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3 Keys to Moving on from Your Startup

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You put a lot of blood and sweat into your startup business.

Whether that was in recent years or many years ago, you’ve gotten to the point where you want to sell it.

So, will you make all the proper moves to unload it and come out ahead? If not, what might the financial repercussions be for you?

Plan Correctly How to Sell Your Startup

When the time comes for you to sell your startup, keep these keys in mind:

  1. Plan correctly – Nothing would be worse for you or your startup if you do not plan correctly. This means having all the proper documentation in order. If your paperwork is not up to date or some of it is missing, it can make selling your startup that much harder. From what your company is worth to how many employees you have and more, know the details and provide them. Also, know how the industry your startup is in is doing now. If things are slow or going in a bad direction, now may not be the time to want to sell your startup. Last, understand why you are apt to sell now. There likely is a main reason behind this. Knowing it will make it easier for you to understand if now is the time to unload your startup.
  2. Work with the right people – Having someone help sell your startup is a lot better than you going it alone. With that in mind, do some online research to see which businesses would best be able to help you in this effort. Knowing how to sell a startup company may not be your area of expertise. As a result, trying to wing it can result in disaster. There are companies out there specializing in selling startups. Find the right one and lean on them for help. Their experience will guide you so that the sale goes much smoother.
  3. What’s next in your world? – Unless you are in a very positive financial spot and do not have to work for the foreseeable future, what is next? Selling your startup may mean you are opening something else up. It may mean you have decided to go back to the corporate world. If this is the reason for selling, do you have another job lined up? It would be downright foolish to not have your next plan in order. Always thinking one step ahead is what most successful business people do. You may be at a point where you can take time off from the business world and relax. If so, great for you and all the work you put into your startup over time. If not, being able to move along to something else without a major delay is going to prove quite important.

Countless people love the freedom and flexibility that comes with owning a startup.

If this has been you for a while now; congrats on all you have done.

That said you may well have reached a point where it is time to move on to different challenges in life.

If so, be sure selling your startup is not a major thorn in your side.

About the Author: Dave Thomas covers business topics on the web.

 

Should You Sell Your Business?

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open-sign-1617495_640There will come a time in most cases where small business owners have to make a difficult decision. Should they sell their business or if possible, keep it within the family?

If you find yourself in such a situation, you may find yourself dealing with some restless nights.

Of most importance, making the right call can set you up for years of stability if all goes well. If you make the wrong decision, all that hard work up to this point could go away.

So, what factors should go into whether you sell your business?

What Makes for the Right Sale?

In considering selling your small business, note these thoughts:

  1. Who are they?

If you ponder selling your small business, will you find the best person available for the deal?

There is a lot that goes into such a decision, so expect to do some soul-searching and of course research.

One of the reasons why background searches can make a difference is the information.

Given all the information that is floating around the worldwide web these days, one can learn a lot of details about others. From potential business sales to whether or not the person you are dating is who they say they are, the Internet can be your best go-to information source.

For instance, what if a prospective buyer has past money issues?

Although once you sell any problems are those of the new owner, you likely don’t want a negative impact on clients. Another potential issue is what if the prospective buyer’s money issues kill the deal at the last minute?

By going online and researching, you can get a full dossier in the person who might be buying your company.

  1. Is it time to sell?

Before you look at potential buyers, there is of course the need to decide if selling now is the right decision.

Depending on your age, you may be thinking about calling it career. But, this decision to sell might be you wanting to do something else in the business world.

Among the possibilities:

  • Starting a new small business venture
  • Going to work for someone else
  • Investing your money in other businesses

No matter what path you choose, know that selling your business isn’t something you need to make a rush decision on.

Take your time to weigh the pros and cons of unloading your business. Over a period of time, you might come to the conclusion that selling now is not in your best interests.

  1. Being financially sound

In the event you do sell, will you be alright with financial stability moving forward?

Keep in mind that the age you decide to sell out can very well have an impact on financial health down the road.

If you sell later in life, the money you receive in return can likely set you up for a nice retirement. In the event you sell earlier, will that money last? Remember, you still have personal expenses to handle. You also might have the need to go out and work again or look for another business venture.

Yes, you are likely to have much to think about when deciding if selling your small business is the right call or not.

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.