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 feel like what makes the most sense for me is to stay in the business for a few years but to eventually sell it to a larger company in the future. I'm for sure a control freak, so at the beginning I would want to be in charge of absolutely everything. I want to feel proud in the product that I put out there for people and once I feel established enough is when I will loosen the reigns.
2) Why have you selected this particular exit strategy?
It makes sense in my mind to become established with Coffee Cubes and develop a good reputation and once I have acquired that and a loyal fan base, then I would feel comfortable in selling my product to a larger scale company. I would absolutely have to sign some kind of contract saying that nothing about the ingredients or process is going to change and same goes for the packaging and price.
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 my exit strategy has influenced any other decisions in terms of Coffee Cubes, however I do see myself being more intrigued on starting something new once I sold off Coffee Cubes. I think that by going through this entire process I've learned good ways to identify things that should be better and identify good ways to go about doing so, that are unique.
Hey Nicole, great read! Nice to see your attachment and appreciation of your product. If the real world is anything like the shark tank TV show, then your product would most likely be picked up by a larger company for distribution purposes. Also interesting to see that this idea may give rise to more ideas down the line. It was pretty hard for me to come up with an idea for this course but I am passionate about it so it's hard to imagine that I will be able to create another successful idea.
ReplyDeleteHi Nicole, both our future ideas in terms of exit strategy is very similar. I agree that you would need to develop a strong customer base and reputation to have the ability to sell to a larger scale company - this sale will most likely provide opportunities to engage in other markets.
ReplyDeleteHey Nicole, I enjoyed reading your exit strategy and agree with your decision making the most sense. Developing a good fan base and reputation would be a great way to add value to your overall business. After building on both of these traits when it comes time to sell you will get a substantial amount of money from the respective company.
ReplyDeleteHey Nicole! I believe it is essential for you to keep it for a few years. No one cares more about your business than yourself that is for sure. What company do you think you would sell it to? At what benchmarks in the business are you willing to let it go? Are you sure you would not want to make a career out of it. These are just questions to get you thinking. Selling it will earn you a good amount of money without all the stress.
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