be successful.
The exit strategy has influenced other decision in a couple of different ways because it has always been my dream to pass my company down throughout the family. One way it has influenced it is by the decision I made earlier in the semester to interview my grandpa which is a successful business owner. I interviewed him because he is a successful business man no has passed his business down throughout the family. He told me successful ways to do so and good strategies that would help my business. Another decision my exit strategy has influenced is the decision I made to expand my business throughout the whole state of Florida then even expand to states such as Texas and Georgia. I made this decision so a family member can run the company from those states at a later time. The expansion of my business is what will keep my business growing so I have available spots to train my family to run the company.
I enjoyed your post a lot. I also decided that I would stay with my business and pass it down to my family. I believe that interviewing your grandfather was a very smart thing to do, since you do plan to keep your business in the family. Also, businesses that have been family owned for many years usually do seem to last, and it is a great way to teach your children about entrepreneurship. It seems to me that expanding your business is a good idea, and it will help you to keep it going longer. Overall, I think this was a great post, and it makes sense why your decisions were influenced by this exit strategy. Check out my blog at http://luissoto93.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHi Zachrey,
ReplyDeleteAlthough we had differing exit strategies, I think yours is much more admirable. I chose to sell my business, so that I could reap the rewards. Our biggest difference however is your business is much less specific than mine, where mine needs a great deal of engineering knowledge just to be able to understand how the business works, and I would not want my family feeling like they have to do that. Overall I think your plan to provide for your family is very cool and I wish I could do the same. Please check out my post at http://jdasher.blogspot.com/2016/04/my-exit-strategy-week-13.html
I want to share a testimony on how Le_Meridian funding service helped me with loan of 2,000,000.00 USD to finance my marijuana farm project , I'm very grateful and i promised to share this legit funding company to anyone looking for way to expand his or her business project.the company is funding company. Anyone seeking for finance support should contact them on lfdsloans@outlook.com Or lfdsloans@lemeridianfds.com Mr Benjamin is also on whatsapp 1-989-394-3740 to make things easy for any applicant.
ReplyDelete