1) For my business, my exit strategy is to sell my business within a few years for a high return. More than likely, I won't stay with this business for more than five years. My plan is to develop my product, and then sell the rights to it once it has reached its peak. Considering the industry, I do not think my product has a long product cycle, because of this, I think my exit strategy is apt.
2) I chose this particular exit strategy because I do not see this as a long term plan for me. I see it more as a product that you develop and then sell. It is not something that I could see myself building upon because there is only so much that you can do with a product like mine. I do not think this product alone is something that could sustain me for years to come.
3) I think my exit strategy has influenced how I see my business. I see my business as more of a 'temporary' establishment rather than a permanent one. It has also affected how I plan to sell my product to businesses. Since there is no way to have businesses purchase this program like individuals do, I had planned on selling it to service providers. This would most likely lead to my exit strategy.
Hi Veronica,
ReplyDeleteI honestly think selling your business is one of the easiest ways to make money if you don't really believe you want to continue keeping up with it. I said the same thing, and maybe my answer would be different if I were more passionate about the idea. Your blog post was very honest, and I appreciate that! Transparency is key in many ways to being successful in whatever it is you want to do. Great job!
Hey Veronica. Similar to you, I aim to work hard for this idea for a couple years, maximize it, and then move on to bigger and better things. Like my product, there is only so much you can do with it, and thus, moving on seems very reasonable. Also, similar to you, my exit strategy greatly influences how I view my business idea. Nice post.
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