As the years go by, our personal and professional interests naturally change. For entrepreneurs, personal growth often manifests itself in taking up new entrepreneurial initiatives and abandoning those that have lost their shine. If you feel you’ve reached a plateau in your current business operations, it might be time to pass the torch along. Here are 4 of the most common signs that it’s time to sell your business:
1. CHANGING MARKET TRENDS
Not all success in business is destined to last forever. If customer demand for your goods or services seems to have diminished over the years, and you can’t keep up with current trends, it may be time to move on. Ideally, you’ll sell while you’re still near your peak and thus increase the value to a buyer tremendously.
2. CREATIVITY IS NO LONGER THERE
Your interests and perspectives change, as do your skills. If reinvigorating or reinvesting in your current model has lost its appeal, you may have used up all the energy you have left for that particular business. Now is the time to refocus your skills on goals you are better prepared to achieve.
3. RETIREMENT IS CALLING
If retirement is approaching, and you find yourself looking forward to it more and more each day, it’s probably time you started making arrangements to leave the business. If, like many owners, you lack a formal transition plan, you may not maximize the value of your business as well as you’d like and might miss out on a nice little income to brighten up your well-deserved retirement.
4. WHEN THE CHALLENGE BECOMES A CHORE
Business owners often contact us (regardless of their age) when recurring issues they face have simply become too much. The most common concerns include employee management (tired of running the daycare, etc.), government obligations, financial pressures, and other responsibilities that over time have taken the shine off the daily routine.
Need help perfecting your business sales plan? Consult our Mergex experts today.