feel free to check out some of my idea napkin to see what my business concept is! lovetravellives.blogspot.com
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? Why have you selected this particular exit strategy?
I am not 100% sure whether I would sell my business of if I would intend to stay with it. If I start my business now, or in the next year, I think I would sell it after 5 years or so of business. My reasoning is that I am barely 21 and my business is aimed for the UF area and other college towns, so I still want to grow and experience things in other places instead of settling in Gainesville; I would just stay throughout my graduate school and then leave Gainesville to find a better place where I can fit in. Although, I am not sure how attached I would become to my business and if I would be willing to let it go. If I start the business once I'm older and settling down, then maybe I would be more willing to stay with the business until I retire. It would be nice to have it as a family business, but I wouldn't want to pressure my children to take over, so whatever happens I don't care as long as it's someone who can do what is good for the business and employees.
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 think throughout this whole process of developing the business concept, the idea napkins, the elevator pitches, etc., I never really thought about what my exit strategy would be. I think now that I have considered what my exit strategy would be, I feel my concept would still stay the same, its just I'd have to better prepare my team of employees; so I guess more thought and effort would have to go into finding the ideal management team that could take over once I decide to move on. I think it has influenced my growth intentions because it will motivate me more to make this business the bestit can be and network early on to find the best connections out there.
It is kind of hard to think of the end of things because we are so focused on jut moving forward, but I hope that if this business comes to life and once the time comes to end it I will have a better understanding of what I would like to do with it. Thanks for reading!
Camila,
ReplyDeleteMy exit strategy was opposite in yours that I chose to leave my business to my family. The thing is, no really is really experienced in the world of finance so even though that's what I would want, I don't think it's possible. Similar to you, this business would make money but it's not my end goal. It's not my dream. I think it says a lot about us in that we are choosing happiness over money. Best of luck to you
http://jamiecgarcia.blogspot.com/2016/04/my-exit-strategy.html
Hey Camila, me and you both had the same exit strategy of selling our businesses. I think that this is the best way to move onto new and better things when being an entrepreneur. You definitely should sell your idea if it is only based on being in Gainesville and if you plan on moving out of the area. My concept was different and planned on expanding to different areas of the country. Check out mine here: http://andrewdales.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteIt's totally understandable to not be fully sure what to do with a business especially when we're not at least in our mid 30's, but you seem to have a vague timing idea in leaving your business. For example Dominos 'formerly DomiNick's" pizza, one of the brothers left his business too quickly and lost his opportunity to earn a whole bunch of profit. You should read about it. It's very funny and interesting. Great post!
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