1) Identify the exit strategy you plan to make.
I have a long-term exit strategy for my business. I would like to own my business for several decades. I intend to hire someone to manage it after I get everything established so that I'm not tied down with the day-to-day operations. Whenever I reach retirement age, or whenever owning the coffee shop is no longer a benefit to me, I would like to sell to another party. The main motivation for this venture is to establish a coffee shop that can provide for the needs of the people in my town. I'm not in it to make a lot of money.
2) Why have you selected this particular exit strategy?
I would like to own the business for a long time to make sure it's established and run in the way that I envision. I want to make sure it's successful and lasts for many years, even after I am no longer the owner. I would love to see it remain a vital business in the community.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept?
I think that my long-term exit strategy has influenced my business decisions. The fact that I am invested in the improvement of my town is what led me to choose this business opportunity. I really want to take a lot of time to establish the business and make it feel like a part of the community. I want to customize every part of the business, from the appearance to the menu, to reflect my hometown. I would not be as invested in these business decisions if I didn't plan to stay with the business for a long time.
Hi Kindra,
ReplyDeleteI love that you want to stick with your business for a while before passing it off to someone else. This was something I struggled with for my own business idea because I think it would be so much fun to run my restaurant, but I could also see myself getting tired and burnt out. It's a tough decision to make, but I think owning your coffee shop and running it for a while will not only help the business be more successful, but it will certainly be more gratifying to see your vision come to life.
Hi Kindra,
ReplyDeleteI feel like your exit strategy matches your venture very well. I think that establishing a local and personal feel for your small town coffee shop will make it more successful. It can become a local spot rather than a commercial money maker. It seems like you would put the time in it to assure this, and then your only other task would need to be selling to a party that wants to continue this tradition.
~Mady
I think you have a good approach. No one will be more passionate about your business more than you. If you hire a manager to manage day to day operations, you will be able to focus on long term goals for your business. Many businesses in my town started as small businesses which ended up franchising in the area. This can also be an exit plan.
ReplyDelete