Exit Strategy - What is an exit strategy

✎ Get free access to our vault of PDF summaries for every YouTube video here: ✎ In this video, Evan Carmichael answers a great question from a viewer, Marquez, who is starting a car rental business and is thinking about his exit strategy. An exit strategy is the plan for how you will eventually leave or sell your business, especially when you bring on investors. Evan shares three common ways to exit a business: management buyout, acquisition, and going public. A management buyout happens when the company buys back shares from investors, an acquisition involves being bought by a larger company and going public means selling shares on the stock market. Evan emphasizes how important it is to think about your exit strategy before bringing on investors. Setting expectations early helps avoid misunderstandings down the line. If you don't have clear communication with your investors about how they will eventually exit, it can cause problems in the future. It’s also crucial to ensure that you and your investors are aligned in your goals and vision for the business. Bringing on the wrong partner can hurt your company and even sink it if things go wrong, as they can be hard to get rid of once they’re involved. Drawing from his own experience, Evan tells a story about his first business, a software company, where he almost partnered with someone who seemed promising but didn’t fit the company culture. He ultimately decided against the partnership, even though it was a difficult choice. His story highlights how important it is to trust your instincts when choosing investors and partners. The wrong person can create more problems than they solve, so it's better to pass on the opportunity if it doesn't feel right. ★★★ JOIN ME LIVE ★★★ • I go live every week. Join me & ask your questions: • or You can ask your question in our Discord: ★ BOOKS ★ • Momentum: • Build to Serve: • Your One Word: • The Top 10 Rules for Success: • 254 Confidence: ★ RECOMMENDED VIDEOS FOR YOU ★ If you liked this video, you'll love these ones: • Investor Pitch - How much should an investor get? - • How to Learn the Basics of Business! - • Evan Carmichael’s Top 10 Rules for Success - ⚑ SUBSCRIBE TO MY CHANNEL ⚑ If you want to do great things you need to have a great environment. Create one by subbing and watching daily. ツ CONNECT WITH ME ツ Leave a comment on this video and it'll get a response. Or you can connect with me on different social platforms too: • My Live Calendar: • Instagram: • Tiktok: @evancarmichael • Discord: • Twitter: • Linkedin: • Facebook: • Website: ----------------------------------------------------------------------------- Thank you for watching - I really appreciate it :) Much love, Evan #Believe