Friday, November 22, 2019
Your Exit Strategy - 28A
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?
As much as I'd love to say I'll keep the business for years to come and create an empire, never say never. If the price is right, everything is for sale. If the conditions are in my favor, then perhaps selling would be a good option, and I could use that money and invest in another business. I don't think you can predict what's going to happen in 5 years, especially with a new business. The first year is always the hardest, but ideally, it would be nice to keep the business and make a nice living from it.
2) Why have you selected this particular exit strategy?
I think it's smart to scale your business and eventually sell it to the right buyer for the right price. I follow a few entrepreneurs online, and I'm seeing the trend of building a business and in less than 5 years, turning around and selling it. It's sometimes difficult for a small business to grow without the help of investors, so instead of losing all control of the company, it would be wise to sell and take your profit.
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 haven't thought about selling until now, and it made me think about the long term goal. So the exit strategy selected has in no way influenced the decisions made for my concept. I believe that when you start up a business, the initial goal shouldn't be solely focused on selling. It should be about making the best product or service your customer can purchase. Then if the success is there, and selling is in your plans, do everything you can to get it to that level where multiple people show interest to purchase.
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Hi Fiorella,
ReplyDeleteI like that you are keeping it real and are not ruling out anything for your business. I also think that it's hard to predict the path of a new business. Everything that we have completed for this class has led up to this point, and the decisions we have made for our business have changed since the beginning. It is important to make decisions that will ultimately benefit the business as a whole, and if selling would benefit you, that's great too!
Hi Fiorella,
ReplyDeleteYour exit strategy is very comprehensive. Before reading your posting I didn't realize that possibilities of different ways of exiting entrepreneurship can coexist. Now I think this type of question should be analyzed in terms of multiple variables in stead of simply analyzing based on what I prefer.