How to Know When It is Time to sell your Business?

There is always a right time to sell a business, however, it is hard to identify it since most people out there are thinking in the day-to-day operations without realizing that every business venture has a cycle. You have to know when you need to transfer the ownership, and although it might sound troubling for you at first, implementing a strategic planning improves the chances of having a successful exit.

Being the owner of a business requires a lot of patience and courage at the same time. There are several options to sell your business and many indications that define when you need to sell your business… make sure that you follow them.

Passion or exhaustion

Are you passionate about your business or the fatigue is growing on you? If you feel burnt out, it is the right time to sell your business. If your business is giving you too much stress and you are having trouble fixing it, then it is about time for you to start thinking on your exit plan. A business requires all your force and your energy into it. If you have already started feeling that your retirement is coming, then it is the appropriate time to start planning.

Lack of scalability

Do you have a business model that can scale? If you don’t have a basic plan to scale your business, then it is time for you to leave it. There is a Quote: “you’re either growing or you’re dying”, and maybe someone else has different skills and strategies to grow it. Also, it is important that you transfer a team that can help the new owner to grow the business, since is very hard to be a one-army man and try to sell it as a transferable company. If you don’t have a team for your business continuity, you have a job and your priority should be to start putting together a strong team to make your business attractive.

Health issues

If you are always on your prescriptions, then it might be a good idea to retire and live calm. There are so many medication pills that could affect your anxiety, depression and pain, which gets only worse if you keep dealing with the business issues. Your first wealth is health, and you have to be ready for the perfect exit opportunity.