Owning a business empire is something that all of us dream of, and it may not make a lot of sense to some of us when the talk of selling a business emerges. Of course, it is not easy to part ways with an investment that has kept us going for decades. That can be equated to losing a family member who is very close to us. However, it may come a time when selling our business could be the best decision. So, how can we tell that our business is ready for sale? What are the telltale signs that we need to part ways with our investment?
Boredom! I call it lack of interest. Yes, that alone is enough to make us sell our business empire. Boredom emerges when we are doing the same things day in day out. When it takes toll on us, we will no longer be interested in the business, and however much we try to ignore it, it will directly affect our business if we don’t deal with it. Losing interest in our business could mean that there is no zeal to improve our services and products for the good of the customer. Unless we offload our investment, we may lose customers in the long run due to poor services and we may only realize that we ought to sale the business when it is too late. None of us wants to sell their investment at a loss due to poor timing.
We have all been ill at some point in our lifetime and that is normal. In fact, I would advice anyone who has never been sick in his life to visit a doctor. It is simply not normal. However, if we develop a longterm illness, that is something else. The illness can completely incapacitate us, making it completely impossible to continue running our businesses. If I’m suffering from a longterm condition such as high blood pressure, for instance, I may want to steer clear of anything that is stressful or engaging just to try and keep my blood pressure at normal levels. Thus, to the extent that the illness affects my running of the business, selling the business can be the best decision, especially if there is no one else I can entrust with running the business.
To many of us, retirement means staying away from those busy schedules and relaxing. If it gets to the point where we feel that we should retire from work (self-employment), then it is reasonable at that point in time to sell the business. Of course, we are not meant to work throughout our life. We need to rest in our adulthood.
Partnerships are good but disputes may occur due to various different reasons. It could be that one of the partners is not doing enough on their part, or a dispute may occur due to differing objectives. Whatever the scenario that may be causing the dispute, selling our stake in the business can be the most appropriate decision.
When our business profits keep on decreasing, it is a bad sign. In fact, it may just be a matter of time before losses become a reality. So, we would rather sell the business before the worst comes.
Selling our business does not have to be a hard decision to make, especially when failure to do so will only result in problems. Once we make up our mind to sell the business, the best thing is to prepare our investment for top dollar.