Exit Strategy
For me personally, I think that I would probably attempt to sell the business after about 5-10 years. I think that the concept of quality, affordable t-shirts is something most people can get behind, however, I think that eventually trends might change and people will be more invested in another clothing item. It would make more sense for the company to be productive and sell shirts for a few years and then eventually sell the business to a larger retailer.
I chose this because I think it would make the most sense financially and I think that in around 5-10 years my personal preference will change and, as an adult, I would want to invest myself in a different venture concept. Possibly one that now fills an opportunity that my 30 year old self sees that I can't see right now.
This strategy has affected how I see the opportunity in the sense that I can relate to the customer base right now because I would be apart of the customer base. However, in the future, I might see things differently and have more insight into a different market. Therefore, as I have been making decisions for the venture, I consider what I would do with the knowledge that I have currently, but as my knowledge of entrepreneurship and business grows, I the choices and decisions I make will change.
Hey there Morgan. Love the gif that you included. I like the idea of selling the business after 5-10 years , I am doing the same with my business. This gives you the opportunity to create another business venture, or use the money to do something else. It gives you more flexibility especially if it is successful and you end up selling the business for a lot of money.
ReplyDeleteHey Morgan, good idea to sell the business and cash in. But I do not think you should have a set timeline as to how many years until you sell, you should just look at the numbers and if you are still growing and have a lot of untapped potential, I would hold a bit longer.
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