As entrepreneurs do what entrepreneurs do, it is important to know what your ideal outcome will be. Going into my business, I knew that I wanted a long term income. I see many entrepreneurs establishing the business, valuing the business and selling the business. The business is not personal to them and it is easy to let it go for a tidy profit. Whichever you choose, let the decision guide you in developing your business.
If you are guided in obtaining wealth, you may as well plan on losing some or all control over the business. Whether you are losing control to board members, stockholders, investors or someone that is buying your business. These people will find value in your business and want to be a part of it.
If you are wanting to keep control of your business, you may be passing on the public offering, buy out, or capital from other sources. What you will have is the ability to call the shots and represent your own business and where the profits go.
It is important to note that your motives may change over time. While you may love what you do and are passionate about it, this could change as your interests change. You may not be physically able to continue with the business. You may decide that you need an exit strategy. Knowing your options and keeping them open is very important as an entrepreneur. The Founder’s Dilemmas by Noah Wasserman emphasizes that knowing whether wealth or control is your motivation will make decision making easier.
Wasserman, Noam. The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup. Princeton, N.J.: Princeton University Press, 2012.