Are you thinking about selling on your business or the company you started? Knowing when it’s the right time to let go of something that have put a lot of hard work into in order to build it up can be difficult, especially if you’re not sure how to go about selling a business. Look out for these signs to help you decide if the time is right to sell your business.
Life is getting in the way
Running a business can sometimes be a very stressful experience and is always hard work, no matter how long you’ve been working on it. Big life events or changes, such as starting a family, can end up piling on even more stress, which only adds to the pressure. If you find that you are feeling overwhelmed by your business, and struggling to split your focus, it might be time to sell up. If you can’t focus on the business, it will suffer, while deciding to sell 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 fast so you can get your time back for yourself.
You’ve been made a good offer
If your business is a profitable one, it is likely that you will start to get offers from other entrepreneurs to buy it. If you get an offer that is over the current valuation of your business, it would be wise to at least seriously consider it, even if you hadn’t thought about it before. This would allow you to get out with a good profit, which can invest into a new business.
Lower interest rates
When interest rates are low, it’s a good time to look into investment. Investors want to gain assets, and a profitable business is an attractive asset to a smart investor. If you get a good offer, you can consider selling your business and using the lower interest rates to your advantage to invest in a new business.
A new opportunity comes up
As a business owner, if your company is doing well, you could end up with a good reputation in your industry, which can make it more likely that you will be approached with other opportunities. These opportunities might be a new business or a position with a larger organisation. Not all these offers will be right for you and wouldn’t be worth selling your business, but some of these offers might be more interesting. If at some point, you do get an offer that excites you, then it is worth your while to put some thought into accepting it. If a new opportunity comes up that you’re tempted to take, it’s probably a good time to sell your business. Considering taking the opportunity suggests you’re ready for something else.
Creativity has dried up
When you started your business, you were excited and inspired, and the ideas were probably flowing. If you’re finding that after a while running the business, you don’t feel as inspired, the ideas have started to dry up, and you’re not thinking as creatively anymore, it might be time to consider selling your business on to somebody. A business that doesn’t excite and inspire you anymore will hold you back, so let it go.
You’re thinking about retirement
Most people look forward to retiring, which is normal, but usually, they don’t think about it much, until much closer to retirement, but if you find that 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 interest you as much anymore, sell it, and get to those retirement plans.
It’s become a money pit
If you’re spending a lot of money on your business to keep it going in a competitive industry, or it needs an expensive overhaul to keep your business growing, consider selling. Sinking money into a failing company isn’t sustainable. Get out, sell up and let it be someone else’s problem instead.
You’re suffering from burnout
Owning a business is tiring and stressful. If you’re feeling stretched too thin by running your business, there’s no shame in deciding to step down from running it. 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.