1) Although I really do like my business concept, it is not necessarily what I plan on doing for the rest of my working life. I do think that this is a great way to address a need I identified so I would like to see this business live on after my departure. Ideally I would only sell part of my business, once it reaches peak success, to a current employee or dedicated customer who would maintain the integrity of the business concept and its overall mission. I would like to maintain partial ownership in order to continue to have a say in its future.
2) I really do think that there is an unmet need in our community and possibly other college based communities like Gainesville. I chose this particular strategy because it would not get rid of this potentially successful service, it would merely be the way I transition out of it. I also think that by potentially selling the business and keeping a partial ownership would allow me to make sure the integrity is maintained.
3) My exit strategy has not affected how I developed my business concept because I went into it thinking longterm not how to make it successful until I leave. In fact, my exit strategy is not even to fully exit, just to remove myself as the main decision maker.
I also would like to sell the business at one pint, but only after I felt it could continue doing well once I left. The idea of maintaining some control of the business is appealing to me though. If you are interested, I will leave a link to my blog post below.
ReplyDeletehttp://ent3003entreprenerdship.blogspot.com/2016/04/my-exit-strategy.html
Hey Grace!
ReplyDeleteI really loved that last sentence about removing yourself from being the decision maker. It reminded me of a CEO I look up to which is the creator of "Nastygal" Sophia Amoruso! I truly look up to her as the founder of this company because she got so far that she was comfortable enough to still step down. Wouldn't it be great to be able to have that much comfort with that kind of decision in all aspects of business? Your exit strategy is admirable and I never thought of stepping down and it seems like a reasonable enough thing to do. If you want to check mine out here you go: http://entreprevision.blogspot.com/2016/04/my-exit-strategy.html
Hey Grace! I have also chosen to sell my business once it becomes successful since I don't intend on working on this venture forever. I also agree with partially owning it, that way your original idea will stay intact even after you leave and you get a say on any changes. Check out my blog post here:http://npc95.blogspot.com/2016/04/my-exit-strategy.html
ReplyDelete