My exit strategy will be as follows:
1) I plan to continue with my business until I feel it has reached the "question mark" phase of its life cycle. At this point, I would attempt to sell the business.
2) I have chosen this strategy because I would like to stick with the business as long as possible. I think there is so much valuable information to be learned from your first venture. All of the information I gather from this venture will allow me to have the experience to embark on new ventures down the road.
3) I believe that my exit strategy has made me realize that this is my first business venture, and that there is no way to make everything perfect. Treating this venture as also a learning experience allows me to stop and think about different roads I could have taken and what their results would be.
BeckyLee,
ReplyDeleteSimilar exit strategy to mine except that I would probably exit a little earlier. I would like to get as much as possible so I want to sell my business in the best market. I would also like to remain in mine a little as a consultant and try to retain some royalties so I have income from it. But good exit strategy and I definitely agree that there is a lot to be learned from your first venture.
BeckyLee,
ReplyDeleteI had the same idea as you in terms of running my business until I could sell it. I figured I'd like to try another project or venture to sole another unmet need for another group of customers. I agree that there is no one correct way to make everything perfect. Our ideas are always evolving.
Here is the link to my post.
http://norrisufent.blogspot.com/2016/07/my-exit-strategy.html