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?
If my business concept becomes successful the decision to keep or
sell would prove to be a difficult decision. However, if my business were
succeeding my plan would be to sell and try to harvest what the business has
evolved into.
2.) Why have you selected this particular exit strategy?
I choose to sell my business because I believe that the app is a way
to make the learn management systems, colleges and universities, use better. I
feel that if I were to sell the business it would be to help these companies
develop into better resources for online students. I
created the app so colleges and universities better the online students
experience and therefore would be better if they had my concept then if I kept
the app.
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?
My exit strategy influenced everything in my concept. The concept
itself was created with the thought that learn management systems would take
notice of how beneficial this application is and would purchase to better their
product.
Kyle, you sound like me- take the money and run! haha I like your exit strategy and think that an app like this would benefit more people if you did not keep it for yourself. Just a thought, you could keep it and sell per user or per seat log in costs to different college students. Could even develop it an make it so the cost was included in their tuition by partnering with universities. Good luck with the app!
ReplyDeleteKyle,
ReplyDeleteI have a similar exit strategy for my venture concept. I agree the schools and other learning centers can use your application to their full potential if they have control over its use.
For my concept I want to seek other opportunities, but still have a stake in my ALike application. I want to selll majority of my ownership yet still have a seat at the table to help with the future of ALike.
Hey Kyle,
ReplyDeleteI also had a similar venture strategy, but I didn't think of it from that angle. While I may have had some firsthand experience that could enable me to tailor my product to the needs of my target market, funding would have been hard to come by. Selling it to a larger company specializing in my industry would help that product develop, benefiting from the increased funding that would go to product development. However, unlike you, I didn't give any thought to my exit strategy as I progressed through this class — that probably would've helped me properly position my company, making it more attractive to potential buyers.