3 Reasons to Sell Your Kentucky Business
If you’re like most business owners in Kentucky, you worked hard to build your company and continued to leverage that work ethic to sustain it over the years.
During that time, your business has probably served as more than just a source of income. It’s been a source of great pride and satisfaction, as well.
That’s why it may feel odd if you’ve begun to think about selling it.
Among other things, you’ll probably question the reasons you’ve come up with for doing so.
3 Reasons You Should Sell Your Kentucky Business
Usually, the decision to sell a business is made for several reasons. So, although you may have one that’s unique to your life situation, it can also be helpful to learn about common reasons other business owners have sold theirs.
1. It’s Time for a Change
Unfortunately, the stress doesn’t always go away once your business is up and running. Many business owners suffer from a poor work-life balance throughout their careers. Even if your company is doing well, other areas of your life may suffer.
While you’ll most likely need to sign a noncompete clause with the new owner of your business, there are still countless opportunities that may await you in other areas. Now may be the right time to chase your passion or go in an entirely different direction than what you’ve done in the past.
2. Business Is Down
There could be a number of reasons why business is down, but if it’s been down for a prolonged period of time, that can be a very good reason to sell.
Obviously, selling your company is a big step. You should consider your options for turning things around first.
At some point, though, it makes sense to contact a business broker and sell your company before things get worse to ensure you receive plenty of interest and a healthy profit.
This reason often pairs with the last one, too. The longer your business struggles, the more stress you’ll most likely experience. You may even increase the hours you spend at work every week in an attempt to turn things around, which could make matters much worse for your work-life balance.
3. One of the Big Three Ds
Sometimes, a major life event makes it impossible for you to spend an adequate amount of time with your business.
The most common examples are:
Although having important priorities to occupy your mind can often be very helpful during times of major duress, that isn’t always the case. If you’re dealing with the death of a loved one, recently suffered a major accident, or are going through a divorce, it makes sense to consider selling your business – either to free up your time or to help pay for some new bills.
Of course, there can be plenty of positive life events that make it a good time to sell your company, too. For example, many owners in Texas contact a business broker shortly after becoming a grandparent because they want to free up their schedule to spend more time with the new family addition.
The Time to Start Planning Your Sale Is Now
Even if you’re still unsure of whether or not you should sell your Kentucky business, it’s still a good idea to begin planning your exit – just in case. The business sales process can take time.
This is why it also helps to work with an experienced business broker in Kentucky. At Kentucky Business Brokers, we are happy to offer free business valuations and, should you decide to move forward, our proven process is 100% confidential.
Contact us today to learn more about what it entails and how we are able to help.