3 Easy Tips to Sell Your Startup Fast
It’s easy if you do it smart
3 easy tips to help you sell your business fast.
The average length of time it takes to sell a business is 6-9 months. However, by following these 3 easy tips, you can speed up the process.
As an entrepreneur, selling your startup is validation that your hard work yielded significant value. So, if you’re ready to cash out, here are some helpful tips to help you sell your startup fast.
Spend time building trust with investors and buyers
Know your non-negotiables
Clean Up Your Digital Footprint
Invest in Your Network to Build Trust
Who are your strong key players in your network? Identify strategic buyers early on to engage and build genuine relationships. A majority of buyers say efforts in cultivating and maintaining relationships were critical in making a purchase decision. Oftentimes, existing partners opt to buy and so keeping those close ties may end up paying off. Moreover, relationship building is an essential piece in owning and operating a successful business.
“As economic growth accelerates, so do business buyers’ personal finances and investment opportunities. In an environment with more relaxed lending policies, plenty of financing options, and a stable stock market, more buyers have the capital needed to buy a business.”
Know Your Non-Negotiable’s
Only you know your business inside and out. When it comes to wanting to sell your business fast, the more concrete details you can provide, the better. To that, it’s just as important to know what you are willing to part ways with. Do you want to give up complete ownership? Do you still want to stay on the team after-sale? Knowing these will keep the process moving. Plan ahead. Think about royalties, your employees, and current partners.
Declutter Your Digital Footprint
We live in a digital world where a lot can be seen. Cleaning up your digital footprint is a rule of thumb whether you are prepping to sell or not. Customer reviews, website copy, social content, and voice will be researched by the prospective buyer. A common mistake many business owners make is not responding to or monitoring the negative comments. How your business will be perceived is based on accessible public data. Take the time to strengthen your online presence.
Summary
There’s a lot that goes into the exit process. So, whether you’re just getting started or 4 months into a sale, these three easy tips will help to speed up the process. Remember, it’s not always a sprint. A proper exit strategy takes time and a tremendous amount of consideration.
Bonus Tip! Choose and hire the right advisor (M&A)
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The BizNexus Roundup Podcast series
Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.