When it comes to my exit strategy, I plan to make a graceful leave after I have guaranteed my product is in good hands. I am not a natural born entrepreneur, so I think I would sell my product to a makeup company that already exists and is successful. I would partner with them at first, maybe even with someone like the “sharks” on Shark Tank. I’d sell a percentage of my product for a certain amount of money, and get their expert advice on how to successfully sell my product. I would then slowly make my exit, signing a contract that would give me royalty for every overcoat I sold.
I chose this exit because I am not an entrepreneur, I am more of a HR kind of gal. I do not come up with invigorating ideas very often, so the overcoat might be my one and done idea. It has influenced my decisions in this class because in the back of my mind I know I am not going to continue this venture too much farther than the overcoat and the travel size tube.
Hey Laura, I love the idea of a graceful exit, which is the best pah for products like yours: passing them on to the hands of bigger brands that can get it in more shelves. When it comes to essential objects that you would need to buy more than one of (as opposed to a movie on DVD, for example, which you would only need to buy one of to last) it's important to get it as "out there" as you can, in which case passing it along to other experienced entrepreneurs are the way to go.
ReplyDeleteThis exit strategy sounds like it would work great for you personally and your product. I feel that your product could be a significant opening into the market where you could focus more on the HR portion of a big makeup company. Im sure there are investors out there that would be interested in taking the product off of your hands and receiving loyalties would be great as well.
ReplyDeleteIf your one idea is a hit, I don't think there's any shame in checking out while you're ahead, especially if the strife of entrepreneurship is not your thing. Even if you had long-term plans for your mascara, I think that passing the ownership to someone bigger in the makeup industry is the best course of action. I see great potential for growth for your product, and someone from a bigger company may be able to get you some shelf space and stock it in-store.
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