Maybe It’s Time to Sell Your Business

Has it ever occurred to you that maybe its time to sell your business?

Admittedly, this is a thought that crosses a business owner’s mind every once in a while for a myriad of reasons. If you have been a business owner yourself, you know for sure that you sometimes get that feeling of being burnt after a long time of a successful business run specially so after going through a series of disappointing debacles. The temptation to sell your business at this time when you feel burnt is rather strong.

There are times too when you are driven into a situation where you are left with no choice but to sell your business like in cases of a divorce, or a dissolution of the partnership, and even the death of a major stockholder.

There are also times when you are tempted to sell when the overall economic climate is so good and windows of opportunities suddenly open up to you and tempt you to do so for a hefty profit.

Whatever the reason may be, you need perfect timing when you decide to sell. Easier said than done? Well, theoretically, it really is easy. According to the best business practices, the best time to sell your business is when the business is doing well!

It is a lot easier to sell a business that is doing well than one whose sales is spiraling down. The successful track record of a thriving business serves as a magnet that attracts buyers. You can sell with ease when it is generating profits because people start noticing your place. Some may find this rather ironical. In the first place, why sell a thriving business enterprise? My answer is quite simple and forth right – you will get a premium over the actual net worth of your business. You need not even worry about losing the opportunity to earn more from your thriving business. You will be able to offset this with the premium price you will get from the property if you sell at the time it is thriving. It will not only attract more interested buyers but will also drive the price of your property up. On the other hand, if you sell a business that is on a down turn, you’d have a hard time finding buyers and you may have to lower your selling price to make your offer more attractive.

It is often hard to part with a business that you have nurtured for quite some time. Even harder is to put your business up for sale at the time it is peaking! But if thoughts of selling the business do cross your mind, step back a little and do some soul searching by asking yourself these questions.

  • Are you psychologically and emotionally ready to part with your business?
  • Is the current business climate perfect for the task at hand?
  • Will you be able to reach your financial objective if you put your business up for sale now?

If your answer is no to any of this questions, then strike off the thought of putting your business up for sale from your mind. Instead, pour all your effort and resolve to growing your business and wait for some other opportune time to sell your business.

Partnering Up in Business to Achieve Maximum Success

Going into business for yourself is such a risky venture, and this is intensified if you decide to go at it alone. This is the reason why many people, regardless of the business they’re trying to operate, decide to find at least one business partner.

While the disadvantages of having a partner are numerous and well known, the advantages and avenues to reach maximum potential are exponentially expanded.

Not every successful business was forged from partnership, obviously; but having a successful partnership is if done correctly literally doubling your chances for success. To look at this in the simplest of terms: Two minds are always better than one, right?

That phrase has been around for many years, and it’s accurate for the most part. If the two minds are dim or have cancer, obviously, then they’re certainly not combining to equal a better outcome. But when two motivated and intelligent business minds are working on the same page, much more can be accomplished.

Partners are each bringing something different to the table. In successful business partnerships, each has a complementary skill, a unique taste, and the same passion for success. This promotes fresh and innovative ideas, cost-effective solutions to problems and the proverbial extra set of eyes to watch over the business.

Trust is undoubtedly the most important factor in a business partnership. If the relationship goes sour or if you’re not aware of your partner’s intentions, things can easily go downhill. So when seeking a business partner, it’s essential to put thoughts of success on the back burner and to implement a period of vetting, wherein you will get to know your partner as a person and forge bonds.

After a partner is selected, the benefits can immediately begin to surface. Just having someone else to float ideas with and to hone tactics is a huge advantage in the business world. You won’t have to sacrifice the business identity at all. To the contrary, the right partner will help you cement a unique position with his or her input. If you’re planning on running a business without a lot or any employees, having a partner allows for much greater flexibility in your work schedule. If you’re ever sick, need a vacation or are just burnt out on the inner workings of the business, your partner is there to lean on.

A lot of people take on business partners for financial purposes. While this is a good idea, as you’ll be sharing the financial burden, acting solely for monetary issues can be a recipe for disaster.

Businesses thrive on money. Without it, they don’t exist. Even still, long-term profit is more important than startup capital. Therefore, the best business relationships don’t center on partners money for success.

Partners also help to maximize success by increasing your networking options. A good partner is also going to be your best critic, letting you know if your planned move is a wise business decision.

Not every business needs a partnership, but if you’re looking to maximize your success, it’s a good idea to entertain the option.