As I go through my journey I will have a team of people who are directly and indirectly involved in my business. I don’t want to keep my business in the family because the point of my business is not only to make a profit, but to truly impact the sports world. So unless my future kids have the same passions and purpose as I do, I will not be keeping the business in the family. Through the years I will be growing my business, and as I get older I will be identifying who’s hands my business belongs in to continue taking it to the next level and impacting people. Now for those who think it’s wrong to not keep it in the family, this business is not going to be my only business venture, and I will have plenty to pass down to my future kids. So, I do plan to work the business for some decades, and then eventually hand it off to someone who I believe is committed to continuing the journey.
I selected this exit strategy because I don’t want this to die when I die. I want someone to take it over who is capable of continuing on the legacy I will create.
My exit strategy has not had any influence on any of my plans, mostly because for some reason I have thought very little about an exit strategy. However, it didn’t take me any time to know exactly how I will exit down the line.
Hi Vanasia,
ReplyDeleteI think your exit strategy is excellent. You are truthful about your plan for the future of the business. Your idea is great, and trusting your venture with family might not always be the best idea. You have tons of time to see if an employee steps up or time to interview qualified candidates when the time comes!
Vanasia,
ReplyDeleteI think your exit strategy is perfect for what you want with your company. I think it says a lot about the impact you want to make by not turning it into a family business. The great thing about networking is meeting people with the same passion as you. You could meet someone down the line who impacts your company significantly and will help you going forward.