The exit strategy for a venture is one thing I never really thought of during this whole process. I have been so focused on the start-up for this product that I never really focused on the end goal and what I would do with the company after.
1. My strategy would be the build my business up to the best it can be, so I could get a lot of notice from potential buyers of the company and because I do want my business to be the best it can possibly be. I am not sure if I would want to sell the business though. It could make for a good retirement plan in the future and would probably be the best option though. I would not want to pass it down to my children. I want my children to be their own people and follow their own paths in life. After going through multiple exit strategies, I believe that staying with my business for a few decades and selling it for a large sum of money would be the best option.
2. I chose this particular strategy because I feel like it is the best option for me as a retirement plan. Also, it would be interesting to see what a new owner could do with my business and possibly revolutionize the product even further.
3. This exit strategy has kind of changed my point of view on my product concept. I never thought of my product as extremely long term, but you never know what can happen. This assignment has made me realize that perhaps I should really look into how to properly manage a business and how to build up and maintain a successful business for a lengthy period of time. It has also shown me how valuable particular people can be towards the success of a company. It pays to have good connections with the right people.
Hi Michael,
ReplyDeleteI agree that the whole concept of an exit strategy was a little weird to think about since we've been thinking about start-up methods throughout this whole course. I think that you've outlined a good exit strategy that could see good success if your business ever reached that point. I agree that the strategy works well with your retirement plan. Thank you for sharing.
Hey Michael!
ReplyDeleteI understand the difficulty behind the decision to sell your business as I have thought about it as well. On one hand, you’ve put all this time and effort into an idea that expresses your passion and something you care a lot about and can continue to improve and grow it. But on the other hand, after selling there are so many opportunities to start something new and contribute an entirely different concept you’ve wanted to.