I chose this strategy because I would rather work on the more long-term visionary side of business, such as what happens during board of directors meetings, instead of being bogged down in the day-to-day running of the business. This exit strategy allows me to eventually do that, and also to retire with a good amount of money.
This decision has definitely influenced some of my other choices regarding the business. I am more focused on laying the groundwork for it now, and then once someone else becomes CEO, it will be easier for me to think about the business long-term and gently guide it towards that direction. I don't want to immediately sell my business after retiring from CEO because I feel many businesses have shown poorer performance after something like that happened.
I like your post and how well thought out it is. I can honestly say that I most likely would not wait 10 years to do so. I like how you have it all planned out to sell your stock and trade within 10 years and have enough to retire. I like the way you think. Great picture by the way!
ReplyDeleteHi Nicole! It seems like you have really thought about what the best exit strategy would be for you and what best suits your goals. I think it is a very smart idea to focus on the long-term vision of the business and be able to separate yourself from all of the busy work of trying to keep it operating daily. You seem to have a great plan figured out and I hope you fulfill all of your goals! Feel free to check out my blog http://caitlinc12.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHi Nicole,
ReplyDeleteInteresting post. I like your strategy of waiting 5 years in control of the company and really being the proponent for its growth, and then transitioning to a governance role. It seems like this that you can slowly phase yourself out of the company, ie. in year 5 you are very involved, in year 8 you are still there but less so, in year 10 you are ready to retire. I think that any plan that allows you to make enough money to retire in 10 years is solid in my book, so I like your thinking.
I didn't manage to get this post in but check out my blog here:
fhostettlerufent.blogspot.com