Harvesting is the end result of why we as entrepreneurs do what we do. The reality is the beginning starts with the planting of that seed, in that business and watching it grow as we nurture it, love it, go through challenging times with it all to see the business stand strong and operate at a high level. So, to see the harvest come is sometimes a difficult pill to swallow, however you must have a plan of action to ease the pain and to move on to something more challenging.
I would like to leave build each business I began to one of my children so that they can carry on the legacy of what E.D. Poyner has started, so through the hard work of my wife and I, there is a plan to do so. I know we have other ways that we can harvest our business to benefit our children like the strategic sale, where a competitor buys the business and maybe even a partial sale where a single investor’s share of ownership is sold. I know that I want to leave out on top therefore I don’t want to have to file for any of the Bankruptcy’s Chapter 11 or Chapter 7.
In conclusion, it is important to have an exit strategy in any business plan so that you know your option. My plan just so happens to be to retire and pass it to the next generation, and hope that it carries to the next and so forth.
David Amis-Howard Stevenson (2001). Winning angels: the seven fundamentals of early-stage investing. Pearson Education