If you are like most business owners, you have occasionally found yourself wondering what your life would be like without stress and hassle inherent in business ownership. Perhaps you face personal challenges, such as divorce, family death or other issues that need your full attention. Perhaps you have health problems that prevent you from engaging in your business as completely as you want.
Life changes cause you to lose focus. Its hard to drive a successful business without the extra stress of unforeseen life events. Situations such as divorce, family member disease or the need to care for older parents may interfere with all work or life balance you think you have achieved. If you feel overwhelmed and depleted, try to focus on both business and family issues, you might seriously consider selling.
You are having trouble walking up in the morning and going to your workplace. Everyone in business experiences episode burnout. But if you have a regular pattern to look for excuses not to go to the office, it may be time to sell. Forcing yourself daily to engage in your business can adversely affect your economic, physical and mental well-being. Your attitude can end up costing you a lot of money, time and effort.
You spend a lot more time thinking of retirement than you do about your business. Its no shame to do this. Many of us look forward to a life without work. However, if you spend unreasonable amount of time watching the channels on television and visiting travel planning websites, it may point to your deep down desire to continue the rest of your life.
Your children do not want or are unable to drive your business. Even if your children or other family members have worked with you in the industry for years, it does not mean that they necessarily want to take over it when you leave. As bad as you may want the company to stay in the family, you can not make assumptions. Junior may love to work with customers at your pool company during the summer, but he may well have bigger plans for his life. Even more painful to think about is the fact that your chosen successors may not be able to run the business, even if they want to do it.
Everything has grown old and you have stopped ideas for keeping things moving. Years ago, when you started the business, creative thoughts from your brain ran with the speed and intensity of a high pressure hose. You had lots of ideas about how to distinguish your business and make your brand unforgettable. But sometimes you feel stuck and the thought is well bentorked. Without improvements and innovations, your companys growth stagnates. If you can not ignite the machine, it may well mean that its time to sell.
You need to pour lots of money to update your business. If you are in a strong competitive niche that is constantly evolving, you can find out that you have fallen behind and need to make an extensive and more expensive makeover to be profitable. Even if you are currently making a good income, it may not be in your best interest to spend money to stay, especially if you do not like it anymore.
You get an offer you would be stupid to refuse. This happens more than you might think, even under an economy. Someone out there is watching your business and they like what they see. Outside, they blow you an offer that is significantly more than current valuation. In most of these situations, it would be crazy not to sell.
Interest rates are lower than ever before. I am writing this article 2014, a time when interest rates are historically low. It has never been a better time to make use of other peoples money. For investors, it is meaningful to borrow as crazy and rush up any noticeable asset they can, especially companies that, if they succeed properly, will provide a good return.
You have the opportunity to participate in another company. Most entrepreneurs, even those who are marginally successful, are constantly contacted by retailers of new business opportunities. These range from hyped-up on multi-level marketing positions to Ponzi systems to legitimate investment opportunities. Im sure youve probably been contacted by more than your fair share of people who pitching these types of things. But once and for all, a really good opportunity to get you succeeds. Perhaps there is a chance to collaborate with another successful entrepreneur in your local area or its a start with fantastic potential. When you find something like this and your feeling is that you want to take part in the action, it may be time to sell your existing business and try something new.
Its never too early to plan for any sales of your company, especially if any of these warning signals let you know.