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 do not have any plan to sell the business for large returns. It is a non-profit organization dedicated to helping people, not making profit. I do not see this business as a long term way for me to make a living but it is still something that I am very passionate about and will remain involved with for a very long time. I plan to pass on the UF chapter of BLUE to my peers in the coming years and I also plan to pass on the passion for service and travel to my children so that they can one day be involved with BLUE or a similar organization.
2) Why have you selected this particular exit strategy?
BLUE is not a financially stable long-term option as my main source of income. I am involved with BLUE because I enjoy it and will continue to for as long as I am able and well. I think it is important for me to pass on the BLUE at UF chapter to an upcoming group of Gators that will further the organization's association with UF. This is the part of my exit strategy that I will be most focused on in the next few years.
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?
My exit strategy as an individual has not influenced the organization as a whole. We have many potential candidates who can fill my role once I pursue my exit strategy. I will be sure to take the necessary time to find a replacement who can help the organization continue to thrive. My exit strategy has also not influenced my growth intentions because I know that the organization will continue on after I have spent my time. My passion for the cause also makes me desire for the organization to continue growing steadily regardless of my exit strategy.
I really like how passionate you are about this cause. I think in this situation you holding onto the business and making it into a life-long career are your best options. I know plenty of successful nonprofits that have stayed afloat and thrived over the decades so if your's becomes successful I'm sure it could do the same. Very good exit strategy. You can see my post if you follow this link here: http://collinpd.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteJose, I think it is refreshing to see someone's business idea that is so well thought out and one that is run by someone so passionate about the cause. I think you should definitely hold on to the idea for as long as possible, although I think it is great that you want to share the "wealth" with others. It is great you already have candidates to follow in your absence. Great job! http://meganerobb.blogspot.com/2016/04/my-exit-strategy.html
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