While I would love to pass this business down to my kids, and then my grandkids, I do not believe that is the most effective strategy. I imagine that this need will decrease in the years to come as new, innovative technology is created. Thus, I will hold the business for probably about a decade and then sell the business while it is still profitable. This will allow me to gain final profits from the business before handing it off. I believe this has influenced how I have designed this service and business. While I want the business to grow and be attractive to potential buyers, I do not want to put too much of my resources into knowing that it will be sold eventually. I believe this need is something that needs to be addressed as soon as possible, but this need will not be everlasting.
Hi Julianna,
ReplyDeleteI find it so interesting that you would not pass the business down in your family. Your reasoning makes sense, you would not want to pass down a business that would crumble, but at the same time, in the future you never know if your concept will be an industry leader that can't be topped. It is a bold decision to sell it, but also an excellent strategy.
Hello Juliana,
ReplyDeleteYour reason for not wanted to pass down the business to your kids is logical. technology is getting better and better as the time goes and eventually the technology we have now will be old and useless. Selling the company before this happens would be the best option for you to get the most out of your business.
Hey Julianna,
ReplyDeleteI feel like a ton of entrepreneurs keep their businesses in hopes of it staying in the family for generations. I understand how this would not be the most effective strategy. I also didn't see myself holding my business for a long time.
Julianna,
ReplyDeleteI have almost the exact same exit strategy. Although it wasn't the intention while searching for an opportunity, I'm sure that because I planned to sell the business, it influenced my decision by making me look for businesses that could be sold for a profit. I can certainly see your business being sold in the future. It's a great concept with a ridiculous amount of potential and doesn't seem like a "family business".