28A 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?

My current plan is to continue to work for SmartLife until I am making profit and can invest time and resources into another venture. However, I do not plan to sell it right away. I plan on keeping ownership of it since it is something I would have worked on for such a long time. I plan on hiring someone to manage and run the company with similar goals that I had and be able to make a difference in society. If it is at a point where other parties are interested in paying a good price, or running it along with other ventures proves to be a difficult task, then I’ll consider selling it.

2)     Why have you selected this particular exit strategy?

I have chosen this particular exit strategy for multiple reasons. I have multiple ideas for businesses, and I have the curiosity to see if any of them will actually become successful or not. This product is just one of those ideas. I like the idea of still maintaining ownership of the company (assuming it is still making profit) if things do not work out with the other ventures. I also like the idea of keeping the business in the family. Being able to work with my dad on some entrepreneurial ventures was such an awesome experience and I would want my kids to be able to have that experience too and bring new ideas on how to make the company more successful.

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 feel like my exit strategy has influenced the decisions I have made with this venture. At the end of the day, I want to make a difference in the world, so creating a product that is able to do that was always my goal. A part of me always knew that I would like to pursue my other ideas eventually. Being able to go through this class and develop the resources I needed for my current venture was a fantastic experience. I always approached each assignment with the mindset that I want this venture to grow and succeed, but at the same time I need to develop the skills to acquire the resources I need for my other ventures later. Not knowing if I will sell my ownership to someone else, or ultimately keep it, I made sure that the decisions were focused on making the product successful and be able to help me make a profit.