I would like it to be a business my children would like to also participate or their future children. I would think they would also understand the need that we are attempting to meet and that is of those who struggle to find affordable housing.
By the time I retire, I would intend the growth of the company had extended past just service offerings, but managing properties of the potential homeowner, that is subsidized, but limited to the community of future homeowners learning via "real life" the cost of home ownership prior to handing the keys over. This will take time to first grow the service side of this business to gain interest of investors that will enjoy a sizable return on their investments and see the potential in building an apartment community for these future homeowners. Stability in work and consistency in cost-saving measures are the key things that lenders would like to see, along with good to excellent credit rating. We need to be able to show our clients can afford to pay their mortgage timely and still live comfortably.
So my vast ideas for expansion beyond services, will take time, patience, and a lot of capital in order to really obtain this dream. This is the main reason I know I will have to surround myself with the right individuals that not only want to help the organization grow to its full potential, but also care about the individuals we are attempting to help meet their need.I don't see me just handing the keys over in five to ten years, I see this as an organization that will start in one city and then hopefully expand to other cities in order to successfully meet a need nationwide. This is a vision that cannot just be sold off, it has to carefully be nurtured to its maturity. I will strive to be the Warren Buffett for my cause, and heck he is 85 today and still making his mark.
Hello Sonja, I really enjoyed your post. Passing down your business to your children is a great thing to do. This keeps your business in the family which then gives them an idea of what they want to do when they are older. I for one was lost and had no idea what to do post graduation. If my father owned a business that he could later pass down to me I would be more than thankful.
ReplyDeleteHeres my post: http://danieltownsendsblog.blogspot.com/2016/04/my-exit-strategy.html
Hey Sonja, I really enjoyed your post because I can see your passion on your venture. The need you want to satisfy is a need that needs a lot of attention since you can't yet easily find affordable housing, that will be cost-saving and comfortable. I'm looking forward to see how this will happen and how your family members will learn from your experience and skills. This is my post: http://ent303uf.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHi Sonja,
ReplyDeleteI really enjoyed your post! It's very obvious to see that you're passionate about this venture! I've noticed a trend from reading a few exit strategies. I've noticed that the more passionate the entrepreneur is of their venture, the less likely they are to sell it. I too chose to keep my most passionate venture in the family.
Please feel free to check out my exit strategy:
http://efp13.blogspot.com/2016/04/my-exit-strategy.html