You’ve had your Utah business for a long time now, and it’s been a rewarding journey. You’ve come to a point, however, in which you frequently ask yourself if “it’s time to sell my company.”
The decision to sell your business can give you many sleepless nights. While you feel as though it may be time to move to other ventures, it’s never easy to give up a project you’ve built over the years. So it’s crucial to give this decision a good thought.
You can start by considering the following situations:
The Company Runs Independently
As your business grows, you naturally pass on certain tasks to other members of the organization. As such, your role in the company today isn’t likely to take up too much time as it did before. While you still command a great deal of influence and control, you notice that most departments can run without your guidance. And results are the same.
You’re Exploring Bigger Opportunities
Most entrepreneurs want to find the next big thing in business; you’re no exception. If you’ve been seeking or discovering bigger opportunities, it means you want to move on to other challenges. You may be selling your business, but it doesn’t have to mean retirement.
You’re Considering an Early Retirement
On the other end of the spectrum is retirement. You’ve earned the privilege of enjoying your wealth. If you find yourself looking at brochures of exotic places, inquiring about properties in other states, or preferring to spend your days relaxing, then you’re ready to retire and sell your company.
As a committed business owner, though, you’ll want to ensure a smooth transition for your company. You want to see your business pass on to a new owner who has the same philosophy in running your organization. You also want to make sure your employees have job security. And you need to get adequate value out of your transaction.
So before you decide to sell the company, plan a successful exit.