Is It Time To Sell Your Business?

Posted on Apr 24 2018 - 7:32pm by Editorial Staff

There are a lot of reasons why someone may want to sell their business. There are those that are unwavering, such as a seriously ill loved one or necessary move, and those that require some time for you to think it through like if you think it might be profitable for you to sell it and go into early retirement. Below, we’ve outlined some things you should take into consideration before committing to selling your business.

Why are you interested in selling?

The first question to consider when debating selling your business is why you’re considering it now. Your answer to this question will influence your decision the most.

Business is bad

This is a fairly common reason for people to sell their businesses. If you’ve been struggling to keep your business afloat, let alone turn a profit, it’s probably time to get out while you still can. If this is your reason, you should evaluate your business, the market, and the likelihood of a comeback with extra effort.

You’ve been spread too thin

When your work starts to become more stress than it’s worth, you start growing tired of your job and eventually end up hating it. When passion turns into monotony, your quality of work and the effort you put in decreases dramatically. If you’ve lost your passion and the enjoyment you once had from your business, it’s time to move on to bigger and better things.

You got offered a better opportunity

If you got offered a more lucrative or otherwise better professional opportunity that wouldn’t allow for you to do both, it’s probably time to consider selling. If this is your reason, you should examine both the upsides and downsides to selling your business.

You could retire early

This is the ideal scenario for selling your business because you don’t have a set time frame in which to sell it. Before you commit to selling, you should examine the following: the state of the market, whether or not it’d be more profitable to stick it out a few more years, and if you might get a better price for it if you waited for the right buyer.

Signs it’s time to sell

There are several signs indicating it could be time to finally pull the trigger and sell. We’ve organized these signs into the categories we mentioned and described in the section above.

Business is bad

There are a few signs to indicate that it’s time to just cut your losses and try to make some of your investment back through selling your business, if you can. If you haven’t made a profit in over a year, have been struggling to stay afloat, and have put all you have available into marketing and customer outreach, it’s time to go ahead and sell. The longer you wait, the more money you lose and the lower your chances of making your money back by selling the business become.

You’ve been spread too thin

If you dread going to work every day, can’t seem to be able to stay focused while you work, and have noticed a difficulty in feeling passionate about your business, it’s time to seriously start considering selling the business. Your health and sanity are important. The more stressed you are, the less passionate you will become about your work and the more difficult it becomes to find enjoyment in your work, the lower quality your work will become.

You got offered a better opportunity

If you got offered a better job opportunity, there’s a few things you should figure out before selling that will serve as your signs. First, you have to crunch the numbers and see if the offer actually is better. Don’t forget to take into account your happiness; there’s no point wasting time at a job you hate just to make money. Then, you have to decide if the long term benefits of the new job also outweigh those of the old business, including those that you had accrued already running your business for so long. If you’ve determined that the new opportunity is truly better, it’s time to sell.

You could retire early

We mentioned above the things you should consider with this option before committing to selling your business. If you just aren’t passionate about your business anymore or find that you don’t have enough time with your family, it’s time to sell the business and retire. If, god forbid, your health is failing and you find it difficult to work the necessary hours to keep your business afloat, early retirement is probably a good option for you. If you receive an offer that is larger than the worth of your business and the investment you’ve put in thus far, you should sell the business and enjoy early retirement.

Where to begin with selling your business

Now that you’ve decided to sell, you have to figure out how to go about it. How do you advertise successfully that you’re looking to sell your business? How can you attract the right buyer that will take it off your hands quickly and without difficulty? You can list it on places like Business Trade Centre, where those in the market to purchase a business can easily find you online. There are also many professionals whose help and services you can request to provide you with guidance and advice so you’re not just blindly searching for a way to sell your business.

It can be incredibly difficult to make the decision to sell your business. There are a number of reasons why you might want to sell it. Each reason has its own unique sign that it’s time to consider selling, a few of which we’ve mentioned above. Once you’ve made the decision to sell your business, you’ll need to do your research and make your plan to make this process go smoothly and lucratively. If you are from a non-English speaking country, then you could consider using reputable online translation services, of who should help make the process simple, allowing you to complete a deal with confidence. A good place to start in finding a person to buy your business is by listing it on a site like the one we mentioned above and letting them come to you. Whatever you do, consult a professional when necessary and make every effort to ensure that your sale goes through smoothly and seamlessly.

About the Author

Editorial Staff at I2Mag is a team of subject experts.