I have
never even considered an exit strategy until now. I envisioned me just
abandoning the business to never think of it again. But, selling the business
would definitely be the most intelligent option.
I am
leaving Gainesville after Spring to go work. Since I am abandoning my market, I’d
also be abandoning my business. It’s not something I could bring with me,
because my business idea is dependent on a student population, and I don’t know
whether the correct requirement would follow me. Selling the business would
involve me handing over the social media accounts and all of the resources for
operations (an easy thing to do).
My exit
strategy has made me identify the need for growth. Having that growth aspect
would allow me to sell the business for a higher price. Otherwise, I’d just be
selling a brand and cleaning supplies. After taking on more employees, I’d be
able to sell an entire business with assets. So growth is a must, not that that
is a surprise.
I also had a similar exit strategy, of eventually selling my business in a few years so I can also focus on pursuing other aspirations in life. I agree that with this exit strategy, there is a need for growth in order to expand your business and have that opening for selling it for a larger sum. I liked how you were able to design your venture and add different aspects influenced by your exit strategy.
ReplyDeleteReading more and more of these exit strategies it occurs to me that these strategies are made with the goal of starting a new business or using the capital to branch out to other types of products to sell. I have yet to make a exit strategy, and I've been wondering if I should sell my business when the time comes so that I may branch out and find my other aspirations. However this leads me back to the beginning of what I should do for future aspirations and it made me reflect that perhaps I should make a strong foundation first on what I want to do before I definitively make my exit strategy.
ReplyDeleteHey Mitchell,
ReplyDeleteI employed the same exit strategy of selling my business for profit, and I think that this is the best course of action for yours as well given your situation of leaving. I agree that your business requires a student population to function and if you are leaving, I am not sure about the business's growth capacity to wherever you are moving to, so selling is a smart option. I like how you analyzed your own business and your specific situation in order to come to the conclusion that you needed to expand first and then sell your business in order to make it a viable transaction. Overall, great analysis!
Hi Mitch,
ReplyDeleteI think it would be beneficial for you to sell the business instead of abandoning it. You would have to think about the employees and the loyal customers that you gained. It would be special to come back as an alum and see that your old business is still thriving.
Yeah I feel like as students this is the most realistic exit strategy. Tbh I don't think anyone was thinking of an exit strategy 😂
ReplyDelete