1) The exit strategy that I would plan to make would be staying with the business for the next several decades and retiring. This could also lead to me passing on the business to family or selling it at the end of my decades long run.
2) I have chosen this particular exit strategy because this product is one that needs to be steered the right way, with the right intentions behind it. Rather than the intentions of juicing every single bit of the customer's wallet and taking advantage of the market. I want this venture to have a good connotation behind it. A connotation that shows the goodness behind what a service truly should be. Another reason for taking this exit strategy is the fact that if I were to let this company get bought out, the system would immediately revert back to what it is today. The system today takes advantage of the fact that it can be different monopolies. It also takes advantage of the customers by not giving them other choices and forcing them into packages. This is exactly what I am trying to change with my company, it needs to be steered in the right direction, and if I were to let it be bought out it would instantly revert back the current corrupt system.
3) This exit strategy certainly influenced how I looked at different aspects of the opportunity. In fact, the opportunity itself was identified by thinking about markets that need to be changed. I thought about the cable company market right now and how it needs to be changed in order to give rights back to the consumer. I think that a service is a lot about giving autonomy to the consumer and letting them come back because of what good service you have given them in the past. Rather than creating a monopoly that forces people. So I think that this exit strategy definitely influenced how I chose this opportunity. I would say that it influenced my intentions in a good way. My intentions are reverting a system back to what is right, rather than taking advantage of individuals. I think that these intentions are reflected by my exit strategy.
Making sure that customers are satisfied is important to have in any venture. Customers will be more loyal to you if they know they will be treated well. I also think this is a company that will evolve and technology evolves and it is important that customers are getting what they want. This is when loyal customers will be more likely to stick around, through the evolution process.
ReplyDeleteI like that you want to hold on to your business and keep it in the family. Because It is very specific, the fact that you want it “in the right hands” is a nice quality and enables the direction to somewhat stay in a similar direction for several decades rather than completely change under new direction upon selling it!
ReplyDeleteI really enjoyed your exit strategy and the reason behind it. It is very important to think about what your company would be without you. I have witnessed firsthand a company before and after the owner sold his business and it was definitely worse off after it was sold. Definitely something important to keep in mind.
ReplyDeleteI appreciate that you want to stick with your business and see it through as long as you can until retirement, with potentially giving it to your family! I agree that sometimes companies can lose the vision when other owners come in and change strategies.
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