After having successfully grown OddJob into a viable business I plan on greatly minimizing my involvement with the venture. I would make sure the structure of the business is such that it would be able to grow and survive with a different team in charge of it's operations.
I have selected this particular exit strategy because I know that after growing a business I will want to move onto another opportunity. While I'm not opposed to continually supporting OddJob and other older business ventures, I think there are always greater opportunities for advancement.
I don't think my particular exit strategy has influenced my other decisions in building the concept of OddJob. My exit strategy only applies once the business venture has grown a sufficient amount and does not depend on the amount of time that has passed. Assuming that OddJob is still a viable business after 5, 7, or 10 years, I would only leave once I felt the business is in a stable enough position.
Hello Sebastian! I really enjoy reading your post, I think that you have some good ideas about how to exit your business. It is always good if you can hire someone to manage it or to pass it to your children as a kind of family business. I like your business idea and I think it is going to be a great success! Keep it up! If you like, please feel free to check out my blog about my exit strategy : http://wtl328.blogspot.com/2016/04/my-exit-strategy.html
ReplyDeleteHi Sebastian,
ReplyDeleteI can respect your decision on leaving your company in the capable hands of another team. Sometimes that is the best way to go, and like you said, it doesn't mean that you won't be involved in it in the future. On top of that, if you stay with the same product idea for the majority of your working life, you'll most likely get bored with it if it doesn't continue to grow, so like you said, moving on will give you the chance to work on other opportunities.
Check out my blog here: http://blazedbananas.blogspot.com/2016/04/im-gone-my-exit-strategy.html