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¶ … exit plan for a new business consists of two components. While the exit plan tends to be overlooked, there should be one for two scenarios -- failure and success. No business plan likes to talk about business failure, but in the event that the business does not succeed, the proprietor needs to know how to exit the business gracefully. The main assets of the food truck business are the truck and equipment, and these can be sold on the secondary market. Since the truck does not plan on having too much debt, the proceeds from these asset sales should cover the debt. The downside equity of the business has been protected by the LLC business form. So much of the downside risk financially has been covered by the way that the business has been structured in the first place. Unwinding the operations is as simple as laying off the staff and selling the remaining assets.
The part of the exit strategy that goes...
In this case, there probably will not be one. The food truck business is slated to be part of a growth strategy. However, there is no model for taking food trucks -- even fleets of them -- public. In general, the idea with this business is to make it a career. However, should plans change, the business can be sold to another private investor. The ability of the company to sell will be dependent on the market for food trucks at that time. Should the trend be over and the market is poor, it is worth considering that food trucks might not have much resale value. This is the more complicated part of the exit strategy -- a scenario where the business is successful but there are no buyers.
In such a situation, several options are identified (Robbins, 2013). One option is to bleed the company dry. A profitable but unsellable business can…
Works Cited:
Robbins, S. (2013). Exit strategies for your business. Entrepreneur. Retrieved March 25, 2013 from http://www.entrepreneur.com/article/78512
SBA.gov. (2013). Getting out. Small Business Administration. Retrieved March 25, 2013 from http://www.sba.gov/content/plan-your-exit
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