This guide outlines the main benefits of selling a business (that you may not have thought about). So if you’re undecided about whether or not to sell, add these considerations to your decision-making.
Deciding to sell your business is a significant decision to make. It’ll likely be something that you’ve spent years developing, and as a result, you’ll need a good reason to part ways with your life’s project.
Benefits of selling a business
Besides the significant financial incentive of selling a business, there are a range of other benefits — let’s take a look at some of the most important ones.
Make space for new projects
Selling a business can provide you with both the time and the money to start a new project, whether that’s a new business or building a lodge in a beautiful mountain location.
Rather than seeing it as the end of a journey, you should try to flip that perspective and view it as an opportunity. You’ll be able to take a massive pivot in your life’s purpose, pursuing whatever it is that you’re truly interested in.
Minimise risk
As you’ll know, running a business is not entirely risk-free. Being a business owner comes with a whole range of different responsibilities and risks, all of which can be a significant cause of stress.
When you sell a business, you transfer all of these risks to the new owner — as long as you’ve been fully honest during the sale, you’ll have nothing to worry about.
Liberate your lifestyle
Running a business can be incredibly draining, requiring a lot of time and energy. As a result, you’ll likely not have as much time as you’d like to spend with your friends, family, and on your own health.
When you are selling a business, you’ll suddenly have a significant amount more free time to spend doing other things. Whether that’s taking up a sport or spending more time with your children, the choice becomes yours to make.
Make it last
If your business is something that you care about, operating in an area that you believe is meaningful, then you’ll likely want it to survive beyond your lifetime. If you can’t find someone in your family who wants to run the business, then selling a business to the right buyer can be a wonderful way of ensuring that the business lasts well into the future.
With the help of a broker such as Dexterity Partners, you can help to ensure you create a lasting legacy by passing your company into the right hands.
Financial security
Running a business can feel precarious at times, and there are a wide range of different reasons why you might require additional financial security.
Whether you’re retiring or predict that you’ll soon need to support a dependent, selling a business can provide you with access to significant amounts of cash, which can then be invested in a more diverse, risk-free array of assets.
Conclusion
These are just a few of the potentially life-changing benefits of selling a business. Essentially, with your newfound time and access to resources, you’ll be able to steer your life in whichever direction you want going forward.
Whether that looks like early retirement or starting a charitable organisation is absolutely up to you.
