My plan for Mom-Mobile is to cultivate and grow the business as much as I can. I would retire and pass the business to my daughter if she chose to do this. I think this is the most fitting since I would be creating this business to benefit her and other children and families in our position.
It is my belief that the exit strategy should be in place from the beginning so that you will know the direction in which you want to take your business when an opportunity presents itself. Any decisions that I make either in the beginning of the process or during the lifetime of the business will be made in the best interest of the business and my daughter. I would like for her to have a successful business to work at while going through school and a place that she can one day own and manage. I am almost certain that as she gets older, different opportunities will present themselves, perhaps ones that I have not even thought of, that I may incorporate into my line of services. Having a business goal for her helps me to set, maintain and achieve goals for myself and the success of Mom-Mobile.
As a parent, I have found that it is always important to have a back up plan in place. If this business is not something that my daughter would like to acquire, then I would sell the business once it was time for me to retire. I would try to find the right fit for the company, someone who cares about the community and families as much as I do and hopefully sell for a large return.
Hi Carolyn,I think that your exit strategy is nice and accurate. I agree with you about having your exit strategy from the beginning. Nevertheless, it is not always the common thing to do and often, people planned an exist strategy which is not the one they end up applying. I am glad to hear that you have a motivation and a purpose for your life and business. Definitely, in my opinion, someone who cares will take good care of the business.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteI think this is a great exit strategy and is very similar to what I chose. I think it is important to build your business for the future. You are creating it now but you have to be prepared for the innovation that is to come. Also keeping your family in mind is very important as well. Great job!
ReplyDeleteWith you being a parent, that obviously has to have some serious weight on how you prepared your exit strategy. For a single person or someone without kids, retiring or selling the business is something just to save yourself time or money. Creating a business when you have a family means helping provide for their future. That's a perspective I didn't realize until I read this post.
ReplyDeleteCarolyn,
ReplyDeleteI think it is great that you want to grow your business till you retire. I also think that it is great that you want to pass the business on to your daughter. My father has a family business that he wants to pass to me and my brother and it is great being a part of a family business. Good luck.