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Jack's Firewood: Exit Strategy - Coggle Diagram
Jack's Firewood: Exit Strategy
BUSINESS EXIT?
WHY?
I need an exit strategy in my business to keep the business going in the future.
By having an exit strategy, I wouldn't have to shut my business down when I retire.
I would want my customers to continue purchasing great firewood from Jack's Firewood after I leave from the business.
BENEFITS
More money for retirement!
Less stress on family members about maintaining the business.
Without me, there would be a plan for the business expanding in the future.
EXIT TYPE
My exit strategy is to sell my firewood business in the future.
I would want to sell my business to someone passionate about running a firewood business.
It's very important that I sell my business to the right person!
BUYER REQUIREMENTS
The buyer needs to be knowledgeable about properly processing firewood.
The buyer needs to be responsible about supplying customers with dry firewood.
Bottom line: the buyer needs to be someone I can trust to perform the same business operations I did in my business.
IDEAL SITUATION?
NEW CHAPTER!
I'm hoping after the buyer becomes the new owner of Jack's Firewood, the business would continue without me.
I'll be able to happily retire from the business to pursue personal goals I have in life.
Also, I will leave it in the hands of the new owner to expand Jack's Firewood to new levels.
CUSTOMERS
Despite the change in ownership, I expect the customers to continue to purchase firewood from Jack's Firewood.
Whether firewood is needed for the winter, firepits, smoking meat, or cooking maple syrup, they'll still get the same firewood.
I also expect the customers continuing to be happy with the firewood they're still buying from Jack's Firewood.
PRODUCT
The product, which is firewood, should continue to be sold dry and ready to be burnt.
The new owner should know not to sell green firewood because it won't burn well.
My business needs to continue to live up to its reputation by selling the product it's known for: firewood.
BUSINESS OPERATIONS
The operations of the business should continue to be the same when I leave the business.
I expect the new owner to use similar equipment, maybe better equipment, to harvest firewood.
I also expect the new owner to generate a massive inventory of firewood from better business operations!