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 plan to sell my business within 7 years
in hopes of a large return. If 7 years have passed and a large offer doesn’t appear,
I’ll likely hold on to the business till get an offer I like. If that big offer
never comes around, I’ll leave the business to my children for them to take
over.
2)
Why have you selected this particular exit
strategy?
I selected this strategy as I’m an
adventure seeker. I have no desire to have a business for like 50 years because
that’s boring to me. I like to switch things up and try new experiences (within
good reason). If my business is booming for a long time and I sell it for a good
price, ill take my family on a nice vacation where I’ll then plan my next
course of action.
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?
My exit strategy hasn’t influenced much.
I’ve always known my plan so with every decision I’ve made, I’ve had the long
term goal in mind each step along the way.
Hello Connor,
ReplyDeleteYou did a great job with your exit strategy. It is difficult to look that far into the future and know what your business decisions are going to be with complete certainty. Life has a way of changing who we are as we age and what we want to accomplish. It also depends a lot on how the business is operating. If it is highly successful and you are seeing a lot of revenue being generated, you may decide to hold on to it.
Hi Connor,
ReplyDeleteI enjoyed reading your post about your exit strategy. You included details, and I like how you were very specific in regards to the number of years it would take for you to sell your business. I can relate to being an "adventure seeker" as well, because I get bored of the doing the same thing, so switching things up sometimes is the way to go!