13 Aug Is it time to sell your business?
You’ve worked hard for the successful business you have. Maybe you started it from the ground up, or maybe you purchased it a few decades ago and grew it into the well-respected business it is today. Either way, it’s a part of you and a part of your family. However, you’re starting to wonder if it’s time to move on. What are some signs that it might be time to sell your business?
First, if you’re already wondering, or if you’ve googled and come across this blog post, that’s a sign. For perhaps one of the reasons below or some cause we haven’t identified, you’ve started to question whether you want to continue running this business. That is a red flag that perhaps it’s time to sell. Other reasons it might be time to sell your business include:
Life events – Maybe you’ve found that standing on your feet for 8 hours a day doesn’t feel so good anymore. Perhaps you’ve got aging parents who need more of your time and attention. Maybe your industry has changed and you feel like you haven’t been able to keep up or your spouse has retired and you’d like more time to play too! Any of these “life” changes can be a reason to sell your business. They’re all valid events or experiences that are causing you to question whether being a full-time business owner is still the right thing for you.
You get a great and unexpected offer – “If you ever decide to sell…” or “Are you taking offers?” What would you do if someone walked in your door and said, “Hey, I’d like to buy your business. How much is it worth?” Well, you’d probably not give them an answer off the cuff, but you might take their business card and think about it. Have you had your business valued? Do you know how much it’s worth? If not, now might be the time to find out because if someone is willing to pay and you’re already thinking it might be time to move on, this could be a serendipitous moment!
Opportunity knocks – There’s the chance someone could come in and offer to buy your business, but there’s also the chance someone could offer YOU a new job. “Bob you’ve really done a stellar job putting together a great team here. Every time I come in I’m so impressed with the attention to detail, the teamwork, etc. Have you considered being a consultant for other businesses? We could use someone like you on our team!” Hmmm. The seed is planted. A new and exciting opportunity exists for you, but to make it happen you’ll have to sell your business. Is it worth the risk? If you’ve begun to feel burned out, or if other life changes have you questioning business ownership, it just might be time to take a leap into a new position.
You’re burned out – You dread Monday. You dread the alarm going off. You dread going down and opening the store/office for business. When people ask how business is going you mumble something negative. You dream of having something, anything else to do but be at work. This was once your dream and now it’s your BAD dream. If any of these statements sound like you, it’s time to consider selling this business!
There are lots of reasons people sell businesses: they’re ready for a new opportunity, they get a job offer, life happens. Whatever your reasons are for considering selling your business, we’d love to help. Click here to complete our seller registration form.