Timing can be everything when it comes to selling your company. It is likely that the market will be flooded with companies looking to sell as more and more baby-boomers reach retirement age.
According to a survey of business brokers done in 2016, 54% of baby-boomers plan to exit in the next ten years. This may cause a substantial amount of businesses to hit the market. It could be in your best interest to sell before this happens.
Are You Suffering From Burnout?
It is quite possible that you may be suffering from burnout if you’ve been running your business for many years.
If you’ve been operating your business for many years, it is quite possible that you are suffering from burnout. This issue is quite common with business owners and also very dangerous. Owners suffering from burnout don’t invest as much of themselves and their creative energy into their businesses. This has a range of implications.
Everything from failing to keep up with the competition to losing customers are all possibilities when an owner feels ready to bow out. Owners can inadvertently decrease the value of their businesses through poor decisions. Combine this fact with the fact that a large amount of businesses may soon be hitting the market and selling may start looking more and more attractive.
Jump Into a Strong Economy
Today’s strong economy means that new and unexpected competitors may soon enter the picture. Although we can’t predict how the marketplace may change in the coming years, a strong economy means both more opportunities for existing businesses and the potential for greater competition.
Interest rates have remained low and that could definitely help you sell your business. One way to test the waters is by working with an experienced business broker. You may determine that now is the perfect time to sell your business. A skilled broker can help you look at the overall situation and determine when it is the right time to sell.