After spending a good part of your life establishing and eventually growing your business into a profitable entity, could you honestly say that everything was worth your while? Do all your efforts even make a sense? Is your business even sellable?
I had a pep talk with someone who ran his own agency for two decades and our conversation steered to retirement; he said he was already planning to call it off. So I asked him what his options on his business are, whether he has some plans made. His response really caught me off guard. He said he probably will just literally call it off, close his business for good and refer his loyal clients to other professionals of his field. I know that selling a business is not as easy as selling pancakes, but if you have ran the business for a score of years then you must at least have a fighting chance of being able to sell it somehow. I can’t quite figure out the waste of the amount of effort and time making up your business only to close it for good after some time.
The scenario prompted me to muse about my own business. I run a successful copywriting business for 7 fruitful years, and this really got me thinking about its future. I haven’t had contemplated of ever selling my business if ever it comes to that, not before, not now. I think it does not stand a chance of a sale as of today, it does not have the form and I have not the slightest inclination. Had I only thought of selling my business, I would have done things differently in preparation for a future sale. For those contemplating of selling your business, you should groom it from the start.
If you wish to make some money on your business you could rent it out to someone and secure for yourself regular revenue while you are out there enjoying your freedom days. Or you could make your business formidable, make its finances sound and healthy, making huge profits along the way, and then sell it for a hefty price by the time you want to call it off already.
Most of the business owners are more short business term oriented because most are also into servicing in nature. But in any way, anyone could still sell a business when it is called for.
You ever think of selling your business? Does it have what it takes to entice potential buyers?