The decision to sell a business remains a very personal one. Although financial incentives come into play, other external factors typically influence this decision more as the process moves forward. Why would a person wish to sell the business that has provided them with a livelihood? A number of reasons may account for this decision.
Excessive Risk
A business owner might find they have too much at risk to continue with the business. Individuals might assume they are at financial risk, but personal risk could play a role in this decision as well. At times, changes in the economy lead to the need to sell the venture. However, the need to sell could come as a result of changes in the owner’s personal situation that led to a decrease in revenue. Whatever the reason for the sale, the right buyer will assume the risk happily and take over for the current owner. Learn about the options at CGK Business Sales for finding this buyer.
Independence
A business owner may want more free time and the independence to come and go as they please. They have been unable to do so while running the business, and that lack of independence and freedom have taken their toll. Selling the business will provide the owner with the funds to engage in those activities they enjoy. The owner could choose to start a new venture with the funds or they may choose to buy a beach house and retire. The opportunities are endless when the owner no longer has a business to run.
Competition
Business owners might find they face stiff competition that has led to a decline in their profits. The owner may consider selling now to get a good price for the business. If they wait too long, the business may not be worth as much. Owners need to carefully watch the industry and be aware of the different players to know when it is time to sell and when they still have room for growth in the market.
Challenges
A business owner might become bored with their current venture and need a new challenge. Selling the business would provide them with the funds to start a new adventure. Personal growth should never stop, and selling an existing business to start a new one provides the individual the opportunity to expand on their skill set, meet new people, and overcome new challenges. Boredom won’t hold them back any longer. The idea of starting something new thrills them and gives them a new purpose in life.
An Amazing Offer
At times, a business owner has no plans to sell. However, someone comes along and makes them an offer they cannot refuse. In fact, the offer is more than the business is worth, but this individual is willing to pay it. A business owner should never dismiss the idea outright. However, this doesn’t mean they should immediately accept the offer either. Why is this person willing to pay more than the business is actually worth? What do they know that the owner doesn’t? A person needs to determine why this person is so motivated to buy and move forward from there.
Every business owner contemplates selling their company at one time or another. The reasons mentioned above are only a few of several that may have the person moving forward with the process. Regardless of why you wish to sell, help is available. Before you know it, your business will belong to someone else and you can move forward with the next phase of your life.
