This is a question many business owners have pondered at some stage, or maybe multiple times, and for various reasons. Depending on the type of business, there may have been a change in the industry or consumer expectations, or maybe family members are putting pressure on the owner to move on.
Whatever the case, ask yourself…if a suitable buyer approached you to sell your business, would you?
It’s a tough one isn’t it? Because it’s not always about the money. It’s often about the history behind your involvement in the business, or what life would look like if you weren’t part of the business any more. Your business has always supported you by providing a decent cashflow and an interest or purpose to your life, or has it?
There’s so much to take into consideration, such as:
- What would you do with your time if you didn’t work?
- Do you have income from other sources?
- Have you built assets outside of the business?
- What would you do with the proceeds of the sale?
- How would the staff or, in some cases other owners, be affected?
Perhaps more importantly, are you ready to do this? If not, what are the other options? They will have implications for you, your family and those involved in the business, and weighing up all of these options can be overwhelming.
If you’re contemplating this, then timing is key. Make the decision that’s right for you, both now and for the future.
Paxton Bridge facilitate business advisory meetings for business owners, so if you or a friend could benefit from our help, click here to email us today. These meetings will provide a tailored approach to help you gain certainty and control.