Life as a business owner can be financially and professionally rewarding, it’s also hectic and all-consuming. After all, there is always something that needs to be done, tweaked, or completely overhauled in order to promote success. And, as your company grows, your responsibility must follow. There may come a time when you feel you’ve gotten everything you need out of your business. Perhaps, you simply want to change your life and have less responsibility. These feelings may entice you to actually sell your business. However, before you rush to put up your retail or manufacturing business for sale, consider the following things.
Would a Change of Staff Help?
One of the 3 major keys to business success is hiring the right people for the right jobs. A well-placed staff member could potentially change everything. Their skills, personality, and connections might bring in an exciting new start to your business. They might also give you a break from ongoing stress and exhaustion. Having a whole team of people who complement each other’s skills and styles is something every business owner seeks.
Could a New Owner Take the Business Further?
Realizing that someone else could do your job better can feel quite humiliating, especially after investing possibly years into it. Try not to be negative though. Think about the amazing job you have done to bring the company to where it is now. Yeah, that’s all you! Also, consider all the qualities you continue to bring to that role. Stepping down or selling your business doesn’t need to be about whether you are good enough; it’s about being strong enough to realize that it is someone else’s turn to bring something new to the company.
Of course, this doesn’t mean that you have to sell right away – or even at all. There are plenty of business founders who find that hiring a CEO is what’s best for the business. In fact, if you are still on the fence about selling, this is a good way to let a part of your responsibility go without fully divesting.
Are You Ready to Let Go?
When you hired your first employee, you probably had a period when it was tough to let go and allow them to fly on their own. Part of the risk with any business is delegating tasks that you once did all on your own. Of course, you probably learned that letting go could benefit your business early on.
The positives of letting go often outweigh the negatives. This is can be true whether it’s about running a spreadsheet or actually stepping aside as the woman in charge. Yes, it might be tough to let go of small and large responsibilities where your business is concerned. It’s your baby. But, just as we eventually let go of our children so they can live independent lives, businesses need change, too. Just make sure you’re selling or staying for the right reasons…ones that make you happy.
Is It Time to Do Something New?
One of the best reasons to sell a business is to pursue a new creative idea. Some entrepreneurs love starting new businesses so much, they make a career of setting them up and selling them. Whether this is a conscious move on your part or simply the desire to move on and do something else, there is a good argument for passing on your current business before starting again.
All startups, as you well know, require a lot of attention and time. Setting up a new business on the side of your current business could be biting off more than you can chew. However, if you are willing to make the jump, setting up a new business with the money you raise from the previous one is a good way to get started. This is also a good time to reassess your work/ life balance and find a healthy perspective.
Ultimately, you will know that it’s time to sell or keep your business by paying attention to how you feel in your gut and heart. In other words, don’t do anything you don’t feel at peace about. Entrepreneurs are often remarkably in tune with their instinctive approach to business and so you will probably notice the signs early on. The key thing to remember is that just because you have built a business doesn’t mean you have to keep building.