Making the decision to sell your business is a huge step for anyone. Sometimes your company is ready to be sold now whereas on other occasions it could be best to hold onto it a little longer. If you’re interested in weighing up the pros and cons of both, you’re in the right place!
To Sell: Increasing Risk
Risk is of course an aspect to just about any, if not every, business. However, if that risk is continually increasing with no sign of decreasing or slowing down, it might be the right time to sell your business. As your company grows and increases in value, so does the impact of failure. Therefore, if you don’t feel comfortable or you just don’t want the pressure of your business collapsing or significantly decreasing in value, then this could be another indicator that it’s time to sell.
To Wait: You’re Still Passionate
If you’re still passionate about the business and feel like it still has room for growth and development, then it may be best to wait a while before you consider selling. Passion ultimately can be the driving force of a business and if that’s still there, then waiting could potentially serve both you and your company very well.
To Sell: Retirement
If you’re about to retire or have been thinking about retirement, then it could be better to sell your business. Although you could still be passionate about the company and have aspirations for its growth, if retirement is at the forefront of your mind, then it may be best to rethink staying with the company. Sometimes it’s better to leave a business while you’re feeling refreshed and optimistic about its future (to allow you to put any final expansion processes or growth plans into place) than to wear yourself down and, upon eventually retiring, be leaving the business negatively with no belief in its future development.
To Wait: You’re Not Happy with Existing Offers
Just because someone offers to buy your business from you, this doesn’t mean that accepting the offer is always the right thing to do. If you have a gut feeling that something isn’t right or you’re simply not happy with the price proposed, then it might be a good idea to wait for alternative offers or to look at negotiating existing offers.
To Sell: You Don’t Have Aspirations for the Business
This links back to our previous point about waiting to sell your business if the passion is still there. On the other hand, it could be best to sell the company if you no longer have aspirations for the business or don’t have a vision for its future development. Keeping and staying with a business when you feel like this might seem like the honourable thing to do (especially if you’re emotionally attached to the company) however in doing so, you could be doing more harm than good and, in the worst case scenario, this could cause your business to fail.
To Wait: Interest in Your Industry is Steadily Increasing
This point is all about timing. If interest in your industry is steadily (not rapidly) increasing, then it might be a good idea to wait until this interest seemingly reaches a peak. This would place your business in a desirable stance to be sold and should be of peak market value as long as everything is in order and you have no problems such as legal issues.
The decision to sell your business is huge and there are a lot of options to weigh up and consider. Ultimately, only you can truly tell when the time is right. If you do decide to sell your business and need some advice on where to go next, don’t hesitate to contact us today. We’ll provide you with expert guidance, knowledge and support throughout your selling journey, so you can rest easy knowing you and your business are in safe hands.
