Selling A Business
10 Best Times to Sell Your Business in Florida
There are plenty of reasons why you might want to sell your business, and plenty of times when it would be to your advantage to do so. Selling a business isn’t something you should only do when you’re ready to retire. There are various other times in your life – or situations in the economy or business world – in which selling your business would be a good idea.
But how do you know when those times, and what those reasons, might be?
Below are 10 times and/or situations where selling your business might be the best idea for you.
You Need Capital for Another Opportunity
Plenty of business owners are serial entrepreneurs. That is, they are always looking for the next great opportunity. In this scenario, you might be presented with an outstanding business opportunity, but you need the capital to invest. As such, selling your current business might be a good way to finance your new venture into another business.
The Value of Your Business Has Increased Significantly
One of the biggest mistakes business owners make is not understanding that a business value only becomes a liquid asset when you sell it. If your business has grown in value substantially, it might be a good idea to cash in on that growth by selling. Running a business is costly, and there are plenty of risks you take on when you run a business. Selling and cashing out prevents any potential downturns from happening on your end.
You Can’t, or Don’t Want to, Grow the Business Anymore
Different people have different skillsets in business. Maybe you are the perfect person to start a business and get it off the ground, but you don’t have the time, energy or resources to elevate it to a bigger level. This is a prime time for selling to someone else who can, and reaping the benefits of all the hard work you’ve put in to this point.
You’re No Longer Interested in the Business
Just because you were interested in the industry when you started your business doesn’t mean you still are. People’s interests change over time, after all. If this happens, it could be a good time to sell your business and look for something else that does pique your interest. There’s no sense doing something you don’t enjoy.
Your Business Partner Wants to Sell
If you own your business with a partner, you may be faced with the difficult decision of what to do if he or she wants to sell their share. When this happens, you’ll either be confronted with buying their stake, selling just their stake and dealing with a new partner, or selling the business outright. Unless you want to own the business entirely on your own (and have the resources to do so), selling the business might be a good option.
You Want to Take a Step Back
Many people’s ultimate goal is to work hard for most of their lives, and then relax and enjoy retirement when they’re older. It doesn’t have to be such a dramatic drop-off from work to no work, though. You can always sell your business before you’re ready for retirement, and find some opportunity that takes up less of your time, leaving you with the flexibility to work when you want and enjoy other aspects of your life more.
You’re Financially Secure
Another time when it might be good to sell your business is if you’ve reached a level of financial security. When this happens, you may find it’s not necessary for you to work anymore, or to take any more risks (as we mentioned earlier). When this happens, you may consider selling your business, even if you’re younger than you thought you’d be when you sell the business.
A Life Circumstance Changes
Sometimes, life takes us in unexpected directions and changes our availability to – and interest in – running a business. Some life changes could be you got married, had a child, got sick, can’t pass up another job opportunity in another city, etc. When things such as this occur, they can often change the amount of time and interest you have in running a business, making it a good time to sell to someone else who can dedicate the time it needs.
You Receive a Fantastic Offer
Other times, the unexpected thing that happens in your life might be an offer that is too good for you to pass up. Even if you weren’t considering selling your business, there are times when someone else might come along and make you an offer that makes it worth your while to sell.
You Don’t Want to Take Chances Anymore
Like many people, you may become less willing to take risks as you get later in life. If you see potentially troubling times ahead for your business or industry, or if you just aren’t comfortable with having a chunk of your money tied up in your business, it may be a good time to sell, even if it’s before you want to fully retire. Getting the value out of your business in liquid form is a good idea if you feel this way.
Sunbelt Business Brokers of West Palm Beach provides dedicated business brokerage services for all of your buying and selling needs. Whether you are an established business owner nearing retirement and looking to sell, or an ambitious entrepreneur seeking your next investment opportunity, there is no reason to look beyond Sunbelt Business Brokers. Visit us at 800 Village Square Crossing, Suite 216 Palm Beach Gardens, FL 33410 or contact us at (561) 832-9222. View available Businesses for sale in South Florida.
