28A- Your Exit Strategy

1.      I plan on using my business as a way to create connections and build a large network within the marine industry. When my business becomes successful, I would eventually hire a CEO or and act as a silent owner. I would use the profits and connections that I made from this venture to launch a new business that is also within the marine industry. I would most likely not sell my business within five years because my business operates on contracts, which once are setup, are very easy to resign and keep profitable. I would consider passing one of my businesses to a child, but this is very far down the road and am unsure if the boat cleaning business would be the one that I decide to keep in the family.

2.      I have selected this exit strategy because I will be able to continue to reap the benefits of my successful business while being a silent part of the business. The nature of my business makes it easy to uphold once the initial setup is done. I believe that the exit strategy that I selected would be the best way for me to fund other business ventures that I plan on pursuing in the future.


3.      I honestly do not believe that the exit strategy that influences anything that I would be doing in the beginning stages of my business. No matter how I plan on exiting my venture, I would still want the maximum success for my business. Even if I planned to sell the business right away, I would still work hard in the beginning to make it desirable for others to buy. 



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Comments

  1. UnknownDecember 3, 2017 at 4:04 PM

    I believe your exit strategy was well-thought-out and mine was similar because I had planned on leaving the business after earning a large return. The business venture you have set out is a great way to network and make connections for future business endeavors. I think it’s important that you still want to play a central role in your business.

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  2. UnknownDecember 3, 2017 at 4:10 PM

    I think this exit strategy is a good one for the business you are in. Like you said it is very easy to maintain contracts as long as your service is living up to the expectations of your customers. I also think that handing it down to a child could be a good idea but like you said that is a long way away and it is hard to know if your child would even want to be in that industry.

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