Assignment 28A
1) Identify the exit strategy you plan to make. Do
you intend to sell your business in the next 5 years for a large return? Do you
intend to stay with the business for several decades and retire? Do you intend
to protect the venture as a family business, and pass it down to your children?
I have a hard time with exit plans. This is because I am a very sentimental
person and have a hard time letting things go.
For example, I’m about to graduate and I get upset thinking about how I
won’t be sleeping in MY room ever again once I graduate after May 6th. That being said, for this I would obviously want
my children to be well off when they’re older, but I want them to chase their
own dreams; not continue to support mine.
I think for that reason I want to sell my idea and make a shit ton of
money off of it eventually. Maybe hold
on to it for a while and even retire decades from now, either way I want to
make money off of it.
2) Why have you selected this particular exit
strategy?
I want to sell it eventually and be able to retire from it, but
that’s only because I want to be able to provide for my family and then be able
to help them in their future endeavors to follow their own dreams.
3)
How do you
think your exit strategy has influenced the other decisions you've made in your
concept? For instance, has it influenced how you have identified an
opportunity? Has it influenced your growth intentions or how you plan to
acquire and use resources?
I don’t think it’s influenced me at all. I haven’t even thought of it until now, so
maybe that’s why I think I want to hold on to it for a while. If that’s the
case, then maybe it has influenced me.
Overall though, I think I’m just
unsure on what I do. For all I know, I
can die before I have the chance to have children. That thought also affects my
decisions, all I know is I want to change the world for the better and I try to
do that through finding opportunities and solutions.
Hey Jeremiah! It is refreshing to know we shared the struggle of creating an exit strategy. Congratulations! Graduation is such a great achievement! It is refreshing to know we share similar perspective. I also would like for my children to continue my business venture to build generational wealth. However, I also would appreciate my children launching their own independent aspirations. There are numerous possibilities to consider when visioning the future of a business venture. There are numerous factors to consider before deciding on the future direction of a business. As the old saying goes, "We will cross that bridge, when we get to it."
ReplyDeleteI share the same nostalgia for my own projects as yourself, and it makes it much more difficult to move on from a project/ idea. I must say its refreshing to read about how someone similar in age to myself has the perspective to realize long-term goals like providing for their family and enabling their kids with opportunity because although we share those goals, many of our peers lack that level of foresight.
ReplyDeleteJeremiah, fantastic. You're already looking out for your children. How much? Do you think this idea could make you that much money? I'm sure you will have an idea and a venture that will be able to help you in your goal to provide a better life for your kids. Think about what that would be.
ReplyDelete