28A – Your Exit Strategy

     1.  My plan is to stay with my food service and to continue to grow it to the point until I can have my own bakery. At that point, I would like to focus more on the bakery aspect of things because cooking/baking is what I like to do the most. I would pass off the service portion of it to a trusted employee or partner that has been with me from the beginning. Since the service itself is non-profit I can’t really sell it, but I could create a board and have them elect a new CEO. As for the bakery, I would sell it when I got older and wanted to settle down more.

      2.  I chose to do this exit strategy instead of sticking to my service because I genuinely want to be able to make an impact on the world and I want to be involved in multiple organizations which can be difficult to do while managing your own companies. The reason I am not making it a family business is because I think it would be up to my kids to decide whether or not they wanted to work in the business, not mine.


      3. I think because I want to one day pass the company on to someone outside of family, it affects the kind of people you look for and narrows them down. For example, I would like a business partner that has been involved with me since the beginning so I know that I am looking for someone reliable who has a genuine interest on the subject and can think quickly on their feet. By doing this, it allows me to start to envision the future of the company and seeing whether or not I think this person could one day run it.

Comments

  1. UnknownDecember 3, 2017 at 3:43 PM

    I shared a similar sentiment regarding my venture. Like you, I want to become involved in multiple organizations and projects. It's essentially impossible to run a non profit while also being heavily involved in another venture. For that reason, I believe that it makes sense for you to move onto something else if you feel that you have other passions.

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