Your Exit Strategy
NOTE: As this would look bad to an investor, I am choosing to write about a 'side-hustle' and how I plan to exit that rather than planning to exit ClassroomSync.
A side hustle that I have worked on on and off over the last five years is a small company that gathers certified drone pilots and brands them under one logo and brand.
A side hustle that I have worked on on and off over the last five years is a small company that gathers certified drone pilots and brands them under one logo and brand.
- Exit Strategy
- This 'company' was my first true en devour into entrepreneurship and when starting the company I had never really considered exiting the company. However, since this company was based out of my hometown, I had left a friend in charge of the company. However, if this company was my main hustle, I would've issued shares of the company and searched for a buyer that would want to buy the shares (and in turn control) of the company
- Why This Strategy?
- I feel that this strategy for this case would be the cleanest and be the easiest to preform. In this case, I wouldn't need to sell 100% of the company, if I had wanted to maintain a portion of the company. However a downside to this strategy would be that there would most likely be a condition to help create a smooth transition to the new owner, before full funds would be released and enable me to make a full exit from the company
- Influence
- As mentioned in the fist section of this, I had never intend to make an exit from this company. Many of the decisions I had made would enable the company to act as a method of 'passive income' to help fund ClassroomSync in the long run. Since the company acted as an umbrella for many drone pilots (5 at its max) the larger the company grew in sales as well as pilots would enable the percentage of profits made to be a substantial amount.
Hi Collin,
ReplyDeleteWhat's an awesome business idea! And I like your exit strategy as well. The first company you establish means big and it's not just leave everything behind and look for what's next unless the business is not doing too well. I like the idea of leaving your close friend in charge, in that way, you don't have to be completely committed to the operations of the business but you can be in informed by your friend who operates.