The exit strategy I plan to make is to continue to develop my business to the best of my abilities and then sell it within the next 10 years for a return.
The reason I chose this tactic above running it as a family business or staying until retirement is because the premise of my business was built around the coronavirus and the product I designed, a flesh-toned mask, is narrowly tailored towards a specific issue. Once that issue is resolved, the mask business might go down a little bit which is why I would hope to sell beforehand.
This exit strategy has influenced the extent of my product development because I chose to focus on my initial mask plus a few other flesh-toned safety products like gloves instead of designing a whole line of merchandise too quickly. It also influenced my opportunity identification by focusing more intently on the current pandemic and building my business around ways to further prevent the spread of the virus. I targeted the specific unmet need of natural, inconspicuous facial coverings in a time when they’re needed most, and also targeted a group of people who most need them and who are also reluctant to wear them.
Jung,
ReplyDeleteI think that this idea is great! With it being built around the coronavirus, who knows how long the virus itself is going to last. You don't want to put all your eggs into one basket for your kids, if the virus eventually has a cure and doesn't have as serious as a presence. The one thing that I do think you could do to keep the business is to have it adjust for any other type of virus.
Hi Jung! I think it is so interesting that you decided your exit plan will be in ten years. Similarly, I remember that we wanted face masks to be a common place item that most people wore even if there wasn't a pandemic. But I also understand that it would be difficult to run a mask business after the immediate threat of COVID-19 has passed. This is why my exit plan is designed for after five years.
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