The decision to sell a business can be daunting and fraught with doubt. Whether the choice is driven by debt or because you’re simply ready for a career change, waves of uncertainty can make it tough to pull that proverbial trigger. What if you regret it? What if the value increases later? Will it all be worth it?
Nobody can predict the future, and there’s always some risk involved when making any business decision — be it selling or not selling — but the fact of the matter is that businesses are bought and sold every day. And there are absolutely some solid pros to consider!
Why You Should Consider Selling Your Business
It allows you to lock in your business profits.
The vast majority of businesses go through their fair share of ups and downs over time. If your business is at a high point, it will be that much more profitable when selling. But if it’s at a low point, you’ll be able to cut your losses and the risk of further losing value — and better secure your financial future.
It will alleviate stress.
If there’s anything we can all agree on, it’s that owning a business can be immensely stressful. The risk, competition, market fluctuation, partner disagreements, and industry uncertainty can be exhausting, not to mention budgets and clients and employees — oh, my! It’s a lot to juggle and a lot to have on your plate. Selling your company is one surefire way to end the inevitable business burnout and free up time and much-needed mental space to make room for other priorities, be it family, friends, school, or even a new hobby.
It will free up your time and make room for new opportunities.
Maybe there’s a new venture you wish to explore, or you’re looking to make a career change. Cutting ties with your company allows for the freedom to say, “YES!” to a new and exciting opportunity or invest in another passion project. And honestly, there’s something to be said for not being saddled down with the stress that often goes hand-in-hand with business ownership.
It serves as instant capital.
This one’s pretty obvious, but it’s well worth mentioning: Whether your business is still in the start-up phase or it has a solid reputation with longevity, the decision to sell will result in a virtually instant lump sum. It’s a pretty quick and easy way to generate some capital when you need it, be it for retirement, a family emergency, or a new project.