- 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 think my exit strategy would definitely firstly to be to sell my business for a large return. While I think my business is a great idea, I think it would be really great to be able to sell the business to another company that wants to buy my software and then reinvest the money I make into other business ideas or to finance my children's futures with less risk of the business crashing.
- Why have you selected this particular exit strategy?
- I have selected this exit strategy because, while I am willing to invest in a business and take risks in order to be profitable, i would have to worry about my family first and make sure they have a successful future that I can finance for them. That is why I would like to be able to sell my business to finance their futures and ensure they can live a comfortable life.
- 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?
- I do not think that my exit strategy has influenced my other decisions because I have honestly not thought about it much until now. But, now reflecting, I would definitely want to spend less time and money investing in assets like large offices or an extensive staff because these investments would not be necessary in a few years when I sell my business.
Friday, April 12, 2019
Your Exit Strategy
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This is a good exit strategy because you can still reap the rewards of your idea success and exit clean and without any trouble. Then, as you said, you can move along to other ventures. I believe that creating the software could also be left up to others and maybe just the idea is enough to sell. Let them figure all of that out. They’ll be motivated since they’ll work toward the profitability of the venture.
ReplyDeleteHi Meghan, I think your exit strategy is the correct one for your specific business model. While starting your own insurance company may be the next big step, I think your product would be well suited for a business that already has expanded enough with significant scale to roll our your product to existing clients. Since this is something that can be easily integrated into an existing insurance company, I think you would be able to sell it for a larger return. Moreover, your personal reason for selling, family, is an important thing to consider.
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