· The exit strategy I plan to make is to grow
the customer base of the business while simultaneously expanding advertising
and marketing, as to attract more people and spread information. In regard to a
timeline, I could foresee it being about seven to ten years before I could comfortably
pass the business along to others to effectively manage it.
· I have chosen the particular exit strategy because
of the nature of the business idea. Due to the fact that not many people are familiar
with my business proposal and the many great benefits it provides, I can safely
assume it will take time to grow a solid customer base. I will have to inform
people of the dangers of the commercial pet foods they have been led to believe
is perfectly fine for all these years while trying to convince them that I have
the solution.
· To be entirely honest, I do not think my exit
strategy has had any influence on other decisions I have made in my concept. I identified
something that I am passionate about, that can ultimately help and improve the
lives of dogs and their owners. As for how the exit strategy played into all of
that, well I can’t say it had much to do with it. Regardless of the exit strategy,
I would have still pursued my idea the same way I have so far, as it means so
much to me.
Hi Michael, I think a 7-10 year timeline for development is really appropriate. Especially with your business model I believe it would be important for you (the founder and creator) to have a good amount of time to create the product that you want and ensure that your marketing strategy is well perfected.
ReplyDeleteHi Michael,
ReplyDeleteLike you, I also plan to grow my customer base. I think it makes sense, with any business, to have a loyal customer base that you will be confident in them sticking around, even if you decide to make some executive decisions. I think your timeline initially seems long, however I totally get why you've chosen 7-10 years. It makes sense that you need time to get to where you want to be and feel confident in handing it off to someone. Good job!