There are many reasons entrepreneurs sell their business, but every time it does not mark a successful exit. To make a successful exit, owners should be very cautious in terms of better time and condition. Plan your exit in such a way that it maximizes the value of your business.
But how do you realize about the right time to move from the business? What are different conditions under which you make a profitable exit? Selling a business should never be a spur-of-the-moment decision, says Curtis Kroeker, group general manager for San Francisco-based BizBuySell.com and BizQuest.com. It takes time and firm decision to do so.
Let’s discuss few factors that determine the right time to sell the business online.
- Unable to Fund the Growth of the Company: It would be a lucrative deal to plan an exit from the company when you are unable to capitalize its growth. The success of an enterprise mainly depends upon highly qualified resources, good infrastructure and of course quality projects. If you cannot afford them anymore, think to move your possession in a secure hand who can efficiently handle the financial catastrophe and promote the growth of the company.
- Large Firm wishes to overtake your Small Firm: For many reasons, big firms overtake their competitive small firms. If you are an owner of a small firm and making a good profit and you are being offered a lucrative deal from the counterpart. You need to think about that deal. Such types of deals are generally beneficial. Before it, satisfy yourself that you have done enough from the business and want to sell it at a profitable cost.
- When you are not the Single Face of Your Company: For every entrepreneur, there comes a time to retire or move on from the organization. The reason could be anything like willing to start a new job, anxiety or get tired of doing monotonous work. You can do so if your company is less dependent on you. In other words, you are not the single face of your company. This is possible when you build a healthier environment around yourself and in your company that other follows your style. Another responsible face who can run the business management effectively when you are gone.
- Favorable Market Condition: Businesses markets are dynamic. At dynamic market condition, you should think of selling your business when it is up. It means that potential buyers are increased and have shown their interest by offering a handsome deal. Since today’s offer on the table may not exist tomorrow. It’s better to grab the opportunity before it goes.
“Anytime you have an opportunity to get liquidity in your company, you need to seriously consider it because running a business is risky and the longer you hold on to that business and the bigger you get, the more chance you risk of failure,” says Hammett.
- When you get offers beyond Company’s projected value: When your business continuously earns the profit and it has a great impact over the social media, has lots of followers, possibly there is a greater chance your competitor will give you out-of-the-blue offer. The right time to take this type of offer is when you do not want to do much from your business. When offer price is beyond your expectation and exceeds the overall cost of set up, it’s prudent decision to have an exit.
Always remember that:
“The true measure of the value of any business leader and manager is performance.”
You are getting a lucrative offer as you have done so much for your business to raise its performance and extract profit from it, once performance goes down all lucrative deals will diminish. So think twice before right time goes. It’s a sign to sell your business in the best possible way. You can sell your business either online or conduct face to face business meeting.
- When you lack the Skillset to meet the new requirement of the company: This means your company’s current requirement surpasses your skill set. It is a time to sell the business for profit. It’s a sign to exit from the job when your willingness to new skill set dies and you do not want to take more risk.
In such situations, give a new direction to the business and handover your firm to the talented or skilled face who has a great vision and plan for it.
- Lack of Enthusiasm for Promoting the Business by Yourself: It’s a time to sell the business online when you feel lack of enthusiasm and motivation for your business. Always remember that no middle person represents your business in a way as you can do it. You are the best promoter and marketing person of your company.
If you lack all these feelings, it’s a ring to sell your business to new hands.
- Lack of Proper Plans to run business ahead: This is another factor which decides the fate of your business. In this competitive era, you need to have very strong plans to achieve tough business goals. You need to be very alert with respect to every market move. If you do not have such activeness, it shows a green bell to handover your business management to the company, having strong minds.
- Ask Yourself before Selling your Business: If selling a business really meets your expectations, then you should go for it. For this, you need to analyze yourself. Ask yourself, if selling the business is the exact solution to your needs. If you feel yes, then it’s the sign to sell business otherwise wait and find some other measures to tackle all problems.
- Think for Other Options: Always keep a second option before making a bigger move of life. Keep calm and with peaceful mind think about your decision.
Am I completely ready to sell? What would be the possible next step? When you feel you meet all these requirements then it’s the right time to quit the business by selling it to another hand.
As serial entrepreneur Kevin Ryan (founder of Gilt) said:“If your company is not getting the traction it needs to be really successful, the faster you can move on, the better for everyone involved.”
Your one wrong decision may affect the livelihood of many people. So decide wisely, Is it the right time to sell your business online?
Contributed byhttps://www.softwaresuggest.com
