If you are considering selling your business but aren’t quite sure if it’s time, there are some good reasons to tell if it’s time, know that this decision can be a difficult one. After all, you’ve put in long hours and likely a lot of money to get it where it is today. Selling would mean all of that will be in the hands of someone else…not an easy thing to imagine.
All of that said, life has a way of pointing us in the right direction. This can happen gracefully or abruptly. The key is to pay attention to the signs. There are also some darn good reasons to sell that can help you make a decision. Here are just a few of them.
You’re Experiencing Life Changes
You know that life can take us in unexpected directions. Owning and running a business might have fit into your life at one time but no longer seems to be your friend. This can happen due to illness, accidents, divorce, and any number of other big life changes.
Furthermore, life change doesn’t mean anything negative. Perhaps, you simply want to do something different or have more time with your family. It’s your business, so you can certainly let it go if that is what serves your life now.
Retirement or Moving On
Do you find yourself daydreaming about retirement even if it’s several years away? Or perhaps you constantly think about selling the business and taking a well-earned break until you find something else to do? Either of these things can mean that you long for a change. Again, neither of these things are negative and can be thought of as transitions that lead to a new season of life.
You Feel Trapped
Maybe you know things need to change, but you don’t know how to go about it. Feeling stuck can be frustrating and leave you paralyzed with fear of making any decisions. Don’t worry, you are not alone. Many business owners have times when they wonder why they are even in business.
The best thing you can do is assess the situation and consider all of your options. You might be able to simply liquidate your business or close it without having to deal with a buyer if it is small. However, you are likely to get more income from selling if it’s a successful business with a large following. This is something you can discuss with a business advisor or attorney to get a solid plan together.
You Get a Spectacular Offer
Perhaps you’ve been given an offer that would be in your best interest to accept. This can be even more appealing if you plan to use the money to start another venture. There are actually firms that help you do this, depending on the business. For example, if you’re selling a medical or dental practice then Professional Transition Services can help to make the switch.
You Don’t Have the Money to Update or Rebrand
Maybe you know what your business needs to get to the next level, but you’re unable or unwilling to get the capital needed to do the job. You could bypass spending this money and sell to somebody who is willing to invest and put in the work to improve and grow the business. Rebranding and updating an existing business are often two things new owners want to do, so don’t be afraid to put it out there for sale.
Do these signs resonate with you? Do you believe it’s time to sell your business? Leave your own thoughts and ideas below!