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?
2) Why have you selected this particular exit strategy?
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?
The exit strategy I plan on making is to sell the business off in the next five years. I want to somewhat specialize in getting businesses off the ground and then selling them to people so they can be successful with it. It requires a lot of hard work, but leads to a happy life. I selected this exit strategy because I believe it will allow me to get the business off the ground and then move on to other things after making a little bit of money. I think my exit strategy is influenced by the fact that I will be making connections, so while I am helping students get jobs, I can be looking for an opportunity for myself. My exit strategy also allows me to use this business as a stepping stone. It helps me find new opportunities and be the most successful I can be.
Patrick,
ReplyDeleteI chose the exact same exit strategy as you, selling my business in five years to reap the benefits from the sale. I agree with the sentiment that you want to continue doing this with other businesses, essentially becoming a serial entrepreneur. This is an idea that people have ran with and become very successful with, and I feel like the first step is believing you can do it, which is something that you evidently already have. Thanks for sharing and good luck in your future!