1) Do you intend to sell your business in the next 5 years for a large return?
I intend on handing over the management over to another college student that wants to get involved with a food business in a college town.
Do you intend to stay with the business for several decades and retire?
No, I intend on passing it on.
Do you intend to protect the venture as a family business, and pass it down to your children?
Possibly, if the branding works, I would love to bring my family back for years and remember what I started.
2) Why have you selected this particular exit strategy?
I believe its important to be intentional and elevate other's abilities and give them opportunities to grow. Giving a young leader the ability to lead my store would help him/her learn what it takes to be successful in the real world.
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?
I think that my strategy has helped me to disconnect the ideas from my personal identity. I would not be offended if it were to change, or not succeed after I hand it over because it was not connected to my personal self. I used my ideas, but it was not named "Travis' Smoothie Stop"or something along those lines.
Hi Travis,
ReplyDeleteI think this was a good reflection and covered the questions. I wonder if you are really okay with the thought of a business you worked tirelessly to develop suddenly defaulted because of poor leadership. I know I would be upset because people are still going to associate that business with your record and evaluate your ability to choose effective leaders. Good job but dont take it so lightly. Heres a link to my blog if you get the chance.
http://oliverbranchus.blogspot.com/2016/04/my-exit-strategy.html
Travis,
ReplyDeleteI would like to first say thank you for sharing this story with everyone. You were forward and secure with your answers to the asked questions. I would have liked to have had a brief explanation for what your business is, but I realized that I didn't really incorporate that in my post either so it's ok. Interesting to see that you want to keep the business for a while and pass it on to another person eventually in order to give them experience. I put on mine that I wanted to give up my business after I made my profit. Overall, I enjoyed your post and you are welcome to take a look at my blog at: http://karinatamayo.blogspot.com/2016/04/my-exit-strategy.html
Hi Travis! I think it is a great idea for you to hand over you business to someone else with such great motives. I completely agree with you that it is important to be intentional and elevate other's abilities to give them opportunities to grow. You are benefiting both yourself and others by having this mindset. I have sort of the same mindset about my business and exit strategy as far as handing it over to someone else goes. Check mine out here http://jenniecarmody.blogspot.com/2016/04/my-exit-strategy.html
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