Has the Time Come to Say Goodbye to Your Small Business?

Parting company with a small business can be both an anxious time and one to celebrate.

While the owner may have concerns about what is next, they may have gotten to a point of moving on. That is where they did all they could for the company. As a result, it is time to move along to something else.

So, if you are at a stage in your career where moving on from your company makes sense, how best to go about it?

Cover All Your Bases

In deciding it is the right point and time in life to say goodbye to your startup, keep a few pointers in mind:

  1. Have your finances and papers in order – In making the choice to move along, do you know how to sell your startup? The last thing you want or need is a comedy of errors that leaves you wishing you had not sold in the first place. Be as sure as you can that your money situation is good and you have all your sales paperwork in order. You should take some time to go online and look for a company that can help you facilitate the sale. That means you do not have to do all the heavy lifting on your own. Let a professional who knows what type of individual would be looking to buy a startup like you have to offer. Once both sides have agreed to the terms of the sale, you can sit back and wait to get paid. That is for all you’ve worked for in starting the business to begin with.
  2. Where do any employees go? – If you’ve had employees during this time in business, what will happen to them with a pending sale? You want to not make them an afterthought as you move along in your business world. Take the time to think things through on if you will open another small business. If you do, would you offer work to those leaving the current business with you? Will you ask a prospective buyer to offer work to the employees under new ownership? That would be should they choose to go to work for them. Be as upfront with your workers as possible. Remember, they’ve helped you achieve the success you have had with your startup. As a result, don’t leave them out in the cold.
  3. Deciding your next career move – Finally, you can’t forget about yourself and what may be next in your career. So, do you see buying another startup soon? Would you be okay with going into the corporate world to work under someone? Last, is retirement at all a possibility at this stage in your life? The key is to know what you want to do and what you need to do when it comes to your financial health. Don’t put yourself in a position where you have a lot of uncertainty when it comes to the future. The hope is you have planned for such a day and will be able to do what is best for your wallet and mind moving forward.

If saying goodbye to your small business is a real possibility, are you prepared to cut ties?