In a recent TechCrunch interview with Martin Pichinson (@shrwood) of Sherwood Partners. Marty makes some excellent points including when asked what investors could be doing better in the face of a wind-down or sale: “I’ve been saying for years that VCs should be calling us in earlier.” I couldn’t agree more. Running a proper sale process for a startup or its assets/IP takes time. If management or investors wait until there’s only weeks of cash in the bank or a big loan payment due – then you lose the opportunity to package and shop the company. Once it becomes a fire-sale/liquidation then your chances for maximizing value are gone.   If it looks like a wind-down may be in your future it is a good idea to bring an advisor into the process sooner rather than later – even if it is in the background.  Work can be started preparing an offering and socializing an opportunity to the market even as you pursue Plan A.