There are many perks that come with business ownership. Not only do you get to make the rules and make your own schedule, but when the revenue starts pouring in you get to reap those benefits, too. At some point though, we may decide that the time is right to sell up and move on to something else or to retire entirely.
You might even reconsider the idea of owning a business because of management buyouts and somebody on your team is keen to buy it. If that has been a conversation you’ve been having lately, then the chances are quite high that the temptation is there for you to sell it up and earn some cash. But what are the signs that the time is right? Well, we’ve listed these for you below.
You’re not making money anymore.
Yes, the money is coming in, but the profits just aren’t what they used to be. Maybe the market for the service that you have has changed, so automation has taken over and the service that you offer isn’t as quick as a service a robot can. No matter what the circumstances are though if your business has been struggling you have to look at the numbers and see whether it can remain as profitable as it could for the visible feature. If not, then selling it now and having a profit rather than dealing with lots of debt is a good idea.
You no longer feel passionate about it.
When you first started your business you were happy and excited by the idea and the prospect of a future. But time has moved forward and you no longer have that same passion for the same idea. Perhaps there’s something else on the horizon that you’d like to go and venture into or dip a toe in, but if you’re spending most of your waking hours working hard, running a business should be something profitable for you rather than just being fun.
You’ve caught wind of better opportunities.
If you’ve been running your business for a while, and something comes up that tells you that there are other opportunities that are better out there, then why not go for it? If the customers are coming in and the profits are holding steady, that means your business is doing very well. If it’s not draining or stressful, then this is a great thing! That doesn’t mean you shouldn’t necessarily sell. If you are ready to sell when the time is right go for it.
You are ready to retire.
Some people get to a certain age, it doesn’t have to be old and are ready to let go of their business ideas and stop for a rest. If this is you and somebody else is ready to take over your business, then why not let them do it? If you’ve been the driving force behind the business historically, take a year or so to train somebody for your position. It doesn’t have to be a family member, you can go out and find somebody as experienced as you are and ask them to buy out your business for you. When this happens, you get to let go and you get to retire.
