You’ve spent years building and growing your business, putting in the long hours, missing out on personal events, and investing nearly all of your financial resources into it. All of your hard work may have paid off, but often, there comes a time when one must simply put down the mantle and sell the business to someone who can bring new light to the organization. Whether your mental health is suffering in a significant way or you’ve simply hit a wall, there are many reasons to sell a business and move on. Here are five signs it’s time to sell your business.
1. Life Gets in the Way
Sometimes, life gets in the way of things, and there’s nothing to do for it. A sudden death in the family can shift one’s view of life and their personal goals, a sudden health problem can derail your motivation or your physical abilities, financial troubles can make growth nearly impossible; all of these things can be unforeseen and drive you to want to sell your business.
Life offers few warning signs, and we just can’t see everything. When a sudden shift in life circumstances makes running your business impossible, it’s time to hand the reigns to someone who will honor your dream and run the business with renewed fervor. There’s no shame in selling a business when sudden life changes occur, but be sure you’re selling to the right person or organization first. Many business owners have made the wrong choice and immediately regretted their decision once they saw where the business was headed!
2. You Find Running a Business Isn’t For You
Some people think running a business is glamorous, and that anyone can do it with the right amount of determination. Though this view is certainly admirable, and with practice, anyone can learn a new skill, something like running a business just isn’t for everyone. Unfortunately, the only way to know this is to get involved in it and run a business yourself. You might find that taking the risks is the easy part, but the day-to-day operations are confusing, frustrating, and beyond your area of expertise.
If you’ve created a business that employs others, you have a responsibility not only to yourself but also to your employees to admit when you’re unable to run the business any longer. It’s ok to admit that you’re not able to do it; in fact, there’s much greater value in admitting when you’re wrong than trying to push forward with something you don’t know how to operate.
Running a business shouldn’t be taken lightly, and far too many people try their hand at it without acquiring the right skills prior to opening the doors. When the time comes, admit you can’t continue, and pass ownership to a new leader that can make an impactful change and keep the business running. Learn more about ‘how to sell my business’ on Business Exits if you’re considering the sale.
3. You Get An Amazing Offer
If your business is booming or creating an impact in your industry, you may find that you get an offer you simply can’t refuse. In 2012, Instagram was a relatively new social media service, but at 80 million users strong, the business had more than doubled since its start in 2010. Social media giant Facebook saw the app’s potential, and, in 2012, purchased it for one billion dollars. That’s quite the offer!
If you feel you’ve gotten an offer that is fair and can relieve you of the business, take it! You might find that being freed from the business with some money in your pocket is liberating; allowing you to pursue other things or even retire early.
4. You’ve Hit A Wall in Your Career
Personal growth and business growth are often intertwined with business owners. One begets the other, and when you’ve hit a wall in either, you might find your motivation is seriously lacking. Hitting a wall in your personal growth because of your business can make you feel trapped and unhappy. Work fulfills so much of our lives, so to have it be a miserable affair is simply unhealthy for anyone.
Hitting a wall is usually a good sign that it’s time to move on and sell the business. This will allow you to look elsewhere for your fulfillment, or seek out other opportunities for personal growth.
Using a resource such as ExitAdviser is highly recommended to ensure a smooth transition. selling a business can be difficult especially if you haven’t done so before.
5. Your Mental Health Has Suffered Greatly
Mental health is often overlooked in the business world, particularly among business owners. The fact is, entrepreneurship is a taxing affair, and even the strongest of minds can often come undone after long days, longer nights, and a workload that doesn’t seem to ever lighten. When every minute of your life becomes filled with the needs of the business, you’ll find that something seems to be missing; and that is your personal time.
If you find that your personal mental health has suffered greatly in recent years because of the demands of the business, it might be time to move on. Remember that there’s no price on peace of mind, and your mental health is absolutely crucial to living a happy and fulfilling life. Don’t let running a business run you into the ground.