The Pros and Cons of Selling Your Business in Colleyville TX
You will see many ups and downs in your professional life after you enter into an entrepreneurial venture. Since you are reading this, chances are you already have an established business and are deciding whether you should or shouldn’t sell your business in Colleyville, TX. Making that fateful final decision may be difficult for you but you may find it easier to make that decision once you go through a list of pros and cons of why you should sell your business in Colleyville, TX.
Pros
1. Venturing into new Territory while cashing in the returns
Regardless of the age when you started your business (whether you were 18 or 35), you put a lot of effort into it so that it could reach the level it is at currently. Selling your business gives you the opportunity to venture into new territory if you still have that passion and drive to learn and take part in a new industry. The money that you get when you sell your business in Colleyville, TX will provide you with that financial cushion you need in order to figure out your next step in your journey into the new business territory. You may be immensely motivated to make your mark in another sector of business and that is why you want to sell your business in Colleyville, TX.
2. Getting a clean slate
The feeling of being on your toes when you are trying to figure things out on your own for the first time, the chance to meet new people and develop professional networks, dealing with expenses such as premises and equipment as well as building customers, doing many things at the same time all while trying to manage the balance of home and work life. Such was the life of many an entrepreneur who started off.
You may feel that you are becoming complacent and comfortable in what you are doing and where you stand in your current industry, and you yearn for putting in those extra hours provided you still have the energy and drive for doing so. You can sell your business in Colleyville, TX and get a clean slate in a new industry, with the added advantage of already having experience with entrepreneurship and all its hardships. You can avoid the mistakes that you made in the past while you make new contacts and meet new customers, and get accustomed to the situation of the market as well as its ebbs and flows.
3. Your retirement is financially covered
You may sell your business in Colleyville, TX because you need to retire, or maybe because you find that you don’t have the energy you once had for making those hard decisions necessary in order to run the business. You can sell it to a third party whom you can educate about the industry a little and gain the financial fruits of the hard work that you put in all those years ago and spend it on your retirement. You may also sell it to someone within the company who already has that business knowhow so you don’t have to put in that extra effort.
Sure, your financial benefits may not be that mush but you can still have a small but significant part in your company as an advisory member so you can still see what is going on in your former company after retirement.
Cons
1. Missing the old business
You may not realize it now, but when you sell your business in Colleyville, TX you may find that you missed the power and control you had in the old business.. When you have built something from ground up, you get attached. You are likely to realize that you miss the routine you had; the free time, the same employees and workers you saw working diligently at their positions made you feel proud and you miss that feeling of pride. Additionally, you may also believe that the industry you left has experienced a boom and the business you sold is now worth more than when you actually sold it.
2. Problems with valuation
When you sell your business in Colleyville, TX you may miss some key aspects in the valuation, making the company worth a lot lesser than what it actually is. Have professional brokers like Kirksey Business Brokers do a complete and diligent valuation of your business for you, including aspects such as investments that are close to maturity, patents and trademarks, business contracts anticipated in the near future, goodwill intention letters from clients and more.
You may even set the terms of the deal too harshly for yourself, like signing a non-competence clause in the agreement, which can prohibit you from establishing a company in the same sector as the one you just sold. So be careful when you sell your business in Colleyville, TX.
3. Having help with routine tasks and lack of free time
You will realize that you had people like secretaries or assistants to do mundane and routine tasks like troubleshooting computer problems, or take in calls from clients etc., like never before. They can also add to one’s woes as an entrepreneur. You need to evaluate yourself and see if you still have that drive and motivation to start with a hectic routine associated with a new entrepreneur. People often do not anticipate this change well and soon realize that they had already become complacent with what they had and were taking all those facilities they had for granted.
So don’t make the mistake of taking on too much at once when you sell your business in Colleyville, TX and try to evaluate if you can manage doing all of the tasks that you will have to do, by doing some of them yourself while your business is still in your possession.
Working with a team you are accustomed to may seem like something ordinary but it is not. When you have to work with people who are new to you and when you have to build relationships and networks from scratch, it can be very difficult and tiresome. Some people later realize how frustrating and stressful it is to start a new business in a new sector from scratch after they gave their old one up.
At the end of the day, it’s your decision: whether you want to set out on a new journey or stay in the comfort zone you have created over the years.