1. The best course of action for me is after my business proves to be a success, I will probably continue to expand my business to other campuses around the nation. This would probably only be viable for a limited amount of time, because there are always competitors. After competitors enter the market and I see that my business is no longer as successful as it once was, I would sell my business to a bigger competitor, turn over a profit, and retire.
2. I selected this particular strategy because I really think it is the smartest thing to do. If I sell my business to another company, I will probably be able to make a lot more money than if I were to remain and the market and continue to operate. I would rather get out, get my money, and retire, than continue to deal with stress and potentially see my business go downhill.
3. I think that the beginning part of my exit strategy would allow me to expand my company to other areas to gain more profits. This has influenced the way in which I see my plans and how I ultimately want to expand and not just focus on one niche: The University of Florida. For this, I will have to have a more open mind and grasp at larger opportunities then to just remain in one spot. I do not want to just create a business and have no future plans for it. I definitely plan to grow and acquire more resources so that I will be able to establish my business in other places around the nation, which will require a lot more resources than just for one campus.
I do see your exit strategy as realistic because it is something some companies have done in the past. But before you sell your business and retire, at the very least put some effort into your business so that the possibility of your business being overshadowed doesn’t happen. If you manage to achieve that then you may need to change your exit strategy a bit.
ReplyDeleteI support your exit strategy and understand how a stress free retirement can be the goal. As you said, there will be competitors the enter your field and attempt to steal your audience or do your thing better. This is what evolving, entrepreneurship, and life is about. The same way you are coming up with a better method to do something, so will someone else follow in those footsteps. I hope when you sell it, that the buyout will be enough to retire and be at peace. I know some people enjoy working and developing and growing but I am certainly with you. I want to sell it off and enjoy the royalties.
ReplyDeleteGiven that your business idea is centered around the Gainesville trait of having limited to no parking, and the business relies on built infrastructure I can imagine that an exit strategy of business expansion would be very difficult, but selling the business out to another park'n ride type establishment would definitely foot the bill for making a safe exit from daily life.
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