1) I am not sure what would my exit strategy actually be. If I feel like my business will be a staple in the community, I would probably stay with the business for several decades and retire or protect it as a family business and pass it down to my children. If it isn't a staple in my community I would probably sell the business to make a large return and start a different business. I think it ultimately depends on how responsive my customers are to the products we serve and the environment we provide.
2) Like I said before, I would choose my exit strategy based on how my customers respond to my venture. I think this is very important to me because I want my restaurant to really feel like home. I want the food I provide to taste home cooked and I want all types of families to feel like they always belong and are welcomed. If they do and love the restaurant I would definitely keep it until I retire or pass it down to my children.
3) I think my exit strategy has definitely influenced other decisions I've made in my concept. Because I hope to love it and make it feel homey, I think it has influenced the type of food I serve and the type of employees I hire. I also think it would influence the decor and location of the restaurant. My exit strategy has influenced how I plan to acquire and use resources. I want to buy food from local farmers who put all their love into growing healthy, fresh food. I also want to hire high school students to learn while they work and feel like they are a part of another family. That is why I named my restaurant "Homestyle".
Ashley, I really like how you handled this post! With something like a restaurant, you've invested so much of your time and resources into the venture. I think that you really care about "Homestyle" and the success of the business, and keeping it until you retire or keeping it for the family seems ideal for your situation. Homestyle seems like the kind of restaurant that could thrive in a family business setting, and it would keep the community feel of the place instead of it feeling more corporate run. I agree it definitely depends on the responses of consumers and it's important to see how the idea fares in the community first, but it sounds like you have a good plan in place for the future. Good job!
ReplyDeleteHey Ashley,
ReplyDeleteI enjoyed reading your exit strategy. The impact the business will have on the community and yourself can definitely influence the exit strategy and how you handle everything else as it grows. I really like how you've tried to influence the restaurant into the community by hiring high school students and purchasing from local farmers. Great job!
Ashley, I have to agree with Riley when she says that a restaurant that has that type of "homestyle" will definitely thrive as a family business. I think that your "exit" strategy is great, and I know for a fact that at least 80% of the time I'll prefer a restaurant that feels more like home than a corporate ran one. Great job!
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