5 Signs that it’s time to sell your business

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5 Signs that it’s time to sell your business

Brad OConnor

May 17, 2021

Making the decision to sell your business is one of the most difficult things to do as a business owner. Your company is not just your job, it is your baby, and parting with your baby can be a challenging and emotional process. Even if you do not plan to sell your business anytime soon, you will not own your business forever, so it is important to have an exit strategy and to keep an eye out for the signs that it’s time to sell your business.

1. Are you burnt out?

Running a business takes an incredible amount of time and energy, and that can catch up to you over the years. The life of an entrepreneur can be physically and mentally draining, and there is no shame in stepping back and slowing down to take better care of yourself. You will not be doing yourself, your family, or your business any favours if you try to power through the burnout; it is much wiser to know when to call it quits and sell your business.

2. Falling behind in your industry

Are you starting to feel like you are falling behind what’s new and trendy in your industry? Success in business occurs when you are on the cutting edge of what is exciting and popular, and if you fall behind, slowly but surely the success of your business will decrease. The world of business moves so fast, and if you can no longer keep up, or you find yourself no longer WANTING to keep up, you will want to consider selling your company. If you feel your passion is gone, it is time to move on.

3. Increased Business Value

You have worked for years building your company, and if you have kept a close eye on costs while managing to increase revenues and earnings, your business will have increased in value. The greater the value of your business, the higher price it will command. Selling your business when it is thriving will help you cash in on all your hard work and pass the baton to somebody else!

4. Sometimes life gets in the way (and there is nothing you can do about it!)

Occasionally, circumstances in your life can shift and change until it is no longer feasible to continue running your business. This is not something you can control or predict, and it does not make you a failure as a business owner. It is important to recognize when circumstances no longer allow you to operate your company profitably, and this is when you must plan an exit strategy.

5. You are ready to retire!

You have devoted countless hours to building your business, working hard to thrive as an entrepreneur, but now your priorities have shifted, and you are ready to slow down. Perhaps you want to dive headfirst into a hobby, spend quality time with your family, travel, or purchase a vacation home in the Caribbean. There are many reasons why it could be time for you to sell your business and move on.

No matter your reasoning, selling a business in Manitoba can be a complicated process, and our qualified business brokers can help! Ready to get started? Give us a call today.

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EVALUATION/CONSULTATION

If you are a business owner considering selling a business, and would like to learn more about OConnor Business Brokers and Consultants and the services we offer, please contact us to arrange a confidential business evaluation.

You will meet one of the Directors of OConnor Business Brokers, and your requirements will be discussed. During the meeting you will have the opportunity to find out more about selling a business, and how our business brokers and M&A Advisors can assist you with the business sale process.

Unlike many other approaches, OConnor Business Brokers start without any preconceived ideas about what is right for you and for your business. By understanding the business and your motivation we can help steer you in the right direction. This often challenges conventional thinking and comes as a refreshing change to the norm.

The Directors of OConnor Business Brokers have experience as business brokers, business consultants, M&A advisors, and business owners. We understand the challenges and pressures that face a business at any one point. We therefore use our time together not to try and sell you our services but to help you understand your options and how we can help.

An initial meeting lasts approximately one hour, and can take place virtually or in person at our office.

Evaluation and Consultation Request

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