My exit strategy is to build the biggest company I can and sell it. I'm not sure if that's in the 5 year or 10 year plan, but I want to make the app extremely successful and make some money off of it. I'm sure it will be hard leaving it behind but I think handing it off will be extremely rewarding in the end. I want to sell I can give my portion of the money I receive so they can build a business of their own of they chose too. They won't get much but I want to give them the opportunity I didn't have and that is the funds, sometimes you need a little money under you for a good idea to sprout and I want my children to have the chance to explore their ideas.
I chose this exit strategy because at the end of the day this isn't what I want to do for the rest of my life, It's awesome to help people lose weight and get healthier but that's not what I'm interested in. I would love to be able to make enough money off the app so I can work as an special needs teacher, or volunteer anytime I want. For the moment this is an awesome way to get my food in the door to helping people but the market isn't there for me long term. I don't think my exit strategy has influenced my other decisions. The goal of this app is to help people and that's exactly what I want to do for the rest of my life just I'd like to switch it up every couple years if I have the chance. I would also want someone to come in and be a fresh mind, and eyes to take over and grow the company in a way that maybe I couldn't.
Hello Jaycie,
ReplyDeleteI agree with you if you build your company to be successful and sell it in either 5 or 10 years then you will be rewarded. In my post, I was also between either selling it or building it big enough to pass down to my children, but regardless in the next five years I would work to make it successful. I am a little confused by this sentence, “I want to sell I can give my portion of the money I receive so they can build a business of their own of they chose too.” Who is ‘they’ (your children?) and what would you want them to do with the company? I agree with you that the most ideal opportunity to grow a business is through funding. I would want to do the same for my children if my business were to grow largely. I appreciate your honesty towards your app idea and the consistency of the ultimate goal for your business. Good post!
Hello Jaycie,
ReplyDeleteI think selling your company and giving a small portion of your money to someone like you who has an idea but just need some money to turn that idea into something real. I see that you want to inspire your kids to also pursue their passion or their own ideas and passing your company down to your kids might not be a good idea since they don't get to experience the entrepreneur process.