If you have been in business for a while, you have probably found yourself wondering (at least occasionally) what things would be like if you were free of the stress of owning your business. Perhaps you are not as passionate about the business anymore, and running it is becoming more of a struggle. But maybe you do not feel this way all the time, and there are times when you still have the passion you had when you first got started.
This brings up a common question that many business owners have, “when should I be thinking about selling my business?”
If you are even asking this question, then it probably means that selling is at least worth looking into. Selling a business is a process that takes a lot of time and planning, so it never hurts to speak with a local business broker to discuss your options. A reputable business broker will be able to give you a good idea of what you can expect to sell your business for and what you will need to do during the preparation stages.
Table of Contents
- Signs it Might be Time to Sell Your Business
- Find Out if Selling Your Business is the Right Move
Signs it Might be Time to Sell Your Business
You Spend a lot of Time Thinking about Retirement
Most of us look forward to retirement at some point. But if you find yourself spending a lot of your time focused on what you will be doing once you retire, then it might be that you are ready to get out of your business. For example, do you find yourself spending a lot of time watching travel channels and looking at travel vacation websites? Have you been shopping around for an RV that you can use to travel the country? These are some telltale signs that you are ready or very close to ready to retire.
You Are Feeling Burnt Out
Owning and operating a business takes a ton of time and energy, and this can take its toll on someone after several years. Are you feeling burnt out from all the obligations and demands on your time that come with business ownership? If so, there is no shame in looking at exiting the business to take better care of yourself.
Life Circumstances are Making it Difficult to Focus
Perhaps your focus and energy are being drained by external factors related to the stress of unforeseen life events. Situations like divorce, health challenges, and the need to care for aging loved ones can severely disrupt your ability to run your business.
You Are Out of Ideas to Move Your Business Forward
When you started your business, you may have had several creative and innovative ideas to help distinguish yourself in the marketplace. But as time has gone on, maybe your creative juices are no longer flowing the way they used to. When this is the case, it may be best for everyone to turn the business over to someone who is ready to move it forward again.
You Have Other Opportunities that you Feel Like You are Missing Out on
Do you have other opportunities and potential endeavors that you are not able to get into because the time and energy your business demands? If you feel like your business is hindering you from pursuing better opportunities, then it may be a good time to investigate selling.
Find Out if Selling Your Business is the Right Move
If any of the signs mentioned above resonate with you, then it would not hurt to find out if selling is the right option for you. The market is very strong right now in most sectors, so this is a good time to cash out if the conditions are right. Contact a local CPA and accounting firm broker to get the conversation started.