I believe I would sell the business in 5 years if it met the needs of enough customers to be marketable. I dont belive it is a specific timeline but I milestone of growth.
If it takes more than 5 years and is fairly self sufficient then I may let the business grow naturally. Then I may consider who shoild take it over later down the road.
Knowing I woukd sell the business does change how I make decisions. I would rather make a decisions now than wait a year to have the perfect plan. It is important to scale to a certain size and have other minds in the mix. Once at that size then you can accomplish much more and faster. Until then each hurdle may take forever and prevent growth.
Kris, agree with your idea to sell it eventually. many entrepreneurs like to keep moving forward and growing new businesses and there is nothing wrong with that. I also agree that selling the business eventually should change how you run the company in terms of creating the most profit and efficient life for you, and not worry too much about long term success because thats for the next guy to figure out.
ReplyDeleteI agree that selling your business will change how you make decisions. By selling the business, you will have to consider more than just your opinion. That could pose positive advancements in your business, but there is also the possibility for a conflict of interest to arise. Also, during those five years, you will be able to make adjustments to any flaws or conflicts that may occur during your growth period.
ReplyDeleteHey Kris,
ReplyDeleteI would do the same thing if I had your business idea and sell it in about 5 years. Much of it depends on how the scope of your business is looking. Thinking and planning for the future is very important for a business to be successful. Based on what I have read I feel like that within you.