Knowing when the time is right to sell a startup is not always something that comes easy to business owners.
With that in mind, how will you know when the timing is right to say goodbye to your startup?
Look at the Finances Involved
In deciding if now would be a good time to sell your startup, first look at the finances involved.
Do you have any idea how much your startup may be worth? If not, make sure you spend the time needed to figure this out.
When it comes right down to it, the last thing you want to do is sell and get less than what your startup is in fact worth. That is something you will live to regret.
You also will need to look at how to sell a startup company.
Did you know there are businesses online to help people like you in selling startups? Now, wouldn’t having their expertise by your side make things easier?
From how to promote your startup sale to what to do when offers come in, working with pros can make things easier.
Another key when considering selling is what happens to any employees you have.
Among the possibilities in play:
- Employees have the opportunity to go with the new owner and continue working
- Employees could go with you if you decide to start another company
- Employees will move on their own and find work elsewhere
Given your employees have put in the time and effort to help you, do your best to make sure they are not left hanging.
Would You Buy Another Startup?
If thinking of selling your current startup, any chance you will look to buy another one anytime soon?
In the event the answer is yes, the same effort you put into selling needs to be applied to buying another.
For one, are you thinking of staying in the same industry? If you decide to venture out to another industry, be sure to research its current trends.
Are you thinking of buying a startup with or without employees? If the former, would you plan on taking those employees on? If so, you have to factor in things such as salaries, potential healthcare benefits and more.
Make sure you do your homework so buying another startup does not become a nightmare.
Going Back to the Corporate World
Finally, you may be at a point in your career where you want to take a step back from being in charge. That can mean going back to the corporate world.
If you decide that is the move you want to make, having run a business can work to your advantage.
Many look for people who’ve got managerial experience, handling money and more. As such, you may have a resume that is too good for many to overlook.
In going back to the corporate world, you can still have money coming in but without the stress of being an owner.
In looking at if now is the time to sell your startup, are you leaning to selling or to holding on for the time being?