Thursday, April 16, 2020
28A- Your Exit Strategy
My exit strategy will be determined on how successful my grocery store is. If it is not going as well as planned, selling it after 5 years would be unrealistic. I plan on starting small with one store in the perfect location and growing from there. Hopefully I will love my job and want to remain owner and CEO until I retire. That would be the ideal plan. I think this long-term plan has altered my decisions because I am not trying to make all my money at once. I want to take the time, focus on one store, and learn from that experience so when I add other locations I can learn on how to improve. Ideally my store will one day be as popular as Publix or Trader Joe's but I know that it will take some time to get there, especially on the national level. After a year in business, I believe my long-term plan will be a lot clearer.
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Hi Eric!
ReplyDeleteI agree that your exit strategy can really change depending on the success of your business. I think it is a great plan to start small and have the goal of being a large chain. I think it would not work as well if you tried to expand really fast off the bat or all at once sometime is the company's career. This makes me think of Lucky's Market and how they all closed down due to very fast expanding. I think it's very important for you to keep your goals in mind when expanding and really try to be the new Trader Joe's or Publix. There is great potential in this business!
Hey Eric! I think you are wise to think of the success of your business before the exit strategy. I loved reading that you would like to stay until you retire. Having high goals is always a challenge but pushes you to do your best and leave everything on the table to accomplish it. I wish you the best of luck and hope to shop there in the future.
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