Are you considering selling your business? Knowing when it’s the right time to let go of something you’ve worked hard to build can be difficult, especially if you’re not sure how to sell a business.
Look out for these signs to help you decide if the time is right.
#1 Life is getting in the way
Running a business is sometimes stressful and is always hard work. Life events can end up piling on even more stress, adding to the pressure.
If you’re feeling overwhelmed, and struggling to split your focus, it might be time to sell. If you can’t focus on the business, it will suffer, while selling will allow you to put your focus on other things.
Whether your priorities have changed due to an addition to the family, illness or just a change in circumstances, consider selling up.
#2 You’ve been made a good offer
If your business is profitable, you will start to get offers for it.
If you get an offer that’s over the current valuation of your business, you’d be wise to at least seriously consider it, and get out with a good profit, which can put into a new business.
#3 Lower interest rates.
When interest rates are low, it’s a good time to look into investment. Investors want to gain assets, and profitable business is an attractive asset to a smart investor.
#4 A new opportunity comes up
As a business owner, if your company is doing well, it’s likely you’ll be approached with other opportunities. This might be a new business or a position with a larger organization.
Not all these offers will be right for you, but it might be that at some point, you’ll get an offer that excites you. If a new opportunity comes up that you’re tempted to take, it’s probably a good time to sell your business.
#5 Creativity has dried up
When you started the business, ideas were flowing. If you’re finding that the ideas have started to dry up, and you’re not thinking creatively anymore, it might be time to consider selling.
A business that doesn’t excite and inspires you anymore will hold you back, so let it go.
#6 You’re thinking about retirement
Looking forward to retiring is normal, but if you’re starting to daydream about how you’ll spend your retirement more than you’re thinking about the future of your business, that’s probably a sign you’re ready to move on.
If your business doesn’t drive you anymore, sell it, and get to those retirement plans.
#7 It’s become a money pit
If you’re spending a lot of money on your business to keep it afloat in a competitive industry, or need an expensive overhaul to evolve your business, consider selling.
Sinking money into a flailing company isn’t sustainable. Get out, sell up and let it be someone else’s problem to invest.
#8 You’re suffering from burn out
Owning a business is tiring and stressful. If you’re feeling overworked, stretched too thin and tired out, there’s no shame in deciding to bow out.
If you’re thinking of a new career, want to retire, or you’re ready to swap the world of business for a relaxing hobby, sell your business and get your energy back.
Are you looking to sell your business?