Throughout the semester, I have thought about the exit strategy that I would make after having my business idea be successful. In the next few years I would stay organized and continue to run the operations of the business. I would grow my market until it is on the national scale. After a few years of having customers all over the country, I would try to sell the business for a large monetary return. I believe financially, this may be my best move regarding the future of personal trainers and science relating to health and fitness.
I have selected this particular exit strategy for legitimate reasons. First, as I get older I might not have as much time to dedicate to the business, and rather than having the quality decrease, I would rather sell the business to an individual who has the time. I see this as a win for both parties. I would get a large monetary return, and the new owner would have a business that is already earning money. Second, I do not know what the future holds regarding technology. In the future, better technology may allow new apps to start which would be competition in the same market. Rather than competing with these new apps and having a large source of stress, I would simply walk away successful and allow someone younger and fresher to take over.
I do not think my exit strategy has really influenced other decisions I have made for this business concept. While running the business, I would work the hardest I can to ensure that it is successful. Regarding my exit plan, that is simply after I sell the business. While I am involved with the business, my exit strategy would not influence decisions vital to the survival of the venture. The exit strategy has not influenced how I have identified the opportunity. Additionally, the growth intentions and the plans for resources are independent of my exit strategy.
Dylan,
ReplyDeleteI think your exit strategy is practical and smart for your business industry. Being that you understand that you will have to run your business for a few years before you can sell it is a good smart to your exit strategy. As you mentioned, the business will take some time to reach a national scale. But I think it would be a smart move to sell it once it has as it would give you a large return. Overall, your strategy is smart and I think it would help you in the long run. Great job!
Hi Dylan,
ReplyDeleteI definitely think, as an entrepreneur, it would be a great idea to come up with a product or service that is needed in the market. Refine it, make it a hit, and then sell it. As we see with everything else throughout history, all things have an expiration date. Nothing is forever. Therefore, I believe that this is the best option to pursue.
Hey Dylan,
ReplyDeleteI think you’re exit strategy is the right step for your business concept. I think, like you said, as you get older, you’ll be less able to run it. I’m curious as to whether you would establish any rules for the business once sold, such as, “don’t change the mission” or if you would allow for the new owner to do whatever they want with the brand. If you end up having a family in the future I would consider keeping it in the family.