Life is short, so the last thing that you need is to be running a business that just doesn’t interest you anymore.
If you feel as though the time has come for you to make a change, then this guide will help you to find out if now is the time for you to sell your business or not.
Your Company has Outgrown you
It may be that you have hired some great people, but now they could be outperforming every expectation that you are setting for them. It may be that they are progressing your business in ways that you never thought possible, or that they have dreams and their own goals for where they want to be. Either way, if you feel as though your company is outgrowing you, then now is the time for you to think about making a sale. This is especially the case if the people who are working for you, have way bigger dreams than you do. If you want to sell your company, then look up “how much does it cost to value a business“.
You have Outgrown your Company
If you have been running your company for quite some time, then you will probably know it inside and out. You will know every obstacle and you will have dealt with numerous challenges as well. There probably isn’t a problem that can surprise you, or even throw you off course. Your unconscious competence may mean that you can even run your business in your sleep. This may sound great, but the truth is that it is also a sign that you are outgrowing your company. Even though having this mastery is seriously impressive. It may not feel like it to you. It may be that you are bored and that you are waiting for a new kind of challenge. If you want to solve bigger problems and if you want to move on to greener pastures, then this can be a major sign that it is time for you to make a serious change.
Your Industry is Sinking
If you feel as though you are sailing a ship that is sinking, then now would be the time for you to disembark. How do you do this though? Trends in human behaviour and technology can really help you to predict the future. If your future doesn’t look bright, then now is the time for you to make a change. It may be that you rework your business, or that you pivot. Either way, there are many ways for you to make money, but trying to fight change is probably the hardest route for you to take. If you have a buyer who has a plan, then they may know what to do with your timeline and your assets.
You have Opportunities with Partnerships
If you feel daunted by the mere concept of going at your business alone then you are not alone. So many people are in the same situation as you are, but if you can combine forces with someone then this may give you the inspiration you need to push things to that next level. Double-barrelled company names really are everywhere and if you can use this strategy to your advantage then you may find that it can work in your favour. Reduce the cost of anything non-essential and try to reach new heights for your company. This will help you to reach new heights of profitability and it will also help you to avoid stagnating. An acquisition might not be right for your company, but if you were to push forward with a merger then this could hit the spot. Find someone who has the same values and goals as you, and then find a plan that works for everyone.
You are Distracted
If you find that your eyes keep on wandering to other ventures, then now is a good time for you to sell up and do your own thing. Even though side projects are trendy, they tend to put you in a false economy. Weigh up everything you would rather have, whether it is five mediocre businesses or one solid household name. Both scenarios will take the same energy from you, so it is vital that you explore your options if you can. Dividing your attention is not usually worth it. You may find that you end up pursuing multiple goals, but not achieving any of them.
Focus is often a prerequisite for flow, and if you can achieve a good flow then this is usually where the magic happens. It’s vital to know that side hustles tend to be where the distraction traps happen. If you start a side hustle, then you may find that this ends up raising questions about your main gig. You may even find that you end up reducing your perceived value to buyers. Make the company you have now, the main focus. When you have done this, sell it when it is performing incredibly well. When you have done this, you can then begin to pursue another route. It’s important to know that the alternative is just messy.
All in all, it doesn’t matter if you have outgrown your business, or if your business has outgrown you because if you do not take the right steps to try and turn things around now, then you may find that you end up going into freefall mode and this is the last thing that you want. Selling your business should always be a viable option if you feel as though you have come to the end of the road.
That being said, it is never really the only option. It may be that you think about going into a partnership or that you think about passing the reigns onto someone else. Either way, you have to think about all of the options carefully if you want to make the right diagnosis. If you don’t then you may find that you are not able to move forward. If you are stuck then you can always hire a business mentor, to guide you through all of the steps that you can take.