There are over 30 million small businesses in the United States alone. Every day, new businesses open while others shut their doors for good.
Now, adding your company to the long list of businesses for sale isn’t inherently a bad thing. Nothing lasts forever, and selling a small business can be just as rewarding as running one if you approach it in the right way.
However, as a business owner, it can be hard to tell when it’s time to sell your company. Rather than stumbling through and putting yourself at risk of making mistakes along the way, read on the learn the signs that it’s time to say goodbye.
1. Lack of Passion
When you first started your business, you no doubt felt a great deal of excitement for the project. If those feelings have waned over time, it might be time to look into the process of listing companies for sale.
There’s nothing wrong with setting your current venture aside in favor of a new project or passion. Being honest with yourself and staying in tune with your feelings will help you avoid true burnout and follow a new dream.
2. Potential for Profit
For some business owners, the ultimate goal is to pass down a profitable business to their children and grandchildren. For others, it’s to build a successful small business, know when it’s time to sell a company, and strike at exactly the right moment.
If your business has increased in value and could be sold for major profit to a fellow entrepreneur or larger company, consider taking this option. Sure, you’ll lose your business, but you’ll gain the funds to start a new project or pursue other interests.
3. Increased Risk
On the opposite side of the spectrum, sometimes the risk of owning a business becomes too great to carry on. Being a small business owner is always risky, but if you can see that trends are shifting or your niche is failing, it could be time to get out.
Even if this is the case, take pride in the fact that having a successful small business for any length of time is an impressive feat. The overwhelming majority fail within the first year.
4. Change in Priorities
You still have passion for your company, it’s running smoothly, and there are no storm clouds on the horizon, but you still find yourself thinking, “maybe it’s time to sell my business.”
In this case, it’s likely that you’re undergoing a change in priorities – and that’s okay!
Maybe you’re ready to retire to spend more time on hobbies or embark on that adventure you’ve always dreamed of. Or you might love your business, but you love your family more, and they need your attention right now.
Running a business is incredibly hard work and there’s only so much time in the day. If you need to devote more of your time elsewhere, selling your business can make that possible.
Is It Time to Sell Your Company?
Whether you’ve been in business for a few years or a few decades, the decision to sell your company is never an easy one to make. Being a business owner is no easy task and after all the sweat and tears you’ve poured into your company, it can be hard to let it go.
That said, sometimes breaking away is the best option. If any of the above signs apply to you, it’s time to consider selling.
To learn more about getting the most out of your business, be sure to check out our blog!
