Assignment 28A - Exit Strategy
Assignment 28A - Exit Strategy
In five years
I believe the best strategy for myself would be to sell the company in order to
seek out other adventures. Growing up I have always been the kind of person who
likes to stick with something for a while to watch it grow and blossom, but
then once it blossoms I like to pass it off and go out and find a different
garden. I think that those who stick with a business for a very long time can
eventually become very complacent in their actions, meaning that their business
is already succeeding what is another one percent growth. I am this exact kind
of person. I allow complacency to stop me from pushing myself to grow and
succeed more. This exact personality trait is why I would sell my business
after five years if it was in good standing. I would never sell it if it was
not already thriving because I would not just put my mess onto somebody else. I
would consider alternatively consider protecting the business and passing it to
a loved-one like my niece or nephew. However, that would require them having
their own level of personal growth which I do not really see happening in the
next five years.
This decision
does not really influence a lot of decisions I have made surrounding the
overall business model mostly because I will not really know when that level of
compliancy hits me. I will not truly recongize when it is time for me to step
down and start venturing out into other markets until I hit a wall. Therefore,
all of my decisions currently have been in the hopes that the business will
blossom and will afford me the chance to venture off. The only way it affects
how I carry myself is that I am even more dedicated to making sure it is able
to take off and thrive.
I also chose to depart after five years. I think that as you said, many long-term owners tend to become complacent and that leads to a long, slow demise. Innovation and fresh ideas are key to success and regardless of how much one thinks he or she will continue to strive for that, a certain level of stagnation is almost certainly guaranteed.
ReplyDeleteHey CJ, I too said that I would depart from the company and try to sell it off. I think it's good to seek new adventures and not to become too involved on one thing. It's important to have your hand in multiple different baskets so you can fall back to something if one of the basket's don't end up working out. Good post, I feel like you hit all of the points pretty well.
ReplyDeleteCharles, it seems like it is the trend to sell their business after a few years. It was very thoughtful that you were considerate when selling though. When you mentioned that you would only sell your business if it was in good standing shows that you care for your clients and those who you partner with. It's refreshing to see people care for other's well-being and success rather than for just their own. Great post!
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