Use the following list to determine if you are ready to sell your business and move on to new things.
1. You’ve run out of money. This is generally the first indicator that it’s time to sell, whether or not you truly want to. If you find yourself stuck without a grant or any investors, then it may be time to cut your losses. If your business is successful but you have no more money to put back into it to help it grow, you may want to consider the help of a buyer.
2. It’s no longer fun. Sure, running a business is not going to be like spending a day at an amusement park, but a part of you should enjoy what you are doing, despite the difficulties of the job. If you have begun to resent going to work, you may want to consider finding a more enthusiastic person to run your company.
3. You are no longer moving your inventory. This can be a sign that your market is dying, and it is always a good idea to sell before your business has completely tanked. If you see warning signs with no simple solutions, you might be ready to sell.
4. Your personal life is taking precedence over the business. Everyone has important personal events in their lives that take time away from other commitments. Whether it is a new baby or a sick parent, sometimes these life events can take your attention away from your business. At this point you should think about selling it to someone with a bigger available time and mental commitment.
Ready to sell? One of our M&A advisors can help, contact George & Company today.