Friday, April 20, 2018
28A - Your Exit Strategy
Eventually, all businesses must come to a close. This time can be within a few weeks of opening, or even after a few hundred years. Yet, many times this can come down to the discretion of the business owner, and how long they plan on staying in the field. I would like to make as much money as I could in five to ten years, and then hopefully sell my company to another large business. After this, I would then be able to relax and live off of my profits for a little, before pursuing another passion. I would choose this because it would allow for me to constantly shift fields, and thus go through the process of opening a business from the ground up several times. This has influenced my other plans within this business. I had always had the intention of selling my company relatively soon after opening, and because of this, I aimed to pursue quick growth strategies. This has also forced me to only identify and go after short-term opportunities.
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James,
ReplyDeleteI too hope to be bought out by a large company at one point and make a huge profit. it would be great to relax and enjoy what your hard work has earned you for the time before starting the next adventure of your life. I can totally relate to your thinking here!
Hi James,
ReplyDeleteMy end strategy was also to sell my business early to a larger company. I think this would benefit both me as the business-owner and the larger company that would buy mine. I think that your strategy to start at the bottom, build the business quickly, and move on to do another one seems risky to me personally, but I know that some people are just wired to work like that.