1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I feel like I would not be able to make this decision until I saw how well my business was doing. If I found that I was doing very well, I would continue to run it and work with my team to grow it further. But, if business was not doing too great, I would think about selling it for a large return in the hopes that another company could make it more successful. It would really all depend on the market and the profits I was making for me to decide to keep this venture as a family business. If I had to choose one, I would choose to sell it in the next 5 years for a large return.
2) Why have you selected this particular exit strategy?
I have selected this particular exit strategy because I know that if I could sell my business for a large return, I would possibly use that money and go back to school or travel. I think after five years of putting so much work into my business that I would want a break and would want to try something new.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I do not think my exit strategy correlates with my other decisions I have made. When I created my product, I was not thinking about my exit strategy so I don't think this has influenced my growth intentions.
Hello Michelle,
ReplyDeleteI like that you have multiple plans in place for if your business is going well or failing. My plan from the beginning was to scrap my idea after the patent ran out and take my funds to other creative endeavors. It would be pretty neat if you could turn it into a family business, as they are often looked at with a better reputation to the community. You can check out my exit strategy in the link below.
http://rogerstrobert.blogspot.com/2016/04/my-exit-strategy.html
Hi Michelle! I really understand where you're coming from when you talk about it's hard to decide what the next step is when that's five years away! So much can change in that time period! If you did sell though, would you ever think go using that money for another startup? Or if you did travel or go back to school, would you then proceed into another career/area? In my post I said that I couldn't really imagine myself selling because of how much work and energy had gone into creating it, it would suck to just sell all that hard work away! But who knows, like you said, that would be five years away so it's hard to know what changes could occur.
ReplyDeleteCheck out more about my exit strategy on my blog!
http://ent3003max.blogspot.com/2016/04/my-exit-strategy.html
Hi,
ReplyDeleteI like that you are not giving up on your business plan. I think it is smart that you are not going to decide what to do until you see how your business is doing. A lot can change over time and if you believe that your business can succeed the chances are much higher that it will.
Check out my blog at :
http://ericanudelman.blogspot.com/2016/04/my-exit-strategy.html