Most new business owners have long-term goals that will keep them involved with that company. They want it to grow, they want to create something that matches a specific vision or they just want to create a sustainable income source.
For others, though, the entire goal is to create a company that’s worth selling. This can change your focus and how you need to approach every business decision.
The role of disruptive tech
For instance, consider the different types of disruptive technology. It can alter the market forever. Sometimes, as in the case of digital downloads and compact discs, the development virtually destroys the earlier technology. It then replaces it and the market has to adapt. You can find plenty of historical examples, such as nylon climbing ropes replacing hemp ropes or cars replacing carriages.
In many cases, though, business owners want to disrupt the market just enough that the competition decides to buy them out. The competition may not even want to make their product or use their technology. They just want to buy the rights to it so that the product or service cannot exist, thus allowing them to keep the current market in order.
Business owners who create these innovative new companies may be looking to cash in by selling them — that’s the real income they’re seeking.
How should you proceed?
Since this can be a complex process with a lot of money on the line, you absolutely need to know exactly what legal steps to take to manage the sale and protect your interests. If you’re thinking of starting or selling a business, it can help to work with an experienced law firm.