After shedding equal parts of blood, sweat, and tears for your first business venture, you might think it’s impossible to see the day when you have to say goodbye to it.
However, the reality is, it happens all the time. In fact, most businesses typically stay with the owner for at least 10 years before they move on and sell it to prospective buyers.
But you don’t have to wait that long if you already observe even just one of these six signs.
1. Someone made the right offer.
If you’ve been working for your company for a few years now, you know how much it costs to run and how much it has grown over the years. So, you must have an estimate of the current value of your business. You need to know this because someone might come along and offer to buy it from you.
Admit it. If you’ve invested a lot of effort into your business, it might be hard to put an actual value on everything you’ve invested and accomplished this far. However, it must be done. Once you’ve determined someone is willing to pay at least that amount or higher, then why wouldn’t you take the bait?
2. A new adventure awaits you.
Okay, someone might not be offering to buy your business just yet, but maybe another person is offering an opportunity. Good opportunities fly by so fast, and sometimes, you have to take a leap of faith, even if it means having to let go of your company.
But that doesn’t mean you’d leave your business hanging. You can always give it to a family member or someone you trust that would take the reins of your business and run it successfully.
3. You’ve reached a wall.
Good opportunities are not the only reasons why you need to sell your business. You have to acknowledge that bad things happen, too. One of those instances would be reaching a wall.
What does this mean? It means you’ve done everything in your power to grow your business and the growth has reached its limit. You can no longer do anything anymore to further improve your company. That’s not always a bad thing, though. It just means that someone else could do a better job at leading the pack.
4. You are no longer motivated.
Another reason why you probably have to sell your business is burnout. Burnouts happen whether you’re at the bottom of the corporate food chain or even when you’re at the top. It happens to the best of us.
A lot of reasons could impact your lack of motivation in your business. It could be that you are overworked, you feel unappreciated, or you just don’t have that much love for your company as you did before. That’s perfectly fine, by the way. Just look for someone who would give more love and exert more effort for the business not to fail.
5. Your business has become a money pit.
If you’ve already done everything in your capability to secure funding for your business but it’s still failing, then it’s time to sell. Don’t wait until your business loses its value before thinking of selling. Why? Because selling the company doesn’t mean you lost, bankruptcy does.
So for the sake of your company and your people, if the finances are going haywire, sell it to the most reasonable bidder.
6. You want to retire.
It’s finally time to call a trusted business broker if you feel like it’s time to retire. Pat yourself on the back and book that nice vacation you deserve (once this pandemic blows over).
For someone who has kids or successors, selling your business may not seem like a good idea. But for those of you who don’t have any family issues to deal with, it’s better to sell the whole enterprise. This will ensure that you no longer have any liabilities and connections with the company, which will give you peace of mind.
Selling your business isn’t always a sign of defeat. It means you are willing to change for the better (or the best). Remember to always weigh the pros and cons before you settle and don’t always give in to the first bidder… your business is worth checking out multiple options. Good luck in your future endeavors!