10 Signs You Need to Sell Your Business
Selling a business or franchise can be extremely scary and intimidating. For most, the ownership of a business or franchise can be their first or second biggest asset, so selling that asset shouldn’t be taken lightly. As we focus on developing a safe, positive, captive environment where business and franchise sellers in the micro market (selling prices from $1k-$5m) can thrive, we implore them to start thinking, preparing and planning in advance since many opportunities will be flooding the market, therefore, putting downward pressure on valuations. Valuations are super important as most business owners use the proceeds to fund their retirement.
With that said, how do you know it’s time to sell your business or franchise? I think it’s a deep and emotional question, but there are definitely signs. With that said, I decided to reach out to my personal network of partners, mentors and BizON power users in order to curate a list of 10 signs that scream, “IT’S TIME TO SELL!” Here they are (I added a few too):
Do any of these relate to you? Share, like, comment and let us know. Also, if you are ready to promote the sale of your business or franchise right now…BizON has a great March Promo: “Sell it or Money Back”. It ends in 6 days, learn more here: http://info.mybizon.com/sell-on-bizon
- Lack of capital funds to grow and expand. – Marc Caira, Former CEO of Tim Hortons
- Having someone who is prepared to pay a significant premium for your business. – Marc Caira, Former CEO of Tim Hortons
- When you are losing passion for what you do… the world is moving too fast to not have your business top of mind. – Bruce Croxon, Former Dragon on Dragons Den and Founder of Round13 Capital
- You feel like you’re just hanging on! It’s all about the math…people forget that there is an opportunity cost to hanging on to your business. – Bruce Croxon, Former Dragon on Dragons Den and Founder of Round13 Capital
- Illness/poor health/death of owner – Rochelle Clark, Succession Strength
- To help overcome financial constraints in other areas eg. pay medical debts – Rochelle Clark, Succession
- When leadership shows signs of frustration daily with staff and customers. – Sharon MacLean, World Gate Media
- Thinking about retirement all the time. – Sharon MacLean, World Gate Media
- When the last high judgment champion folds his/her cards. – Nunzio Presta, BizON
- S.E.T (social trends, economic trends, technology trends) align for a sale and you acknowledge you are not trying to build a legacy business. – Nunzio Presta, BizON
Nunzio Presta, Founder & CEO, BizON
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Opinions expressed here by Contributors are their own.
