It can be challenging to let go of a business that you’ve devoted a lot of time, effort, and money into building from the ground up. There’s no denying that your business is your baby, and you’ve watched it grow into a successful company – perhaps even a market leader.
You’re probably reading this blog post today because you’ve thought about selling your business. However, you’re unsure whether it’s the right decision to make or not.
The following telltale signs are likely very obvious ones that now is the time to sell your business and move onto something new or perhaps take a step back from the daily grind:
1. You’re Bored
Arguably one of the top reasons for wanting to sell a company, either to an existing shareholder or on a business marketplace, for example, is because it just doesn’t interest you anymore.
If the passion for running your business is gone and the spark is no longer there, it would be best to sell your company as a viable business to someone that wants a firm like yours and wants to grow it further.
2. You Want To Retire
Another reason people decide to sell their businesses is that they will soon be approaching retirement age, and they don’t want to get involved with the daily operation of a business.
Suppose that sounds like you, and you’re unsure about relinquishing total control of your company. In that case, you could always become a simple shareholder and hand over the reins to a trusted business partner.
Otherwise, selling your business means you have one less thing to worry about in your life, plus you’ll get a handy lump sum of cash for your retirement.
3. You Need The Money
Another telltale sign you need to sell your business is when you need to get access to a lot of money.
Sure, you could sell any assets in your business or even take out loans against any property it owns. However, selling it can be easier in many ways, and it also means you don’t have to pay anything back.
While selling your business signifies the end of an era in your life, it will likely improve other areas of it, and you can always start a new business when you’re ready to do so.
4. You Want To Move Abroad
Are you planning to relocate to a foreign country soon? If so, you might be wondering what to do about your business. Yes, you could always leave someone in charge of daily operations and potentially manage everything else from abroad.
But, it can often be easier just to sell your company and start up a similar one where you move to.
5. It Might Not Be A Viable Business Soon
One final telltale sign to consider is that your business may not be viable in the future. For example, changes to legislation or operating rules might mean you have no choice but to cut your losses and launch a new business.