1) Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intend to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
I don’t see myself passing my business down to my children. I see myself eventually IPO-ing or looking to sell the business for a return. My ideal would be to follow the path of Musical.ly, the app that was acquired by ByteDance for around 800 million and turned into TikTok. Obviously this is a big dream, but I see myself selling the business regardless.
2) Why have you selected this particular exit strategy?
I chose this exit strategy because I see myself as a serial entrepreneur. I love being creative and enjoy different fields. I don’t think it would be as fulfilling to stay in one business for me. I would want to get a large return to invest in my next venture and still support a family.
3) How do you think your exit strategy has influenced the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influenced your growth intentions or how you plan to acquire and use resources?
I think having this exit strategy has made me consider what potential buyers would be looking for. For example, some of my choices have focused on compatibility between platforms and incorporation of sharing. I don’t think it has influenced my growth intentions because regardless of whether or not my business is sold, I want it to be a global success.
I like your approach to the exit strategy and think $800 million seems very appealing. It is amazing to think how one idea can be such a game changer. I admire that even if you have a huge buyout like this, that you would still keep the creative juices going and come up with something new to develop. That is very neat and I wish you success in this area. Do you think there would be any way that you wouldn't sell the product or service? Just continue enhancing what you have or add features that couldn't be copied?
ReplyDeleteI thought your statistic about ByteDance was very interesting. I have heard of Muiscal.ly and Tik Tok, knowing they do roughly the same thing, but not knowing they are the same app. I think profiting is the main goal of most entrepreneurs, a determining factor on whether or not they have reached "success". I think your creativity was great to acknowledge, this quality can help you plan several goals or projects rather than putting all your energy into one. This quality would clearly lead you to sell the business, to start fresh. Maybe you could create a partnering business, allowing you to maintain your first company? Just a thought :) Great work!
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