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?
Following my experience in in ENT I plan to continue developing my company Icebreakers. As I mentioned in previous posts, there are still many steps and updates that I plan to implement into the development of the Icebreakers app. Long term I want to develop this app into a self sustaining company where I don't need to put as much effort into it as I do now.
2) Why have you selected this particular exit strategy?
I selected this strategy because I want to keep my company so I can continue to develop it. In addition, I believe this company will eventually be self sustaining which means it will require less of my attention. I will then be able to focus on my other business ventures and hopefully pass this business down to my kids or sell it in the long term.
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?
When creating my concept I always did so with the mindset that I will not be selling this company anytime soon. With that being said, this decision will not effect my concept at all.
Matthew,
ReplyDeleteIt's interesting to see everyone's various exit strategies within their business concepts. I also chose to focus on developing my concept as my form of an exit strategy. I think it is important to continue to perfect and expand what your'e pursuing until you are completely satisfied with the performance. I agree that the goal should be to eventually invest less time in the product and continue to something new.
Hi Matthew,
ReplyDeleteI really enjoyed reading you and everyone's exit strategy. It's really intriguing to see the different strategies and tactics of entrepreneurs. I really like how you want to continue on with developing your company Icebreakers. I believe your idea/service has a lot of potential but needs to be seen by the right audience. I also like how you added that your company is self-sustaining therefore you don't need to attend to it as much. Great post!