#2. I have selected this particular strategy because I believe that my opportunity and innovation window will close in a relatively short amount of time. The services that I am offering now are unlike most services offered in my market. However, I believe that other companies will be able to copy some of the concepts that I plan on implementing, and there will be increased competition 5-10 years down the road. I believe that it would be in my best interest to eventually sell this company and use my experiences to expand into different areas and markets across the nation.
#3. I think my exit strategy has influenced my concept and opportunity identification largely because the problems that I saw needed to be fixed immediately. I knew when I was starting this venture that it was not something that would be permanent, but rather a company to fix an issue permanently, and quickly as possible. I knew that if I could expand the company greatly within the first 5-10 year period, it would be worth a whole lot of money, and then I would be able to sell it and use my skills to help solve problems elsewhere. As far as growth, I wanted it to be as quick as possible, increasing the value of my company. In regards to acquiring resources, I wanted to plant those relationships firmly so that whoever takes over my company will be able to continue on a successful tradition.
Until next time,
-Bryce
Hey Bryce,
ReplyDeleteI enjoyed about reading your exit strategy for your post! I made a similar exit strategy to have my business grow more and have people like it. When it is time, I will sell it for a large return in order to move on to a different venture! I'm glad you saw the problems with your business and that you're going to take time to fix all of it. Here's a link to my blog post: http://jeromerimpos.blogspot.com/2016/04/my-exit-strategy.html
Hi Bryce,
ReplyDeleteYour exit strategy was very well thought out. It is good that you have thought about the next person or company to take over, as that will be a strong selling point when you sit down at the negotiation table. Also, knowing that competition will be a challenge in your company's future is very important for your exit strategy. If you make sure to constantly evaluate your competition, you should have a good idea of when you should sell.
Thanks for sharing! Here's a link to my exit strategy. http://jamestyrrell.blogspot.com/2016/04/my-exit-strategy.html
Hi Bryce, I too said that I wanted to sell my business in 5 or so years. Although I like the idea of my business, I don't see myself sticking with it forever because I want to be able to focus on new ideas and new creations. I love new experiences. I agree with you on the importance of establishing firm relationships with the people you sell your business to. Check out my post here: http://analeisent3003.blogspot.com/2016/04/week-13-exit-strategy.html
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