Building up a successful business from scratch is no mean feat and it is not something that just anyone is able to achieve, so if you have done that, you should be giving yourself a huge pat on the back, but you know what? For a lot of business owners, there comes a time when they look at their business – the late nights, the endless emails, the coffee-fueled chaos – and think, “Hmm… do I still want to be doing this?”
It’s a question that can sneak up on you when you least expect it and leave you feeling confused and conflicted about what to do for the best. Selling your business is a massive decision, so how do you work out if it’s the right thing or not? Here are five key signs it’s time to move on that might help:
1. You’re Burned Out… Like, Extra Crispy
If waking up on Monday feels like preparing for battle, and even your favorite parts of the job now feel like a chore, burnout may be steering the ship. Passion is the fuel that keeps a business going, and when yours is running on fumes, that’s a pretty strong signal. Running a company shouldn’t feel like serving a life sentence.
2. Growth Has Stalled (And You Have No More Tricks Left)
Every business hits plateaus, but if yours has been stuck longer than you care to admit, and you’ve tried every strategy short of interpretive dance marketing, it might well be time to let someone else take the reins because they will be able to bring a fresh perspective and fresh ideas into the company.
3. You’re Spending More Time Managing Problems Than Building Success
When your workdays start to look more like a never-ending episode of “Business Firefighting: Special Crisis Unit,” it can be a sign that you’ve outgrown the business, or maybe that it has finally outgrown you. Constant problems with staffing, suppliers, cash flow, or customers drain your energy and distract you from the bigger vision.
4. Your Interests Have Shifted
If you find yourself no longer getting enthused about your business and the niche that it is in, then this is a sign that your interests are no longer aligned. By selling your business with the help of a good business broker, you could move on and do something that does get those fires burning again. Maybe you want to start something new, explore a different industry, or finally pursue that dream of writing a cookbook or moving to a cabin in the woods. Whatever it is, your heart wanders for a reason.
5. You’ve Received an Offer That Makes You Say “Wait… What?!”
Sometimes the universe sends a sign in the shape of a shockingly good offer. If someone wants to buy your business and the number makes your eyebrows disappear into your hairline, that’s worth serious consideration. You don’t have to say yes, but offers like that don’t show up every Tuesday.
Spotted one or more of these five signs? Then it could be time to say goodbye to your business and look at new avenues for your talents.
lead photo Toronto Business District by Sean Pollock
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