1) As an entrepreneur, I want to create something that lasts. That’s why in the next 5 years, I hope to be expanding my business nationwide. By perfecting the customer experience here in Florida first, I hope to replicate it with offices across the country. Then, once I retire, I hope to pass the ownership/authority over the business through my family.
2) I have elected this because I have always wanted to make something as a legacy for myself. By expanding my business idea and eventually passing it on to my family in the future, I am fulfilling that want for accomplishment that I have had my entire life. I would also like to be able to support those I love even after I retire.
3) I think this strategy has a role to
play when I decided that I wanted to perfect my customer experience. That way,
expansion would be easier. Furthermore, I think that me eventually wanting to
pass this on to my future family influenced my decision to provide all-around service
even after purchase. Maintaining an amicable sentiment in my costumers’ minds
goes hand in hand with being a “family business” in my mind, so if I can give
off that image early on, that’s a win for me.
Hi Sophia! I enjoyed reading your exit strategy and how thinking about wanting to provide for your loved ones is what drove you to create your legacy. I think that is so thoughtful and speaks volumes of the kind of person that you are. If you were to keep expanding your venture, what do you think would be next? Would you create a new product or start another venture in addition to this one?
ReplyDeleteHi Sophia! It sounds like your exit strategy is very well thought out. You seem to have a more long-term investment in your business venture whereas I have decided to sell my business early, so it is interesting to see the contrast there! I think it is awesome that you are wanting to keep the business in the family after you retire and this will definitely help keep things running smoothly after you leave the business since your family will already have a great idea of how the business should be run! Great post!
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