There is more often than not a tremendous emotional attachment to one’s business. In fact making sure a seller is ready emotionally to sell is a key role for a professional intermediary. So when should you consider selling your company. Let’s take a look at some of the key reasons.
-Retirement
Owners should have a plan for their eventual retirement and then be prepare to execute that plan with the help of a seasoned business broker.
-Fatigue and Burnout
According to industry experts, many owners sell their company due to burnout. After all, running a business can mean 7 day weeks and long hours. If you feel a sense of fatigue and burnout when you think of your business, it may be time to sell.
-Personal Issues
Every now and again life events like illness, divorce, and partnership issues do cause people to sell. Emergency sales will almost always bring in less money. As a result, be sure to plan in advance so you could potentially handle such situations.
-Liquidity
Oftentimes owners have invested much of their personal net worth in their business. As a result, an owner may choose to sell instead of borrowing against a company’s assets. If you’re looking to cash-out, that is a good reason to sell.
-Outside Pressure
Do you feel like larger companies are moving in to compete with your market? If this is the case, you may simply feel like joining in rather than fighting it.
-An Unexpected Offer
Has someone contacted you with an unexpected opportunity? This can occur even if your business is not on the market.
The above-mentioned are just a few of the many reasons why business owners decide to sell. However, your business should only be placed on the market if you are absolutely sure the time is right. Call Provest today for a free consultation.
