My Exit Strategy
All good things come to an end. Eventually, the entrepreneur exists the venture she or he created. Although exit comes at the end of the entrepreneurship process, its implications can be seen throughout. Exit can influence how you identify opportunities, develop products or services, and manage and grow the firm. In this exercise, I would like you to reflect on your own exit strategy.
Here's what you should do and write up for your post:
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?
I intend to start my business up long down the road. I need to find the right financial resources to be able to help with the funding and the aid of this program before I can start this facility. I plan to keep the business in the family and pass it down to my children. The reason for this is because people who are close to your dream and goals, are the people who are going to cherish the same mindset that you have. Nobody else will treat my business with as much care as my own family because they will never want to let me down and they will have been around it their whole life.
2) Why have you selected this particular exit strategy?
I think that it's important to realize how much your family and close friends around you value the things that you do. My children will have grown up around this business so they will already know the daily operations, problems, and plans that we will have for this business. They will be able to jump right in with the same passion that I have because they will understand that this is a family company.
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?
I think that my ability to pass it down to my children has allowed many opportunities for growth. With this exit strategy, I can focus on receiving the aid and not being the focal point of all operations but we will also be able to expand the longer the company is around.
Hey Cam,
ReplyDeleteAlthough I agree with your decision to hand your business over to your family, I would be weary with this and perhaps try to figure out a back-up plan should things not work out as planned. Even though your family or children could be genuinely inspired with your cause and the social problem you exploited, they may not be the right person for the job. It's interesting because at the moment we feel assured handing over the company to our family, but this is purely theoretical and assumes many things. Thus, it is great to have family share your passion, but would they be the best fit for the position you held and the firm you crafted?
Dear Cam,
ReplyDeleteI really like the points you brought up on this assingment. First and foremost it is extremely important to make sure you are financially stable for anything you want to start. I believe that's a really good mindset to have because then youll be extra safe in times of trouble. Secondly, I love how you talked about family and how family is the most trustworthy resource you can have. I never really thought of it like that. I always wanted to start a family business so that everyone in my family could have a job and be making money but now I know that it's also a smart move because ill be able to fully confide in everyone in the company.
Hi, there! Your exit strategy seems to be the complete opposite of mine and I think that is really interesting! I totally understand the passion you’d have for your company and wanting to pass it on to your children to keep it as a family-operated business. The idea of creating a family legacy is very tempting, but I think I would be too stressed running my app company for the rest of my life. Then again, I could also see it being too hard to part ways with something I’ve built from the ground up. It's a difficult decision!
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