Are you at a point in life where selling your small business seems like the right thing to do?
If you said yes, what might be the main reason or reasons for this line of thinking?
Do you want to cash-out while things are good in your industry? Is it time to do something different with your career? You might even be at a point where retirement sounds like a good thing.
No matter the reasoning behind your decision, it is important to be ready to put your best foot forward to sell.
Why Might You Be Itching to Sell?
As you consider preparing your startup for acquisition, here are reasons it could be good:
1. Industry is sluggish – While a few almost never have rough stretches, most do. If your industry has seen such a stretch for a long period of time, you may feel it is time to move along to something else. While you never want to panic, you also do not want to stand pat too long and watch all you worked for go by the wayside. Do your best to follow and understand what is going on within your industry. Doing so makes you more educated on why sales are slow, how best to get customer back again and more.
2. You need a new challenge – It is not uncommon for some small business owners to get to a point where they feel burned out. If this sounds like you, it may be time to get ready to sell your company. You do not want to be giving your business a half-hearted effort when your heart and mind tend to be elsewhere. Take time to see if this is the industry and responsibility you want moving forward for the future. You may decide that you need something else to light a fire under you. This is not uncommon as one gets older and has been doing the same thing for years and years. Do your best to find the right sales opportunity for your company. Then, move along to something fresh and exciting.
3. Sit back and relax – If lucky and life treats you well, you will have an opportunity one day to call it quits in working. As such, you can then retire and decide what is next in your life. You may decide to keep your hands in the business world by working part-time on your own or for someone. You may decide that doing some consulting work is your cup of tea. Then again, it may be time to retire altogether and start traveling, spending more time with family and so on. Think things through to decide if you can afford to get by. That is financially without owning a small business or even working for someone else. Can you still have a good life; afford healthcare and more when no paycheck is coming in?
As you ponder the idea of selling your small business, does it sound appealing to you?