28A - My Exit Strategy

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?
The first part of my exit strategy is that I plan to patent my idea in the future so I don't have to worry about imitations. After my idea is secured, I intend on staying with the business for several decades as a consultant and eventually retire. I want to build upon the first idea and expand the business. If it is still in good condition by the time I have kids, then I wouldn't mind incorporating my family into the business and turning it into an empire built on efficiency.

2) Why have you selected this particular exit strategy?
I selected this particular exit strategy because I think there is no use in selling an idea that only fires once to anyone else. I mean that my idea is a one-time idea because anything close to it would be a clear imitation that would be anything but original and would present no inherent value whatsoever.

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 think my exit strategy has been influenced the other decisions I've made in my concept because my exit strategy consists of staying with the company and maintaining it for future generations. This means I would have to plan for years to come in order to keep the business alive.

Comments

  1. UnknownApril 20, 2018 at 10:49 PM

    Hi Eli! You did such a great job with this assignment! Taking the time to patent this idea is very smart, as that would stop anyone profiting off your idea. I also think that expanding the business is a very smart move, and continuing to have the business down the line once you have a family if it stays successful is a very good long-term decision. Good work!

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