28A – Your Exit Strategy
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 would consider selling my business for a large sum and might ask for a seat on the board , but I also might resist an insane amount of money in the future if my idea and industry makes radical changes and hold on to the business.
2) Why have you selected this particular exit strategy?
I believe there would definitely be an amount so high that I would accept it so I can travel the world and experience new things. There is no real set amount I am aiming for but it is definitely
"quite a lot" to "insane" on the scale. I know they say many entrepreneurs fail because they set a goal for the amount of money they want , and although I do not really have a set goal, I believe everyone has an amount where they will just give in and will think to themselves they can do so much with the money.
However, if the economy changes and trends change in favor of my idea , and that I could disrupt the industry, I might just consider holding on to the business despite many large institutions that will probably offer "insane" amounts of money.
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?
My exit strategy has never affected or is not related to my concept at all. It has its own vision to become what I want it to be and it will probably take time.
The only thing is that I plan to disrupt so many businesses that I expect that I will get offers to sell my company to them and it would just whether I could resist the temptations. Hence, I just plan to be the best in the industry and disrupt as much as I can. The exit strategy will come into play when it the time comes, but I don't know when and I don't think about it.
I would consider selling my business for a large sum and might ask for a seat on the board , but I also might resist an insane amount of money in the future if my idea and industry makes radical changes and hold on to the business.
2) Why have you selected this particular exit strategy?
I believe there would definitely be an amount so high that I would accept it so I can travel the world and experience new things. There is no real set amount I am aiming for but it is definitely
"quite a lot" to "insane" on the scale. I know they say many entrepreneurs fail because they set a goal for the amount of money they want , and although I do not really have a set goal, I believe everyone has an amount where they will just give in and will think to themselves they can do so much with the money.
However, if the economy changes and trends change in favor of my idea , and that I could disrupt the industry, I might just consider holding on to the business despite many large institutions that will probably offer "insane" amounts of money.
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?
My exit strategy has never affected or is not related to my concept at all. It has its own vision to become what I want it to be and it will probably take time.
The only thing is that I plan to disrupt so many businesses that I expect that I will get offers to sell my company to them and it would just whether I could resist the temptations. Hence, I just plan to be the best in the industry and disrupt as much as I can. The exit strategy will come into play when it the time comes, but I don't know when and I don't think about it.
Hi Cory, I'm interested in your statement for whether or not your exit strategy has influenced your decisions. My analysis of the question is that it relates your end goal with what you plan to do with it. If your end goal is to grow the company to such a large degree, don't you think that your passion and exit strategy of not selling it has something to do with it? If you were not so passionate about this business, would you have a different exit strategy?
ReplyDeleteI would also consider selling my business for a large sum. I think this is best, especially when you want to move onto new ventures. I also agree that this strategy might change if the economy changes and trends change in favor of my idea.I agree with you completely. Always make decisions with the long run in mind!
ReplyDelete(THE COMMENT ABOVE FROM "UNKNOWN" IS FROM ME , I WASN'T SIGNED INTO MY GMAIL)I would also consider selling my business for a large sum. I think this is best, especially when you want to move onto new ventures. I also agree that this strategy might change if the economy changes and trends change in favor of my idea.I agree with you completely. Always make decisions with the long run in mind!
ReplyDeleteHey Cory,
ReplyDeleteThose are some lofty goals! I like how you know what you’re going to do pretty much to a tee. I wouldn’t be one to resist an insane amount of money and its cool that you're willing to sit on it and gamble. You seem to have a lot of thought put into it and it's good you're seriously thinking ahead.