Sometimes closing your business or selling it is unavoidable. For example, maybe you’re moving to a remote island with no internet. However, most often the decision to close a business isn’t apparent. You have to make the call and decide if it is time to move on. Here are a few sure-fire signs that it’s time to exit your business.
You’re Not Making Any Money
Every business has ups and downs. However, if you’re consistently in the red then it may be time to close down and move on. If there’s any way to get out now and stay out of debt, it’s time to implement your exit strategy.
You’re Not Having Fun Anymore
Passion can wane. Sometimes what once brought you so much joy and purpose now makes you want to crawl into bed and hide. If you feel this way about your business, it’s time to cut the cord and release yourself. Find another passion to pursue. Start a different business.
Your Instincts Are Screaming to Get Out
Don’t be the cheerleader in the horror movie. You know the one that goes against her instincts and wanders alone into the dark basement to find out what’s making that awful noise. If your instincts are telling you that it is time to let go of the business, listen to them. Entrepreneurs tend to have marvelous instincts.
You Get a Great Offer
Every once in a while someone will come along and inquire about buying your business. Pay attention to these people. Take them seriously. It may be an ideal opportunity to place your business in good hands and to move on to something new.
One of the most difficult aspects of exiting a business is selling it and finding that ideal price point.
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have a no obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.