1) In the next five years, I plan to stay with my business and expand it as much as I can to help more and more people. I want to be with my business for decades, if possible, and eventually retire by selling the business or finding someone to take over.
2) I chose this exit strategy because my business as of right now is an app and if it continues to be a business all about tech and apps then it does not really feel like much of a family business. I also want to help more and more people and make sure they do not have to struggle as much during college as many have had to do. If I can keep expanding that and also create different apps for similar situations in peoples lives than I will definitely want to keep going.
3) I always knew that if I were to ever own a business of my own I would stay with it long term and keep making it bigger and better to help more people. Because of that, my concept was for the most part already set on that so it was influenced a lot by the exit strategy. I even made sure that this app could help people long term in their lives because I want the business to be with the consumers throughout their lives. In saying that, I would have to start really planning long term as far as partners, suppliers, and my segment because I do plan to hit different segments that have different types of situations.
Hi Christian,
ReplyDeleteI'm glad you want to stay with your business and watch it grow, I too would like to do so. I'd like to sell my business as well, but only if my children don't want it or if I feel I need the money. It makes sense that you wouldn't want to turn it in to a family business since it is just an app. I think it will help a lot of people and will inevitably be successful.
Hey Christian,
ReplyDeleteI admire you for sticking with your business. I also choose the same strategy as well. I understand your point of it not feeling much like a family business. In our eyes we view a mom-and-pop restaurant as a family business. However, it is possible that your children once old enough could participate in your business, making it a family business. I am not sure if you have seen the show Dynasty, but it reminds me of that. Anyway great job!