Many people get into business without having specific criteria or plans for when they will get out or retire. Selling your business can be profitable and a crucial stepping stone toward retirement or just the next stage of your life.
How can you tell if it is time for you to sell your company? Let’s look at a few common reasons.
You are close to or past the age of retirement
Maybe you are already over the age of retirement, but you would like to continue working part-time. You don’t have to continue running a company to keep yourself professionally occupied.
You could seek out a different job with lower stress levels or even stay on at your company once it changes hands. Selling to a family member now could give you the opportunity to partially retire while also keeping an eye on the company and being able to support the new owner.
Your passion is now focused elsewhere
When you started your business, you were likely very excited about the opportunity of represented or changes in the industry. Even if there is still plenty of room for growth, you may no longer have the enthusiasm and passion for this line of work as you once did.
When your passion, excitement or mental energy have moved on to a different venture or industry, that might be a sign that it is time to pass the torch.
The industry has changed, and you have no desire to relearn it
New technology or a new startup can take an existing industry and flip it on its head. You may not want to completely change your business model to make the best of recent developments. Instead, you may consider listing the property for sale so that you can move on to your next great adventure.
Deciding what to do with your business, as well as how and when to take those steps, requires careful planning and compliance with tax and business laws. An experienced attorney can help.