I intend to stay with the business for several decades and retire. I am the type of person to become very attached to any project I work on, so it becomes quite difficult to leave things that I put so much energy into. It is essentially "my baby", meaning I won't leave until I know for sure it can run on its own. The idea of protecting my firm as a family business is very interesting! I never thought about that. Sure, I can see it being a family business. However, I wouldn't want my children to not do well in school just because they think they have a career already secured within my firm. They would have to earn the "throne", a la Game of Thrones.
My exit strategy has influenced other decisions I have made in my concept in ensuring that it is durable, adaptable, and something that I know will have a long life within the market. It has influenced how I identify an opportunity, as they have to be something that I know will last a long time and will be demanded for that time, too.
Hey Karina,
ReplyDeleteGreat post! I can totally respect your plan of choice about keeping your business long term until you retire, it works out great for some people. Honestly, if you have that type of dedication, I think it is a good way to earn a living and create a legacy for your family. However, you just got to make sure you don’t fall into the cost sunk trap.