My basic exit plan would be to build up a successful company and retire gracefully after 10-15 years. I would want to expand our brand into other projects as well to position ourselves as a competitive leader in the industry. This would provide me and my loved ones with substantial comfort for the rest of our lives, and the chance for my children to learn and try their own ventures.
This plan was decided upon by our board of directors because it has the most benefits. We won't have to worry about the legal process of switching hands or for that matter have to worry about the extreme long-term longevity of our business.
It hasn't influenced anything besides how I would plan budgeting and creative concept. Budgeting would be allocated with extra concern towards quick initiation and acquisition. The future of the company is a long-term goal, but in order to get there we must look to the short-term, the here and now, the present.
Anthony-
ReplyDeleteOnce retired would you still retain control of the company just turning over the control of the day to day operations or would you sell the entire business and just be done all together? I do agree with your decision to invest in short term projects to fuel your long term growth. Great and post and good luck with your venture. You can view my post here if you would like: http://jww3.blogspot.com/2016/04/my-exit-strategy.html
Thank you and good luck in the future.
Jim
I think it is very generous of you to leave your venture to your loved ones. I elected to keep the business however, only if it is successful. If it is not successful, not only would I not want to keep it for myself, but I would not want to pass on an unsuccessful business to my family. At that point, I would elect to sell it instead. You can check out my blog here: http://abraham-khalil.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteAnthony,
ReplyDeleteNice post! We have a lot in common. Like you, I am selling my company when the profit is highest to create financial security for my future family and children. I highly doubt my children would want to live in Gainesville, so I would rather just give them the money. I like how you stay in the present, it is unique. Great job! You can check out my Exit Strategy post here: http://taylertibbits.blogspot.com/2016/04/my-exit-strategy.html
Hey Antuna,
ReplyDeleteI think your plan is great. It leaves you with a backup plan for when you want to relax in life. You can do whatever you want after, enjoy life. You have a goal in mind, and after you retire you would still gain profit from the company so that you don't have to worry about money later. Keep up the good work and I hope all goes well with your company.