EXIT STRATEGY
For the business idea, my exit strategy would depend on where I choose to settle down with a family. This business is focused around the college student base of Gainesville, Florida. At my age I don't know where I will be in a few years. If my family chose to settle down in this community I would keep the business in the family and pass it down to my children and other relatives. Should I move out of this area, I would sell the business for a return on my investment and wish the new owner just as much success.
These would be my strategies because I am a family first type of person. If my family found it best to stay in the area I would want them to be apart of the process and share in the success. If it was best for my family to settle else where I would want to be with them at all times and would therefore sell the business and use the profit to support my family in the move.
Because I do not know where life will take me, I have been guided by my exit strategy in that I do not want to spend money that will not result in a profitable return. I have been careful about the scope of my business and making only calculated risks. In all, I put my family first and my business model reflects that.
Hi there,
ReplyDeleteYou and I share similar views on this exit strategy assignment. It is very hard to assess an exit strategy being so young and in college. Who knows where life will take us, and only when we have a successful business and come face-to-face with the decision to either keep it or sell it will we be able to make that choice. I think it's great that you choose family first no matter what though, and plan to use that to make your future business decision. Great job and here's a link to mine: http://maursfirstblog.blogspot.com/2016/04/my-exit-strategy.html
Hey, I like how you viewed your exit strategy as something that depends on multiple factors because when I was writing down my own ideas it was not easy to develop an exit strategy without thinking of the possibility of starting a family or letting go of a business that I already have grown fond of. I agree with you, though. If I have a family, I'd pass it down to them only if they would want to manage it. I might also just retire and sell it off but it all depends on "where life takes me." Good luck!
ReplyDeleteHere is the link to mine if you're interested:
http://myentrepreneurshipinizio.blogspot.com/2016/04/my-exit-strategy.html
Hey so I actually have read two now where people want to keep it in the family which I think is pretty cool. I personally said that I would sell my business after I built it up as much as I possibly could and then sell it and keep a small stock or royalty portion so I would always make money off of it while I start something new. I think that your safe aspect can be good but at the same time most entrepreneurs that made it big took a risk (usually a big one!) But best of luck and if you wana check out my blog feel free to at http://derekdonahueentrepreneurship.blogspot.com/
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