This is really the first time I have thought of an exit strategy or really the next move for my business as a whole. As far as my business in Gainesville goes, I will probably be selling the entire company to a friend of mine that I can trust. I would like to sell it to somebody that I know so I can continue to check up on the business and make sure they're still providing quality work to the people in Gainesville. Once I sell the business to a friend, I am going to focus all of my time onto the family car dealerships in Tampa which is where my true passion lies. The good thing about my mobile car service business is that I can use different aspects of the business model and combine them with the day to day activities that go on at a car dealership. I could even have the dealership setup their own mobile car service department for easy fixes that do not involve driving to the store.
The reason I have chose this strategy is because I see the business in Gainesville somewhat reaching a peak and not being able to take huge steps forward after that moment. On the other hand, I see owning a car dealership as a great opportunity to expand and serve thousands of people. The decisions that I am making today and have made in the past have not really effected my exit strategy because I want to pass down the company in Gainesville to a friend so I want it to be successful. I might even keep a percentage of the ownership so I still have some say in the decision making process.
Here is a picture of our family car dealership in Tampa. It has so much potential and it is the main reason I am looking to see my business in Gainesville within the next three to five years!
Ooh, I know Century Buick GMC!
ReplyDeleteEven if you sell the business to a friend, I imagine you would have to write a "I can come and check up on things" clause. Have you considered staying owner or part owner but simply giving the reigns to someone else rather than selling the business altogether? It sounds like you could feasibly run the dealership and own the mobile service.
I can understand why you would want to go back and see if things are the way you want them to be, but at a certain point, if you let the business go, you have to let go of expectations of your eternal influence. Creators lack control over what they've created 99% of the time. Think of artists or even a parent who has given birth to a child. It's nature for us to want to hold control, but at a certain point, we have to let things take their course, express independence, etc. As someone with control issues, you may be surprised by my exit strategy (http://adventuresinent.blogspot.com/2016/04/my-exit-strategy.html)...that is to say, I have control issues, though you may relate. Stopping before my virtual foot goes in my virtual mouth. Come read and comment!
Hi Ralph,
ReplyDeleteI like how you want to sell your business to a trusted friend so that you can keep tabs on it. It shows how passionate you are about your idea and how successful that you want it to be but also how important it is to work in your families business. It would be great if you could find a way to connect the two (like by staying a partial owner). I think you could have issues selling it if you really believe that the business may reach a peak and not move beyond that. I wish you the best of luck. Check out my exit strategy at: http://melbufent3003.blogspot.com/2016/04/melb-my-exit-strategy.html
Ralph,
ReplyDeleteI see that you and I have chosen the same strategy of selling rather quickly because our opportunity is peaking and that will not lead to long-term success. I like how you are going to sell the company to a friend because it may allow you to have stake in the company and help them to succeed even though you're not involved or liable. Check out my blog post at: http://usingmediaforgodsglory.blogspot.com/2016/04/my-exit-strategy.html