For most business owners, their business started as a dream that they nurtured into a thriving success through sleepless nights, tears, sweat, and backbreaking work. But just because you have invested years into a business, that doesn’t mean that it will always be the right fit for you. As you age, your interests and passions will likely shift, and you may find that you and your business are going in different directions. It will rarely be the right move to try and wrench an established business in a new direction. Instead, look for these telltale signs that it is time to sell your business and move on.
Retirement is a Great Time to Sell Your Business
If you’re looking towards retirement soon, you should be making a plan now for what will happen to your business. Even if it is a family business, the decision to sell might be the right one, especially if there is no one in the family willing or able to take on the work of being a business owner.
Debt May Cause You to Sell Your Business
All new businesses have debt, but the expectation is that they move past that and become self-sufficient. If you’re still looking at a money pit that is draining you, the odds are that it isn’t the right business for you. A different owner, with different views and skills, may have a better time of righting that ship.
As you’ve built the business, you’ve also expanded your skills and interests. For as long as those interests, skills, and business demands align, it is all good. But once you get to the point that you don’t feel the passion and drive to invest in the business and you’re running out of ideas and energy to pour into it, it’s likely time to sell.
Running a business is hard work, and even though you expect the stress, it will eventually wear you out. If you’re reaching the point of burnout in your current business, meaning the kind that a vacation can’t fix, selling is a good idea.
The Right Offer
One of the biggest mistakes people make when selling a business is settling for the wrong buyer, but the right buyer can be the biggest sign that selling is a good move for you. If the market favors you and there is a buyer who you feel comfortable turning your hard built brand over to, selling will open up a new horizon of opportunities.
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.