Assignment 28 – Your Exit Strategy
1. Exit
Strategy: From the
beginning of this process I knew what my exit strategy would be. I want to
build my business, and then sell it. I would probably stay with the business for up
to 5 years to see that my business was where I wanted it to be, and then look
for someone who had a similar vision as me to take over and buy it from me.
After this, I would like to go in a completely different direction for my
career, working in financial services.
2. Why:
Although I feel
some connection to this business, as I am a UF student, this is not something I
feel especially passionate about. This is not a business I would like to work
with for the rest of my life, nor would I want to stay in Gainesville for the
rest of my life for it. I think selling it to someone who does feel passionate
about the restaurant business and has a similar vision to me would ultimately be the best
decision. It will allow the business to continue to be successful, and it will
allow me to pursue what I want to do.
3. Influence
of Exit Strategy: This
has definitely had a large amount of influence on my decisions, especially
because I have known from the start that this is not a business I want to stay
with. I think it has encouraged me to work harder and faster on my business plan,
because I want it be successful as soon as possible. It has also forced me to
constantly look at the big picture and the long-term plan for my business. I
think this is both good and bad. I may not have been as focused on the small
details to building my business, but I have also been thinking about where I
want it to go and how I can get there.
Hi Alyssa, I think your exit strategy is really smart. Knowing this business wasn't your forever goal or career plan is something good to know going into a business, as you have an end point in sight. I definitely agree that I would want a prospective owner to have a similar vision to me when selling, as to ensure the business continues to thrive the way you had hoped and intended. Good post!
ReplyDeleteHey Alyssa,
ReplyDeleteI think you have a pretty well-planned exit strategy for your business. I went the completely other route and decided to literally keep it until I was offered my dream job and if not I would have just continued with my company. I think your exit strategy allows you to continue on to complete other ventures of your interest, which is good. Knowing this is your exit strategy definitely influences your decision making throughout the process of this product.
Hey Alyssa, it is great that you have such a grasp on how you want to exit. For me, I was just under the impression that I would sell no matter what. I like your method since you can already plan a little before hand since you have an idea of what you will do even after you sell the business. Honestly, its great that you can admit that this isn’t something you want to stay with. It is much better than forcing yourself to stay or vice versa. You seem to plan a lot and I wish I had that quality.
ReplyDelete