28A – Your Exit Strategy


I think at the end of the 5 years I would be willing to sell the business. I say this mainly because I know I would want to move on to something more relevant to my skill set and my interests. I am interested in health care, but my true passion is for information technology. I would probably form another company that is related to that. If I planned on having children and if the company was successful though, I would consider passing it down. But I think selling it for a large profit would be better since I could use that money for their college tuition and such.

I think my exit strategy influenced my decisions with my concept greatly. I say this because I had the mindset all along that this was just a short term project, and that at the end I would try and sell it for a large profit. I think in that short period of time I tried to milk the company as much I could because I knew eventually I would sell it. It probably hindered the growth prospects as well since I felt I wouldn’t matter whether or not the company grew nationally or even globally. As long as it was profitable locally I would be okay with that.

Comments

  1. UnknownApril 19, 2018 at 2:25 PM

    Hey Nick. I like your take on your exit strategy and how you want to sell it to get to your true passion, IT. I think it is good throughout the process this was going to be something short-term therefore at the end it made it easy for you to sell after 5 years. If it was profitable, I think it is hard to imagine your venture was anything but a success!

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  2. UnknownApril 22, 2018 at 9:47 AM

    Hey Nick, I enjoyed reading your exit strategy opinions. I think that selling your company for a large profit is what a lot of people do these days, and to get that large sum of money so they can move on with their lives. Especially if this isn't your passion then I would definitely think about selling because you would only be able to do it for a certain period of time before you couldn't do it anymore out of boredom. Overall, good job!

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  3. Mitch ThiemannApril 22, 2018 at 1:23 PM

    Nick,

    I have the same exit strategy plan and I also have the same reasoning for the plan. I am either going to sell the company or just drop it entirely and sell the fixed assets. I plan on selling everything and then starting a job relating to my passions like personal training, physical therapy, or something with information systems.

    ReplyDelete
  4. UnknownApril 22, 2018 at 10:52 PM

    Hey Nick,
    I appreciate your honesty. You explained very well how having the mindset of selling the company could really hinder it. My concept also isnt really a passion of mine. I think its great you are open to other options. I think you did a great job with this post and explaining how you feel about the future.

    ReplyDelete

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