| sjr4x4 : Administrator 29th April 2012 9:01 PM |
Not always that simple, I'll update the thread in 20 years and let you know if the next generation are interested
No doubt my mate with the haulage firm was hoping the same 20 years ago
Exit Strategy - do you have one?Not always that simple, I'll update the thread in 20 years and let you know if the next generation are interested No doubt my mate with the haulage firm was hoping the same 20 years ago
I think it's an issue that a lot of people leave "until later" to think about. It's definitely something worth considering in advance and if you have good clear historical records etc then I guess it would be easier to sell your business in the future. Passing on your business is good for some but a lot of people may not be in the position to have somebody suitable to hand over the reigns to. Forward planning always a good idea! Azolla
“So you launched your business, grafted night and day, year after year and you now have a healthy viable company. So whats next? Do you have a master plan to build your business up and get bought out by a big fish, or do you keep running it until you retire then look at selling up? Maybe you hope one of your offspring will take over the reigns? Does anyone have a planned exit strategy they want to share, or is it something you haven't even considered with the day to day stress of running a business?” The last line of your comment is something I could surely connect well to.  The sort of packed schedules we have doesn't let us think of anything else but work. But I also suggest the younger generation taking up responsibilities because their ideas could could be more innovative and effective too. Don't you think?Nathaniel
I still have a long way to go, but when my business will succeed I will grow it bigger and when the time is right I will hire a manager to take over my duties so I can enjoy time with my family. Jerry Amazing Gift Boxes
“I still have a long way to go, but when my business will succeed I will grow it bigger and when the time is right I will hire a manager to take over my duties so I can enjoy time with my family. Jerry” Optimism and positive thought, keep that going, even through the dark times and you'll have no worries
Your exit strategy is also really important if you are looking to raise capital from investors as they will be looking to know when they can see a return on their money!!! enterprisepe
“Your exit strategy is also really important if you are looking to raise capital from investors as they will be looking to know when they can see a return on their money!!!” Very interesting, I bet not many VC's would invest in a company that didn't have a clearly defined strategy, which would include an exit point. Good food for thought if you are looking for investment for rapid growth, that could then make you more attractive to purchase by a bigger fish...
My business is still relatively new, so I haven't really given this much thought these days. Hopefully my business gets to flourish in the years to come. When I retire, I will probably hand it down to the next generation. I just hope the next generation does not create family feuds all because of the business and the money. Money can easily ruin relationships, even families. amygarside
In a perfect world, my son will first work with me and then take over. I've just thought about that statement; on reflection, in a perfect world my son will become a doctor. Harry Robins
I would not bet on simply passing down to a next generation as this depends so much on the recipients own wishes - it really is a good idea to have an exit plan - and with any luck a sale or disposal could set you up in a nice position to retire! enterprisepe |
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