I do not tend to sell my business within five years because most likely my business will not be big yet. It is still growing and not at the point where I want to be in. I also do not plan to retire at my business because I want to try something new in life and see how I can manage my new investment. I want to find out how better I gotten with all the information and experience I have gotten and compare it to my new investment. Of course I would love to pass down the torch to my family to keep the legacy going but that's up to them. I can't really force them too. I want to do in life is teach others how to be successful. I want to see others be successful as myself. That's what makes me happy knowing that I was to help others.
As you can see I didn't really choose an exit strategy, I just answer all the questions given to me. But my true exit strategy is to help, that's all and of course try something new but mainly help. Help people become successful like myself and give back as well. Good things come to those help others in life.
I think my exit strategy has influenced my other decisions in my concept because you always have to stay a step ahead of the game. As you an entrepreneur you always have to think about what's next and how it can benefit you. If you know that you're going to leave then don't think about it to much. Just keep doing what you're doing and ask yourself how you can leave a mark so that others can remember you!
Hi Hugo,
ReplyDeleteI believe your choice is really smart, the majority of businesses do not show their best profits in the first five years of operations, so you have a really good point on wanting to make it a family business and taking a long-run choice in terms of managing your business and leaving something for the generations coming after you.
Great Post, I see you are very passionate about your idea. Even though it is a good idea and worth pursuing, I could see a few minor adjustments in it. I would secure funds for you to live comfortably after everything is over, other than that, good stuff.
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