What would trigger you to sell your business? 2024 is coming at us at a run, and that’s always a time to stop and consider next steps. A good time for some food for thought – our Top Ten Triggers for Selling Your Business:
- It might simply be that RETIREMENT beckons – a lifetimes’ work completed with the reward of the proceeds of selling a business that has provided and income.
- ILLNESS is also up there. Sometimes ill health can mean that you can’t run your business like you used to or maybe even at all.
- FAMILY RESPONSIBILITIES can change just like that. Children come along, some needing more support than others. Care for the older generation too, it’s not always something people want to outsource.
- You get an AMAZING OFFER for your business, out of the blue. Being approached to sell your business can be both life-changing and irresistible.
- Sometimes entrepreneurs simply come up with a BETTER IDEA! Freeing up the cash and the headspace by selling an existing business is sometimes the only way to move onto pastures new.
- Your business operates in a DYING MARKET, demand is fading and it is clear that the bright future you once have looked forward too simply isn’t there anymore. The ability to spot this while your business still has value will stand you in good stead.
- You’re BORED. Sounds very Kevinesque, but if your business isn’t very demanding to run, you’ve been doing it for ages and you’re simply bored of your operational cycles, it’s time to get out.
- Faced with the next generation of leaders or even family members keen to step up, (not to mention co-owners with a different vision), an MBO or other form of buyout might be worth considering. In the immortal McArthur Park lyrics, you might ‘never have that recipe again’.
- As governments change so REGULATORY CHANGES can be imposed, and sometimes additional requirements of more red tape can turn a profitable enterprise into one that has to make major changes just to survive. Not everyone’s up for that.
- Many people reach a stage where they’re not ready for the pipe and slippers just yet but want to TRAVEL while they still have their fitness – faced with this wanderlust, selling your business might make sense.
It’s good to be prepared. And to remember that not everything in life is under your control, so it’s worth having a backup plan for your backup plan to make sure unexpected triggers don’t leave you blindsided.
And we’d love to know what your plans are!