You built your business from the ground up, starting with just an idea. Your grit and determination have paid off and your company is thriving. Just the same, something has changed and you no longer feel the same spark of enthusiasm every day when you get to work.
Is it time to sell? Maybe. If there’s an offer on the table (or you think there could be soon), here are the things you should consider:
- Are you just sick of the risk? Being in business for yourself is inherently risky. Every decision you make has the potential to lead to an economic disaster. When you’re younger, you may not mind the risks. As you age, however, it isn’t unusual to want to settle into something that is comfortably reliable.
- Is your business a hot property? A lot of wealthy people got that way because they knew when to sell. Maybe your company was the “MySpace” of its industry. If another company wants to absorb your business, selling while you can command a great price isn’t necessarily a bad plan.
- Are you just bored with what you are doing? Some people love the process of giving an idea life — but they don’t necessarily enjoy the day-to-day grind that comes with nurturing that business through all its changes. Selling your current business frees you up to invest time and energy into something new.
If you decide that you’re ready to sell your business, it’s important to take a proactive approach to the process. That’s the best way to protect your interests and make sure that your liabilities are managed.