"My Exit Strategy"
- 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 on selling my business after it is well established. I want it to have a recognizable brand name. After the business has been established and has sustained steady financial growth the value will be much higher. I plan on having transferrable contracts in place that will guarantee the financial success for the new business owner.
2) Why have you selected this particular exit strategy?
- I have selected to sell my business because I have experience in doing just that. I have owned and sold a business before. You get a sense of where your business is in the growth stage or life stage of your business.
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 was something that I planned on in the beginning stages of my venture. I wanted to incorporate long term transferrable contracts to make my business more appealing to a prospective buyer.
Hi James!
ReplyDeleteI liked that you chose a strategy based on what you have the most experience in. It would definitely make the most sense to sell if this has worked in the past. I also think that it was very smart that you included long term transferable contracts as part of your business plan to plan ahead for this buy out.
Here’s a link to my blog if you’re interested in checking out my post for this week: http://michellekelleyuf.blogspot.it/2016/04/week-13-my-exit-strategy.html
Thanks for sharing!
Hi James,
ReplyDeleteI like your exit strategy, it is obvious that it is something you have thought about and prepared for which should make it a much easier transition for your business and the new owner. Building the brand is definitely the key, the bigger and more recognizable your brand is you should be able to get more money for your business. It sounds like with your experience you will be starting and selling more businesses in the future. I hope you make millions! Check out my exit strategy at:http://melbufent3003.blogspot.com/2016/04/melb-my-exit-strategy.html
James,
ReplyDeleteI love that you want to become very successful and then continue your brands legacy by selling your company. I actually chose the retiring plan, but it is similar in some ways to selling a business. I found it very intriguing that you've already done this before, I couldn't imagine starting my own company and having it be successful enough to sell! I think every aspect of your business concept and exit strategy is well thought out and effective. Good luck in your endeavors! If you want, you can check out my post here: http://cassidymckbusiness.blogspot.com/2016/04/my-exit-strategy.html. My idea is about dance shoes, and I chose the retiring path as my exit strategy!