Does Moving on from Your Startup Make the Most Sense?
Selling a startup does not have to be something that you lose sleep over, wrangle with to if it is the right move and so on.
By planning things out, your proposed sale can come off without a hitch if everything is in place.
With that in mind, does moving on from your startup now make the most sense in your mind?
Do Your Best to Be Organized
In deciding now you want to put your startup on the market, keep the following things in the back of your mind:
- What is your industry like these days? – In toying with the idea of moving on from this small business you’ve called yours, is the timing right? You want to have a firm sense of what your industry is like now and if selling is the right thing to do. In the event the industry is struggling these days, what are the odds you’d be able to sell? It may behoove you to hold off and wait until things improve. Then again, now may in fact be the time to get out and move along to something else.
- Preparations are critical – Like any major step in life, be prepared for all outcomes. That said make sure when going to put your startup on the market that preparation has been a big focus for you. In having a due diligence guide with which to work from, there is less chance you will run into trouble. This means all your papers are in order, you know the financial health of your company and so on. If a prospective buyer sees you as unorganized, he or she may move along to what they deem to be a better opportunity.
- Will others be affected by your proposed sale? – If you have employees counting on you for work, how will a proposed sale play with them? Unless starting a new business and offering jobs to most or all your team, this sale will have a big impact on them. Make sure to keep them in the loop and be as transparent as possible.
- Is another business in the cards for you? – Depending on how this last venture has gone for you, is there a chance you’d want to own another small business? While owning a company is a lot of responsibility, the rewards can be plentiful if all falls into place. For one, being your own boss can be a great feeling. Not having to report to anyone, setting your own schedule and so on would be among the perks of running a company. There is also the ability to earn good money and be in charge of your finances now and down the road. On the flip side, are you ready to turn the responsibilities over to someone else? You may be at a point where you are fine working for another individual.
In deciding to move on from your startup, weigh the pros and cons and do what is in your best interests at the end of the day.