Is It Time To Sell My Business?
Not everyone is aware of this, but there comes a time when an owner should get out of their business. Sometimes this is part of a plan to move onto bigger and better things and other times it’s because it’s just not working out. Such an exit arises typically in the form of selling the business, transferring ownership, or, in some cases, dissolving the company entirely. As a business owner, it can often be challenging to determine the precise time to leave. Have a look at these tips to help you understand if it’s time to sell your business.
You’ve Lost The Enjoyment
Many business owners get to the point where they don’t enjoy running their businesses any longer. As the business grows and develops, so do you and business will naturally change. On occasion, this results in the budding entrepreneur no longer enjoying what they have set up. It can also be affected by things such as personal issues with hiring, firing, HR, discipline, etc. You will also find that the excitement of dealing with start-up problems was actually what was driving them after all so now this has faded the enjoyment has gone. They are generally replaced by smaller issues that are much less fun and challenging, such as dealing with general admin. If this hits a chord with you, then it may be time to think about business succession planning and start planning your exit strategy.
You’ve Outgrown The Business
You’re not going to be sitting with the same skill set once the business is established compared to when you started, so it’s not surprising that many people outgrow their companies. You will probably find that as your business grows you aren’t as much of an asset either and although this is hard to accept sometimes moving on and starting a new venture can be a better choice for your skills. Some entrepreneurs, of course, still grow with their business, often these are the business owners who continually strive to educate themselves to keep in line with pushing their business to be the best. If this is the case, selling may not be for you.
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The Market Just Isn’t In Your Favour
Sometimes it’s the case that the markets are continually pushing and moving against you. If you notice that there’s a trend on the horizon that threatens to make your business irrelevant or marginal, it’s time to think about an exit plan before it becomes detrimental and you have no way out. It may seem like a simple idea, but much like thinking about outgrowing your business, it can be challenging to make that decision.
Leaving your business doesn’t have to be a bad thing. Sometimes an opportunity presents itself, and it means that selling is the best way forward. It’s all about recognizing and reading the markets if you see something that is going to be more lucrative and you want to invest your time in it, but there’s nothing wrong with the business you have, selling and starting your new project could be the wisest move to make. Bear in mind it can be risky if you are moving back into the start-up world as this means you are giving up a well-established company for a higher risk.
Do you have any other considerations that business owners should make before selling? Please share them in the comments section below.
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