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 intend to stay with the business until I retire, and either sell the company or pass it down to my children. If the business still has room to grow and would be successful for many more years to come, then I would see if my children wanted to take over. However, if a buyer approached me and offered me a great price for the company, then I would probably sell it and I can help my children start their own company if they wanted to be entrepreneurs.
2) Why have you selected this particular exit strategy?
I selected this exit strategy because since I am passionate about the business, I would not want to sell it after a couple years. If the business is successful enough, I would like to continue to grow it and help others. I would want to keep the business because I want to have a business, but help others too, so this business would provide that for me.
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?
My exit strategy has influenced the other decisions I make because now I have a better understanding of what type of business would be fulfilling to me and make me happy. Since helping others is very important to me, I know that my decisions for identifying opportunities will be centered around that. My exit strategy influenced my growth intentions because since I want to have the business until I retire, I would need to strategize about how I want to grow the business if I want it to be successful for many years.
Hello Ava,
ReplyDeleteSeems like you have an open-mind about how you want to exit with your business idea which is good. Passing the business down can be beneficial in that there is loyalty and trust, you won't get this if you are selling it to random people. I agree, growing your business and changing minor things as the time goes is important if you want to have the business for the long run.
Ava,
ReplyDeleteYou have an open-mind when it comes to the ideas that support and run your business and that is a great thing to have. You are all in on your business which is one of the things that makes a business owner successful because they give their all for the business they created. I agree, growing your business and changing minor things as the time goes is important if you want to have the business for the long run. I would just caution getting overwhelmed by the business and missing out on life. Great post!
Hi Ava,
ReplyDeleteBeing in the business world and allowing yourself to be lenient with your exit strategy I feel is the most helpful because you aren't tied to one exit. If you feel yourself growing in the business you keep it and if not you sell for a large return. Overall, I feel your strategy is full proof because you can keep it for as long as you like or pass it down to your family.
Ava,
ReplyDeleteThats amazing that you have found a future business that you are so passionate about. To feel that this will be something you will do until you retire or possibly pass down to your kids is incredible. Truthfully, I dont want longevity for my business idea I get bored easily so Id like to move onto the next great idea.
Ava, it's awesome that you intend on staying with the business until you retire. This is already a field that is important to you and that you have passion for, so it only seems natural for you to want to see the business through. Since you know that you want to be with the business for a long time, a lot of the decisions you make do require some deeper thought because it's likely that you would see the impacts of those decisions years down the road. Overall, I liked your summary.
ReplyDelete