Thursday, July 30, 2020

28A- Your Exit Strategy

1) I want to stay with my business for as long as possible. I feel like I will fall in love with it and be very passionate to make sure it keeps running. Ideally, I will have kids one day and they will want to take over the business to make sure it keeps running. I think it would be so cool to keep a business in the family that stays for generations. I would hope that my kids would want to take over it and would have the same passion for the business as me.

2) I picked this strategy because I would love to take over my family's business if we had one. I also think it would be nice to have a steady secure job set up for my kids if they ended up wanting to take over the family business. They would grow up around it and learn all the little details that keep the business running and successful.

3) I think I have always known this decision in my head and seeing how memorable a company stays when it is passed down through the family. I want to keep the place homey and comfortable where you would want to bring your family to hang out. I don't think this decision has influenced any of my ideas while forming this opportunity. It may later in the following years affect some of the decisions I make regarding keeping the business running. 

2 comments:

  1. Kendall, I would also like to stay with my business because it would be too hard to part ways with something that I built from the ground up. I would love to see my kids take over one day and maintain the business in our family as well. I think we have similar visions and styles of doing business. Great job!

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  2. Hi Kendall,
    Family business can be successful. I often think I might like to work for my family’s business if they had one as well. The job security would reduce the anxiety I have around looking for a job and career. If one day you are ready to pass your business off to your children but they wish to pursue different career choices, would you feel comfortable selling the business to someone else?

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