How Do I Know If I Should Sell My Business?

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How Do I Know If I Should Sell My Business?

Posted By Mark Glendon     December 11, 2021    

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Choosing to sell your business is a huge decision to make. It’s also one that you can’t take back after you sign those papers. If you’re considering selling a business you’ve built with your own hands, you should certainly give it some time to think it over first. You may also want to talk with other entrepreneurs and business owners about their experiences selling and make absolutely sure that it’s what you want to do.

To help you decide if selling is the right choice for you, we’ve included a few primary factors below that can help guide you in the right direction.

You’re no longer passionate about it.

When you build a business, you spend countless hours to ensure that it’s successful. Often, you might even spend more time there than you do at home with your family. Most people would give up when things get hard, but if you’re truly passionate about what you do, you welcome the challenges and keep pushing forward. Unfortunately, there may come a time when your passion wanes, and you just feel exhausted instead. If you’ve reached this point, and you can’t seem to get excited about what you’re doing anymore, it might be a good time to sell.

The industry is declining.

If your business is in a declining niche, it’s probably a wise thing to consider selling. Trying to grow a business in an industry that’s not profitable anymore is difficult (and sometimes impossible). Although it can be challenging to know what’s coming, staying on top of trends and new technologies that affect your industry and niche may help you determine when it’s the right time to sell.

Your company is profitable.

If you’ve spent years establishing a successful business, you’re happy with your work, the industry is hot, and you know you’re ready to retire, it’s probably a great time to sell. However, if you know that the funds you receive from selling the business won’t be enough to fund your retirement, you should likely wait a few more years before you pull the trigger. Alternatively, suppose you want to use the cash you get from selling your business to fund another business venture. In that case, you’ll need to sit down with a financial advisor to determine whether that’s feasible.

Selling? Have a business succession plan ready

If you intend to sell your business to a financial buyer or venture capital, you’ll want to make sure you have your business succession plan ready first. A business succession plan is an organized strategy for passing on leadership and management roles in your company to help the new owner successfully run the business after you’re gone. A potential buyer will do their due diligence before buying, and if he or she realizes that your business will fall apart without you there, they will back out of the deal. To know more about a business succession plan, visit this website.

If you don’t already have a business succession plan ready but you intend to sell your business, it’s a good idea to work with an attorney to create one. Doing so will help ensure the success of the sale and transition to new ownership.

Read a similar article about supplemental needs trust advice here at this page.

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