Assignment 28A - Your Exit Strategy - Darren Liebegott
1) The exit strategy that I plan to use for my business venture in the next five years will be to create a franchising system that can be sold to aspiring entrepreneurs. I believe the business that I have chosen can be designed to be successful for the right person that subscribes to the process. There will be a great need for business mediators in the future, and this will provide an opportunity for entrepreneurs to act on their motivations to be self sufficient.
2) I have selected franchising as an exit strategy because it continues to increase the value of the business while giving me the opportunity to manage from a distance with a more hands off approach. After putting in the hard work of creating, starting, and maintaining the business, it will be nice to realize a profit without the need to run the day-to-day operations of any one business.
3) My exit strategy has helped me to look at the business as more of a tool than a way of life. While having my first official business will be amazing, I believe you should be always moving forward and trying to achieve more. With this type of exit strategy, I am not only offering myself the opportunity to dedicate more of my time to other ventures, but I am also able to continue reaping the benefits of my hard work. I think it is important to find ways to sustain your own business ventures, and this is a way to build further businesses from the profits of my first venture. Once I have gained enough from the business, I will consider selling it entirely for a nice profit.
Hi Darren,
ReplyDeleteI think the idea of franchising your business is a really good plan for your long-term future! Not only will it allow you to have a greater return on your investment, but it will give the opportunity to others to start their own business. This will also allow you to step back from the major responsibilities of running a business when you decide you want to focus on another venture, or some other aspect of your life.
Hello Darren,
ReplyDeleteI like the fact that you are using what is being taught in other classes to use for this class. The franchising idea is a great idea that is currently brought up in Marketing and Management. This approach will allow you to expand without using as much of your own money. I also like that you are looking to the future to do something different. I wish you the best in the future after you complete your degree.