28A: My Exit Strategy
My Exit Strategy
- The Plan:
- My current exit strategy to vacate my business is to sell over control of the company to either a different nursing home conglomerate to ensure employee's have a safety net underneath them, or possibly give my position in the company over to someone from within as a promotion, but also ensuring the responsibility to share holders isn't lost on them or my replacement.
- Reasoning:
- My current reasoning for either of my exit plans is simply that I have no personal passion for what it is that my business does; it merely exists as a result of a problem I identified and as a solution in a market where there is very few. By selling the company to another firm I can ensure that the business will continue to be operational in a similar capacity despite the inherent loss of my personal touches and new policy/ legality, but also to ensure that it has some kind of foreseeable future.
- Influence:
- My possible exit strategies have influenced quite a bit of how I conducted both my business and my opportunity. The goals and expectations I have for my life is not to be an operational manager/owner of a healthcare facility, but to work towards the conduits of life I have passion in, like engineering. Having a way to exit from this opportunity unscathed was a deciding factor in what I choose to do as well as how I would execute it.
I can understand why you chose this exit strategy instead on passing it along to future children or a close employee. My product is the same where it was just a problem that was identified and there aren't any connections between me and the product. As long as it can still be operated and thriving, that's really all that matters.
ReplyDeleteI think it can be a problem if you lack a personal passion for your business. People typically are entrepreneurs to be their own bosses and to find solutions that matter to them. While this might be alright for you in the short-term, it definitely shouldn't be your long-term business.
ReplyDeleteI can see your strategy being realistic because sometimes the responsibility can be too great for one person to bear. Although you don’t really mention when you will exit and if you plan on doing when the business is fully operational I suppose it is to be expected since in the post you said its something you aren’t very passionate about, but hopefully in the future you’ll find an opportunity you are passionate about.
ReplyDeleteYou definitely have a realistic exit strategy. However, I advise that if you are not passionate about your business, it is probably not the best idea to follow through with it. At some level, all entrepreneurs have a passion for the business that they establish, and this is what gives them the driving motivation to succeed. Selling your business definitely will turn a nice profit, and I think that your exit strategy is well thought out.
ReplyDeleteYour exit strategy seems appropriate given your stated lack of passion in the area. It would be very difficult to stay in an industry where you don't have a lot of drive to keep doing what you're doing, and I think it's an important thing to think about for every entrepreneur. By selling the company, however, I would just want to make sure that the goals stay the same in the future and actually still accomplishes the goals that you wanted to originally.
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