- I plan to cash in and sell the business idea to a larger shoe company. This will probably be within the next 5 years.
- The reason for this is because while I do enjoy this idea a lot, I don’t want to devote much of my life to it if I don’t need to. Also I think I can move on and come up with more concepts.
- My exit strategy influenced how I chose my venture, and what I did with it. The reason I chose this concept is because the creation of this product is much easier than my software concept. Because of this I am able to sell this concept much easier, rather than spending time and money I don’t have into development.
Beau,
ReplyDeleteI like your approach to exiting your shoe concept. My one question would be if you are able to cash out of this concept in the next five years would you want to invest your returns into your software development for your music product? Then you would be able to continue to grow and eventually sell that concept as well.
Beau,
ReplyDeleteYou thought about your exit strategy long before I did. That was good planning and thinking as you decided to change midstream into something which was easier for you to cash in faster. If you are able to sell this product you could still pursue your original concept if you chose to do so as you would have extra income and knowledge to do it. Good planning and hopefully good execution on this strategy for your concept.
I think that this is the correct approach for your venture. Rather than fight the massive companies that are also in your space, I think it is a much better idea to sell your intellectual property (potentially with a royalty) while the iron is hot. I think there are a number of shoe companies that would be willing to take a chance on your business and I think it would be smart of them to do so.
ReplyDeleteYour reasoning on choosing your exit strategy is pretty straight forward. If you have more venture concepts you want to pursue I think it is definitely a great idea to get acquired by a larger firm. Hopefully you will be able to capitalize on your idea and use your profits to start on your software concept. Good luck in your future ventures!
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