If the prospect of selling your company scares you, do not feel like that is totally unwarranted.
Selling a business is a big step for many people. As such, it is important to go about it the right way.
With that idea in mind, will selling your company be an easy thing?
Do the Right Steps to Pull it Off
So that you can increase the odds of a smooth sale, here are a few pointers to help you along the way:
- Know what your company is worth – It is crucial that you have a good sense of what your company is worth. If you fail to know the financial value of all you have worked for, it could set you up for a potential loss. Take the time with financial pros to sit down and go over your company’s numbers. Assets, liabilities, tax records and more need to be looked at. This also means all your paperwork is in order. Even one notable error here can delay a potential sale or kill it altogether. You also would like to know if possible what competitors in your industry are valued at.
- Getting word out – Know there are companies to help you get in front of the right people when you sell your startup. Doing this will take some work off your shoulders. It will also increase the odds your company will seller sooner than later. You also should get the word out as soon as you know you want to sell. The last thing you want or need is having your company sit on the for sale market for a long period of time.
- Deciding fate of employees – In the event you have employees, what might their fate be when you look to sell? Remember, the last thing you want to do is leave them hanging. They have put in many hours for you over time. As a result, be upfront with them about your plans for the company. Whether they could be included in a possible sale or they will need to find new jobs, level with them. The more time they have to prepare, the better for everyone involved in the process.
- Make this a learning experience – Finally, it would be wise to learn from this experience. There may come a time or two down the road you decide to sell another business. As such, it would be good to remember the pros and cons of this sale to help you later in life. Determine what went well and what you could have done better. Given life is a learning experience in so many ways, learn from this one.
As you go about preparing a startup for sale, do everything you can to make it a move you will look back on proudly.
While this is a big step in your professional and personal life, there is no reason you can’t pull it off at the end of the day.
So, is it time for you to sell?