When is the right time to sell your business?
Only two-thirds of businesses will survive past the two-year mark, while only half will reach five. Whether it’s because of cash flow issues, strained partner relationships, or a general company burnout, new businesses are at risk of stopping before they even really get started.
No one can succeed at everything. Sometimes you need to admit defeat, take the learning experience, and move onto your next big idea. But how do you know if your business still has some fight left in it? How do you know if it’s time to let go and sell?
When you’ve done all you can to make it work
Selling your business should never be a quick decision made on a whim after a stressful day. It should be well thought out and something you consider for a decent amount of time. But if you’ve exhausted all your options, it might be time to cut your losses.
If you can look in the mirror and say you’ve done all you can, what more can you do? When you think there’s no feasibility of a turnaround, then there probably isn’t any. If you feel you could do a whole workforce swap, change everything from the bottom up, and will still struggle, this isn’t the business for you.
When it’s affecting more than your work life
There’s a difference between work being a struggle and work making your whole life a struggle. If a toxic work environment is spreading into your life outside of work, it’s time to get yourself out of there.
You can be stressed all week at work but if you find no respite when you’re off the clock, you’re not going to get anywhere in getting your business back on track.
When you’ve checked out
Another sign it’s time to go is if you find yourself not even caring about fixing your business’s problems anymore. If you’re at a point where you’ve emotionally checked out, how can you expect your staff or anyone else to care? And if no one cares, who’s going to sort out the problems?
If your heart’s no longer in it, it may be worth calling it a day. There’s no point dragging that dead weight with you.
Not all businesses are bound for success. In the first few years, you may find yourself in more trouble than you know how to get out of. It can be hard to sell a business you had such high hopes for and put your heart into, but if there’s nothing more you can do, it’s best to let it go and try again elsewhere.
If your business is struggling and you’re not sure whether it’s time to sell, here at Big Hand, we can offer you expert business on what’s best to do. When you decide it’s time to let go, we can help you through the entire process. If you have any questions, get in touch on 0161 327 2911.