Indicators That It Might Be Time to Consider the Exit from Your Business
Planning is Key to Success
It is human nature to put off what we could do today to another day – we are all guilty of this from time to time. In the case of business owners, there are a number of reasons why they choose to procrastinate. In many cases we can overcome this lack of action in our day-to-day lives, but when it comes to selling a business, nothing can be further from the truth. At VR Business Sales we always advocate that business owners take a proactive approach in planning for the inevitable exit from their business. Business owners who plan are more likely to sell their business, and at a higher price.
In keeping with this theme of business owners planning for the exit from their business, we put together this short, and nowhere near complete, list of indicators that may lead you to believe that the time is right to consider the exit from your business.
- There are has been an event in your family, circle of friends, etc., and you have decided that it might be time to get on to the next stage of your life.
- There are relationship issues within the business and/or family that make the operation of the business draining.
- You are ready for a change and to do something different with your life.
- Your children are not interested and/or capable of taking over the business.
- You are tired, burned out, etc., and your desire to compete and get the most out of the business, employees, etc. is waning.
- You want to leave on your own terms and when you are at the top of your game.
- You find yourself doing the things that you don’t enjoy – you are working in your business instead of on your business.
- You have been approached by a potential buyer and you have no idea of what your business is worth, or how you would go about selling it.
Don’t make the mistake of holding on to your business too long and put off planning for the eventual and inevitable exit from your business. If you found yourself nodding your head to some of the indicators, it might be time to start the process.
