28A – Your Exit Strategy

Under the last photography studio, I worked for, It was sold and bought twice while I was with them. And apparently, the original owner sold the company to the people who hired me after 18 years of operating the studio. To me, it always seemed like a "take the money and run" type of deal, in which they never looked back. I'd like to think I'd show a little more resolve to stand by my company when that time comes, but who knows what your situation will be by that time. I like the idea of passing the company down through my family, or at least a close friend who I know will keep the spirit of the company alive. I believe that my idea about an exit strategy would lead me to hire the right kind of people that share the same mindset about the company, look for ways to expand and branch out with multiple locations, and work hard to gain a local reputation or even a national one.

Comments

  1. Tara HashemianApril 15, 2019 at 12:13 PM

    Byung,

    Great post! I liked your method of keeping your business within the family and passing it down to future generations. This makes a company more special and since there will be many advancements in the future, I am sure that those will benefit your company. I agree that in a business, you tend to hire like-minded individuals as it prevents conflict.

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  2. Gerielle SuffyApril 15, 2019 at 12:33 PM

    Hi Byung, I really like your post. I like that you used your experiences from your current job to decide what is the best exit strategy you should chose. The idea of selling the business for a sum of money and then pretty much run, doesn't seem great. So I really admire that you will stick with the company until the bitter end.

    ReplyDelete
  3. Tatum AnnanApril 15, 2019 at 7:41 PM

    Hey Byung,

    I agree that I would like to pass my business down to someone of close relation with the right intentions. It is kind of cool that you saw that situation as a "take the money and run" because you now know that is not what you would want. It is nice to have someone run a business that they have passion for, and care about its longevity.

    ReplyDelete
  4. Andres FuentesApril 15, 2019 at 8:28 PM

    Hey Byung,

    I think it’s great that you know what you want for your business and are willing to stand by it. “Taking the money and running” is sometimes not a bad choice, especially when you have other ideas you want to dedicate your time to. Good luck!

    ReplyDelete

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