The business concept that I have thought about and put together for the duration of this semester is a business that would take many years, even decades to develop. I would focus on running the business for a few decades and then retiring. What I would do when I am ready to retire, I am not. It is possible that I would hand the business down to a family member, or depending if I can net a large return, it is possible I would sell.
I have selected this particular strategy because a consulting business is not built overnight. It takes many years and many successful contributions to create a firm that is well-known and worth anything. I would like to head the firm until retirement and then hand off the company into the possession of someone I believe is capable of continuing the direction it needs to go.
I know my business concept will take years, if not decades to develop. Knowing that, my growth intentions and my plan to use and acquire resources is extremely long-term. The best resource for consulting is experience, and experience is gained with time.
Hi Walter,
ReplyDeleteIt is great that you recognize that consulting businesses thrive off long standing relationships and likely would not be a business to grow quickly and sell off. I appreciate that you have altered your business model accordingly. Would you ever consider taking on an apprentice of sorts to work under you, with the intention to sell to them at a later date? It seems that this might be the most efficient way to continue to get value out of your established business, while honoring the relationships that are fostered over time.
I like how you recognized that this business would take such a long time, over five years, this was unknown to us. It seemed that you’d be giving this business to someone you really trust, friend or family member. It seemed that this exit strategy wasn’t as clear as the assignment wanted. Maybe tell what you’d do in those years to develop your business.
ReplyDeleteHey Walter,
ReplyDeleteHaving the revelation and awareness that your business concept will take years to develop is something important to realize in retrospect. With that said, you realize that growth is on a long-term scale with your business and that you will need the experience to help with that growth. I think it is wise to think like that in order to maximize your time with the company and inquire a good exit strategy. Good job!
Hi Walter!
ReplyDeleteI like how you were providing realistic timeframes for your business venture. Rather than seeing your idea as an overnight success, you understood that it would take time for it to ultimately develop. Since consulting businesses are built on reputation and trust, I think you made a right assessment of your business. I hope that your forecast becomes true so that you can groom your business into retirement!