My ideal exit strategy would be to continue with my venture until its reaches a point where I can sell it for a large sum of money. I wold prefer for it to be within 10 to 15 years of starting the company, however if it takes longer for me to continue working to receive a higher pay day I would absolutely do that. The amount of money it would take for me to sell it would have to be enough to financially support myself and my family for the rest of my life.
I would rather not pass off the business to my children because I would feel that it is in their best interest to discover their own path and life journey, rather than just inheriting mine. I would like to work long and hard for these amount of years and spend the rest of my time enjoying life with my family and traveling. I think work should mold to your life, rather than molding your life around your job. With my situation, I would be able to put in my time and hard work then reap the rewards of it with the people I love most. When you keep a job until you die or keep it in the family forever, you ever get a break and the lines between business and personal become too crossed for my taste.
My exit strategy has not really affected my choice in venture or how I have decided to go about it. I am really passionate about my business idea, however I could absolutely see myself stepping down and allowing someone else to take the reigns. I would only feel comfortable doing so if I knew the venture was in going in good hands and in a direction I felt comfortable with and proud of.
Hi Samantha!
ReplyDeleteI love that you would think to pass your business down to your kids. I hadn't thought about that but it is definitely a great option if the business is successful. Your idea is definitely better off being run by the younger generations each time it is passed on because of the new innovation that they could bring to the business. I agree that you should enjoy your life outside of the company and it's important to think about what you would be doing otherwise. I also would love to travel after giving/selling the business to someone else. My main thing was to not be consumed by my entrepreneurial business for my whole life and I think you see that as important too.
Hi Samantha, your exit strategy seems like a good plan. 10 to 15 years is probably a substantial amount of time to make a good profit. One important thing if you want your product to remain popular throughout those years is to monitor updates with technology. You do not want your app running on the same technology the whole time with no updates and improvements.
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