Is Selling Your Startup the Right Move?
When contemplating selling your startup, you may be feeling both excitement and anxiety.
That said you want to do all you can to make it come off without a hitch.
With that being the case; are you confident that your sale will be a winner?
Take the Right Steps to Selling
When it comes to selling a startup, here are some things you want to focus in on:
1. Is now the right time? – Timing in life can be so important. That said are you confident now is the right time to sell? If you sell your startup, what is next in the plans for you? It is important to have something else to move along to. That is unless retirement from the work world is in the picture. You want to think about how a sale will impact you financially? While you of course will get money from your startup, what is likely to happen to that money? Are you going to invest it? Will it help you pay off any major bills? Could some or much of it go towards buying another business? Knowing you have options, important to determine if now is the moment to move along to something else.
2. Will employees be in the mix? – One of the tougher things many have to reckon with is what happens to their employees if they sell? Even worse, what happens to them if the company goes out of business altogether? Since you have been an employee in your lifetime, you want to think of others in that same position. This is why not making any rash decisions is so important. Think about what may be coming for your employees should you sell your startup. Will they have the chance to go with a new buyer? Could they come with you if you plan to open a new business? Might they be out of work altogether at the end of the day if you sell? Knowing what their futures may hold is not something you want to gloss over.
3. Are you ready for a major change? – Finally, could a major change be in the works for you? Sure, selling your startup is going to make your life different. Yet, the degree to which it will be different can be a lot of not all that much. If you are toying with buying another startup, things may not change entirely. That said what if you contemplate going back to the corporate world and working for someone else? Is that something you’d be okay with? If you are in your senior years, is there any chance retirement may be coming sooner than later? In the event it is, will you be ready for it? Retirement does bring with it sizable changes for most people. As a result, you want to be as ready for it as possible. Most importantly, you want to be financially prepared if not planning to work again.
When you looking at selling your startup; weigh the pros and cons of it.
In doing so, you should be better prepared for what is about to come next.