There comes a point in every entrepreneur's life where they have to let their baby stand on its own and let it leave the nest.
So, what's the exit strategy I plan to make with MagneFit, the world's alternative to fitted sheets?
I would...
Sell my business in the next five years to make a large return.
Why sell? Why not pass it down to my family? Aren't I sentimental?!
The truth is, I have always known that starting a business like this isn't for me. I like trying new things, discovering new ideas, going where I haven't gone before. I don't mean to say that my business would be holding me back, but I would miss being 'free.' Eventually, it's time to get out of Dodge.
Don't get me wrong.
I'd still come back to visit my baby venture, maybe hold a few stocks for it. But at the end of the day, I'm no businesswoman. I want to be a mother and devote my life to Jewish outreach. MagneFit, while it would be a fantastic venture to pursue, is simply not my purpose in life.
I don't think that my exit strategy has influenced other decisions I've made in my concept. If you plan on selling the business from the start, you'd mainly be looking to see how to make the most amount of money in the least amount of time. However, because I was not sure of my end exit strategy for MagneFit, I gave it more time and thought than I would have given to a concept I would eventually sell. Consumers like honesty, and many can feel when a business was simply made as a route for profit. MagneFit was, and still is, a way to improve the quality of people's lives less than a way to make money.
Even if I actually created MagneFit, I'm not sure how much money I would have made in the end! However, that was the least of my concerns. I was more concerned on solving the issues of traditional fitted sheets and helping people with an alternative to traditional fitted sheets.
MagneFit was less of a profit-making machine and more of a pet project of mine, to help others in a way that hadn't been thought of before. And, selling it to someone worthy enough who would give MagneFit the time and dedication it deserves, would allow it to flourish and reach more people.
And that, folks, is why I would sell my business as my exit strategy.
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| It's time for new horizons. |
Mazal:
ReplyDeleteWhat an awesome, detailed post. Compared to a couple others, I have a great understanding as to why you would want to sell your business. I also like the energy that you put into your writing, and your blog for the matter! I was perusing various posts and you really have quite a good job.
I chose to keep my business and eventually pass it down to my kids. One thing I did not cover was if my children would even want to be a part of that business. Your various components that are covered in your post made me realize this, so thank you!
If you would like to read mine, please follow this link:
http://nicoleslifeatuf.blogspot.com/2016/03/my-exit-strategy.html
Regards,
Nicole
Hey Mazal,
ReplyDeleteYou are one of the few posts I've read that wants to sell their company. Moreover, you gave detailed reasoning behind your choice. I'm glad that you choose to stick by it and that you want to pursue your true passion. I myself also plan to either sell my venture or pass it down to someone I know can run the company well. Check out my blog at http://blazingllamas.blogspot.com/2016/04/grand-finale-exit-strategy.html
Mazal,
ReplyDeleteI can relate - I would also sell my company! I have no intention of making my venture outlined in this class something to build my career out of. I take it more as a learning experience for something much greater.
http://alagana6444.blogspot.com/2016/04/my-exit-strategy.html