As we ring in 2017 now is as good a time as any to begin a personal and professional evaluation of your business. Here I will share a few questions you can ask yourself to begin the discussion.
Are you ready to sell your business? Do you still enjoy working the day-to-day or has the routine become monotonous or worse - stressful? Are you ready to move on to a different industry, career path or maybe you would like to retire? Is this the right time for you to sell your business? Will your business be able to give you a good return on your investment?
Following are some signs that can help determine whether you are ready to sell.
- One of the most important paths to the success of your business is growth. To continue to grow your business takes energy. The desire to move your business to the next level requires real motivation to do so. Continued positive growth is important or your business runs the risk of becoming stagnant and thus less profitable. If you are at a point within your business where you are unsure you have what it takes to move it to the next level then this would be a good time to conduct a valuation of your business and look at your options to sell.
- Business ownership should feel satisfying and exciting at times. Are you having any fun? Do you enjoy getting up and going to work at your business every day? If you feel burnt out and tired this could be a sign that you are ready to sell your business and move on.
- Your business has already grown to the next level, but you would rather continue managing the day to day operations instead of being involved with the new growth. Managing an extra layer of supervisors and managers is just not appealing to you. If your business has grown too large for comfort and this is not where you want to be. Or you feel you are no longer the expert owner your business needs you may consider selling the business. You could even consider selling and buying into a smaller operation that fits better with your ideal ownership role.
If the above discussion has led you to believe 2017 is the year for you to sell your business, your best plan of action, to start, is to gather your team of advisors. And the best place to start for that is by scheduling a complimentary consultation with one of our brokers today! Our brokers have the years of experience needed to support you on your journey to sale.
Anne Schuller is a Certified Franchise Consultant (and Business Intermediary) for Transworld specializing in franchise development and sales. After an 18-year career as a physician assistant, Anne combined her entrepreneurial passion with her altruistic nature and career experience by becoming a certified franchise consultant through Business Alliance Incorporated. ?Working with over 500 franchise companies nationwide, Anne seeks to pair qualified candidates with pre-established franchise systems, as well as establish new franchises for business owners looking to expand their companies.