28A – Your 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?
I would like to exit by selling the company before I leave Gainesville. If I could sell my company before I left to someone who would stay here, I could use that money towards something else in my entrepreneurial journey.
2) Why have you selected this particular exit strategy?
I selected it to have more freedom after I am done with my company. Since it is a rather location specific company, it lets me go somewhere else if I need to.
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 definitely think it has influenced my decisions. I want to grow it really fast, because I am graduating here soon. If I get it going and sell it, then I will be smooth sailing.

Comments

  1. Abby TuckerApril 14, 2020 at 4:03 PM

    Hi Michael,
    I think it's smart to try and sell your business before leaving Gainesville, and reinvest that money into something in the future. I also want to sell my business so I can focus on something that will grow with me after I leave the UF community. This will give us both the flexibility to explore our passions outside the bubble we are accustomed to.

    ReplyDelete
  2. Sophie BeaudApril 19, 2020 at 4:59 PM

    Michael,
    I think that after being successful in one business it leads to a snowball effect. It heightens the drive to keep opening businesses and improving them. I like your exit strategy because I too would like to try a bunch of new things in my lifetime and live in many places as well. This is something unique and allows for creativity and like you said, freedom.

    ReplyDelete
  3. AnonymousApril 19, 2020 at 5:23 PM

    Hi Michael,
    I think selling the company to cash out is always a smart idea for an entrepreneur. It provides you with the money to build a new venture or invest your money somewhere else. Also, since you would not want to stay in Gainesville selling is definitely the best option for you. It gives you more flexibility to decide where you would want to go and do.

    ReplyDelete
  4. Robert BaumanApril 20, 2020 at 1:39 AM

    Hello Mike-al,
    Good job on your post. I also like the idea of cashing in on my business idea. You may make a few dollars. I mean literally just a few. I also would sell my business after a few years for my exit strategy. However, planning to selling out from the start is not always a good idea. Are you really able to push yourself if you are thinking about cashing in at the end. Overall, good job on planning how to cash out of your business.

    ReplyDelete
  5. Will SandsApril 20, 2020 at 9:24 AM

    Good Morning Mychaeyll,
    Great job describing your exit strategy. I would have liked to read some more in depth information about your exit strategy, but you were direct and straight to the point. As someone that will soon be wrapping up their college career here in Gainesville, you may want to look into a different business if you are looking to sell before you leave. With this one, I see you settling down in Gainesville and becoming an ACR. That is not a bad thing, but with the scooter industry the way it is around here, you will become trapped amongst the wild underground ring of scooter salesman. Good luck!

    ReplyDelete

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