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?
My intention for my venture will be to make it grow as much as possible within the next five years by expanding and adding services to my existing product. Once I’ve accomplished that I plan to sell it for a return. I don’t intend to hold on to as a family business and do not see myself to continue working in it and then retire.
2) Why have you selected this particular exit strategy?
I’ve intended to keep the business for the next 5 years and then sell it for a return. I will then use the money I made from the sale and start a new business. I’ve chosen this path because I believe I will be limited by how much growth the existing business can provide. I don’t see a lot of new opportunities when it comes to that business and would like to start something new. It would be exciting to see if I can duplicate my success on a new venture.
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?
The exit strategy that I have chosen is not that far from what I considered in my venture concept. I do plan to expand my current business, see it grow with the difference being that I eventually will be moving on. The knowledge that I have gained from working on my business, how I’ve used resources and seen opportunities will greatly benefit me in how I work toward identifying a new venture to acquire and will aid in making it successful. It may be hard at first to move on from something that I started from scratch and walk away from it; but it will be exciting to me to work on something new and be successful at that as well.
Hey Joselyn! Great post. We had similar ideas as to what our exit strategies would be. I also said I wanted to sell mine for a large return after I expand as much as possible, implementing all of my ideas as time allows. I think it's great that you take the knowledge you've acquired from this venture and put it into a new idea or even a new target market! If you want to see my post, it can be found here: http://entblogemilytreasure.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHey Joselyn,
ReplyDeleteMy exit strategy was similar in the fact that I was planning on selling mine after a few years (if it ever existed). My business venture wouldn't grow a lot after a few years and would definitely need someone to look at it with fresh eyes. It's cool that you intend to further some business venture as you continue. Here's my blog http://triedbloggingendeduponpinterest.blogspot.com/2016/04/exit-strategy.html