As a business owner, most of your decisions are made based on the numbers.
You know how much it will cost to expand, how much you’re willing to spend on technology, and how many employees you need to get the job done.
But, you also know there are a lot of decisions to make that are harder to measure and validate.
Selling your business can often be one of those decisions. But, how do you know when it’s time to pull the trigger?
1. You Already Planned Your Retirement
The number one piece of advice I give to business owners is to plan an exit strategy.
If you know you plan to retire in the next five years, you need to be thinking about the things you are doing today to put your business in the best financial place possible for a sale.
Do the best you can to execute your plan. Once you have committed to a timeline, stick to it.
2. Relationships are Becoming Strained
If you have a partner in your business, you’ve probably had several ups and downs by now. You know how important it is for you both to compromise and decide on how to move forward.
But when you have been running a business for more than a decade, relationships can become strained. Particularly when there’s a lot of money on the line.
If you notice that you and your partner aren’t seeing eye to eye anymore, it could be time to throw in the towel. Don’t wait for your business to reflect your fractured relationship.
3. Your Health is in Decline
We are all only human. If you are having health issues, it’s a tough decision to choose to sell your business.
You may wonder what you would do with all of your time should you get better. You could also be concerned about what would happen to your business without you there.
But, choosing to put your health first is never the wrong decision. Once you sell your company, you will have free time to travel and focus on the most important parts of your life – your family and friends.
While the pressures of today’s battles in business consume your thoughts now, in the grand scheme of things, those decisions won’t matter.
4. You’re Ready for a New Mission
Life isn’t over when you sell your company. A new chapter is just beginning.
If you’re ready to take on a new challenge, selling your company can give you the time and capital to make your dream a reality.
Don’t waste a day pushing for progress without purpose. Only you can give your life meaning. Make the most of it.
5. You’re Not Ready to Innovate
It’s 2019. Companies are doing all sorts of different things to save money and grow their markets. If you want to compete, you have to keep up.
Shipping has changed, freelancers have altered the workforce, and telecommuting is regarded as the future of the office space. If you no longer feel excited about the changes in technology and the innovations that are coming in your field, that’s okay. But, it’s time to retire and let someone take over.