My Exit Strategy
- I plan to sell my business within the next 5 years for a return. I hope to grow the business by the time I sell it so that I am operating at UF, FSU and UCF and I will hopefully have multiple interested buyers. I will likely sell the business as I am going into the 3rd year of my PhD program, or maybe midway through the second year.
- I have made this plan because while the money will be good while I am in school, I will not have time to work on anything but quals and my dissertation when the time arrives. After I earn my PhD, I won't want to cook meals for college students anymore, as I will be pursuing my long-term career goal. Therefore, the time at which I sell may change depending on how many gap years I take and how long I choose to extend my PhD program.
- My exit strategy has influenced how and were I grow my business. I theoretically could try to open a shop in every major college town, not just in three Florida ones. But I would choose to keep my business small and reigned in so that I have an easier empire to manage and so that I can complete my schooling while operating the business. The exit strategy also influences the number of employees I hire - I would need more employees as I go further in my education, as I will be doing less and less of the actual cooking/delivery.
Sarah,
ReplyDeleteI believe you have a practical exit strategy that works with your goals over the next few years. Also, I don't think it is a bad idea to focus on three Florida campuses because those will still give you business a consistent customer base, and not much of a turnover, since students are coming in every year. Finally, would you consider the option of doing your concept full-time if it where to be a hit in your choice areas, therefore, being able to expand nationwide?
Hey Sarah,
ReplyDeleteI like that your goal is to focus on expanding to other schools in Florida. I think this is a smart approach for the time in which you plan to still own the business. I basically had the same reasons as you did for wanting to eventually sell my venture, time and passion. It’s time consuming to run a business, and trying to do so while still in school would be difficult, especially if your passion isn’t in the business.