There are many different factors that come into play when it comes down to an exit strategy within a business that you have created. I think some of the factors include, how long-term will the business or idea last, can the business grow with technology or will technology pass it by as well as how large the business can become.
My father sold his business after 36 years and made an enormous profit, and now he has started another business, the exact same type of business just with a new name. I think that is the option I would choose as you already have the knowledge to do it, so you are essentially paying yourself a large profit and starting over again. Yet, you still have the ability to pass it along to your children.
All businesses come to an end, whether it is hundreds of years or just a few months, so I would get out while on top and move onto the next idea.
Sunday, December 3, 2017
27A - Reading Reflection No. 3
Inbound Marketing was a book that I really took a strong liking to. A book about how to get away from the traditional methods of marketing such as calling randomly, door-to-door salesman and email blasts and how to usher in the new methods of marketing, that are also much more cost effective, in social media posts and other forms of social media such as a hashtag. This new form of marketing is everywhere in the world, even when you go to football games they post pictures from Instagram of people tailgating and the #PublixTailgate and they select a winner for a $500 gift card.
26A - Celebrating Failure
Everyone has had countless failures in life, whether it comes from a lack of communication or just a lack of performance or effort. The main failures I have had are from a lack of remembering to remember. For example, just three weeks ago my cousin was having a huge engagement party at their house. I was supposed to work on that Saturday and forgot to take the day off in order to attend. Of course an hour into the party and I am at work and my phone is going crazy from my family asking where I am, so I had to rush out of work, shower and change and head over only to pull into an empty driveway as the party was over and everyone had already left...
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