Having a startup that others desire can make it easier for you to push forward with a sale should you choose to do so.
With that thought in mind, have you done and will you do what it takes to make your startup the envy of potential buyers?
Doing this can make a potential sale easier and land more money in your pocket.
So, what do you need to do for a potential sale?
Get Your Company’s Name Out There
Depending on how long your startup has been around, it may be well-known to the buying public or a bit of a mystery.
The key is to have a brand name (see more below) that many consumers and potential buyers are familiar with.
The hope is you’ve been doing as much as possible with social media, an app, an online store, your company website and so on.
When it comes to money in a possible sale, whether your brand is a well-known commodity or not so, crunch numbers.
It is critical that you have a good sense of what your startup can get on the open market. Failing to do this means you could get taken for a ride if not careful.
Know that you have resources and pros online available to help you know how to value your startup.
Do all you can to make sure you know the numbers.
This means things like assets, liabilities, expenses, any tax issues and more. You look more attractive to potential buyers when they see you have a firm sense of your company’s value.
In looking at your value, also take into consideration what you pay if you have employees under you.
Yes, salaries, healthcare and other expenses tied to workers is something you have a good sense of.
Finally, will you make it so your workers have an opportunity to go with the new owner should your company be sold?
Some owners will put language in a deal that says employees have a chance to work for a new owner if they so choose.
Above all else, be transparent with your employees.
There are details you will want to keep to yourself. That said it is only fair to let your employees know general information as it relates to a potential sale. Remember, their professional and personal lives are in play here.
Know Your Online Reputation Too
How well do you know your and your company’s online reputations?
Unfortunately, some owners fail to pay much attention to what is being said about them online. As a result, it can leave them ripe for disaster if not careful.
With that in mind, do periodic checks online. That is especially if leaning to sell and you need to know your online reputation.
In the event there is some negative chatter out there, do your best to address it on time. Doing so can nip a problem in the bud.
When you are looking to make your startup get the attention of buyers, are there things you will focus in on?