As a business owner, making the right choices on behalf of your enterprise is something that becomes like second nature once you do it enough. However, when it comes to facing the choice regarding whether to step away from your business, knowing what the right decision is can become much more difficult.
While you have likely thought about the day you will pivot away from your company and may have even developed an exit plan to execute the transition, understanding when to set this process in motion can still be a tricky thing. Because this is a personal decision as much as a professional one, having the perspective to know when it’s time to sell can be difficult—but we hope that these signs might help you evaluate exactly where you and your business stand.
1. You’ve Lost Your Love of the Game
Being an entrepreneur is an extremely rewarding thing...but it is also exhausting and all-consuming. While having a passion for what you do can take you quite far in spite of long days and long nights, it’s not uncommon for burnout to creep in eventually. Even for people who love what they do wholeheartedly, running a business can certainly take its toll and come to feel more like a chore than a willing choice.
2. You Become Less Risk Tolerant
Opening your own business is a risk, but just because you beat the odds to make it past the first 18 months of operation, there is never going to be absolute certainty about the volatility of your industry. If you feel that market trends are changing, or just have a gut feeling that things might take a downturn you don’t want to wait out, that may be a sign that it’s time to sell.
3. You’re Ready for Something New
Not all business owners decide to sell their businesses to retire. In fact, lots of former entrepreneurs go on to have successful consulting careers or open a new concept entirely. If you feel that you’ve outgrown your current company and are ready for a change that utilizes a different skill set, enacting your exit plan and taking on a new venture is a great way to leverage your experience into something new.
If you’re interested in learning more about exit planning and the process of selling your business, we’re here to help. Get in touch today for a consultation about our business planning services!