VC Minute Weekly Recap: On Shutting Down
Unfun as it may be, the topic of shutting down a startup needs to be talked about. That's what we did this past week.
2023 saw a record number of startups shut down. I would expect 2024 to surpass that number. I don’t want startups to shut down, but it is one of the realities of the venture-backed ecosystem.
I thought it would be good to cover shutting down from a number of different angles.
My three takeaways from this week:
1️⃣ Read Geoff Lewis’ timeless presentation, The Terminal Plan on how you can run a process to sell your company. Even if you don’t need it right now, skim it, bookmark it, and come back to it when you do need it.
2️⃣ Listen to Eric Marcoullier’s three steps to determine if you should shut down.
3️⃣ Listen to Eric’s quasi-beat-poetry “This Will Not Be Your Last Startup”
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Episode Summaries
183. Shut Down Week and Write-Offs
This week we're covering an important but difficult topic: shutting down your startup. If you're asking yourself the question, you may already have the answer. And your investors may have already written your company down.
184. Three Ways To Shut Down & The Terminal Plan
There are ways to shut down: The Ghost, The Bonfire, The Refund. But there's also a great way to sell your startup. That advice is not mine to share, so go read this presentation by Geoff Lewis: The Terminal Plan
185. Three Questions To Ask Before Shutting Down
My friend Eric Marcoullier is a very successful startup founder who has been a CEO coach for the last decade. When founders come to him to ask if they should shut down their startup, he runs this process with them.
186. This Will Not Be Your Last Startup
"This will not be your last startup." - Eric Marcoullier.
When Eric gave this talk at one of his monthly Thunderview CEO Dinners, I begged him to come on VC Minute and share with you.
Do you know someone that needs to hear this week’s advice? Share it with them!