If you’re thinking of selling your business, first reflect on where you’ve been, where you are now, and where you want to be
This post was first published on my Medium blog—follow me there for the most up-to-date entries!
Starting a business is a dream for many, driven by a desire to solve a problem, meet a need, or create something meaningful. For microbusiness owners, it often begins with excitement and optimism, followed by a sense of accomplishment as the business grows. But eventually, the question arises: Is it time to sell your business?
Answering this isn’t easy, especially after investing so much into building your business. However, selling doesn’t have to be a difficult choice — it can be a powerful step that aligns with your evolving goals.
To decide if it’s time to sell, reflect on three things: where you’ve been, where you are now, and where you want to be. This helps you assess whether your business still serves your goals, or if it’s time to pass it on.
Where you’ve been: Reflecting on the journey
Starting a business is often driven by passion — whether it’s solving a problem, filling a market gap, or creating something meaningful. You may have sought more control over your time, wanted to escape a 9-to-5, or aimed to make a lasting impact.
Whatever your reasons, it’s important to reflect on what you’ve accomplished. The early days were likely full of excitement and growth, with milestones that marked your hard work.
But as time passes, it’s easy to get caught up in the daily grind and lose sight of why you started. If you’re feeling disconnected from your original vision, it may be time to consider selling your business.
Reflect on your original motivations. Were you able to achieve the things you set out to accomplish? Have you created the life you envisioned? Perhaps you wanted more financial freedom, more control over your schedule, or the ability to spend more time with family. Take some time to evaluate your satisfaction with the goals you originally set.
Next, ask yourself: Do you still feel passionate about these original goals, or have they shifted over time? If you find that you’re highly satisfied with your achievements but feel that there’s more for you to do — or if your goals have changed — it may be time to sell your business. But before you make any big decisions, it’s crucial to assess where you are right now.
Where you are now: Assessing the present
Your business has grown, evolved, and adapted to changes over time, just as you have. The reality is that everybody goes through different “seasons of life,” and these seasons can influence whether or not running a business still aligns with your priorities.
Personal changes
Many business owners reach a point where personal changes create new demands on their time, energy, or resources. Maybe you’ve become a new parent, or your family has grown. Or perhaps your family dynamics have shifted, and you’re finding it difficult to balance business and personal life. In some cases, health concerns or other personal issues may prompt a reevaluation of your time and energy.
It’s not uncommon for business owners to reach a point where the personal toll outweighs the professional satisfaction. If you find yourself stretched thin and no longer enjoying the work, it could be a sign that your business needs a new owner — someone with the passion and energy to continue growing it.
A lack of excitement or drive can also be a key sign. When I dreaded going to work each morning, no longer felt eager to dive in, and put off important tasks, I knew it was time to move on. If you’re in that boat, ask yourself if now is the right time to sell your business.
Industry-specific or societal changes
External factors, such as market trends, technological changes, or societal shifts, can significantly influence the decision to sell a business.
For example, when I was growing up in the 50s and 60s, local newspapers were essential to daily life. My parents subscribed to several newspapers; they were deeply woven into the community. But as technology advanced, television and digital media took over, causing many newspapers to lose relevance. Owners who adapted, such as by diversifying into printing services, found new opportunities, while others faced decline, making selling the logical choice.
If your industry is being impacted by technology or shifting consumer behavior, it might be time to consider selling. If your business is less profitable or sustainable than before, passing the reins to someone else could be the right move. Remember that, as I explained earlier, you might view these as barriers to selling, but others might see them as buying opportunities.
Where you want to be: Looking to the future
Ultimately, the decision to sell your business comes down to where you want to go next. Life is all about evolution, and you might find that what excited you five or ten years ago is no longer a priority.
Sometimes, the hardest part of owning a business is realizing that your identity has become too tied to it. Many entrepreneurs derive a sense of purpose and fulfillment from their work, but there comes a time when the idea of doing something new or different becomes irresistible.
For example, I’ve been a nurse for over four decades. I’ve worn many hats throughout my career, from working at the hospital to writing books and serving on national committees and much more. But as I’ve gotten older, I’ve found that I want to spend more time with family, enjoy a slower pace, and focus on coaching other business owners. In the same way, you might have built your business with one set of goals in mind, but those goals might not align with where you are in your life now. That’s okay!
If you’re contemplating the future and wondering what’s next for you, consider whether you want to pursue new passions, hobbies, or even another business venture. The freedom that comes from selling your business could open the door to new opportunities you hadn’t considered before. If that resonates with you, it might be time to sell your business.
Selling can be the next step, not the end
Selling your business is a big decision, but it can be an empowering step in your entrepreneurial journey. It allows you to move forward in alignment with your evolving goals.
Reflect on where you’ve been, where you are now, and where you want to be. If your current business no longer matches your passions or goals, it might be time to explore selling. However, if you’re still excited about what you’ve built, keep moving forward. The time to sell your business will come when you’re ready, and it could open up new opportunities. Trust in yourself and know that whatever comes next could be just as rewarding as what you’ve already accomplished.
This post was first published on my Medium blog—follow me there for the most up-to-date entries!