Assignment 28: Your Exit Strategy
My exit strategy is to stay with my business for a few decades. If it does well, I hope to expand to other mountains. If the owners of the mountain ever wanted to buy the business, I would consider that too. I would like to stay with my business because I love where it is, and owning it would be fun for me. If my business never gets bought out, I would consider keeping it in my family and potentially passing it down to my kids one day. I am flexible and I plan to go with the flow. If my mindset changes along the way than I will always do what is best for me and my financial situation. If Snow Paws expanded to other mountains I would love that too because it gives me the opportunity to travel to other mountains and snowboard around the country. Overall, I am excited and I look forward to what the future holds.
Madsion,
ReplyDeleteI also chose for my exit strategy to give more time in order to see how successful my business is and then based off results decide to make my decision. I agree too with the idea of the business never to be bought out that passing it down in the family is definitely the next move. The idea of expansion and growth is so crucial for the success of a business and you seem to show your understanding of that idea. Great post!
Hi Madison, I really like that you are keeping on open mind to your exit strategy. I notice that you are currently leaning to keeping it within your family and staying with it for a while, which is unique since most people in this class (like myself) seem to want to cash out. I think your flexibility will open many doors for yourself going forward and maybe open up a new path you did not previously think about.
ReplyDeleteHey Mads, your idea is simple and progressive. You want to continue to manage the first business you open. Then you want to expand which is in my opinion a logical next step. Furthermore, you find more value from your business besides work. You enjoy the location of your business on ski resorts and you understand that this is a business that follows the popularity of snowboarding and skiing.
ReplyDeleteHey Madison! I think its great that you have found a business that you can be passionate about and put your time and effort into. You've worked hard for the company, why wouldn't you want to stick around with it. I would just offer this advice, be willing to part ways with it if someone is willing to pay enough. Set a limit for yourself, and if someone offers enough then sell the business and start a new one with your profits. Moving around will keep you young! Good luck!
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