How To Know When It’s Time To Sell Your Business

Sarasota County Sell My Business | Florida Management Consultant

Many businesses have a life cycle, either due to economic conditions, a change in customer buying patterns, or the desire for the owner to retire or move on. But most business owners will eventually reach the point when they need to decide whether or not to sell their business. Let’s review some of the thought processes behind this decision.

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Is my business making a profit?

If you have a successful business making a good profit, it’s easy to say you should keep on going. However, this is also a good time to sell your business, because potential buyers want some assurance that they will continue to reap the benefits of your hard work. This may not be the sole reason to sell but think of profitability as you consider other factors below.

Many business experts believe it takes three years to make the money from a successful business that you would reap now if you sold it. So, if you aren’t sure you want to spend three more years doing what you do, now may be the time to sell.

Am I still passionate about my business?

If you feel you are just going through the motions of running your business or find yourself leaving most operations to your employees, maybe now is the time to move on.

Is my family supportive of continuing to run this business?

Hard work and long hours can mean success for a business, but that can also take a toll on your family. If they aren’t keen on continuing to support you as you manage your business, this can be a factor in a sell decision.

Do I have the resources to support growing my business?

Most businesses need to see continuing growth to succeed. Business owners need to have financial resources or connections with banks or other financiers to get the capital they need to grow. If your business is doing well but lacks the financial resources to grow, it might be a good time to sell to the right investor.

Can you live without your business in your life?

Many business owners are so invested in what they have created that they won’t consider selling. Some love what they do so much they consider it a lifetime responsibility. If the idea of selling your business is depressing, you will need to consider what you will do after your business is gone. The downside of being overly invested in your business is how it can affect you if your business ever fails. If you are successful, consider selling now and take the pride of a successful business with you to your next endeavor, whatever it may be.

When you feel you are ready to sell your business, contact Hallmark Business Brokers. Our agents will discuss your needs and determine if we can find the right buyers for your business. Selling your business can be one of your biggest decisions, so come to Hallmark Business Brokers and let us reduce the stress level you are feeling as you go through the sales process.