The exit strategy I plan to take is the large return. One of my good family friends sold his computer program company for millions of dollars and it was taken over by Microsoft. I plan to sell College Concierge to the highest bidder. It is more of a concept than a business so I do not have an emotional attachment to it.
I selected this strategy because the high return gives me the opportunity to put money away early for my family. This way it can gain interest in a mutual, trust or other funds and accounts.
I definitely think it has influenced my business decisions. I look at this company as a quick buck. A cash cow to keep me thriving and thinking. That is where this whole idea came from, from me working hard, while so many of my friends were lazy.
Hey Jonny,
ReplyDeleteWe had the same idea in mind for the future of our business. My plan was to sell my business in five to ten years for a large return. I have other great ideas in mind that I would like to pursue that I can't afford at the moment. Selling my business would hopefully give me a large enough return to cover my living expenses while I fund my other ideas. It is interesting to hear about your family friend who sold his business for millions of dollars. I'm sure he worked hard as an entrepreneur and in the end, it paid off for him. That example goes to show us that it's possible for one of us to be a millionaire in the future if we work hard. Great post.
Hey Jonny,
ReplyDeleteYour exit strategy is really smart and is the similar to my mindset that I had. A large return for a company to the magnitude of your family friend is really impressive and really smart. College Concierge, in my opinion is a very good idea, and an idea that i see succeeding and having this large return.