How to know when it’s time to sell your business

You’ve put a lot of time and effort into building your business but may now be wondering if the time has come to sell it. Running and growing a successful business takes a lot of time and commitment, so perhaps now you want to pursue other opportunities. Or maybe the market is changing, and you’d rather sell than pivot. Or perhaps people are offering to purchase your business. Below, we go into more detail about some of the main reasons to consider selling your business.

You Have Offers to Buy Your Business
If people are showing interest in buying your business, it could be a good time to sell it and get top dollar. It may especially be a good time to sell it if you also have other reasons to want to move on to other ventures. Perhaps it is the case that you do not have the skills, resources, or desire to handle necessary future changes to your company. Therefore, selling it to someone who can continue to make the business successful and allow it to grow may be the best decision. If you are considering selling your business, it’s best to consult with financial professionals who can help you with the process of pricing and selling your company.

Your Products or Services Are Becoming Obsolete
It’s important for owners to analyze trends that can impact the future of their businesses. As technology continually changes, some products, services, and even entire industries can become obsolete. When this happens, one option a business owner has is to adapt to the market and pivot the business in a new direction. However, this can be an expensive and time-consuming process since it could mean developing new products and services, rebranding, etc. In this case, you need to consider whether pivoting is something that you can – and want – to do. You should also consider how you want to spend your time going forward. You may determine pivoting isn’t the best decision for you, and instead sell your business and let someone else handle its future. As Forbes discusses in their article about how to know when it’s time to sell a business:

“More Boomer leaders are jumping ship than before. They’re selling businesses at the height of their games. And that could be the right move if you can get top dollar before major market growing pains.”

You’re No Longer Interested in Your Business
Just as relationships can change over time, so can your relationship with your business. Maybe you have become bored with it and need a new challenge, or you’re not interested in growing or developing your business further. If you want to step away from your business to pursue other things, you need to consider whether it could run well on its own or if it would be a better option to sell the company. You also need to consider whether you are genuinely no longer interested in your business or if you just feel no longer interested in it because you are burned out from working too many hours, not taking enough breaks or days off, or not having enough employees.

You’re More Interested in Other Ventures
If you have another venture you want to start, then it may be time to sell your current business. It may also be the case that you have started another venture already and you no longer have time to devote to the original business. It’s often better to focus on just one business and making it strong and successful rather than having your focus split among different companies. As a Forbes article on selling businesses notes:

“Dividing your attention is rarely worth it. Chase two rabbits, catch neither. Juggling is for circus clowns. Starting a new company with your other one in tow will cause its demise or cost its growth. Focus is a prerequisite to flow, and flow is where the magic happens in terms of running a business. Deep work, great ideas, concentrated thought.”

If any of these reasons for selling your business ring true for you, we invite you to contact CH Consulting Group Founder and CEO Christa Heibel directly. Christa and her team leverage their experience, expertise and deep industry connections to serve as intermediaries for contact center buyers and sellers, ensuring confidentiality and a smooth merger or acquisition process.

CH Consulting Group provides a variety of services to help companies grow and thrive in today’s marketplace, from workforce and performance management to leadership development, training, quality assurance and more. Visit CH Consulting group to learn how we help clients increase revenue, realize efficiencies and maximize ROI.

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