Coming to a decision to sell your startup is no doubt something that can weigh on your mind.
That said, you want to put as much time and thought into selling your startup as necessary. At the end of the day, it is definitely not a decision you want to rush into.
So, if you look at moving on from your startup, run through all the thoughts of what will go into it.
From the finances to will your startup be attractive to potential buyers and more, you have a lot to think about.
Can You Get the Price You Want?
As you contemplate selling a startup, the big thing likely going through your mind will be the price.
Do you think you can get the price you want or will you have to settle for something less?
Make sure to do your homework so that you know what businesses like yours are going for these days.
You also need to take in account any significant debt your startup may have. Would a prospective buyer be willing to take on that debt or shy away from doing so? If they agree to take on that debt, expect to get less of a price for your startup.
Another piece of puzzle to take into account will be how challenging it may be to move the startup to begin with.
Depending on the resources out there, selling your startup could be an easy thing or tough.
One way to lessen the burden on you would be to work with the right M&A advisors.
An advisor with experience in selling companies such as yours can take pressure off you.
In trying to locate the right advisor, use resources such as the Internet to help you out. You can go online and look at some of the advisors in your particular industry and how they can help you sell.
Another option is to use some of your networking resources. Check around with other business owners you know. See if they have sold in the past or plan to and who they’ve worked with to do so.
It is also important that you have a plan in place for what comes next for you should the startup sell.
So, if the startup does in fact move, what is your next business plan?
Would you consider opening up another company anytime soon?
With all that goes into running a business, you have to be sure you are willing to make such a commitment. If you are not going to make that commitment, it may in fact be time for you to do something else.
Last; you want to learn from this experience as a business owner. That is especially true if looking to own another business down the road or sooner than that.
What went well with the startup you have owned? Is there anything that did not go well and you can learn from?
By educating yourself on your startup, you are in a better position should you decide to have another one.
