From the outside looking in, selling your business sounds a lot like giving up on your dream. After all, why would you invest your time, money, energy, and resources into a revenue-generating concept, only to offer it to the highest bidder? Though it seems counterproductive, many business moguls have chosen this exit strategy and reaped the benefits in their professional and personal lives. Still not convinced? Here is a look at some of the top advantages.
A Lightened Schedule
Running a business takes a lot of commitment. While you may have started with the gusto required to manage things, perhaps it’s becoming too much to handle. Let’s say you started a blog only as a means to earn some money on the side. In five years, your blog has created a platform for you to sell books, online courses, and other merchandise. However, as time goes on, keeping up with posts, comments, emails, seminars, and other tasks takes up more time than you have to sacrifice. Ultimately, selling your blog would free up your schedule allowing you to commit it to other essential matters in your life.
Access to Capital
Paying yourself first is one of the golden rules of running a business. Yet, most entrepreneurs would agree that most of their revenue goes back into their investment. Should you run into a situation where you need a large sum of cash, your options are limited. Acquiring a loan or line of credit only puts you deeper into debt. Not to mention, getting approved is no easy task. Selling your business would essentially give you immediate access to funds. Whether you want to retire early, buy a house, or cover a financial emergency, you now have the means to do so.
Some entrepreneurs reach a plateau in their businesses where they feel they’ve taken their vision as far as they can. They’ve reached a point where they’re ready to try something new, challenge themselves, or evolve professionally. By selling to someone that knows how to grow online business, you have the opportunity to pursue other interests. You can start a new business, become an angel investor, buy and flip real estate, or start a non-profit while your old brand continues to serve the many customers you worked so hard to acquire.
Improved Personal Relationships
Running a business can take a toll on your personal life. You have to dedicate so much of yourself to your company that those closest to you often get the short end of the stick. Ultimately, it causes a strain on your relationships. Sometimes, being a multi-millionaire isn’t worth losing the people you care about most. As such, selling your business would allow you to focus on your relationships without worrying about money. Without a company to worry about, you can take that much-needed trip with your spouse, spend some quality time with your teenager before they head off to college, or reconnect with your old friends.
Most people reach a point in their lives where they’re tired of the daily grind. So many years have passed that they just want to enjoy the fruits of their labor and retire. If you’re the boss, retiring isn’t as easy as giving your two weeks notice and applying for your pension. The ideal exit strategy in this instance would be to sell your business. That way, you get a large sum of cash to cover retirement expenses, and someone else takes over the many responsibilities of being in charge.
Yes, it takes a lot to run a business. When you’ve worked hard to develop a strategy that works, selling is likely the last thing on your mind. Be that as it may, there are instances in life when selling is a better option. Whether you’re overwhelmed, need access to cash, want to invest in something new, or simply feel it’s time to retire, selling your company could give you the funds, space, and opportunity you need to accomplish your goals.