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 it is very hard to decide an exit strategy without knowing how the business turns out and how America and beyond responds to my business. Assuming it is a big success and does great things for reducing the amount of yearly plastic thrown into our oceans, I would love to keep my business in the family and grow it until everyone in the world is using straws made of hemp and corn and plastic straws are obsolete. I would love for my children to continue the venture I grew and started from the ground up.
2) Why have you selected this particular exit strategy?
I selected this exit strategy because I think my product could do great things for the environment. We really need to start caring more about the harm we are doing to our planet and reduce the negative effects we have on earth if we want to keep it a safe and healthy place to live. I think my product is just one great step towards that happening and I’d hope that if it is successful, my children would want to continue that and maybe use this business to find other ways to help reduce waste on our planet.
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 influenced my other decisions because it has always been my end goal to have my product completely replace plastic straws and help reduce plastic in our environment. This end goal is the number one thing that gave me the idea for this product in the first place and made me realize our need for such a product. It has also influenced my intentions for growth because I started with the idea for just America, and now I could see the whole world using my product and needing it.
Hi Madi!
ReplyDeleteI think your exit strategy makes perfect sense for your product. Keeping it in the family could really help out your family financially years from now. Also it could be your legacy that your family is the one to find a viable straw substitute. The environment is extremely important and I am glad that influenced how you chose to exit.