Assignment 28: 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 think the exit strategy that would fit most with my product and my desired lifestyle would be to sell my app whenever it became incredibly profitable to do so. I’d like to hang on to it for a few years to watch it grow and have a direct say in its development past launch, but ultimately, my goal would be to sell it once great offers come in. It would be awesome to see the app be sold to a company that could take it further than I could personally. I wouldn’t mind staying on board in some capacity after selling it, but I wouldn’t want to be making the tough daily decisions anymore. I’d like to take the money and pursue other ventures. 

 2) Why have you selected this particular exit strategy? I selected this particular exit strategy because it is what I’ve always had in mind. I love coming up with ideas and helping get things off the ground, but I’d prefer to not take on the long-term stress of keeping the app running and relevant. To be honest, I’d prefer to exit whenever I saw the right opportunity to do so. I currently don’t know much about running an app, so it would most likely stay successful if someone that was more fit ran the company. I’d want this app to be as successful as it could be and if that would require me stepping down after a nice paycheck, well, then I’m going to do so It would be nice to remain involved with the app in some way though since it is something I am passionate about.  

 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 think my exit strategy has definitely influenced the other decisions I’ve made in my concept. Since I went into this knowing I am not the most suitable to be running an app, certainly not long-term if I wanted to see it grow larger, all my decisions have been made with a definitive timeline in mind. My goals are to get it off the ground and running with the ideas that I’ve accumulated after this semester of research. I want to help shape the app in its infancy, but I would want it to go so much further than that and that would require the work and help from others that are more knowledgeable. That being said, if I were to actually do this, I could see myself changing my mind under certain circumstances. Maybe I would love managing a fast-paced company after I got used to it.