28A - Your Exit Strategy


1.     Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I would not sell my business in the next five years for a large return. I would rather try to allow the business to mature and grow in order for it to last for a long time. I do not think that business is 100% about profit, but also having a meaningful cause behind it. Ideally, when I retire, I would like to protect the business as something that would be a family business, passed down through generations.
2.     Why have you selected this particular exit strategy?
I have selected this particular exit strategy because making a business a family matter allows the business to develop and maintain stability, commitment, accountability, and flexibility. Long-term commitment leads to many benefits, such as an understanding of the industry and stronger customer relationships. In addition, having a family business allows us to have a clearer long-term outlook on the future.
3.     How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
My exit strategy has not particularly influenced how I identified the opportunity that I found. However, it has influenced my growth intentions and how I plan to acquire and use resources. Many of the resources would come from a very close network of people, whom I trust deeply. My exit strategy of keeping the business intact for an extensive amount of time coincides with my intention of passing it down through the family.


Comments

  1. Haonan WangNovember 25, 2019 at 1:20 AM

    Nicolette,
    I agree with you that businesses should not only care about profits. I believe that a company also has to know their mission and how they are helping society in a way. I agree that there are many benefits by protecting the business as a family-owned business. However, I think if a company can develop into a corporate can better benefit society as a whole.

    ReplyDelete
  2. Minseok MunNovember 25, 2019 at 2:03 AM

    Nicolette,
    I was interested by your point that a business is not always about making profit. I personally believe that a company (non-socially responsible/not non-profit) should always make it the first priority to make a profitable business. Otherwise, all causes of the company will be lost anyway. However, looking at your decision to exit by protecting the venture as a family business could perhaps change the perspective of what it means to become a company and what it means to the community surrounding it.

    ReplyDelete

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