1) As an exit strategy, I definitely intend on selling my business when it becomes lucrative in the end, whether it be five years or ten years down the road. I believe that buying property, making money with it, then selling it for much more than what you bought it for is a great idea.
2) I have selected this exit strategy because I am a very indecisive person, and I know that if I chose a specific business with a specific market, somewhere down the road I would have to change and find a new passion. So, looking at this strategy in a business perspective, I would do it for a decade or so and move on to do something else with the money that I have earned in this first business.
3) This exit strategy has made me less emotional attached to the concept, but it has not diminished how I sell myself to customers or contacts. I know what it takes in order for people to take interest in your business and for experts to help you start your business: passion. If you do not have passion, people take less kindly to the idea, thinking that less work will be put into the business if the owner is not passionate about it. I would definitely be passionate about this business, but I would not shy away from the fact that I would want to move on to make more money after my time comes with however many years owning the business.
Great Post Jared!
ReplyDeleteI believe a lot of entrepreneurs build businesses in order to sell them for a profit later on. Your business Idea is definitively something that a lot of people have pursued and are pretty successful on it, just be mindful not to buy too many properties!
Goodluck!
Jared,
ReplyDeleteFrom the blog posts I have read, it seems as though many of us would prefer this exit strategy. I believe we would prefer this since most of us stumbled upon our business idea because of this class as opposed to having a business idea that one is highly passionate about. My exit strategy was the same, but had I proposed a business idea I was highly passionate about, I probably would not sell the business at all. Great post!
Hey Jared,
ReplyDeleteI think your exit strategy is an effective one and i believe if you work hard enough, you should definitely be able to turn a profit later on down the road. I think your third bullet is really interesting as you have taken emotion into the equation. Good job!