Assignment 28A – Your Exit Strategy
Your Exit Strategy
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?
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 want to make MedTalks a large company that everyone is using. The app is doing well and we are getting good reviews and it has made me good money. Then let a board take over while I am no longer working and just spending money on traveling.
Why have you selected this particular exit strategy?
- I think it is great that I made this and that it was a good success, but I don't want to have to maintain it until I am dead. What is the point in having made all this money and then not using it. I don't know anything about kids or a family but me and all my dogs are going to do great in our large home and our fancy cars.
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?
- The whole concept was made so that I could become successful and make money. That is why I thought about everything and they way that it could be translated to other things. The idea of having a business as much as I want to be able to help other people, I also just want to make money so that I am not living in a small apartment that has roaches. I want to exploit and use every resource that I can so that I can have money later on and then give some back.
Hey Stephany!
ReplyDeleteIntersting thought that you want to have your board take over. I'm like you-- I want to build my business up, then let someone else take it over so I can enjoy my family and life. However, have you considered selling to another large company? For example, I think your service would do great on Web MD since people normally google their symptoms (for better and for worse) and land on their website in the first place. You could sell your service to them and have them take over the app, or allow them to integrate your software into their website.
Hey Stephany,
ReplyDeleteVisualizing your exit strategy is actually pretty funny. I just see you wearing designer glasses, and commanding a board of MedTalks executives, leaving things off to them and then immediately getting on the first flight to Thailand or something. I think your point of view is interesting too, "having made all this money and then not using it". To each their own how they want to use their money, so however you want to I hope you do get to. Good luck!
Hey Stephany,
ReplyDeleteI also have this exit strategy. It's nice you're creating this product with the intended purpose to sell it but also give talks about it and help it grow. While you're traveling the world, you can maybe open something else abroad having this experience you never know. It's an effective service that many would benefit from. You really want the money so this is definitely the way to do it.