May 3, 2010: by
It May Be Time To Sell Your Business
You've spent years, perhaps decades, growing your business into a successful operation. It may be that your business has been in the family for generations. In both cases, the notion of selling one's business can be highly emotional. It's no wonder that seller's remorse is a common reason for cancelling deals.
Emotions aside, there are circumstances when selling your business is the most logical course of action:
A major reason owners sell their businesses is burnout. Long hours and seven-day workweeks can take a hefty toll. Mental fatigue should also be considered. If the day in, day out operations of your business have become boring and uninspiring, it may be that you've lost interest and it is finally time to sell and move on.
If your sons and daughters are disinterested in taking control of the family business, or you have no family members who are keen on stepping in, it may be time to look outside of the family for a buyer.
Sometimes, life events interfere with business aspirations. Illness, divorce, and partnership issues are unpredictable and may eventually force the sale of a company. Advance planning and organized documentation can minimize the loss of value an emergency sale might incur.
Business owners may wish to withdraw from the business to reclaim the money they've invested over the years. For the sake of liquidity, an owner may opt to sell the business and cash in.
If larger businesses are encroaching, or competition is becoming stronger, it may be easier and more advantageous to bow out of the competition by selling your business to an interested party and leaving them to fight amongst themselves.
One day the phone may ring and someone will offer to purchase your company. Whether or not you've put the business on the market, it may be worth considering the opportunity, chalking it up to good fortune, and moving on to your next project.
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