1) Exit Strategy I plan to make
If my business was to take off and be a success I do not believe I would sell it in 5 years for a major return. Stated in previous posts, I would want to expand to other universities and continue to do if there is success with hopefully creating a brand well known across the country. I would plan to stay with the business for several decades and later in life pass it down to children or sell it depending on what is best for me at that stage in life.
2) Why have you selected this particular exit?
I selected this exit of keeping my business for decades and deciding to sell or pass down to family later on in life due to how it will be for my children. At that point in my life I would want to do what is best meaning to set myself up for a great retirement and also leaving things behind for my children that they can either continue or appreciate for the rest of their lives.
3) Exit strategy influencing other decisions in concept
I think my exit strategy has made a tremendous impact on the decisions I have made throughout this concept. My goal with the concept would be to keep expanding and that would take time relating to decades later deciding what I would do with the business. It has influenced how I identify an opportunity with the mindset of creating something that I can franchise and continue to grow across regions of the United States. It also has influenced how I plan to acquire and use resources by maintaining positive relationships which can only benefit me in the future. What I mean by this is if people like me or my company it will only lead to positive things down the road than if they didn't like me or what I was doing with the company.
Hey Alex,
ReplyDeleteI totally agree that if the business takes off, what is the point of selling it right away? If it starts off profitable you might as well stick with what you have already put so much effort into. However, if someone makes a ridiculous offer it might be hard to refuse. Overall, I think you did a great job responding to this post, it is especially important to think about the future when thinking about an exit strategy since you have to set yourself up for the future.
Hello Alex,
ReplyDeleteI like that your extremely dedicate to your idea and wish to continue to expand on it instead moving into something else. I feel, though if you made this decision based on a desired to have something to handover to your kid than merely owning the stock of your company will be good enough and their not need to run it yourself unless your passionate about it . I am also glad you learn how this venture taught you mindset suitable to looking for opportunities. Along with developing skill necessary to develop a positive relationship with your customer.