(The chow chow is sad because he doesn't want to leave his business idea. He knows he can't handle the demands of a full time job, and the responsibilities of overseeing an entire business - but he doesn't want to separate himself completely from the venture concept.)
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?
Truthfully, I intend to keep my business a hobby on the side. I don't think I would ever completely walk away from it, unless it became a financial burden. But it wouldn't be the center of my life. My aspirations for my career are not related to my venture concept, but I am still passionate about its purpose and ability to help people. If anything, I would maybe just hire people "to do the work for me," while still keeping the rights/patent/license to the product.
2) Why have you selected this particular exit strategy?
I suppose I already answered this question, with my previous response. But, to further elaborate, I want this exit strategy to keep a link to the business. I don't really have the emotional, "this idea is my baby" attachment to my product, but I do think that over time it will still serve a purpose, and also have a costumer basis that still requires this product. Also, having a manager for my business allows me to not have to deal with a lot of the paperwork/responsibilities while still having some control over the concept. I'm not letting go of my rights or connections, but I would definitely need someone with more expertise than I have to oversee all of the business/financial concerns.
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 hasn't really influenced my other decision for my concept. I plan on keeping the premise the same as its always been, but I'm not going to be able to oversee all the logistics while also juggling my full time career. The opportunity created from my product will be useful for as long as there are bikes on college campuses, or in big cities- which I hope is a very long time.
Your exit strategy is different than a lot of other people's strategies. I personally said that I would keep it to pass along through to my future children and grandchildren. I didn't think to think outside the box of what what given to us as examples on what I could do as my exit strategy. I also think the same way as you and don't think that my venture is my baby either. You can view my blog post at: http://saraheverts.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHey Kristiana, your exit strategy was definitely different from the ones i've commented by far. I think that I would too pass it on to my family in which you really did think from a different mind set and I really enjoyed reading this. You definitely have a solid plan after retiring from your job in which you should be successful even when you stop working. Check mine out! http://gerb95.blogspot.com/2016/04/my-exit-strategy.html
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