- Identify the exit strategy you plan to make.
- While I'm very passionate about my business idea and want to help people start their fitness journey, my ultimate career goals aren't centered around this venture. I would sell my business to an individual or company with a mindset that aligns with mine once I'd finished medical school and became a full-time physician.
- Why have you selected this particular exit strategy?
- I chose this because I would want my vision to live on even though I am no longer involved with the business. I would want like-minded individuals or a fitness company to pick up where I leave off and make the business even better.
- How do you think your exit strategy has influenced the other decisions you've made in your concept?
- I think that knowing I won't stay with this business forever has influenced some of the decisions I've made and the ideas I've come up with. I've had a flexible approach in identifying opportunities and structuring the business because I know I'll have to give up control and would like to be able to not only comfortably transition myself out of the picture, but make things easier for the remaining employees to continue working without me. I've also thought about expanding my target market to a wider range of people to allow for future growth and expansion.
Monday, April 8, 2019
Your Exit Strategy
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Excellent work on your Exit Strategy. Since you plan to go to medical school and become a physician, I can see why you will want to sell your business. I like that you want to sell the business to someone who will run and take care of the business in the same you would. That shows that it is not just about making a profit from the sale. You care about your concept and want it to continue to do well.
ReplyDeleteI like how simple your strategy is. Not all things can last and I admire that you have your own personal goal of becoming a licensed physician that takes priority over a concept that was mandated/inspired by a class! Keep working hard and as long as you have fun with what you do, you will go far with it!
ReplyDeleteI wonder how long a strategy like this would take for a product like yours. If you plan to exit from the start you can go for that viral growth and start marketing your operation to larger companies in the industry who might buy up competitors.
ReplyDeleteI like that you have concern about who continues the legacy of the business. Often times when smaller businesses are bought out they quickly lose what made them unique and valuable in the first place. The best-case scenario for your exit strategy would be if you could sell your business to a like-minded business that had plans for how to further grow and improve upon what you have started.
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