Do You Want to Move on from Your Startup?
If you want to move on from your startup, do you have any thoughts to how best to go about it?
Whether your startup took years in the making or a relatively short time, it is still yours at the end of the day. As such, you want to be sure it ends up in the right hands when you decide to part company.
So, how best to handle such a move?
Make Sure You Get what it is Worth
In deciding to move along from your startup, here are a few pointers to remember:
1. Getting help from the pros – The last thing you want to do is sell your startup and not get what it in fact is worth. That said this is where it makes a lot of sense to get some help in selling. You can go online and get info on how to sell your startup. That info will come in quite handy as you decide to move along to another business or exit the business world. Given there are pros with experience in listing and selling startups, why not lean on them?
2. Knowing the marketplace – You also want to be sure you have a good sense of what the marketplace is like now. The last thing you can afford to do is sell your startup and get much less than it is worth. By not only working with pros, but also researching startup values, there is less chance of losing out. Being an informed and educated startup owner works to your advantage at the end of the day.
3. What is your next move? – It is also important that you have a good idea of what your next move will be. That is after your startup hopefully sells. Are you toying with the idea of finding another startup to invest in? Might you decide now is the time to go back to the corporate world? Could you even see yourself retiring at this point? By having a clearer vision of what it is you want to do next, you are in a better position to succeed moving ahead.
4. Learning from the past – You would also do yourself a favor to learn from your past business ventures. This will help you to make better decisions as you move on. That is with both your professional and personal lives. You may look to do one or more things different as you push on. From the industry you had your last startup in to how you marketed it, learn from what did and did not work.
5. Sense of accomplishment – Even if your recent startup did not pan out, still feel a sense of good. Taking on a startup is a major task. As a result, be proud that you had the courage to do so in the first place.
If you are looking to move on from your startup, what will your first move be?
For anyone having sold a startup, what advice do you have for first-time sellers?