You built your business from scratch. You mustered all the creativity and chutzpah within you to bet on something you knew would work. And it did. Despite all odds, your business not only thrived but triumphed.
You’ve had a long, challenging, but fulfilling journey with the brand you created. Now you’re at a crossroads. You can either go on being at the helm of your business or go through a business valuation in preparation for handing your entrepreneurial legacy down to someone else. There are many reasons why the latter might be the case. Here are some of them.
You’re ready to retire
The reason it’s time to sell your business could be this simple: you’re ready to leave work and retire in comfort and style. And retirement does not follow any strict rules age-wise. You can retire at 60. Or at 30, if you have enough money saved to fund the lifestyle you have been accustomed to.
There should be no guilt about wanting to retire. If you feel like you have accomplished enough when it comes to your professional life, there is nothing wrong with deciding to finally relax and focus on the self. Just make sure before you retire, you have a plan as to how to spend your days. That is most crucial if you have been used to a busy schedule. You need fulfilling hobbies to keep yourself preoccupied.
You’re not at your best health-wise
Maybe your pillbox has become reminiscent of the rainbow. It is colors galore. You are medicating for an array of physical afflictions. This is not the best time to be proud and stubborn. Know that in your current state, you will have a hard time leading your organization. So you might as well sell your business.
Your health should be your topmost priority. After all, you only have one body, and without it, you cannot pull off any brilliant idea that comes to your head. Give yourself time to heal. Once you’re ready, pursue another exciting endeavor.
You see a market shift on the horizon
Sell while you are on top. That is for obvious reasons. For one thing, you can demand more from the buyer. So as soon as you see the possibility of a change in the market, one that will adversely affect your business, begin toying with the idea of selling.
Be wary of startups. Now one technology can disrupt an entire industry without much ado. For example, if you run a boutique hotel, as soon as a startup like Airbnb arrives in the market, be quick in understanding the implications. Based on the conclusions you make, decide to either sell or keep your business.
Your business has grown beyond your capacity
Most businesses start small. And as the proponent, you likely have all the skills set required to operate your entrepreneurial endeavor in its first years of operation. However, if you are competent with your job, your business is bound to grow. Exponentially, that is.
Soon the time comes when your business’s growth overtakes the growth of your skills set. Lest your business suffers, you might as well take the high road and let somebody else more suited to the job do the job. This is not you quitting. It is you showing the levelheadedness required of all leaders.
You’re presented with a better opportunity
Yes, it can be that simple. A better opportunity crops up. You are hard-pressed to say no. And you do not have to say no. You have probably outgrown the business you built. You know it inside out and you can run it on autopilot. If your business does not give you the same fulfillment it did before, it is time to move on.
In this world, nothing is permanent. If there’s one skill we all need to learn, it is the art of letting go. Keep in mind that letting go does not equate to losing. In fact, it can be one of the smartest decisions you will ever make in your life.
If any of the reasons cited above applies to you, then you must seriously consider selling your business. The best approach here is to sell while you are still on top of your game. Putting your business in the market when it is on its way down invalidates all your efforts throughout the years.
Consider it one chapter of your life closing. Another is about to begin. It can be just as exciting and fulfilling. So brace yourself for the ride.