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If you consider selling your company, there are a few genuine reasons to do so. These can be very personal or down to external influences and changing circumstances. Some common examples include when things are going well for your business or when you want to retire.
There’s an Offer on the Table
One of the best times for any personal business is when things are going so well that you have been offered a generous buyout. This could be more than you ever imagined and could set you up for life. Of course, there are many considerations, especially if you have employees. Hiring reputable business advisors is the best course of action here, and they can even value your company to check that the offer is worth it. Seek professional guidance before a decision.
Things are Going Well
It is a wonderful time for everyone when business is going well, so why on Earth would you want to sell? Selling when things are in full swing can be the best option because things can take a dramatic turn, and you may never reach that high again when business declines. And when this happens, any offers that you had could also go lower. Quitting while you are ahead can be the best course of action, especially if you operate in a volatile industry that is prone to heavy losses.
Consider Selling Your Company if Stressed
Running your own business is a dream come true for many people. But it is often underestimated just how much work it involves to stay afloat. As a business owner, you are responsible for everything. This can lead to stress and fatigue. Around 80% of businesses can go under in the first year and a half. So, if you have managed to operate for many years, you can consider yourself successful and maybe consider selling if you no longer love the job.
You Feel You Want to Retire
The whole point of working hard is to earn enough for a cozy retirement, right? Perhaps you are coming up to retirement age and have earned your rest. Or maybe you have even been lucky enough to earn enough money and got an offer so good you can retire early. Retirement is a great time of life where you can enjoy your golden years with loved ones, friends and children. Selling your business can give you that opportunity and afford you a degree of financial freedom.
Consequential Market Changes
No business is guaranteed for life, and the world is always changing. What’s hot today can be obsolete tomorrow. Getting out of your business while you can will save a lot of heartache, and you can even emerge with a generous amount if you sell at the right time. Just imagine if you sold all your Bitcoin at the $60,000 high a couple of years ago. Of course, this means keeping a close eye on your market, as you can also ride the wave and get a better deal later on.
Summary
Having a good offer on the table can be a great reason to consider selling your company. However, stress can also play a part. Selling when the market is high helps avoid losses.
