Your business is often your life. You’ve given time, money, love, care and days of hard work to getting it to where it is today. You’ve made it profitable, it has an established reputation and often you will know your customers on a personal not just professional basis. With all this in mind, you might think that there would never be the right time. But in reality, would now not be the best time to sell.
Why Consider Selling?
If your business is running effectively it is because of the investments you have made; financial, emotional and your time. It will continue to need all of these if it is to continue being successful, which means that it will continue to be a drain on time spent with your family, be an emotional roller coaster and to develop it to the next level will need more of your money. With all this in mind, is it worth all this commitment?
The Benefits
The above reasons highlight what will be needed to allow your business to continue to grow. Is it worth missing out on more time with your family, when selling could give you financial stability to allow you to spend time with them unencumbered by work and potentially fund a sabbatical to make up the time you may have missed? A break would also allow you to recharge emotionally and begin to figure out where you are in life and find something to be your next dream and figure out how you are going to chase it. Consider also, would the business you love be best nurtured by someone with the resources, drive and time to take it to the next level whilst continuing to build upon what you have created? Selling may give you control of this as you can decide who it is that takes over your role and brings a renewed sense of vigor which you may have lost. If this sounds like you, selling may be in the best interest of your firm.
Why Now?
There are two important things to consider when you are determining whether now would be the right time to sell. As mentioned there are the personal reasons listed above, the drain it has placed on you may have left you missing out on events in your life, it would allow you to enjoy them. Also, the fact your business is effective and profitable means now would be the best time to sell. If you were a lawyer, would you want to sell an attorney practice when you had no clients, or when your client base is large and strong? By selling whilst your business is strong, you are maximizing the compensation on all of the hard-work you have put into making it a success.
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