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In the next 5 years I see myself continuing the business I have a planned for the long term with lots of time and dedication needed to really turn it into the thriving empire of powersports I want it to become. When I am ready to retire I would definitely get out of it by selling it to the highest bidder.

I’ve selected this method because A. the company would take a long time to actually become something, I would most likely turn it into a corporation so that I could get out of the game but still be able to be rewarded for starting the business and turning it into the success it would become. I would choose this as my method of choice because it would be less stressful, as well as I currently don’t plan on ever having children so no family to pass it on to.
It changes how I would acquire resources because I would like to get the company into a thriving business before turning it into the corporation. Also I would be acquiring better equipment that would be able to last a long time instead of junk that will turn a profit now, but in the long run would cost the company even more. My intentions would be to get the business running and running extremely well before I got out of it and became just a stockholder.

Comments

  1. Tristan PetersApril 15, 2019 at 2:17 PM

    Great post Richard, I like your 5 year plan with your business. I agree that it would be better to stay with the company and grow it then have other maintain while you reap the benefits of your hard work with the company over the years. It seems like you have a great game plan before turning it into a corporation.

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