Exit Strategy
1) In order to make a clean exit from my meal delivery venture, I plan to pass along company leadership to someone I greatly trust. Ultimately, this would be a team member who I have worked with for a long time that I can rely on to keep the venture’s core values while successfully steering the business in response to new circumstances.
2) I have selected this strategy because it is important to
me that what I have done to build the business leaves a legacy. Sometimes,
selling it off can completely change the main mission of a company, and I want
to avoid that. However, I do not want to run the whole shebang forever. Thus,
passing on leadership to someone of my choosing seems like a great option.
3) My exit strategy should not play a huge role in how my chosen
opportunity is identified or exploited. It should not affect growth intentions
either. However, it will certainly affect how I go about hiring and treating
team members, along with the organizational culture I create.
Hi Leah!
ReplyDeleteI totally understand wanting to pass the business off to someone you trust and can incorporate the values that you have instilled. With my business, I would pass it on to one of my children and sit on the board lol. I also believe that the organizational culture is extremely important. Keep those bad apples out. :)
V/r,
Elizabeth Fullwood
Hi Leah.
ReplyDeleteI agree, selecting a strategy that resonates through you is very important when venturing onto new things. As you stated in the post, you wanted to build something that will be passed down to your future, and i can agree with that completely. If I have a business, I would want my kids to continue my legacy so that it lives on through them. Great job on your post!
Kaitlin
I said something among the same lines for my exit strategy. It's true that companies change a substantial amount depending on the shift of ownership and management. For mine I said once the time was right and if I were able to find someone I know I could trust. It would really suck to work so hard for something just for it to be ruined by someone else.
ReplyDeleteHi Leah,
ReplyDeleteI enjoyed reading your post! I liked how you want to pass down your business to someone you trust. I never thought of the fact that if you sell your business, the entire mission statement can change. Therefore, I think having someone you trust run the business will ensure that the mission statement stays intact. Overall, great post.
Hey Leah! I agree 100% with your exit strategy and I would plan on doing the same thing! It's important to pass it down to a trustworthy person because someone can really mess up with the company or possibly sell it. I feel like if you work so hard for a company why would you want to give it to someone you don't really know also their intentions may not be the best. Overall, good post!
ReplyDeleteLeah,
ReplyDeleteI think you have a great exit strategy, especially since you home your business leaves a legacy. I hope to create a business one day that leaves a legacy, but I'm not sure if it is the venture I pursued in this class. It is interesting to think that seeing your team members/employees as future owners of your firm would affect the methods you use to hire those individuals. That actually seems very wise. Great work!
Hey Leah,
ReplyDeleteI had a little different exit strategy in mind but reading yours seems very logical and respectable at the same time. I don't want to just get rid of my company or sell it for money, I want to know it is in the right hands because the mission is more important than a little extra cash. I like how you would possibly reward your own employees with the company one day if they worked hard.