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? No
Do you intend to stay with
the business for several decades and retire?
I would definitely attempt to grow and expand the business and make it
so its sustainable and provides adequate residual income. I would plan to work at it for as long as
possible.
Do you intend to protect the
venture as a family business, and pass it down to your children? I would more than likely want to make it into
a family business as long as my family is receptive to the idea and they
exhibit the appropriate business skills and acumen required to maintain and
grow a venture.
2) Why have you selected
this particular exit strategy? I think
my concept lends itself to this kind of strategy as opposed to for example, the
next killer application developed for smart phones that might make it a one and
done kind of deal.
3) How do you think your
exit strategy has influenced the other decisions you've made in your
concept? It has influenced most of my
decisions in the sense that I would be starting and cultivating the business
and modifying it along the way with the intent to make it sustainable and
profitable over the long term, not necessarily looking at the different options
that would allow me to cash out after it is successful and the business and
real estate the business resides on has gained equity.
For instance, has it
influenced how you have identified an opportunity? It has definitely done so as
I had intended it to either be a gas station or a daycare which is also
lucrative considering the offerings in the area.
Has it influenced your
growth intentions or how you plan to acquire and use resources? I think it has as I would be looking at an
all or nothing attempt to ensure the business concept is successful, instead of
throwing resources at it sparingly with the hope that it demonstrates or shows
potential before becoming fully vested in it.
4 comments:
Wow this commenting system is a little complex. Anyways I think for your exit strategy I find it interesting that you hope it can be part of the family business. I partially understand that you want to change the gas station layout. Have you thought of patent it? Have you thought it would be better for gas station in general? When you leave the business who would you have it take over? Or would you sell it?
http://notimportantrightnow.blogspot.com/2016/04/my-exit-strategy.html
I think that you did an outstanding job with this post. I like that you would allow your family to be a part of it if they truly believed in the venture as you do instead of just giving it over without a second thought. That is similar to how I would. I would not just hand it over they would have to work for it and come up in the business.
Here is a link to my blog if you would like to look at it.
http://wjkms.blogspot.com/2016/04/my-exit-strategy.html
Your strategy is well thought out. I too would like to keep the business in the family for as long as it makes sense. It would obviously have to continue to yield profits and my family would have to have the ability and desire to be involved. I also would be open to the idea of selling if it made sense at the time. If the price was enough that it would give me and my family financial stability while also allowing start up funds for a new venture.
https://mcardle526.wordpress.com/2016/04/06/my-exit-strategy/
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