There are many reasons entrepreneurs sell their business online, but every time it does not mark a successful exit. To make a successful exit, owners should be very cautious in terms of better time and condition. Plan your exit in such a way that it maximizes the value of your business.
But, how do you realize about the right time to move from the business? What are different conditions under which you make a profitable exit? Selling a business should never be a spur-of-the-moment decision, says Curtis Kroeker, group general manager for San Francisco-based BizBuySell.com and BizQuest.com. It takes time and firm decision to do so.
Factors that determine the right time to sell your business online:
1. Favorable market condition
You should think to sell the business when the market is according to you. It means people have expressed their interest and offering a good deal and prize money. As today’s offer on the table may not exist tomorrow. It’s better to grab the opportunity before it goes.
“Anytime you have an opportunity to get liquidity in your company, you need to seriously consider it because running a business is risky and the longer you hold on to that business and the bigger you get, the more chance you risk of failure,” says Hammett.
2. Unable to fund the growth of the Company
It would be a lucrative deal to plan the exit from the company when unable to fund its growth anymore. The success of an enterprise depends upon highly qualified resource, infrastructure and of course quality projects. If you cannot afford them anymore, think to move your possession in a secure hand who can do it more effectively.
3. The large firm wishes to overtake your small firm
For many reasons, big firms overtake their competitive small firms. If you are an owner of a small firm and making a good profit and you are being offered a lucrative deal from the counterpart.
4. When you are not the single face of your company
For every entrepreneur, there comes a time to retire or move on from the organization. The reason could be anything like willing to start new job, anxiety or gets tired of doing the repetitive job. You can do so if your company is less dependent on you.
In other words, you are not the single face of your company. This is possible when you build a healthier environment around yourself and in your company that other follows your style. Another responsible face who can run the business effectively when you are gone.
5. When you get offers beyond companies projected value
When your business continuously earns a profit and it has a great impact on the social media, have lots of followers ten believe that there is a greater chance your competitor gives you out-of-the-blue offer.
You can have this offer when you do not want to do much from your business. When offer price is beyond the expectation and exceeds the overall cost of set up, it’s prudent decision to have an exit.
Always remember that-
“The true measure of the value of any business leader and manager is a performance”
You are getting a lucrative offer as you have done so much for your business to raise its performance and extract profit from it, once performance goes down all lucrative deal will diminish. So think twice before right time goes. It’s a sign to sell your business online in the best possible way via online.
6. When you lack the skillset to meet the new requirement of the company
This means your company’s current requirement surpasses your skill set. It is a time to sell the business for profit. It’s a sign to exit from the job when your willingness to new skill set dies and you do not want to take more risk.
In such situation, give a new direction to the business and handover your firm to the talented or skilled face who has a great vision and plan for it.
7. Lack of enthusiasm for promoting the business by yourself
It’s a time to sell the business online when you feel lack of enthusiasm and motivation for your business. Always remember that no middleman work for your business as much you can do it. You are the best promoter and marketing man of your company.
When you lack all these feelings, it’s a ring to sell your business to the new hand.
8. Lack of proper plans to run business ahead
This is another factor which decides the fate of your business. In this competitive era, you need to have very strong plans to achieve tough business goals. You need to be very alert with respect to every market move. If you do not have such activeness, it shows a green bell to handover your business to the company, having strong minds.
9. Ask yourself before selling your business
If selling a business really meets your expectation then you should do it. For this, you need to analyze yourself. Ask yourself, if the sale is the exact solution to your needs. If you feel yes, then it’s the sign to sell business otherwise wait and find some other measures to tackle the problems.
10. Think for other options
Always keep a second option before making a bigger move of life. Keep calm and with peaceful mind think about your decision.
Am I completely ready for sale? What would be the possible next step? When you feel you meet all these requirements then it’s a right time to quit the business by selling it to another hand.
As serial entrepreneur Kevin Ryan (founder of Gilt) told, “If your company is not getting the traction it needs to be really successful, the faster you can move on, the better for everyone involved.” Your one wrong decision may affect stomach of many people. So decide wisely, Is it the right time to sell your business online.