READER’S POLL: Would You Sell Your Business to Start a New One?
Selling a business is an exciting time in the life of a business owner. For some, it conjures images of lounging on a beach, sipping a frosty umbrella drink, or hitting the slopes with friends. Others see it as a means to spend more time with their families. Still, others view the sale of their company as a stepping stone, providing the funds they need to launch their next business.
This makes us question, which one are you? Are you ready to slow down and enjoy all that life has to offer with your family and friends, or are you driven to become the next business mogul, expanding your empire as far as the eye can see? Neither answer is wrong, but perhaps it’s time to give the topic a little thought. Are you done growing your business, or do you have a greater vision to achieve? If you’re ready to sell, would you take the time to do all the things you’re too busy to do now, or would you use the funds to start a new business?
No matter how you answered…
One of the hallmarks of a great entrepreneur is the ability to make hard decisions quickly. However, these decisions must also be data-driven. When making a decision of such magnitude, we implore you to take some time to consider the full cost of your choice. If you immediately jump into a new business venture, it could cost you more time with your family and friends. On the other hand, choosing to ride off into the sunset could bring on unexpected seller’s remorse or a sense of loss.
Regardless of your choice, proper planning can help to alleviate some of the drawbacks. This is where a trusted advisor could help.
Making the decision to sell your business is a life-changing event. You’ll want to be prepared for such a change well in advance. Begin planning as soon as possible. If you have questions, reach out to our team to learn more about how we could help.