5 Signs It’s Time To Sell Your Small Business
At HJR Global, we are usually in the business of helping people start or find funding for their businesses, but we also have helped people who find that they are no longer interested in their business or they need to sell for strategic reasons. It’s not a decision that should be made lightly, but rest assured, you’re not the first person to sell your business and your questions are not without answers. Are you wondering if this is the right time to sell your business? Are you losing steam or do you need out from under the company? Here are 5 signs that it’s time to sell your business from HJR Global.
The Value Of Your Business Increases
In terms of reasons to sell your small business, this is about the best reason to need or want to sell. If your business suddenly increases in value and you’re in a position to sell or want to let someone take the company, don’t hold back. Owning a business is inherently risky and as a business grows, you have to take on more risk. You can remove that risk when you sell your small business The value doesn’t become liquid until you sell it, so strike while the iron is hot.
A Better Opportunity Exists
Sometimes the right opportunity comes along that you can’t pass up, even if you have all the control and freedom that comes from owning your own company. Perhaps it’s a job opportunity that you can’t pass up which pays you more money than you earn from your business while solidifying you from liability and the upkeep demands. It’s also possible that another business venture comes along that’s going to make you more money, is more in line with your passions, or is certain to net you financial freedom. In these moments, it makes sense to sell your small business to someone who will be a good steward of its growth and move on.
The Market Is Moving Against You
Industries change. They grow and they wane and sometimes they fade away all together. For many, the digital age has moved their customers online and they can’t keep up with modern demands. The increase in businesses that are part of the gig economy has affected the service industry in many ways and the retail industry has shifted with the advent of mega-monolith’s like Amazon. Your business might just be in the barrel on a rolling tidal wave set to crash. However, if you recognize this and sell your small business, you can avoid getting steam rolled by an ever changing market.
You Don’t Have The Skills To Keep Up With Growth
This is a hard pill to swallow but it’s one that many business owners have to face at one point. When you started your business, you were a huge asset, but as it grew and people with the right skills sets took over, you end up getting in the way with your decisions. Some entrepreneurs and business owners can make adjustments and continue to lead, but some end up hanging on too long. If you aren’t passionate about growing a business anymore, perhaps it’s time to sell your small business and let someone else have a try.
Your Heart Is No Longer In It
Despite the fact that your business is your baby and you have created something out of nothing, the reality is that sometimes you just lose passion and you want to go in a different direction. Owning a business is a lot of work and it takes a supreme amount of dedication, so if you aren’t passionate anymore, your business is going to suffer and so are you. Are you complaining constantly about work, business and your company? Do you take more time getting ready in the morning and drag your feet on the way to work? Do you find yourself unnecessarily annoyed with your customers? Perhaps it really is time to sell your small business.
Selling Your Business With Experts
If you think it’s time to sell your small business, don’t sell it to the first person that approaches you or the easiest instant offer firm that you can find. HJR Global’s team can help you manage your assets, write up any paperwork you need to prepare and sell your small business. Contact the HJR Global team today to get started on this process with the experts.