My Exit Strategy

1) My exit strategy would definitely be to sell the business for a large return. I believe utilizing that large return to make smart investments could secure my retirement and lifestyle in the future. However, it would have to be for an amount I felt comfortable selling. If the opportunity to sell never presented itself, I would not mind still running the business and passing it down the family.

2) I selected this exit strategy because it would allow me to invest in more new businesses and diversify, rather than "keeping all my eggs in the same basket." Even if my business was doing really well, it can be dangerous to try to keep riding a wave that can end at any moment!

3) I don't believe this exit strategy has highly influenced other decisions I've made in the concept. This is due to the fact that although an exit strategy is important, it's certainly not often what an entrepreneur is focused on in the early stages of their business. In my early stages, I was so focused on creating the business idea, that I felt the exit strategy formed naturally. Therefore, because it was indirectly shaped by my business decisions, I feel like my exit strategy was influenced by my business decisions, rather than the other way around.

Comments

  1. PChase19August 3, 2020 at 8:48 AM

    I think it's very smart to sell your company to a larger one. Would you be selling the intellectual property, or would you be selling the actual business entity? I also think it's good to think ahead and take care of yourself for retirement. Entrepreneurs usually don't get 401k's, so it is a good move to start saving up. With this recession about to potentially hit, I think we should all be saving up whatever little money we have to put towards future expenditures.

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  2. Kyle RutledgeAugust 3, 2020 at 9:31 AM

    Hey Jean,
    One thing I'm curious about, is this idea something that you could see yourself doing? I know you said you wouldn't mind running it for a while, but would it be your first choice in jobs? I think that has a lot to do with how we form our exit strategies; I happened to make up an opportunity in an area that I like (board games and RPGs and such), and I think that has a lot to do with why I decided to stick with it rather than sell. If we're not big into the idea that we've come up with, it may be more enticing to sell it off early and jump into something we're really passionate about. Of course, none of this is saying that you chose a bad idea or that you're not suited for it. I think your opportunity is great, and I think you're experience is perfect for getting it to a sell-able state.

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