Every financial website seems to publish a new article each day about a business that started small being sold to a larger business. It’s sometimes hard to imagine giving up everything you’ve built – especially if you’re a proud entrepreneur. If you’re not so happy with what you’ve built or you want to start a new chapter, selling might seem appealing from the get go. The truth is, people in both categories may benefit from selling their businesses as long as the time is right.
You Feel Like You’ve Taken it As Far as You Can
Everyone reaches a point where they don’t know how to keep climbing the ladder. Sometimes, the answer is extending your education and learning new techniques to help your business stay competitive. If you don’t have the time or the energy to change everything for your continued success, it may be worthwhile to sell your business to someone who already knows how to do what needs to be done. You can start a new business from the ground up or change your career entirely. Best of all, you can return to your realm of personal expertise.
It Became Too Large to Manage
Oftentimes, people start profitable websites for pocket change. Occasionally, these websites become too large to manage. If your side gig turned into a full time job and you aren’t ready to quit your career, you can always cash in. Valuating websites is slightly different from valuating physical businesses, but it’s easy to have the numbers drawn up. Once you know how much it’s worth, all you need to do is safely find a reliable buyer. You don’t even need to leave your chair.
Things Have Stayed The Same for Too Long
Things aren’t getting better, but they aren’t getting worse. You feel kind of trapped in your business, and you’re not sure how to free yourself without chewing off a limb. You don’t need to struggle to break yourself out of a slump – you just need someone with new ideas who is willing to take a few risks. Sometimes selling your business is the perfect plan when you simply don’t know what else to do. Let someone else’s fresh perspective take on the future.
You Have the Perfect Opportunity
If something comes your way that’s too good to resist, don’t resist it. If you get an offer out of the blue that’s more than what you’ve ever dreamed of, it’s time to put things into perspective. It might be difficult to decide to sell if you really love your business, but think about all of the things you can create with the profits from a lofty sale. If you have other dreams, accepting that offer will give you the opportunity to chase them – and you might even be able to afford to fail a few times if the offer is high enough.
Your Vices Are Constantly Calling To You
People have toxic relationships with other people, but they can also have toxic relationships with their careers. If you’ve been oversleeping, having more than the occasional cocktail, or spending your off days in your pajamas with a pizza, you’re probably not happy with your work. Selling will benefit you financially, but it will also benefit your health. Feeling burned out comes with consequences, and if you have an opportunity to shut the door on something you no longer enjoy, you should take it.
If you have reservations about selling, you shouldn’t. You should only make major moves that you feel comfortable with. You could change your mind in six months, and if things stay the same, your business might even be worth more. Follow your gut.
With a background in communications and management, Amber often writes about small business and budding entrepreneurs. When not working, you can find her online chatting with her friends or reading industry blogs. Connect with her on Twitter.