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?
Hopefully after making a great return that I would consider a success to myself, I would probably choose to sell my business after about five to ten years. I would put a lot of time and money into the business within the first year or so just so I know that it will come out on the other side a major success. Though I do care about the business and the hours of work I put into it, it is not necessarily something that I feel is a passion of mine. Therefore, after making enough money from it and knowing I could pass it on to someone who will capitalize on it, I believe I would sell my business.
2. Why have you selected this particular exit strategy?
I chose this particular exit strategy because I consider this entrepreneurial venture to be a stepping stone. Like I said, I am not as passionate about this business in particular as I would like to be and though I would work hard at it, it isn't something that I would feel comfortable handling for the remainder of my career. I enjoy the idea of being an entrepreneur and would like to exercise my skills in a business that I feel whole-heartedly connected to.
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 acquire and use resources?
I think my exit strategy has influenced how I have made the majority of my business decision thus far because I had made it a point to focus on the design and management of it. I intentionally did this so that the employees I hire and train will feel comfortable and ready to take on a larger, more manager style role in the business's first few, developmental years. I wanted to give them the opportunity to step up and give me their opinions and thoughts on how we can help this business reach its full potential.
Brooke,
ReplyDeleteI agree that your exit strategy to choose between either selling the business or to hang on to it for a little longer. I think this is a decision that has to be made after the initial success of the business is determined. If it ends up being successful maybe you hire someone else to do the majority of the management of the business while you continue to own the business and keep collecting a paycheck as long as it stays successful. However If this is not something your are interested in doing then I agree with your idea to sell the business. Just when you make that decision you will have to own it, don't live your life with regret. Thank you for sharing