When you start a business, chances are you really think this is the right job for you. No one embarks on something like this only to be disappointed in the end, and the sheer amount and time you have spent on this pursuit is proof enough of your commitment. Unfortunately, the same is true for everyone who has ever started something on their own, and the sad reality is that at least 50% of them also have to face the fact that they have to close their doors. door after only 5 years in operation.
The business world is, after all, an incredibly harsh environment, and while some startups will become the best businesses of a generation (think companies like Airbnb, Instagram, etc.) desire. Obviously, right from the start, fighting for a goal you’ve worked so hard for is an important part of the business. However, if these problems persist and leave your finances in good shape and really in the mud, then you should usually break those ties before you go bankrupt.
Unfortunately, just like a protracted divorce can be much worse Financial expenses For both parties, a messy business breakup can cost the last of your money, as well as leave a bad feeling in your mouth about something that used to sound so exciting. To avoid that in the end and instead keep at least some of the positives from your efforts here, you should therefore pursue a business-friendly breakup in the following ways.
#1 – Trusting the hard work to a third party
While leaving an attorney at home may seem like the best way to keep things civil during a divorce, this lack of professional oversight often leads to escalating arguments and unresolved issues. Similarly, just trying to sell or dissolve your business can quickly lead to a complex web and an overall growing sense of resentment.
While the answer to the question ‘Do you need a broker to Selling your business is ultimately a personal business, so it’s worth it at least considering the benefits of helping out here, including easier communications and streamlined processes. much easier. Furthermore, professional handling of people who are not emotionally tied to this business will allow you to retain much happier memories than you would otherwise have if you had to suffer. painfully erase yourself. And, over time, it will help you to remember this phase of your life fondly, rather than as a painful process.
#2 – Know the right time to leave
Continuing to fight for an unsuccessful relationship can lead to an irreversible breakdown. Similarly, holding on to your business for too long leaves you trapped under a tremendous amount of pressure both financially and professionally. Left unchecked, that can complicate and end up overshadowing another positive focus in your life. Worse still, the financial burden of this inability to let go can put you on your knees, or at least on the road to bankruptcy, preventing your business from being a positive memory again.
To avoid this, it is essential that get out before things fall to that extreme. This is especially true from a financial point of view, we accept that things don’t work out before you invest too much of your personal money which can help avoid lingering problems and the constant resentment we feel. will definitely bring. Furthermore, selling at a time when you still have options (eg interested investors, capital to draw out the best trades, etc.) ensures that you are not left with anything, but instead get paid handsomely for the business you’re giving up. That, at least, allows you to continue to love your business for what it gives you.
#3 – Record what you learned
It’s easy to feel frustrated about a failed business if you keep focusing on its failure. Thinking about the loss of your lessons will especially make you feel bitter and regretful that you let things go in the first place. But it doesn’t have to be.
In fact, even a failed business contains a lot of lessons in resilience, patience, hard work and of course money management. More realistically, your efforts may have taught you brand new software, innovative processes, or customer service skills. Only when you remember this truth and embrace those lessons will you keep this business as one to remember and increase your chances of continued success with your next business in his footsteps. who are currently extremely successful like Evan Williams, Akio Morita and more.
#4 – Never completely closed
When it comes to divorce, most couples are adamant that leaving the door open is one of the worst things you can do to get along after a breakup. But, the business world is a bit different. Of course, because of this, we don’t mean that you should necessarily consider going back to your original business, which, even if you can’t sell yet, is clearly not the case. However, consistent with the lessons you’ve learned, a business can also evolve into another, more tangible, and more effective idea that will ultimately help you launch your business.
So, instead of throwing away all your documents and assuming none of your ideas will ever turn out well, take your business kindly by doing it for your benefit. to (sort of) keep its memory alive. Obviously, a little break right after a sale is best to keep these ideas separate in your head, but grasping the possibility of a business in the immediate future, you can at least Can erase the bitter note about what could be one of the most difficult breakups in your life.
Saying goodbye to a hard-earned business is a tough one. Make it a little easier using these tips.
