Having a startup you call yours can be both a challenging and exciting task to undertake.
That said you may be at a point now where moving on from that startup is what you desire.
So, do you have any thoughts on how best to move along to something else? That is be it another ownership position or even working for someone?
Get what You Deserve for Your Business
When you’ve reached a point and you decide it is time to move on from the business you own, what should come to mind first?
For one, you want to have a good sense of what your startup is in fact worth. The last thing you want is to get less money than your company is worth. If this occurs, you may live to regret selling for a long time to come.
One thing you want to do when looking to sell is to get an honest and accurate assessment of what your startup is worth.
So, take the time and learn how to value a startup. Doing so can be one of the best moves you ever make as a business owner. There are companies out there able to help you put all the numbers together and crunch them. That will give you a good idea of what your assets and liabilities are. It can also help you compare your startup to others in your industry of work. Know what you can get for your business and how to avoid getting taken to the cleaners.
Is There Anyone Besides You Impacted in a Sale?
You want to know how selling is going to impact your professional and personal lives. That said are there others with potential impacts?
For example, do you have employees under you? If you said yes, what is the potential fallout for them with a pending sale? You want to do all you can to make things as simple as possible for those who’ve worked hard for you. Doing otherwise would in essence not be fair to them.
One option is if you start another business, you could take some or all the employees from now with you. That is if they have interest in moving ahead with you.
You may also think about putting contract language in. This would be that any potential buyer of your business now has to take on the employees or at least offer them work.
Take time to be transparent with your workers and see what feedback they have.
Finally, if not owning another business and retirement is not in play, could you work for someone else?
Yes, it can be a transition working for another party. That said it can also be a little less stressful. That is because all the big decisions do not end up falling on your plate.
Think about the possibilities and do what is in your best interests moving forward.
When you are looking at selling a startup, do all you can to make it be as little stress as possible.
You may find the right buyer at the right price and be glad you now have a new business initiative to focus in on.