Published On: Fri, Jul 17th, 2020

Moving on from Your Business

Whether you have run a business for a brief period of time or many years, there may come a point where you want to move on.

With that in mind, how will you know now in fact is the right time to do so?

It could be a myriad of things or one thing in particular that will get your attention.

From finances to looking to do something else, the notion of moving on can be both exciting and scary.

So, what should you be thinking about when considering moving on from your business?

photo/ Gerd Altmann

Be Smart About Any Big Change

In deciding to move along from your business now or at some point, you want to do it smartly. Not doing so can set you up for financial and other troubles.

For one, do you know approximately what your business is worth?

If you are looking for details on how to sell your startup, know that there are resources out there to help you.

Go online and look for businesses that help a startup owner sell their business when the time is right. That guidance you receive can mean the difference between a prosperous sale and a failed one.

Second, reach out to other startup owners you are familiar with and on good terms with. Their two cents can also be beneficial to you.

At the end of the day, moving on from your startup may be one of the better decisions you make.

Will Employees Be Impacted? 

Whether you are selling a company around for a long time or a newer one, what will be the impact on employees?

Unless you are the company’s only employee, you need to think about what may happen. That is to those who will no longer be with you.

So, are you looking at starting another company? If the answer is yes, any chance you will offer some or all your workers the opportunity to go to the new venture?

If not offering positions to another venture to current workers, could they go with the new buyer?

Last, might you have to let everyone go before selling your business? 

If this is what you are leaning towards, be sure to give your employees as much advanced notice as you can. It is only fair that they have the opportunity to look for other work.

Still another thing to look at when looking at selling is what your plans will be moving forward.

For some owners, they will look to move along to another business opportunity.

For others, they may decide now is a good time to move back to the corporate world. Working for someone and not having the pressures of being a business owner can be appealing now.

Finally, another option could be retirement is coming sooner than later.

No matter the option you decide to go with, be sure you make the right move that will not hinder your finances.

When moving on from your current business, make it your business to study all the options in front of you.

Author: Guy West

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Have Your Say
  1. […] 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 […]

  2. […] money and even customers. Taking the time needed to hire what you perceive to be the best folks for your business now and down the road until you pack things in is worth […]

  3. […] from the day you open up to moving on from your business, make it a rewarding […]

  4. […] moving on from your business, do all you can to have it be a smooth […]

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