Monday, May 16, 2022
outlook business

"Five tips for a successful business exit"

Shravan Shroff sold his multiplex chain Fame India in 2010, and is now nurturing start-ups at Venture Nursery

"Five tips for a successful business exit" Soumik Kar

Don’t be emotional: You’ve invested your sweat, blood and toil in the business but there will be a time when you have to move on. Letting go doesn’t mean you’re no longer proud of what you once created. It’s just that you now believe it will be better off in someone else’s hands. 

Trust in yourself: No one knows the business and its true worth better than you do. So, by all means, seek and accept advice. But use your own judgement prudently and rationally. That way you will get the best price for your business.

Look after your people: In your eagerness to take on the next challenge, or get the best price for your business, don’t lose sight of the people who worked with you and helped you develop your business to where it stands now. Make sure the deal you work out protects their interests to the maximum extent possible.

Use your experience wisely: Selling out doesn’t necessarily mean cutting yourself off from the business and the environment. Utilise your experience productively during your period of transition.

Don’t worry about what’s next: Spend time with your family and keep the ideas factory running. It’s funny how the best ideas come to you when you least expect them. Do things you otherwise never did or found the time for earlier. Allow your mind to wander.