1) I plan to stay with
my business until I am able to retire. If I could, I would keep the business
in the family. However, if my kids do not want to take it over or if the market
for our product begins to plummet, then I would sell prematurely.
2) I chose this
strategy because although I would like to keep it in the family, I understand
that times and customer needs change. If I could make a large enough profit
that would benefit my family, then I would do this instead. However, I prefer
to keep it a family business.
3) Seeing that I intend
to have this business for a long time, I have made decisions that would be
beneficial in the long run. My values are expressed in my business, which also
makes it ideal to pass on to my children. Had I not wanted it to be a family business,
I may have tried to seek a business partner, but instead I chose to do everything
on my own.
Hi,
ReplyDeleteI think that it is a great idea to keep your business long-term, because it is something that you are clearly passionate about. And, it would provide a constant revenue source for your family once it become stable and begins to have long term growth. Additionally, if your children are also passionate about your business it would provide a constant job opportunity for them or they could pay for someone to manage it and still keep some of the profits.
Hi Gabrielle,
ReplyDeleteI think your strategy is smart if you want to keep it long term. Hopefully, your family will want to take over with the vision and passion as when you started, but if they don't, then, it's better to sell and find a buyer that will. It sometimes can be difficult to let go, but if the business is a success, then you'll be able to gain a significant profit from it.
Hi Gabrielle,
ReplyDeleteIt's great that you view your business as long-term and are willing to stick with it until you retire. Family businesses are definitely nice to have- I always wished that mine had one that I could work my way up in. You have made wise decisions that would benefit a long term business, like not having a business partner. This will enable your business to potentially stay in the family or sell if needed. Great job!
Hi,
ReplyDeleteGood work on this assignment. I love how you want to keep your business until you retire. Family businesses are great to have as you will have full control of your business and can run it the way you want to. Keep up the great work.