Planning Exit Strategies in Today’s Volatile Economy
In today’s volatile economy, capricious consumers and unpredictable financial markets means planning how and when jewelry company owners will exit their business is more important than ever. This issue of Retail Jewelry Insights™ will focus in developing realistic exit strategies for jewelry storeowners and their families.
Despite the importance of the thousands of decisions every company owner makes, two choices stand out as the most important. The first was the decision to invest personal effort and family’s wealth in starting the business and the second, the decision to quit the business. The two decisions are inexorably linked, however, that is not always apparent until countless other decisions have limited the choices they have to exit their business.
Ideally, exit planning is about having choices. I use the word “exit” because good investors have an exit strategy based on their investment horizon and the expected returns. So why should a family’s investment in the jewelry business be any different? Granted, a family business is more than just a financial investment, it is also one’s vocation, a career, and equally, a part of a family’s life style in their community. Still, those things can be achieved in other ways...
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