You have a finite amount of period here on the planet. You shouldn’t waste days, especially if you aren’t enjoying what you do. What’s all the fuss about? People who care do exceptional businesses. They are hardworking, committed, and have done everything. They are committed to their company’s success and will do whatever it takes to get there.
If this is you, then it may be time to sell. Here are five signs your business is ready to go. Your business is too big.
You may have hired well, and people are performing beyond your expectations. They are making the business grow in ways that you didn’t expect. They have goals and dreams for the future, and you aren’t sure how to stop them. You want to rein them in because they are content with the way your company is doing. Although new clients and potential opportunities are constantly coming in from all directions to the business, they aren’t exciting you as much as they once were.
Maybe you don’t want to deal with the challenges that lie ahead. Or perhaps you want to be still. Your goals may not match if you have 12 people in your team, but your company has 100. You should consider selling if your employees have higher plans for your business than yourself or if they have the goal to take it further. A ticking time bomb can lead to frustration and under-utilization of potential and employees who cannot see progress.
Look for a buyer with big dreams, both for you and your clients. Find someone who will take on the challenges that you are trying to avoid. Let them become the hero and take it to the next stage. Be confident in knowing that the passions of your team can grow, and keep searching for your calling.
Your business is outgrown.
You’ll likely be an experienced manager of your company. You have seen every obstacle before. You won’t be surprised by anything, and you will not be distracted by bad news. It is possible to run it in your sleep using your unconscious competence. You think that’s great. But not so.
Although this level of mastery might seem impressive, it may not feel like it for you. You might be bored and eager to take on a new challenge. You’re anxious to solve more significant problems and let go of the ones you know. While you might enjoy a little chaos, it doesn’t last long. While it is tempting to look away and relax while you consider other options, it could not be a good idea. Your business may start to fall apart, and you could lose the money you sold.
Experiment before you begin to court buyers. You might be able to take your current company to new heights. Get it to push its limits, make it stronger. You can give your team more responsibility, and you could even make an acquisition. You have unrivaled knowledge, and you want to take it to the next level. If this fails to work, it may be time for you to move on.
Your industry is shrinking.
You might need to disembark if you are sailing a sinking boat. How can you tell? Future trends can be predicted using technology and human behavior. Don’t wait for the future to come if your business isn’t in it. If your main product is in decline, or you’re analog in a digital age, and your service is being used only to ironically, it’s a sign that the future is uncertain.
Reimagine, rework, pivot. Examine everything you are doing to determine what is going to be relevant in the future. Businesses that are struggling to make a profit are not attractive to potential buyers. It is best to get it under control. You can assess the situation, create a plan, and reimagine your role in today’s world. It is possible to fall back in love again with your company.
Although there are many complicated ways to make a living, fighting change is the best. If you have a plan, your company could be the ideal purchase. They may know what to do about your timeless assets. It is impossible to stay the same; change is inevitable. It would support if you kept moving forward with your business, and only then can you decide what role you want in its future.
It is a good idea to unite and conquer. Partnering with someone else could make it seem daunting. You can combine your efforts with a competitor, collaborator, or partner to get more of the pie. Get more exciting work, go further, and become a bigger fish in one pond.
Double-barrelled company names are everywhere you turn, which is a sign that this strategy can work well. You can achieve economies of scale in all areas of your business: office, manufacturing, staff, admin. You can reduce the costs of unnecessary to attain new heights of profitability and opportunity. It may just work.
While an acquisition might not be suitable for you, a merger may work. Find a partner with the same values as you and who has solid goals for the future. Please take a deep breath and ask them the question.
You’re getting distracted.
If you notice your eyes wandering to other ventures, it is a sign it is time to sell your main item. Side projects are trendy but often not a good idea. Consider which of five mediocre businesses you’d rather have or one household brand. Both situations use the same energy, but the power is dispersed in many directions while the latter is concentrated in one company.
It’s rarely worth dividing your attention. If you catch two rabbits, it is not worth it. Juggling is for circus clowns. Starting a new business with an existing one will lead to its demise or hinder its growth. Focus is essential to flow. And flow is where the magic happens when it comes to running a business. When you have to register domain names every week, it is impossible to do deep work, great ideas, and concentrated thought.
Side hustles can be distractions and should be avoided by entrepreneurs. It raises questions about the value of your main gig and can make it less attractive to potential buyers. It would help if you made your current company the one to sell and your side venture the one to put first. You can take a big step and get a fresh start before moving on to the next stage. The alternative is messy.
If your business has outgrown itself, or you have outgrown your company. If your industry is declining or you’re thinking of moving on. Selling your business might be a best idea if it could be better done in partnership. Be sure to verify all options before making a decision. You only have so much time in this world. Don’t waste it on a company you aren’t entirely in love with.