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Should you sell out? by Jane M Dawson
Every business goes through a period of hard times throughout the years. It starts out of an enthusiastic passion fueled by excitement from the owner, lives through a period of excess, finally reaching a glass ceiling where growth seems to stall or not even happen at all, and reaches a point where the only way to go is down.
The end of the line is usually related to almost no interest or love you once had for your business, you might even have grown out of it or youâve become accustomed to the amount of success you once had.
Iâve seen it with my own eyes from time to time in my own city. We all remember these businesses that seem to be making it one day and the next you see a for rent sign hanging up in the front window. Youâve gradually witnessed the store gradually falling apart, a little bit of the top, and a little more clumsily looking as the days roll on by. There are no people walking through their doors, events or products out in the open. Instead, you only see the repetitive routine of what happened the day before.
The love is goneâ
Only a handful of businesses continue down this path for years and years. I remember one particular establishment where the owner had no interest at all in the business but kept the things going due to a handful of loyal people who enjoyed hanging out with a friendly face.
Other businesses are lost in the mix of it all thanks to a never-ending stream of competition, just like when a local restaurant went belly up when a national chain opened a couple of stores away.
The thing to keep in mind is the exact point in time when you realize you have nothing left in you but the business continues to chug along, still valuable in spite of it all. This is the point where you must sell everything, while it retains some workable value and hasnât lost its shine.
Here are some things to look out for when you suspect youâve lost your inspiration:
Remember the time when you were all about improving every part of your business compared to right now. If those memories feel like a blissful dream and full of opportunities that you canât even believe right now, then youâre probably completely drained of the mojo you once had.
Two years is your check point. What you should be checking is whether or not youâre still on your dream goal or losing traction against a competitor in your industry. You have to look deep inside of you to see if you still care about expanding. Are you still tapping into that unlimited power source to keep on expanding your market?
How about the time you used to spend chiseling away at your masterpiece? Do you still have those same dreamy thoughts on how to improve every little bit of your business? If it feels like a waste of time and your thinking drifts towards something entirely different, you should think about selling out before you live a miserable existence.
If you see yourself in the situation I described above, do something else now while you still can. The more you stay stuck in your dread, the less valuable your business will be in the long run. Look for people who would like to buy your business such as the local Chamber of Commerce and get the most out of what you built so far, then learn about a new venture, one that makes you feel alive again just like the time when you first built your existing business.
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