Several business-psychology experts have likened entrepreneurship to parenting. Think about it, the steps and emotions involved are rather similar. The nurturing, anxiety, concern, care, affection and rewards associated with setting up and running your own online business are an emotional roller coaster. And just like with everything else in life, there comes a time when you need to consider letting it go. The reasons for doing so can be uniquely your own but one thing is clear, you deserve to get the best returns in the process. Barring any distressing, exceptional circumstances, here are some of the top reasons when you should ask yourself the question; “is it a good idea to sell my business online?”, and “how can I ensure to get the best returns for it?”
Change in Personal Circumstances
While most people make ardent efforts to keep their personal and professional lives apart, running your own business can easily blur these lines. When business creeps into personal life too frequently, it can create a negative imbalance. An unexpected bereavement of a close one, marriage or birth/adoption of a child are just some examples wherein your focus may significantly shift away from your business. This may be a good time to sell business online and cash in on its current status.
Shift in Choice of Career
Not every personal decision needs to be dependent on others around you. Sometimes you may aspire for different things in life. Reprioritizing is a part of life and can happen anytime. Maybe you plan to go back to school, acquire a new skill, expand your learning horizons or simply take a sabbatical. While you may be a proficient multitasker, to be able to accomplish these tasks successfully, you need unwavering focus. This is difficult to achieve when you’re burdened with the responsibilities of running an online business.
Reduced Interest in Your Existing Business
An entrepreneur, by nature, is restless. This is one of the principal qualities that helps them take risks and make their mark. However, this can also lead to a sense of mundane as their business plateaus. After crossing the ‘establishing’ phase in the startup lifecycle, most businesses become streamlined and can run on auto-pilot. Business-as-usual is often known to diminish the creative energy of business owners that makes them consider selling their online business and move on to newer ventures. The proceeds from selling your business online can act as seed money for the new enterprise.
Losses in Business
Possibly the most common reason to sell a business online is related to poor performance and business downswings. Some of these could be directly related to your own setup, while there could be other reasons which you have no control on; such as a global pandemic, change in buying trends and choices of consumers etc. The conundrum here is, often, whether to cut your losses and move on or to be patient and try to make a recovery. Most financial experts recommend against selling your online business on a downswing. This is because the amount you will be offered at this moment will be significantly lower than the actual potential value of your business. Instead, it might be better to get a business consultant to evaluate the cost it might take to turn things around and then sell for a higher price. Plugging these gaps and carrying out optimization activities can significantly enhance your overall business valuation, thereby resulting in a better price for your business for sale.
On the other hand, and the ideal one at that, your business may be booming. Having become well established, you have a regular source of revenue, negligible debts, strong financials and a well set up supply and delivery chain. Buyers might be knocking on your door in such a situation, and the value of your business is likely to be at its highest. This is the perfect time to cash in and get rewarded for your years of labor and toil.
Apart from the aforementioned, there can be other reasons when you seriously contemplate selling your business. There is no right or wrong here, but it is recommended to be pragmatic and not sell solely based on emotions. The objective should be to get the best value for it whether you sell your business online privately, to a competitor, or via a broker. Each method has its own merits and careful evaluation is needed to choose the one most apt for your situation. Experts recommend getting a business valuation done by professional firms. Their experience in conducting similar drills for other enterprises will ensure you do not end up underselling your labor of love and toil.
If you would like an entirely seamless and hassle-free experience then consider selling your business online to a reputable acquirer. Having an already well established digital platform, professional acquirers can hold your hand through every step of the process transparently while ensuring you get the best return for your efforts.