Are you thinking about selling your business? It’s something many business owners consider when times get tough. It can be very tempting to think about walking away instead of dealing with the many pressures that come with owning a business.
While there are indeed legitimate reasons to sell your business, in many cases a business coach would be able to help you work out a better outcome.
Here’s how you can determine whether it’s time to sell.
When to Consult a Business Coach
Every business experiences low points, and every business owner sometimes has doubts about their company’s future. These instances aren’t necessarily cause for alarm: a business coach can help you turn the following situations around.
- The business model changed negatively, unexpectedly, and appears permanent. You’re experiencing lower sales, lower profits, and can’t justify your costs. A business coach can look at your business model and identify factors you can try changing before you sell.
- You are tired, fatigued, burnt-out, and need a lifestyle change. You might want to retire or have much more personal time. A business coach would be able to help you manage your time better so that you don’t feel as stressed.
- The performance of your business needs to improve. Many companies hit a plateau at one point or another, but a coach can help you breathe new life into what you do.
- The business needs a significant injection of capital, and you don’t have it or aren’t willing to risk the investment. A business coach can help you determine if this investment is necessary and if so, can guide you through attracting investors, so you don’t have to shoulder the burden alone.
When to Sell Your Business
Sometimes it is better to sell. Here are 5 reasons why you might seriously consider selling your business.
- Your health has deteriorated, and you no longer are capable of running a business.
- You have lost your passion for the business. While it’s not a good idea to jump ship over what might be a temporary low if you indeed no longer care about what you’re doing it’s best to hand over the reins.
- A sale to another company would dramatically improve the management talent. It might be in the best interest of the company and its employees for you to sell in this scenario.
- You need financial security and independence for yourself and your family. As your business grows, so does the risk involved. The sale would allow you make a safer investment with your money and will drastically improve your family’s quality of life.
- Your business partner is difficult or you’re having conflicts with family members who work in the business. In these extreme cases, you might decide your relationships with these people are worth more than the company.
Before You Sell Your Business
Selling your business should never be your first choice. In so many cases, what seems like a permanent downturn is a temporary setback. Also, selling your business at a low point will result in an overall loss regarding your profit. It’s almost always better to try and ride out the storm with the help of a business coach than to cut your losses too early in the game.
If you do decide to sell your business, be sure you prepare accordingly. Your sale should never be driven by desperation: always have a plan in place before you make this significant move.
There are real, legitimate reasons to sell your business. However, a customized coaching program with a professional business coach (pick me) will help you exploit the maximum value of your business. When you are ready, fill out my contact form and let’s get busy getting you prepared.