You have worked hard building a business but are now considering whether it’s time to sell – to cash out and move on.
Here at Accsys Accountants we have seen, and been involved with, many clients who have decided enough is enough and sold their businesses.
There are many reasons that people wish to sell including:
- Retirement: Sometimes it’s just the right time to hang up the boots. After years of hard work, a business owner might decide it’s time to enjoy the fruits of their labour.
- Changing Interests: People evolve, and so do their interests. If a business is no longer aligning with personal or professional interests, selling could be the best route.
- Lack of Succession Planning: If there’s no family member or partner willing or capable of taking over the business, selling might be the most practical choice.
- Market Conditions: A rising market can be a good time to sell, as the business’ value might be at its peak. Likewise, a declining market might push an owner to sell before things get worse.
- Cash Out: Sometimes the business has done well and selling it would provide a lump sum of money for other investments or pursuits.
- Health Reasons: Running a business can be stressful and time-consuming and unfortunately, ill health can force people to make tough decisions.
- Personal Circumstances: Life events like divorce, relocation, or changes in family circumstances can necessitate a sale.
- Competition: Increased competition or market saturation can make the business less viable in the long term, prompting a sale.
- Burnout: Let’s face it, running a business can be exhausting. Selling the business can provide the opportunity for a fresh start or a well-deserved break.
- Strategic Move: Sometimes it makes sense to sell a business as part of a broader business strategy. For example, if you own multiple businesses, selling one might free up resources for another.
- Debt or Financial Pressure: If the business is struggling financially, selling might be the best way to mitigate losses and resolve debts.
- Partnership or Investor Relations: Sometimes disagreements among partners or investors can make running the business untenable.
So, these are the reasons you may want to sell, and if you are considering selling and would like to discuss your options, please get in contact. In our next blog, we investigate what you need to do get your business ready to sell and to maximise its value.
