The exit strategy I plan to take in the case of my venture is to make it a family business for my children one day. I think this is a good idea because even if they are not interested in the construction field, the venture of a parking garage is simple and low maintenance. Therefore, it could act as a property they own and an additional source of profit. Of course, they would have to have management still running the day-to-day activities, and they themselves would also have to be involved to an extent. However, in the case that that is not something they would be interested in, I plan to keep the business until they are old enough to make such a decision. If they decide against it, I would sell to someone who has good intentions for the business I would have created.
2. I have selected this particular strategy because it is versatile in case that things do not go as planned. I would love my family to take the business, but if they do not, I need to have a "plan B" such as selling it.
3. My exit strategy has influenced decisions I have made in my concept such as the quality of my work. I want my business' name to be recognized for its reliability in products, services, and experience. I want my family to inherit a business that they are proud of because it helps people in their own businesses as well. This makes me strive toward perfecting our customer service and management teams within the firm.
Hi Nicole, I think it's very nice that you want to make your venture into a family business. A lot of the time the most successful businesses started out family owned. I also agree with you that your exit strategy is versatile because if you have a big family, there will be a lot of room for good ideas and more growth within the company.
ReplyDeleteHere is a link to my exit strategy: http://entbyjts.blogspot.com/2016/04/my-exit-strategy.html
Hi Nicole,
ReplyDeleteFirst off, I really like the layout of your blog. Very neat. Secondly, I just got through reading about someone else who would like a parking garage! Like you, they wanted to keep it in the family. As I told her, I think this is a great idea for this kind of a business venture. It's low maintenance and if you have a good manager, you have very little work on your hands.
My business relates to fashion and so I opted to sell my business instead. I feel as if that's probably a better way for me to go.
I wasn't able to do this assignment myself but a great post nonetheless! Very thorough.
Nicole - Love your blog. Can tell you've spent a lot of time designing and making it fit your personality.
ReplyDeleteThanks for the great write up. I've read a couple other posts and they don't go into half the detail you went into.. so keep it up.
Looking forward to seeing how you and your company progress thoughout the rest of the semester. Good luck!
Preston
http://prestonkirkpatrick.blogspot.com/2016/04/exit-strategy.html
Yesss!! Parking garages are great investments. They often require low maintenance and if you find the right growing city then there will always be demand. I also like how you choose to leave the company and investments in your families hands. The family is usually the group that knows you best. They for the most part will take into consideration what you would have wanted for the company. It sounds liek your plan for retirement is very similiar to mine. I wish you the best of luck with your venture!
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