I don't have a specific exit strategy for a few reasons. However, I think the most likely route would be to not sell it, and own it and run it for decades to come - that is, if I enjoy it. Right now, it seems like something I would enjoy for years but if I ever got bored with it or hated it, I definitely would sell my business. I would love for it to be a family venture, but I would never want my kids to feel like they had to own the company afterwards because it may not be their passion.
I have picked this sort of unknown exit strategy because I don't want to have any types of preconceived expectations for the company. I am naturally a go with the flow type of person, and I don't want to be tied down to something just because I feel like I have to, nor would I want my kids to feel that way.
I see myself currently being super passionate about this business, and as long as their is passion there than I will keep it going. If there isn't, then I sell it.
I can understand why you would decide to sit on the fence for your exit strategy. I think this type of plan definitely matches your type of business venture. It's great to have this flexibility if you decide to do something else. I also respect the fact that you would allow your children to make their own choices about their careers.
ReplyDeleteHi Katie,
ReplyDeleteI definitely understand why you may be unsure about your exit strategy right now. I am a very "play it by ear" person and I feel like we should just go with the flow. I felt the same way when deciding what to do with my business. It would be nice to turn into a family venture, but if the time came to sell it then I wouldn't be opposed to that either.
It totally makes sense why you wouldn’t want to plan something so far in the future. Things change all the time and you never know what’s going to happen. You might not have the same passionate feeling about your company in a decade, but there’s also a chance that passion could grow. I think you should trust your instincts and go with the flow if that’s what works for you!
ReplyDeleteHey Katie,
ReplyDeleteThis is not a bad thing that you dont fully know what to do in the future. It is never a bad thing being on the fence about it. You should always go with your gut.