28A Your Exit Strategy


I think the exit strategy that I would end up choosing to protect the business and pass it down to my kids or other family members. I think this option allows my family to continue to have financial security which is all I could ask for as a parent. However, I don’t want to force my kids to be apart of the family business if they don’t want to. Don’t get me wrong I would love it if my kids or other family members wanted to get in on the business with me. I think it would be a way for all of us to continue to stay close to one another. However, some businesses can be the reasons families begin to crack and animosity begins to creep in. This mainly happens when the business isn’t doing well or is on the brink of failure. That is something I wouldn’t want to happen either. If it came down to it I would sell the business to another person if it meant I could keep my family together. However, that would not be my first option.

Comments

  1. Eric ENT3003April 15, 2019 at 11:08 PM

    Cameron,
    I have always thought that having a family business would be a cool idea. It would allow your kids to prosper and put the company in the hands of someone who you trust to move the company in the right direction. I think it would be important to ensure that the company did not get in the way of your family. Like you said, if it ever did come down to it, you could sell. I think you could keep the business separated from the family if you worked at it.

    ReplyDelete

Post a Comment

Popular posts from this blog

30A Final Reflection

Image
As I look back on this past semester in ENT 3003 I can only imagine what it would be like if I had chosen not to take this class during drop/add. I have learned so much not only from a business perspective but on creative thinking and perseverance even when things were to become difficult. From the Bug List assignment to all the reading reflections as well as the numerous interviews I had to do with potential customers in my concept, I would not be the same person I am today without these frustrations. When I originally signed up for this class I thought I was going to learn what I had to do to be an entrepreneur but in the end, I learned that and so much more. For me, the most formative experience was the Bug List assignment. It was really frustrating to think about the world in the negative way that the assignment requires but it was the eye opener I needed in order to do well in this class. It might have been hard but I did it, which is something all the entrepreneurs that we read...
Read more

9A Testing Hypothesis Part 2

The interviews: As a continuation to the first part of my opportunity, I conducted 5 more interviews of students, fans, and other members of the community to gain a better understanding of the lack of affordable food options at major events around Gainesville. Some interesting findings that I noticed throughout the interview process are that this issue seems to mainly affect students and people who don’t necessarily have an endless amount of free income. Students obviously have a lot of educational expenses with tuition, room and board, books, etc. So, they don’t necessarily have the ability to spend $10-$15 on two small items from concession stands at sports games or food trucks at concerts. While adults with stable jobs are better equipped to accommodate to the increased price since they don’t necessarily have the same quantity of economic constraints that students seem to have. There are a few exceptions to this including members of the elderly age group as they also could share ...
Read more

15A Figuring Out Buyer Behavior #2

        Summary of Interviews Based on the three interviews that I’ve obtained for this assignment there are definitely some clear elements to products in this space that are huge determining factors when it comes to buyer behavior. One of the common threads that were brought up numerous times throughout the interviews was the quality of the food is better than that of the vendor options offered inside the stadiums. They told me some of their horror stories of how terrible their experience was with some of the concession stands that they’ve experienced while attending sporting events. They’ve seen food under heat lamps while they stood in lines for about twenty minutes. I don’t know about them, but I would not have stood in line any longer if I had seen these food practices at a vendor I was literally minutes away from buying from. Another element that seemed to play a major role in the buying process for these interviewees was the overall cost and affordabili...
Read more