Making a major change to your business is something you do not want to take lightly. That said the biggest change you can make would be moving on from your business.
Yes, doing this is a big step that you want to think about. You may be at a point and time where change is necessary and you are wondering how best to go about it.
Yes, while selling your small business is something to think long and hard on, it may be the best call now.
Be Prepared for This Move
Like moving from one home to another, changing a business outlook requires prep. With that in mind, be smart when you look to sell your startup.
The first task to cover is making sure all your finances are in order. Notable financial issues can stall or even kill a potential sale. While moving on from your business is a big change in your life, it does not have to lead to loads of stress and anxiety.
Careful planning can let you see if there are any major financial liabilities. These would be liabilities that could scare off a prospective buyer. Such issues could be notable debt, tax issues and more.
Once you feel your finances will not cause any red flags, next look to the makeup of your business. In the event you have employees, what might happen to them when you move ahead with an intended sale?
One possibility is your employees could go with the new owner. That is should they be offered such an opportunity. Another option may be they go on to other jobs they find on their own. Still another thought would be they come with you if you plan to start a new company.
By being as transparent with workers as possible, there is less chance of burning bridges.
Your Next Venture
Unless retirement is up, the next move will come down to either another startup or going to work for someone. If you choose the former, make sure to have done your research ahead of time.
That is to know how the industry you are considering being in is doing now. Also take the time to look at the projections for it over the next few years.
The last thing you want or need to do is go into an industry that is struggling and forecasts are not good.
In the event you will go to work in the corporate arena for someone else, do your best to find a good fit. That would be a job where your skill set will come into play and you have the best chance to contribute.
Finally, you may want to take some time between professional moves to unwind a little bit. Having some time to come down from a last venture before beginning a new one can help recharge your battery.
In deciding now is the time for a business change, what are you looking to do next?
About the Author: Dave Thomas covers business topics on the web.
