By Kevin Hansen
If you have been successful in owning your own business, you know that the job of being your own boss comes with its share of struggles. Many factors can lead to the decision that it is time to pass the torch, or just sell your business altogether. Whatever the cause may be, you should know that the decision to sell your business is a personal one that should be thought out well before you sell. What are some of the reasons that people might want to make this crucial decision? Read on for some common reasons that business owners might want to move on and sell their business.
Financial Security
As a potential business seller, you may be sitting on millions of dollars in equity. A seller can expect a 2 to 4 time multiple of the cash flow of their business when they decide to sell. If you have been in business for many years, and know that you could turn a profit by selling your business, it is nothing to be ashamed of. Many people open their own businesses for financial security to begin with. It makes sense that you might want to use the sale of your business for a nest egg for you and your family.
Time
When a business becomes a success, it is the natural order that the owner becomes more of a manager. You may have had to hire employees, deal with issues related to Human Resources, and taken on the role of accountant. It is natural that you have wanted to free up your time to spend with friends and family if you have reached a level of success. Many business owners have devoted their entire life to their company, and there comes a time when they’ve simply had enough. If you feel that you may need more time managing your own life rather than the job functions of your employees, it may be time to move on.
Exciting New Prospects
If you have achieved your dream of opening your own business, and have been running it for years, you may be ready for something new. You may want to travel, or go into a different line of work. These are goals of many an entrepreneur. There are new challenges on the horizon for everyone, so if you are eager to explore new prospects, selling your business might be a healthy move for you.
Whether or not you decide to sell your business is a challenging decision. Most owners struggle with the question of if it is the right thing to do. Many people have been in this boat before, and will tell you that it is perfectly normal to want to sell your business one day. If you are considering selling your business, but don’t want to rush into anything, consider some of the above reasons before making your final decision. And, as always, Vested Business Brokers is here for you should you need any advice for selling your business. We have successfully helped over 28,000 business entrepreneurs sell their business and currently have over 300,000 registered qualified buyers looking to purchase a business.