If you are at a point and time where you look to sell your startup, you will want everything to fall into place. In doing so, it can make such a sale go a lot smoother among other things.
So, from finding the right buyer to getting the price you want and more, take the time to get the sale right.
Research Who You Would Be Selling to
As you go about looking at being one of the many types of startups to sell, focus in on the following:
- Landing the best buyer to take over- To make your sale attempt go smoother, finding the right buyer is key. You will want a person or persons with no financial issues for starters. It is also important that there are no legal issues facing the one or one’s looking to buy your startup. Such issues can hold up and even complicate a potential sale. Once you have names of interested individuals, do your background research on them. Find out all you can about their business dealings. If you come across any notable red flags, you may well look to steer clear of them. The last thing you want or need would be any headaches trying to sell.
- Securing the right price- As important as who takes over your company, you also want to land the right price. With all the time and effort you put into securing your startup, you don’t want to be short-changed at the end of the day. So, stick to the price you want for the startup. Although there is apt to be some give and take, get the price you feel your company is worth. When it comes to negotiating on the sale of the startup, take a variety of factors into consideration. For instance, if your company is saddled with any sizable debt, you may look to see if a buyer would take on such debt. This of course can mean you will have to ask less for your company. You may ask more for your company than its actual worth. This way you are likely to be offered a lower price for it. That price in turn may be one you are more than comfortable with accepting.
- Knowing what is next to come for you – Last; do you have a good sense of what you’ll be doing next in the business world? In selling your company, what job is likely going to have your name on it now? You might have another business venture lined up. Another possibility is you go and work for someone else. Depending on your finances, you might decide to stay on as a consultant with your company you sell. That of course would be up to the new ownership and you. In having a good sense of what is going to come next, you can be better prepared for such a transition.
When the time comes for you to sell, the hope is you have a smooth sale and can transition into your next venture.