Reasons to sell your business
There are many reasons to sell your business in Sydney, NSW. However, the most important reason to sell your business is the one that works for you. Selling your business is a journey that most business owners take at least once in their lifetime , and is one that can be extremely stressful, time consuming and emotional. That being said, the best way to sell a business is to plan for the future in advance. This is done by creating an exit strategy or ‘succession plan’ which details how you’d like to pass your business into the hands of a new owner.
It’s vital to firstly conduct a SWOT analysis (strengths, weaknesses, opportunities, threats) of the business. Secondly, take steps where possible to plug any gaps identified. Lastly, detail all elements of your business succession in your exit strategy. This will help to seamlessly transition ownership from the seller to the buyer.
Here are some of the main reasons to sell your business
- Retirement: For those embarking on the next chapter in life, selling your business seems like the logical next step. And it’s important to note that you are entitled to take this critical step.
- Health concerns: Health issues such as illness or impairment can alter the course of your business ownership plans. It may mean stepping aside or venturing down a new path that is more accommodating to your personal circumstances.
- Financial issues: Debt, lack of profit or the inability to afford the lifestyle that you seek is reason to sell your business for many people. However, this may impact the value of the business.
- Changes in personal circumstances: You may need to sell your business due to a legal separation, moving house or other personal reasons.
- Partnership disputes: Having a business partner can be detrimental if you don’t see eye-to-eye. For instance, if a disagreement occurs between partners, this could drive a wedge between them. Therefore forcing one partner to sell their stake in the business.
- Change of focus: For many business owners, a shift in direction is a breath of fresh air after focusing solely on their business for such a long time. It may mean changing industries or taking that well-deserved extended holiday for example.
- Competition and industry changes: Changes in the market may limit business owners from running their business how they’re used to. Alongside this, increased competition may also result in less customers and profits, which then ties back to point #3.
- Burnout: Running a business can be a hard road for some and for most business owners it means long days and heavy workloads. Subsequently, this can lead to burnout – Forcing business owners to sell their business and try something new.
How to get started
If you’re considering selling your business in Sydney, contact Core today. Whether it’s for one of the above reasons, or perhaps something else we’ve left off this list – they can help. With business sale experience on their side, there’s no better fit for your business journey. Sell your business today, or contact our team by giving them a call on (02) 9413 2977. Alternatively, email [email protected] or [email protected] to discuss your options.
