The last two years have been challenging for small business owners. There was eventually some relief for those who endured some of the pandemic-related restrictions; some even (eventually) saw unexpected growth.
Whether your business is booming or struggling, you may find yourself asking if now is the right time to sell. For those with success, you may want to take advantage of a good market. If your business is no longer thriving, you may be looking for someone with the right combination of ambition and resources to set your company on a new course.
Here’s what you should think about as you decide whether it is time to sell your small business.
Considering all the factors
As you start to consider an offer for your business, it is essential to think about what you invested in getting your business to this point. You will also need to consider your current assets and liabilities, such as:
- Your commercial lease (and wehther you can reassign it)
- Your current inventory
- Outstanding debts
When you sell your business, you want to ensure that you get a reasonable return on your investment. You have spent months and years building your company and reputation; selling your business means passing part of your legacy to someone new.
Is it time to sell?
There are many reasons to decide to sell your company, and none of them mean that you failed. Even if your business is not thriving as you expected, selling your company can be a way to give your business the support it needs to grow to a new level.
When you get to the final question of whether to sell, you need to look at both the business and yourself. You should consider factors, such as:
- Your ability to continue investing
- Trends in your industry
- Current and prospective offers
There comes a time for every business owner to determine when they reach their limit of what they can do for their company.