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?
It is definitely interesting making an exit strategy before seeing the full potential and success of my product. For this post, I am going to assume that the company succeeded and a lot of people got behind A WEAR PODS. My strategy is to sell the business in 10 years for a large return.
2) Why have you selected this particular exit strategy?
I have selected this strategy because I think that the success of A WEAR PODS will not always be growing, and I would like to sell the company to new minds who can think of another product that will grow in the world. I think that it is most beneficial to me and the buyer to exit this way because I am getting able to experience a different life outside of the business and the buyer can finally focus on running a successful business that he or she had most likely hoped for. They would have to do slightly less in the beginning due to the already seen success of the business and I would love to give that opportunity to someone.
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 do not think that the exit strategy affected many other decisions throughout the semester. I had never really thought about the way I would exit and I think it is important to. If I were to do this again, I would have the mindset of selling the business while I am working toward perfecting the company, but I think the way that I set up all of my ideas were fine in accordance with this exit strategy as well. I think that I would still look at resources the same and still analyze each problem with the same strategies so that when I sell the business I can give the new owner the ideas and success that I had created. Overall, my strategy of selling after 10 years for a large return would get to benefit both other people and myself, which I like to imagine, and the other decisions of the idea would not be that greatly affected by this.
Hey Carlie! It was nice reading about your potential future if you wear pods took off. I think you did a great job in assessing your business's worth and future potential. I think it is smart to sell it after you have used up all the resources you can from your wear pods. I wish you the best of luck in your venture and look forward to the finished product if you decide to go through with manufacturing.
ReplyDeleteHey Carlie,
ReplyDeleteI think you did a great job with planning your exit strategy. I think that if your company does sell a lot of its products and makes a huge profit, I agree that it would be best to sell it for a large return. Selling the company to someone who wants to run a successful business is a great idea so you can allocate your time and resources for another venture if you’re up to it.
Hi Carlie, I think the idea of selling after 10 years is a perfect idea. I agree that this product will not be successful forever so it is important to know when to get out. I also thought it was very hard to think of an exit strategy before you know how popular your product is. I think exit strategies are often altered a year or two into business.
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