When you build a business, you don’t usually expect to sell it to someone else, unless you’re into flipping. However, with so many factors outside of your control, sometimes selling your business is the right move. The key is knowing when to push through and when to let go.
If you’ve never sold a business, you might be wondering how it works. Today, it’s easier than ever to sell a business completely online, through brokers that will help you find the right buyer. An experienced, reputable broker will have your best interests in mind and will answer any questions you have to make you feel at ease with the process.
No matter how much time, money, and effort you’ve put into a business, there’s no guarantee it will work out long-term. The following signs indicate it might be time to sell your business.
1. You’re no longer passionate about your business
True passion comes naturally and can’t be forced. Running a business requires a natural passion to be successful. Although, that doesn’t mean you have to be passionate about your business all the time. Naturally, you’ll have ups and downs and struggle at certain stages.
The difference is that when your natural passion fades, you won’t have the commitment or desire to get through the rough patches. Getting through hard times will feel like an insurmountable burden rather than an obstacle on the way to your goal.
If this is how you feel about your business, and you’ve lost your passion, consider selling it to someone and starting another business you can really become passionate about. It doesn’t matter if your business is generating a ton of money because money can’t buy happiness. If you aren’t enjoying running your business, it’s not worth hanging onto.
2. Your business is growing beyond your ideals
When you think about business growth, you might be programmed to believe all growth is good. On one hand, growth is certainly good, but if your ideal is to run a small business with a small team of say, ten people, growth can kill that dream.
If your business is growing beyond your ideals, you have to decide if there’s a mismatch. Are you willing to try a new adventure and run a larger business? Or are you completely committed to maintaining a smaller business? If you stick around while your company grows, but you’re not committed to seeing it through, your team will notice and it will impact their performance.
In this case, your best move is to find a buyer who wants a rapidly growing business with the passion to see it through. It’s okay to let go of a successful business while you take time out to reorient yourself toward your own calling.
3. Your industry is disappearing
Did you start a business based on a fad, or something that seemed more permanent, and now that industry is disappearing? If it’s becoming obvious that your business will be irrelevant in the future, don’t wait to sell. If you wait too long, you won’t be able to find a buyer.
Sometimes products maintain a niche market even when they lose popularity, but unless you’re absolutely dedicated to your market with a massive passion, it’s better to sell.
4. You have an amazing partnership opportunity
If you’ve been offered an irresistible partnership opportunity and you don’t have time to spend on both projects, consider selling your business. That is, as long as your business isn’t your life’s purpose or passion.
It’s important to know when it’s time to follow a new idea or lead that can be both fulfilling and profitable. Sometimes working with the right person can bring you fulfillment and revenue beyond your dreams.
5. You’re passionate about something else
When you realize you’re not really passionate about your current business, and you know exactly what you really want to do, sell your business and pursue your passion.
Some people never pursue their passions and instead, they remain stuck doing things they don’t like. In the end, all the revenue in the world can’t make you enjoy running a business when your heart is somewhere else.
If you feel it’s time to sell, don’t wait
Are you sure you want to sell your business, but you’re struggling with contrary input from others?
Don’t talk yourself out of selling your business because other people think you should stick it out. If you’re not happy or you have more interesting opportunities to explore, follow your own desires. You’ll be much happier this way.