What is the most exciting thing about starting your own business from the ground up? There is something exhilarating about taking an idea and watching as you put in the work and the time as it becomes something real and tangible. And then, as you continue to help it grow and expand, become something stable that can survive on its own, and continue in its success. But then things can get boring, and you may have the desire to start something new again. Here are a few ways that you can step away from a business to start something new.
Hire a Competent CEO
The first thing that you can do to step away from a business to start something new is to hire a competent CEO to take over executive responsibilities. If you don’t want to sell the business, but don’t want to be involved in the daily affairs of the business, hiring a CEO is an ample way out. Hiring a CEO gives you someone to run your business completely, and trust with the top-level decisions, so you have to choose someone competent. They will also command high salaries, so make sure you are willing to pay a CEO.
Sell Your Business
If hiring a CEO sounds too risky or too difficult, another option you can take to step away from your business to start something new is to sell your business. This way you can step away from your business entirely, and you will have a large lump sum of money to privately fund your next business venture should you desire. Multiple variables can impact the value of your business. You will want to make sure that you sell your business at a time when it is making stable, consistent, or growing profits so that you can get the best price possible.
Give The Business Away
The final way that you can step away from a business in order to start something new is to give the business away to a close friend, family member, or coworker. While this method won’t exactly get you the best financial return on your investment, it can be a great way to pass on wealth to those that you care for a trust, including heirs, friends, and loved ones.
Starting a business is exhilarating but running a business can grow stale. But stepping away from your business to start something new isn’t always as easy as it sounds. Follow one of these three strategies to step away from your business the right way and prepare you to move on to your next venture.
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