Exit Strategy
My exit strategy is to run the business about five years and see it for a profit. I think I would like to develop it into a beneficial project that helps those in need during disasters and then sell out. My reasoning is the main people I would be helping would be in my community in Panama City Beach from the devastation of Hurricane Michael. I think after five years this would give those impacted significant time to bounce back and the business could focus on expanding to other areas that have been impacted by the hurricane.
My main reasoning for selling out is my personal devotion to the business. I think in five years I would want different things in my life and would not want to be tied to a business. Another reason is I personally really enjoy the starting process and once I have learned all I feel I can in the business venture I often get bored and look for another adventure. I feel this would give me opportunity to get the business where I wanted it, sell out and consider different opportunities.
I don’t think my exit strategy has changed much of my initial business venture. I think if anything it would change my expansion. I think I would start the expansion process but let the new owners deal with expanding the business long-term how they see fit.
Hi Victoria,
ReplyDeleteConsidering the time sensitivity of your entrepreneurial venture, I believe selling out after five years is the best option for you. This would not only give you ample experience in starting a business, but ensure you are able to pursue the other things you want out of life that would be hard to accomplish if you were tied to a business. It is interesting you think that, if you had considered your exit strategy, at the beginning of your venture it would change your expansion pursuits.
Hi Victoria,
ReplyDeleteI like how honest you are about where you see the direction of this company going. I agree that in five years I will most likely want to be doing something different with my life. You also make a good point about most of the storm damage being taken care of by then. Of course there will always be more natural disasters where people need help, but for something so targeted to your area like this I understand.
Victoria,
ReplyDeleteI completely agree with your assessment on changing passions and trends. Who knows what I'll want in 5 years? Maybe I want to travel, or start a new business. If I sell my company, I'll be able to devote myself to anything I desire. Also, your business idea is time-sensitive and totally dependent on the random chances of natural disasters, and that is something I would not be able to depend on.
Hey Victoria, I totally agree with you that the start is the most exciting part. I think that one of the most exciting things in life is learning a new skill. I think five years would give you ample time to learn just about as much as you can. I think it's smart to account for your ideas to leave when expanding. You need to create manageable growth so that you can turn a profit in five years. I have given the same thought to my venture, which I also would look to sell after 5 or so years.
ReplyDelete