With my company I have two possible strategies that I would
take when I was ready to stop working. I would more than likely sell the
company in 10 years for a large profit so then my family and I can live comfortably.
Or if my children are really into watersports and this interests them then I would
keep it as a family company and pass it down to my kids. I have selected these strategies
because family means everything to me and I only want the best in the future.
These strategies have had an impact on the opportunity that I have chose and
some of the information behind it. This is a big passion of mine, so I would
want my family to get into it in the future. Also, it has made me think of
things and specific details that they could benefit from and not making this a short-term
company.
Hey Will. I can really relate to you in that family means everything to me as well. I also would likely sell my company in the future, but you brought up an interesting alternative route of keeping the business in the family if your kids get into watersports. My idea isn't really great for a family owned business, but an idea such as yours, that incoporates sports which are a big part of your life, is something I could see as a successful long-term family business.
ReplyDeleteHey Will,
ReplyDeleteI think that your plan to exit is a smart one and I like that you mentioned keeping it in your family. This is an option that did not occur to me in my situation as I simply plan on selling my company within the next five to ten years to one of my distributors. I think that it would be nice to have a family business as I have seen many in my hometown thrive and have a large sense of community support.
Thanks, Zach L.
Will,
ReplyDeleteI like your idea about selling the company a few years to make enough money to support your family. Although this was not the personal idea that I chose, it is still an important one.