Your Exit
Strategy
1.
Chomp N’ Run is a unique business. Because I
think that it would do best in a market if it were UF affiliated, I would plan
on selling the idea to the university right away. Without UF ownership, there
is no way that Chomp N’ Run could be built on campus and run the way I have
planned it to be run. I don’t plan on staying in Gainesville for the
foreseeable future and don’t plan on making the venture a family business.
2.
I have selected this “sell of my idea” strategy because
it makes the most sense based on location and target market. I really think
that this idea would only be successful on campus, and therefore it needs to be
a UF affiliated venture. Without being conveniently located and associated with
the Gators, students would not be willing to shop at Chomp N’ Run and go to the
competition, CVS, instead.
3.
My exit strategy has made me more focused on
broad ideas such as themes, promotional applications, and general advertising.
I haven’t spent as much time focusing on the details such as specific pricing or
a particular inventory because these are specifics that may need to be tested
out after the opening of the store. Chomp N’ Run was never a venture that I
planned on sticking with for an extended period of time, so I did not plan on acquiring
resources or using them myself. This approach made me much more focused on
location, advertising, and creating overall initial awareness.
Selling fast is a great idea for a quick return! I think an idea that is very specific to one area like UF has an ideal exit strategy and this is it. You are absolutely right in your observation that without the college, your idea would go nowhere. This isn't an idea that would benefit from any other option. Good for you in recognizing that! I like that you know what you wanted from the beginning. You can check my idea out at http://deannacarterdays.blogspot.com/2016/04/my-exit-strategy-for-style-on-run.html
ReplyDeleteHi MB,
ReplyDeleteYour idea to sell as soon as possible to the University of Florida is a good idea. I agree with you that the success of your business is very dependent on the affiliation and target market that the school provides. I agree with you that this assignment helped me become more aware of overall initial awareness.
Here is the link to my blog post:
Deletehttp://jaryprinent.blogspot.com/2016/04/my-exit-strategy-week-13.html
Hello MB. I really think you’ve come up with a sold exit strategy for your business. With this kind of business, I think selling to a University right away is the best call you could make to really maximize the profit you would get. I do agree with you that the business you’ve come up with, Chomp N’Run, is something that would only be successful on campus.
ReplyDeleteCheck out my post:
http://jent3003.blogspot.com/2016/04/my-exit-strategy.html