As a business owner, you constantly have to make decisions. From employee benefits to contracting with vendors, to price decisions and more, owning a business takes a lot of commitment, know-how, and hard work, which is why there may come a point where you’re ready to sell. If you’re thinking about selling but are unsure of what to do, here are three signs that it may be a good time to get out. However, before you take any hasty actions, you should consult with business succession and exit strategy professional to review your options.
One reason that it may be a good time to sell is that you’re just ready for a change, either personally or professionally. Maybe you have a great idea for a new business or have been offered an opportunity to do something else you know you’d love. Or, perhaps you’re moving or planning to start a family, and your current situation as a business owner doesn’t align with your other life plans. If it’s time for a change, set up a consultation with a professional to discuss your options.
Again, definitely talk to a professional before you make any moves, but if you have an opportunity to gain liquidity because your business is currently valued very high, you have to consider that opportunity. Sometimes, running a business becomes riskier the bigger it gets, and you never know what opportunities you’ll have in the future.
Running a business isn’t just a lot of work, it’s also a big investment. A 2009 study reveals that starting a new business from scratch costs about $30,000 and, of course, there are a handful of different operating costs that you may face as well once your business is up and running. While taking chances can be key for growing your business and gaining market opportunities, there may come a point when you are tired of the risk. If this sounds familiar, it may be time to sell.
At Harvest Wealth Partners, our team offers a variety of financial planning services for businesses, including business succession and exit planning, as well as wealth management services. Wherever you’re at in the process, we are here to advise you and help you make a decision that protects your interests. To learn more, please call our team directly or send us a message to get started.
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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