Your Exit Strategy
I think my ideal exit strategy for this company would be to stay with the business for around a decade and then sell it to someone else. The reason I have picked this particular strategy is because eventually I think my product might become obsolete as technology moves ahead rapidly. Within the next 10 years, I think that my product will still be relevant and could command a high price from buyers.
My exit strategy has influenced other decisions made in my concept. The main thing it has influenced is the fact that I want to spread the product quickly for maximum growth. In ten years when I would go to sell my business, I would want to have a maximum amount of growth to command a higher price when selling the company. After selling the company, I would attempt to stay on in some sort of board member role that way I could still be involved in retirement.
My exit strategy has influenced other decisions made in my concept. The main thing it has influenced is the fact that I want to spread the product quickly for maximum growth. In ten years when I would go to sell my business, I would want to have a maximum amount of growth to command a higher price when selling the company. After selling the company, I would attempt to stay on in some sort of board member role that way I could still be involved in retirement.
Your exit strategy is smart! I agree that technology is advancing quickly and your business may take off really fast. This will put a high sell price on it. You are wise to keep for for awhile (a decade) and then sell. Your product is something that will sell fast, it is not a slow spreading idea. You are also wise for wanting to stay connected to your business. I would feel the same way and want to hold a position with the company. You should make that known when selling your business to ensure your safety with the company.
ReplyDeleteWilliam,
ReplyDeleteSimilar to you I decided to sell my company yet still try to have some role in the future. My main goal is to move on to different industries and ventures but still have some control. One way you can achieve this is by selling a majority of the company but keeping a large enough stake in order to maintain some sort of voting power.
William,
ReplyDeleteI have also gone with selling my business. Although we have different reasons they both end with us feeling like we have reached the ceiling for our businesses. For you, you feel like there is an obsolete aspect of the technology, for me it is that to me there is only so much you can do with a bar or club and it will be just better to sell. I also wanted to maximum growth out of my business and for it to spread quickly.