Knowing when it’s time to say goodbye to a business you’ve built from the ground up is tough. Business mergers could be tempting, but when it’s time to go, it’s time to go.
According to BizBuySell.com’s Insight Report, almost 7,842 businesses were sold in 2016 alone! If those numbers tell you anything, it’s that business owners are getting smarter about knowing when to sell.
If you’re conflicted about deciding to sell your business or being concerned about not finding the right buyer, here are three signs you need to consider.
A Lack of Resources to Expand Further
So you’ve been running your business for a few years now and though you would like to expand it? In some cases, you might not have the means to do so at your reach.
Starting a business requires time, effort, and capital. Unbeknownst to many others, it may take a bigger investment in all of those things to continue expanding your venture. If you find yourself just on the threshold of positive growth, but without a way to actually help your business get there, it may be time to consider a sale.
Burning Out as an Owner
As previously mentioned, it takes quite a bit of energy to start and run a business. Unfortunately, all of the effort and energy put forth to actually start a business can mean that an owner burns out after a few years of successfully running their company.
If you’re feeling ready for a big change or you simply can’t handle expending so much energy anymore, it could be time to consider business mergers or contacting a sell-side advisor to organize a sale.
Finding the Ideal Buyer
When you’re considering selling your business, it’s important to think about who your ideal buyer will be. If you’re wondering “Who is the ideal buyer to sell my business to?” it may be time to reach out for sell-side advisory, who will help you respond this question in a very reasonable fashion, based on the latest research and experience.
Selling a business is hard work, but when you recognize that your time has come, it’s important to move forward with your decision and to avoid delays. If you notice any of these signs, it could be time to sell!