1. Throughout this course I have gone back and forth between two venture concepts. B-fast, a late night breakfast diner in midtown of Gainesville and my own tiki bar on the shore of Melbourne Beach, Florida. I would intend to sell B-fast within the next 5 years for a large profit. I would protect the tiki bar venture and pass it down as the family business.
2. I have selected this strategy for B-fast because it is not a business venture I am particularly passionate about but I do think it will be successful. After a few years something new and better will come along and I could sell the property for a decent profit due to its prime location. I selected this strategy for my tiki bar because it is a business venture I am extremely passionate about in the place where I hope to raise my kids and hopefully my kids will raise their kids. Melbourne is a small town with many family businesses. This business will grow with our customers as we will continue to get to know them better and continue filling their beach thirst and hunger needs.
3. Both exit strategies have a great influence on business decisions that need to be made. For instance, I would not look into expanding B-fast or doing major renovations when I know I want to sell the business within a few years. For the tiki bar, I would not want to create a chain because it would loose is affect as a local family owned business.
Hello-
ReplyDeleteI think both of your ideas are very good! I agree with both of your exit strategies for each business. I can see why you chose them as well. I feel the same way about the town I live in I would want to keep a family owned business here as well. As for B-fast I think you have the right idea. Just make sure if you start a business enjoy it too. Great job, check out mine:http://basmacirachel.blogspot.com/2016/04/my-exit-strategy.html
I think that you did a good job with this post. I really like your exit strategy for both ventures. I think that it is a good idea to build up the one sell and then be able to concentrate on the other. I had not planned to pass down, I would let my children decide if they wanted to get into the business then I would give them the opportunity to work their way up.
ReplyDeleteHere is a link to my blog if you would like to look at it.
http://wjkms.blogspot.com/2016/04/my-exit-strategy.html