If you remember building LEGO models as a kid, you might also remember the time you had to take them apart. It could be because you outgrew them, had to give them to a younger sibling, or you were moving and the full-size ninja castle couldn’t fit in a box.
Taking apart those pieces was troubling because you had put so much work in them. You had scrounged through every tiny two-piece and only stepped on them three times. It’s sad to see something you put so much work into having to be taken away.
For those that have made and grown a business, it’s a similar feeling (but with adult feelings). You grew your business from the ground up and put in countless hours and effort to make it what it is today. Selling your business has always been floating around in your mind, but may not have been a legitimate consideration until recently.
If you’ve been thinking about selling your business, you might have some signs pop up in your life to tell you it’s time to sell your business.
1. You’ve Been Thinking About Retirement
There comes a point when retirement just seems like the better option than putting in all the hours. It’s time to go ahead and have someone else take over. Just because you decide to retire doesn’t mean you have to be out of it completely.
Many business owners stay as part of a transitional period or will be a member of the board of directors. But if the retirement call is beckoning, it may be time to answer.
Read also: How to Take Early Retirement in 6 Easy Steps
2. You’ve Lost the Motivation
Even though you’ve been working hard in your business for years, you feel the desire to move on and do something else. You’re not as passionate as you were before about business growth or connecting with new clients.
It’s nothing to be ashamed of, it’s just how the cookie crumbles sometimes. If you find yourself lacking motivation, then it might be best for everyone to sell. No one wants to have a super unmotivated boss every day.
Read also: How This Personal Finance Blogger Sold a Website for $3 Million
3. You Want to Start Another Business
An entrepreneur’s mind never stops thinking, right? You’re always looking for the next investment opportunity or industry trend.
When you’re looking to start a new business, you’re going to need a large injection of cash. You may be hoping to win the lottery, but your best bet is by selling your existing business to help you start the second (or third) one.
4. Your Business Partners Want to Sell
If you came into your business with a team and they’re thinking about selling, you should also explore that option with them.
With them selling their shares, you run the risk of a new team coming in and wanting to oust you as well. Essentially, you start the path down a rather uncertain future. It’s best to talk to someone about selling right away.
5. Outside Circumstances Call
Building a business required years of sacrifice. You probably missed some big life events or didn’t make all that you wanted to.
If those outside circumstances start calling again and you feel like you can’t miss them or you’re needed, you may need to sell the business. It might be the one thing that is holding you back from being a part of your friends and family’s lives again.
Read also: How Michelle Built a Million-Dollar Business
6. Your Industry is Changing
Changing can mean plenty of things: either it’s evolving in a way that is unfavorable for you or it’s slowly losing momentum. If you can see the writing on the wall, it might be time to sell.
Even though you’re in a changing industry, other companies might be looking to buy parts of your business which can still be quite profitable. Make sure and explore all options while keeping your ear to the ground.
7. You’re Offered a Great Job
Even though you’re a business owner, you could still receive job offers from other companies who have admired your work.
A new job might be too good to pass up and it could be writing on the wall that it’s time to make a decision on a sale. You could always try doing both at the same time, but that might drive you crazy!
So these are some of the main reasons you might want to sell your business. If you need help, check out Orange County Business Broker.
Stock Photo from WAYHOME studio @ Shutterstock