It is often not an easy decision when you choose to sell your business. You may have built it from the ground up. You may have spent decades running it and turning your initial vision into reality. But there could still come a time when you decide that it’s right to move on.
Exactly why this happens is different for everyone, and there are many factors to consider. Some may be in your business life, while others could be in your personal life. As a business owner, the two are often intertwined. Here are a few potential reasons that people decide it’s time to sell:
- They have an opportunity for something new and they want to take advantage of it.
- They are burned out on running the current business.
- They are going through a divorce and selling is the easiest way to split their assets.
- They want to retire but none of their heirs want to take over the business, so they want to sell and leave the money to their heirs.
- Revenue has started falling, they’re not sure how to fix it and they want to sell while the value is still high.
- The industry has undergone a significant change and they’re not interested in the direction things are going.
- They are involved in a dispute with a partner and it’s clear that the two cannot work together any longer.
- They’re having some type of financial trouble and selling the business is either necessary or the key to getting out of that situation.
No matter why you decide to sell, you must know what options you have and what steps to take to ensure that the process goes smoothly. Speak with an experienced business law attorney before you proceed.