1) In my future I would see my self continuing the business for as long as possible. Maybe when I retire I would allow my children to decide if they wanted to take over the business or choose their own career path. If they don't want to take over the business, I would most likely sell the facility.
2) I chose this strategy as I think that starting a business takes a good amount of work, and it would be hard to start all over again once the business is stable. I wouldn't want to take another risk and start something new. I wouldn't want to sell it in case it in case my children would want it, but would not force them to take over.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I think that my business will always be needed, as people will work and travel and need pet care. I think that staying open and actually going through with my venture by opening more locations would only be done by myself and so I would choose to keep the business for as long as possible. I think running the business myself with not allow the standards and customer service to fall.
Hi Caroline,
ReplyDeleteI agree with you that staying with your business as long as you can would be the best idea for your particular situation. It does take so much to start a business that it would be pointless to just sell your business once it is stable, especially since your business would be more of a local business at first. I also feel like your business has so much potential for growth.
Hey Caroline,
ReplyDeleteI think it's very considerate of you to think that your children may not even want your business. I think a lot of entrepreneurial parents want their children to go into the same industry as they did, but sometimes that's more harm than good. Your children would need to be experts in that industry, so if they're just not interested the result could be terrible. This being said, i think you've a very solid exit strategy, keep being dynamic though, You'll do great.
Hi!
ReplyDeleteI 100% agree with your first step of your strategy! That's very similar to what I put. I believe that my kids should take whatever steps they want and do whatever they want in life. I also think that no matter what this business will always be needed, as people will always want to take care of their pets. Overall, your exit strategy is great and very detailed!