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 would like to think that if this business venture is successful then I would continue to stay with the company until my profits start to decline. I think my profits would continue for at least 5 years and then I would potentially sell the business off to people who will continue the mission of helping people with their nicotine addiction. I will most likely have other ventures running at this time and I will switch my focus onto another one.
2) Why have you selected this particular exit strategy?
I have selected this type of particular exit strategy because I do care about helping people with their addiction, but if sales decline it just shows me that people aren't as interested in my vision anymore and that I should sell the company to other people who want to continue my mission, but with a different spin on it. Also, if sales do decline it would be more costly for me to keep the business running than it would be to just sell it off.
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 feel like my exit strategy has definitely influenced the way I made some of my decisions. For instance, knowing that I am going to leave eventually has caused me to branch out and network with a bunch of different potential prospects and people who I think will run my company well in the future. In addition, I feel like this networking opportunity has really provided me with different types of potential ideas for business ventures in the future and that will be super important going forward. Finally, I also feel that my exit strategy has forced me to make sure that my current business concept is as best as it can be because if the business was failing it would not be marketable in the future to potential buyers.
Jayson,
ReplyDeleteI think it's smart to exit when your profits start declining and hand it off to others that will take it in their own direction. You've done the groundwork already for when you do exit by the connections you have made for your network as well as gaining new ideas to innovate your product in the future. Great post!
Hey Jayson,
ReplyDeleteThis was such a great exit strategy. I think it was very similar to mine but different in some small ways. I think you made some great smart decisions when it came to exiting your venture when you were done with the company. I think this was such a great strategy. Overall this exit strategy was amazing and above and beyond what was asked.
Jayson,
ReplyDeleteYour post was very well written. I think that keeping the business for 5 years and then selling it is an awesome idea. I agree that if profits go down the best idea is to sell it to some people who can put a different spin in the system and still help nicotine addicts. I like how you are passionate about helping, very nice.