For some small business owners, there comes a time where they need a new challenge.
So, could that be you who is seeking something different in your business world?
In the event you said yes, now may well be the time to consider putting your startup on the selling block.
If you are going to do such a thing, make sure you have done all you can to position your company for a smooth sale.
Make Sure Financial Documents Are Good to Go
When you have a small business primed for one to make a startup acquisition, have all your ducks in a row.
At the top of your priority list is to make sure all your paperwork is in order and ready to go.
One of the first things that does have the potential to kill a sale would be when one is not organized. Not only can that scare off a potential buyer, it makes you look unorganized and not in control.
You may feel more comfortable having a business attorney go over your documents with you. That way you can make sure all is in order, like any contracts you might have.
Once your startup is on the selling block, do all you can to get the word out there. The more ears and eyes on you have something valuable to sell, the better chance you have of a sale going through.
Last, do not feel as if you have to take the first offer to come your way.
While the hope is you will get many offers for your startup, take the time to sift through each of them.
The last thing you want or can afford would be to get low-balled and accept an offer. That is not showing the true value of your startup.
What Do the Cards Hold for You?
With your startup on the selling block, what is next in the cards for you?
Among the possibilities would be you will head over to the corporate world and work for someone else. In the event this is true, are you ready to be under the watch of someone?
One of the reasons people like having a business is they get to call the shots and set their schedules.
While you take away pressure of making the big decisions working for someone, it can still be a big change for some.
Another possibility is you have a new small business venture in mind.
From a startup of your own to going into business with one or more individuals, explore the options.
Having that independence to work for you and potentially make a lot of money can be quite appealing.
Finally, you may have reached a point where retirement is on your mind.
If you’ve had a good run, now may be that point where you want to step back for good and let others make up the business world.
In the event you fear too much time on your hands will be an issue, you can work a part-time job or even consulting.
In a 2019 report from flexjobs.com, more than 25% surveyed and planning to retire said they’d work part-time once that day came. Meantime, with those already in retirement, close to 20% had part-time jobs.
When you sense a new challenge is in order, make it your business to find the best choice for you moving forward.