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?
In the next 5 years I wouldn’t plan on selling my business as I enjoy this line of work. I would most likely keep it, assuming it is profitable still down the road, until I decide to retire. I wouldn’t keep it as a family business as I’d want my kids to choose their own future and not feel pressured into a specific line of work.
Matt,
ReplyDeleteThank you for your post. I understand why you would want to keep this business as you would be putting a tremendous amount of effort into it to make it profitable in the future. However, would you ever consider selling your business at all? I understand that this question may be hard to answer at first if you r attached to your idea as you are.
Matt, it was cool to see the attachment you have to your business idea while reading your post. I also thought it was respectable how you would not want your kids to take over the business so they can pursue their own passions. I think that is very important for people who own their own business. Good job on the post and best of luck with the conclusion of the course.
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