You are a business owner in the Boston area and you should be very proud of that. To build a business from the ground up, there are endless amounts of sweat, tears, and time invested every single day. The idea that you might be at the end of that road is a daunting thought and we know that. Of course, there is nothing wrong with moving on but it’s important to know when it’s time to sell your business. As difficult of a decision as this might be, depending on your specific situation, there is some comfort in being able to make that decision. Let’s take a look at the top 5 signs it’s time to sell your business.
- Are you exhausted or lacking passion?
Exhaustion and lack of passion are indications that it might be time to sell your business. The thing is, when you first started, lack of sleep and risk-taking decisions were thrilling. However, if you find the daily grind is now exhausting or you feel little excitement about the industry, it is completely understandable to consider selling. Not to mention, new types of businesses pop up in Boston all of the time. In your case, it might not be about throwing in the towel, but rather, freeing up time to embark on a new adventure.
- Do you have a post-sale plan?
For some, selling is because it is time for retirement. So, the question is: do you have a plan? Are you hoping to take it easy and rest? Do you have a non-profit that you passionately wish to volunteer for? Are you interested in pursuing a business in a brand new industry? If you are forward-thinking to what might be next, it might be time to sell the business.
- Do you have stable post-sale finances?
Let’s chat about your finances. The cost of living in Boston is higher than the national average. Do you have a stable flow of income outside of this business? Would you have enough after the sale to live? If the answer is yes, then why not sell so you can retire or sell so you can move on to the next project? Of course, if you do not have stable post-sale finances, it might be wise to start saving and preparing for that post-sale phase.
- Is there a succession plan?
If you are hoping to sell to an entrepreneur, then a succession plan is not nearly as important. However, if you are selling to a financial buyer or venture capitalist, you want to make sure you have a proper management team in place to continue to run the business successfully upon your departure. If you have this team in place and the profitability of your business is not tied to your leadership or ownership, then it might be time to safely sell and move forward to new ventures.
- How is the industry?
Lastly, how is your Boston based business doing or the industry itself? If either is struggling, it is likely time to sell your business. There is nothing wrong with knowing when it is time to exit. You have done everything you can to be successful, but industry trends can be highly unpredictable. The moment you sell, you are opening up the possibility of new prospects and opportunities.
If you are unsure if your specific circumstance warrants a sale or if you have questions about selling your business and the current market in the Boston area, a knowledgeable business broker with experience in the area has the skill set and expertise to help you decide what is best for YOU and YOUR business. Call Transworld Business Advisors North Boston to schedule a consultation to discuss whether or not it’s time to sell your business. Why waste another minute? Your retirement or next adventure is calling your name!