The Startup Chat with Steli and Hiten

129: How to Shut Down Your Startup


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Sometimes in business there comes a point when the only option is to shut down. It is a difficult situation, it is stressful, and it can be hard to do right. On today’s The Startup Chat we discuss the right way to shut down a company.

There are so many things that need to be considered. People need to be informed and the money issue needs to be sorted. On today’s episode we tell you the best mindset to keep during the process and maybe even mention some aspects you haven’t considered.

The points we discussed today:

How to decide whether to shut things down

Making sure money is paid back
How to commit to a deadline
How to conduct the announcement meeting
Why you need to be firm in your decision
Do what’s right by everyone involved
Don’t expect “business as usual”
Offer recommendations and advice for moving on
How to deal with customers
When to involve lawyers
How to help your family cope

We invite you to join our Facebook group.  It’s great to have such an incredible group of entrepreneurs out there making it happen every day.  We’d love to hear from you; please feel free to join our Facebook group and share your experiences, challenges, and motivation with us and the rest of Startup Chat community.

We appreciate having your email address at The Startup Chat  because we’ll be sharing some special podcast episodes and other things exclusively with the people on our email list.  Click the link above and fill out the email address box to become part of the community today!

As always, you can hit us up on Twitter @Steli or @hnshah, #thestartupchat.

The post 129: How to Shut Down Your Startup appeared first on The Startup Chat with Steli & Hiten.

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The Startup Chat with Steli and HitenBy Steli Efti & Hiten Shah: Serial Entrepreneurs, Sales & Marketing Experts, Startup Investors & Advisors, CEOs running multi million dollar SaaS Startups

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