by Brian McKay
Should you stay, or should you go now? There are times in life where you have to make calculated decisions about the future of your business. Starting a business, and watching it thrive can be exhilarating, but from time to time, your business might outgrow you - or maybe you’ve outgrown it.
If the idea of selling your business has crossed your mind a few times, or perhaps you have been searching ‘’how to sell my business” on Google, then here are a few signs that it is time to sell up, and move on.
Photo by Chris Liverani on Unsplash
Business Value
Your business has become so successful the value is increasing, and other people have taken notice. There is an opportunity for smaller companies that are doing particularly well, to sell to much larger companies. Certainly, this happens more often within niche sectors.
An acquisition will typically require that you stay on for a short period during the transition, but after that, you are usually free to say goodbye.
It is often better to stay for a short period to ensure your staff are retained.
Life
You might have had a change in circumstances in your life, and feel that the time you would typically dedicate to running your business - is better spent elsewhere. It is difficult to give your all to multiple areas, after all, we only have so much to give.
It could be that running a business has seen you spend every waking hour trying to get it off the ground, and then every waking hour holding the fort because it is doing so well. It can be challenging to maintain relationships and even spend time with your kids.
Running a business can be fulfilling but also stressful and time-consuming.
Risk
There are the risks involved when a business isn’t doing well, but there are risks when it goes well too. Taxes can start to become a more significant burden. The creditors and debtors can gradually increase in size too. You are the sole person in control of making sure that is all ticking over, and the wrong decisions can be disastrous.
Burn Out
An entrepreneurial spirit is powerful and takes a lot of energy. Creating new things, working on new ideas and moving forward tends to come into play. It might be time for you to move on from the success of this company and put your efforts elsewhere.
Burnout can be a loss of passion for the project that you are currently working on, not just across the board.
Knowing when you call it quits on a project because it has burned you out, is part of building a successful track record of businesses.
Your successful business is a product of your hard work, innovation, and dedication. But there are times where it is more beneficial for you to say goodbye while the going is good. Bowing out gracefully and moving on to new projects, or taking a break is well earned. Selling your business can change your life for the better when handled with care.
