In the next five years, I hope to be selling my idea to a larger company for a large profit. I think my product has many opportunists for growth and expansion which will be appealing to potential buyers. I will also work to have already established relationships with big box retailers and Amazonfor a smooth and easy transition. I think a larger corporation could add a lot of value to my product through licensing and reduced manufacturing costs.
I have selected this exit strategy because it will lead to faster profits, which will be used to as investment capital to fund a new business idea in the future.
This exit strategy has influenced my plan because I have always had a large scale business plan even though I would be starting out as a small firm. I planned it to think far ahead and to make future business for the buyer easier. This should make the deal more appealing. I have planned to grow this product to be successful enough to intrigue larger businesses. Once I close the deal, then I can use that money to build another product concept and continue this process. Product development has always been a passion of mine. What follows after the development process, does not interest me half as much.
Hey Taylor,
ReplyDeleteI decided to go with the same exit strategy that you chose here, selling in five years just seems like the best option. I chose this plan because I didn't want the business to become too much of a burden on me and my family and I think that by selling in five years, it will give me the flexibility with the profits, like you said, as an investment to fund the next new business idea.