1) WHAT'S MY EXIT STRATEGY?) While I anticipate having to work and essentially keep it in the family for many years, I think that I would like to eventually sell the idea/concept to an outside buyer if no one in my family wants to take it. Having my family take over would be my first choice, but I also would not want to pressure any family members into doing something they don't want to do. Whatever the end result would be, I think I would have to work for a long long time to get the business to the point of selling/fruition.
2) I have selected this strategy because my idea is not simply to turn a quick and huge profit. I care about my idea and want to engage in meaningful work that gives me purpose and has me excited to wake up in the morning. Once the time comes to retire, I would like to give my family the first right of refusal, because I prefer this practice to selling out to huge corporations. However, I would also like for my business model/concept to be replicated in order to bring people in as many communities as possible together. So if selling to an outside buyer is what needs to happen for expansion to be the case, I may have to consider it.
3) My exit strategy has influenced the way I operate my business because while I want my restaurant to have the tight-knit family feeling and genuine love for customers, I also want the operation to be as efficient as possible so that the model can be easily replicated in different locations. While I feel that franchising can often destroy the soul/originality of a concept, I am willing for my idea to potentially become a little bit corporate-ified if that means that more people are reached and affected positively as a result. With this in mind, I would try to learn how to run the day to day operations efficiently in order to avoid the waste and inefficiency sometimes seen in small businesses.
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