Skip to main content

4 Things To Do Before Selling Your Startup

Most startup owners do not set out so they can sell their business at the finish line, but they often feel the need to eventually, either because they no longer have the means to sustain it, they consider it much more profitable to sell or they want to chase other dreams or develop new ideas.

Selling a startup is a big step and one many business owners consider from time to time. Understanding how best to go about the process however is essential, so Jumia travel helps with these tips .

Do a SWOT analysis

SWOT analysis simply entails defining strengths, weaknesses, opportunities and threats of your startup. Doing the analysis is essential as it prepares you for discussions with prospective buyers. You know all there is to know about the business and the strategies you have employed over time and so you are able to respond thoughtfully when potential buyers quiz you.

Pay for audits

Before you sell, you have to ensure your house is in order financially. Most buyers are wary of financial statements that have not been reviewed or audited by an external firm. To quell and doubts that may possibly dissuade potential buyers, ensure you have at least three years of audited financials prior to the point of sale.


Know the real value of your startup

A majority of startup owners looking to sell tend to overvalue their businesses and this can be understandable, considering they invested so much time and energy into building it, that equate effort for value. Unfortunately, placing a value much higher than the real value of the startup can make it very hard to sell. Before you take your business to the market, ensure you are realistic about how much your company is truly worth. Offer it at a price that is not only fair to you but also accurately represents the true value of the business.


Have a plan in place for next step

You do not want to make a sale and be left on the sidelines. Before you sell, make sure you have a solid plan in place for the future. Consider the next best steps to take and plan towards it, it could be starting a different business, devoting your life to doing charity work or teaching others e.t.c. Ensure it is something . Having a future plan also eliminates the fear of the unknown, improving your chances of going through with the sale.

Nkem Ndem


Popular posts from this blog

My Abuja Intimate Vision Board Party

I'm having an intimate vision party in my Abuja neighbourhood on Sunday. Wanna join my gang 😁 send SMS as instructed.

My vision board party is a party I used to do only by myself in the past but making open to friends this year.

Why Pastor Goodheart Ekwueme Resigned From House on the Rock Church in Abuja

I have been in pains!

If you follow me on Instagram, you will notice, I put up my pastor and coach's picture last weekend because I was heart broken.
He is Pastor Goodheart Ekwueme, the outgone (as much as I hate to use that) resident pastor of my local assembly in Abuja. I and all those who knows him, are going to miss him soooooooo much, it hurts.

Jenny Chisom's 12 Codes of Conduct for Men That Rivals Any Male Code

It's been a tough past week so I am grateful for Sunday heralding a new week.
I have been burdened to create a Code of Conduct for members of the League of Extraordinary Men (LExM) on Facebook. So while I couldn't attend service, I sat down and wrote this down on my note pad, then typed it.
This came in a bid to begin to restructure the group to ensure it is serving the right purpose and the right men.