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 do not have plans on selling my business anytime soon. My values with this organization is pure. It is why the app is non-profit. I am concerned that if I sold the business that it could potentially be used as a profit maker. Therefore, I plan to stay with the app for the long-run. I would not make it a family business, or dynasty. What happens in the next 10, 20, 40 etc years really depends on the market. Hypothetically, if I were to sell/give away my platform, it would be to a non-profit organization. Again though, it would be decades from now.
Why have you selected this particular exit strategy?
The reason I chose this strategy is a reason I briefly discussed before is in my values. I want the bets for people and this app. It is easy in this world to be corrupted through money motivations. Therefore, I think the app would be best in my hands. Though if I did not run the app, I would most likely donate it to an organization, whether through the government or to a NGO, that has the same core values as I do for this app.
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?
My exit strategy absolutely influenced my other decisions. Google's previous mission statement said "don't be evil." My company aligns with that. At the end of the day, it does not matter how many consumers I have, as long as I am helping one person then I consider this company a success.
Hi Meg,
ReplyDeleteI can tell this app is very important to you and resonates strongly with your values. I'm glad you're not in it for the money and just want the best for people, we need more people like you. I didn't want to sell my business either, unless I felt it absolutely necessary but we both agree that it depends on what the next few decades has in store for us.
Hey Meg! Great job at identifying your plans. It is truly interesting that you would not pass your app/service on to a loved one or significant other. That can sometimes be a mistake. Sincw your service is an app, it would be good if you placed your app on the market to be sold to other app users or previous users who would run it. That would be a smart move since they would most likely know all the tips and tricks of getting and generating more app users around the world. Great job!
ReplyDeleteHey Megan,
ReplyDeleteI absolutely agree with your exit strategy. Your app is actually helping people and you can't let people make profit out of it because thats not the purpose. It's a pure reason to keep an app as long as you are helping people, I admire that. It's also good that you want to keep the app as long as possible, under a good management. Good job.
Hi Megan,
ReplyDeleteI'm glad that you started to love your venture concept. Since the beginning of the class, I have been commenting on your posts. I can see that even at the end of the class you are still showing the same enthusiasm you showed since day one. Your venture concept is very helpful. I just hope that you continue with it because it will help a lot of people that just want to relate to other people. You did a great job! Thank you for sharing!