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?
- For my business, I plan on staying with the company for as long as possible, and then selling when I go to retire.
2) Why have you selected this particular exit strategy?
- I selected this particular exit strategy because if my product has success at UF, I believe it could succeed at other universities. If my product is successful on one campus, then it will likely be successful on almost all college campuses. Because of this, if I sold out after 5 years I would not even get close to potential return value on my products abilities.
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 has not influenced my decisions I've made regarding my concept. I never believed in creating a cheap product that breaks easily, so I can make a quick buck and then exit the market, my plan was to always make a quality, reliable product for sale. It has not influenced my growth intentions or how I use resources at all.
Christian, I would have to say that it seems like staying with the company is a good move. You could expand much on it and make it even better. You could make it better by getting a really great operations team and improving the efficiency of the team. Efficient is so important to a team and it could save the company so much money. All you have to do is start out with a good original crew.
ReplyDeleteChristian, I also believe your product could thrive in any college campus environment. There are so many colleges out there so it would not be hard to stay with the company as long as possible. It is a great move to stay with the company, especially if the payout is that great. My product also did not get influenced by my exit strategy, since I feel like it should not have an effect.
ReplyDeleteHey Christian,
ReplyDeleteLove the idea, but what if you made it a family business. I’ve always wanted to say that I lead the beginning to a family tradition, whatever it may be. If the business does well enough when will you know when to retire? When you can no longer work or some time earlier? Additionally retirement is far more expensive than you realize if you do so early, do you have any ideas of running a second business to help with this cause?