Your business may have been your dream come true. You had a good run, but now you feel more anxious than happy every time you think about it. This might mean it is time to sell your business. The decision to sell will not come easily –– and that is understandable. It is important to accept that selling your business is not a sign of failure, but rather comprehension of your current state, the state of your business and the potentiality of new endeavors that can revamp your creativity. Below you will find five signs it’s time to sell your business.
1. You are a stressed out, anxious mess
Let’s be honest –– stress and anxiety are no fun. If your business is causing you stress and you no longer enjoy it, it might be time to move on. This is a good time to sell and embark on new endeavors. A business advisor can help you determine the right time to sell, the price, and help you find a great buyer.
2. You feel like you’ve outgrown it or it has outgrown you
You may have been an expert in your industry when your business began, but things change. Technology advances, younger generations are studying and developing new concepts and ideas that contradict your own. Whatever the case may be, your business may have peaked, and it may be time to move forward.
3. You lost market favor
The market is always changing –– it is inevitable. If you can recognize that a new trend is on the horizon that could be detrimental to your business, it is time to consult with a business advisor and determine your options. If needed, they will devise an appropriate exit strategy for you.
4. You need more liquid assets
Your business may have been your greatest investment. However, as retirement nears, it may be time to turn that investment into more liquid assets.
5. New opportunities present themselves
Selling your business is not always a decision that comes from a depressing place. The market may be fine and your business may be on the rise, but you have just lost some passion.
In any case, a business broker can help you find a buyer who will treat your business well and take it to the next level. This opens up some time and money for you to pursue some new business opportunities. Let’s face it –– once an entrepreneur, always an entrepreneur.