Knowing when to sell your business isn’t always easy. Even if it’s always been a part of your plan, it can be difficult to know when the timing is right to call it a day. While there isn’t a simple solution for everyone, understanding some of the warnings can help you think about when to put an exit strategy into place. Take a look at the following tell-tale signs that it’s time for you to sell your business.
It was always a part of the plan
For entrepreneurs in particular, holding onto a business for life isn’t always a part of the plan. Even if you’ve loved what you’re doing, getting ready to sell your business will help you move onto your next venture and bring one chapter to a close. When you set up a business with a view to selling it on in the future, you should already have an exit strategy in place. Discussions with exit strategy specialists like theexitstrategygroup.com.au can help you put a plan into place to get out at the right time. However, if you’ve fallen in love with what you do and it doesn’t feel right to part ways – you might want to consider holding onto your business and re-evaluating your objectives.
Your heart is no longer in it
Running your own business requires drive and passion to help you keep going. Without it, running a business can feel like a chore, rather than something you enjoy. If you find that you’re starting to slack or you no longer have enthusiasm in your work – consider your next steps and what you’d like to be doing instead. It’s better to sell your business than running it into the ground, so when those doubts start setting in – start thinking about selling up.
It’s making you ill
Over the years, there have been many headlines about business owners who suffer from mental health issues. Running your own business can be challenging, and the pressure you put on yourself can lead to stress, depression or even a breakdown. Running a business isn’t for everyone, and if you’re finding that it’s affecting your health – you should think about selling. The money you make from the sale could help you take a proper break to rest and recharge, giving you some space to consider your next move. The experience you’ve gained from running your own business will be valuable to many employers if you decide to go back to working for someone else.
You’re losing money
It’s not always easy to accept when it’s time to sell your business, especially if it’s something you love and have invested so much into it. If your business has stopped making profits, it might be time for you to consider selling. While there are some funding options for small businesses that could help you buy yourself more time, selling could be the best way to cut your losses before they become too severe.
Letting go of a business is tough, but you shouldn’t ignore the silver lining. Selling your business can open up new doors to new ventures, as well as make you some money. Take the opportunity to sell when it’s there and get yourself ready for the next step – whatever that may be.
