Good to Great: How to Scale With an Outsourced CFO

After years of long hours, relentless commitment, and a few sleepless nights, a question like this can really be difficult. Your business can be like a child. You have loved it and tended it like a parent, and you have been the one responsible for its failures and successes.

A business is the result of a good idea, careful planning, and assiduous execution, but at some point, you’re probably going to want to move on from it. Whether you’re thinking about retirement or just ready to spend your time in another pursuit, selling your business can be a good move.

Take a look at the following reasons to sell a business to find out if selling your business is right for you.

 

You’re Burnt Out

Running a business can be overwhelming, and many business sellers cite burnout as a reason for stepping aside. If your business is taking over your personal life, keeping you from your family, or adversely affecting your health, you might want to consider selling. This is especially true if you have begun neglecting key operations of your business. It’s better to sell when it’s doing well than to let it begin to fall apart.

 

Revenues Are Declining

Revenues can decline for lots of different reasons that are outside a business owner’s control. For example, a high jobless rate in your community or an industry economic downturn could make your company less profitable. Some business owners want to ride out these tough economic times, but others prefer to sell while they can and move on to other opportunities.

 

You Want to Try Something New

Business owners are entrepreneurs by nature, and entrepreneurs are always looking for opportunity. When you see a great opportunity come your way, it’s only reasonable to want to pursue it. Selling your current business can give you the freedom and capital resources to pursue your “next big thing.”

 

You’re Facing Inter-Business Conflicts

Partnerships start with lots of hopes, but they don’t always end well. If partners or other key leadership just can’t agree on how the business should be run, it can be best to divest and go separate ways. A fresh start for each of the partners can be just what they need to fulfill their hopes and start anew.

 

You Want to Retire

There are several ways to retire when you own a business. You can leave the business to a family member or colleague through succession planning, or you can sell the business and use the funds to finance your retirement or aged care. If you need access to a lump sum or you want to completely wash your hands of the business, selling is ideal.

If you’d like to talk through your personal scenario with an expert, reach out to us at Altus. We have the experience and industry knowledge to walk you through your big decision. 

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