I would have two exit strategies in this business. My first exit strategy would be to have a manager and leadership that could effectively run the business. This would be the strategy for at least the first 5 years and I would be focusing on it rather quickly. It affects my decisions immediately by getting good staff and a potential manager right at the start of the business to develop over time. Once the business is established and running well I would look to turn over management to a general manager.
My second strategy would be a 10-15 year strategy which would be to sell the business. By that time the business should have a great reputation and should have the ability to succeed without a figurehead and would have a solid valuation. This strategy would allow me to profit off the system that is developed and the assets we've purchased and managed properly.
Shalom Alan, oh yes! What a great post! I have so many thoughts running through my mind after reading this, but one of them really stands out: the idea that you want to sell your business in the future. At first, I felt the same way about my venture, but now I realize that selling your business seems like an easy way out a lot of times. I think just like me, you can expand your business to a level unprecedented by any company in the recent past. I have a vision for you Alan and I hope your dreams come to fruition!
ReplyDelete