28A – Your Exit Strategy

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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 plan on expanding the business into a franchise to bring it to other college towns first in Florida and then across the country.   For example, I see Orlando as another great market due to the fact that it has the University of Central Florida with the second biggest student population in the United States as well as other places such as Tampa and Boca due to their relations with state universities.  After serving as the CEO for several decades, I will eventually pass the business along to a trusted executive and retire.  If one of my children decides to get involved in the business then I would love to pass it along to them but I want their career choices to be their own and do not want them to feel forced to join a family business.
2) Why have you selected this particular exit strategy?
I have selected this particular exit strategy because I am confident that this restaurant will succeed in various locations with a large population of young adults and see it having a good reputation as a franchise.  Also, I want to serve as the CEO for many years but still want to live out my retirement years with my family.  I do not want to retire too early because I believe that people should keep their minds thinking and busy in order to stay healthy.  My grandpa worked until he was 89 and truly enjoyed having a purpose with his days so I do not want to retire too early in order to feel fulfilled.
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?
I think that my exit strategy has brought me the new idea of making the restaurant a franchise because I originally only intended to open it in Gainesville.  After careful analysis of how I could continue to improve my revenue over the years, I feel like expansion to other college towns would be the best move.  This strategy would also allow me to get a better and more reputable name for the restaurant and would help make marketing easier through word-of-mouth. 

Comments

  1. UnknownNovember 30, 2018 at 3:05 AM

    Hey Emily,
    I like your exit strategy of passing it down to someone after you retire. You seem very passionate about this business and I hope it works out for the best for you. This is a great business model that college students would love and expanding it to other college towns is a great idea. I feel like this class has really helped students plan out their dream goals!

    ReplyDelete
  2. Max WahbaDecember 2, 2018 at 5:18 AM

    Hey Emily,
    It looks life you are ready to dedicate time and money into the project that you want to develop. You seem passionated about it and I see great potential in this project in the long-term. I just want to you to think about the long term personal impact this project will have over your life as you will probably one day start your own family. For the rest, I can only wish you luck into this journey.

    ReplyDelete
  3. UnknownDecember 3, 2018 at 12:52 PM

    Your exit strategy is very well planned out, and should help you in the future with your venture. The idea of starting a franchise is a realistic possibility for your business, and you could even offer other people the opportunity to open their own franchises so as to spread Stacked to even more cities and college campuses. I look forward to seeing where you take your idea in the future!

    ReplyDelete
  4. UnknownDecember 3, 2018 at 1:36 PM

    As you were going through the process of building your business plan, I thought that franchising would be a great strategy. I think that many other cities and towns could be exceptional markets for your late-night breakfast spot. I also like the idea of passing on the ownership to someone in your family. This will allow you to continue the vision you had originally when you designed the business.

    ReplyDelete

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