In a 2017 report, a survey found that a large number of small business owners are selling their business in record numbers. In 2016, over 7,800 business owners sold their companies in the previous year. The numbers reached a record high since a group started watching the numbers in 2007.
While there are many reasons why people sell their companies, here are some signs that tell you it’s time to sell. If you’re thinking of selling your business in Provo, think these over.
1. The business is getting too big to handle.
When people start a business, they require a particular skill set. Now, as the business grows, that skill set needs to adapt too. If the business is growing too big for your current skill set and you’re too slow to adapt, it’s time to bring in the big guns—sell it to those who can take it to greater heights, particularly the ones who have the skill set required for expansion.
2. The offer is too good to pass up.
Remember that your exit plans should be lucrative, not oppressive. This means that if a profitable opportunity presents itself and you believe you can’t get the same chance again, do consider selling your business. After all, you can start all over again. Selling your business to larger groups means giving your “baby” a chance to reach its full potential.
3. You believe it’s time for a change.
Some people start businesses that are not their passion. Sometimes, it’s a way to pay the bills. Of course, you should always be interested in the business you’re trying to grow, but sometimes, it’s not your passion. If you believe you’re ready to pursue your bigger dreams and it’s time for a change, maybe it’s time to change the direction and sell your business.
Be Smart When Selling.
Don’t just sell your business just because the offer is on the table. If you spent time building your business from the ground up, give your exit plans the same amount of time and dedication. Keep these signs in mind if you’re planning to sell your business soon.