3 Options After Selling a Startup
Whether you have owned one or many startups, selling them does not have to be the biggest challenge you face.
For many people owning and then selling a startup, the key challenge to then address is what they will do next.
With that in mind, are you looking at your options after selling your startup?
What Might Be on the Horizon?
In selling your startup, here are three options you can consider afterwards:
- Buying a startup – Once you complete steps to sell your startup, it is key you have the next piece of the puzzle in place. Is there a chance you will want to go out and buying another startup? If the answer is yes, any ideas on if you will stay in the same industry you were most recently in? Might you want to venture out into something entirely different? Having a plan in place can save you a lot of headaches. The most notable of headaches to avoid would be financial ones. Without a game plan in place, you could run into some money issues as time goes by. This is why it is good to be as ready as possible for what may come next.
- Returning to the corporate world – Would you prefer to be in a job where you do not have all the responsibility on you? If so, returning to the corporate world is always a possibility. Working under someone else takes away some of the pressure for you. You can always return to being an owner down the road if the right opportunity presents itself. That said a corporate job should be one that earns you a decent salary and benefits for starters. Be sure that you find a position also where internal growth is an option. In going back to work for others, there are pros and cons. You need to decide if there are enough pros in place to go and do it.
- Deciding to call it quits – Finally, are you at a point in life where retirement is a possibility? If the answer is yes, this may be the time to walk away from the working world. Be sure you can do so without suffering any notable financial consequences. If you feel like you still need to earn a paycheck, what about taking on a part-time job? If money is not an issue but you want to stay busy to some degree, what about volunteering some of your time? There are plenty of organizations and groups out there searching for qualified volunteers. You may the exact person one or more are seeking. In volunteering, you can give back to your community and feel good about what you are doing in the process. Use the Internet and network with locals in your community. That is to see what kinds of volunteering options may present themselves to you.
When you are selling your startup, there will hopefully be a feeling of success in what you have created.
That said make sure you are prepared for what will come next.