I would prefer to turn my business into a family run business. I think that it would be great to run a successful business, and be able to retire and turn that business over to my children, and their children. I would obviously have to have confidence that my successors could run the business successfully, and use similar business practices, but I would like to keep the business in the family.
The reason I have selected this strategy is because I myself have always wanted to work in a family business. I am incredibly close with my family, and I would have loved to work with my dad or mom, but never got the chance, because they each chose different career paths. I just feel that it would be great for my children to have the chance to work with a loved one, while at the same time following in my footsteps. I also feel that having my children step in and lead a hopefully successful business can help my kids succeed, and help them pave the way for a great life for them and their future families.
I think this strategy has had a big influence on the opportunities I have looked to pursue. For example, I am looking to pursue an opportunity that helps protect people and families from hurricanes and flooding. I was also interested in branching out and doing a lot of non-profit work. I feel like the fact that I am in a business that is interested in helping families, both for profit and non-profit, and that is what really motivated me to try and make this business and family style business.
Hey Michael, great job with this post as always! I find it really interesting that you would like to make this business a family run business. I think that says a lot about who you are and I respect that. I personally found this assignment to be strange at first, but after completing it, I see the value in thinking about these sorts of things. Thanks for sharing and great job!
ReplyDeleteHey Michael!
ReplyDeleteI think it is really admirable that you want to make this into a family business. I think that is so special to have the opportunity to give a business to your family, and your future children, and so on and so on. I think this definitely will give you a certain type of edge. I think it is great for you to do non-profit.