Exit Signs: Is it time to exit your business? How do you know? Signs it could be time to sell, close, or transfer your business.
Entrepreneurs know how to get into business, but many aren’t sure how to get out of a business. Or more importantly, they aren’t sure when they should exit their business.
The signs may be right in front of you. Here are some things to consider. Do any of these exit signs resonate with you? If a lot of them are present, it may be time to reevaluate your exit strategy. (You do have one, right?)
Internal signals involve things that are happening inside your company and are largely within your control.
External signals involve things that are happening outside your company and are largely outside of your control.
Consider this list a starting point for determining whether or not you need to look into shutting down your business. Did you answer yes to just a few? Are the feelings or situations temporary? Is there a pattern that keeps repeating itself? Saying yes to a lot of these exit signs could mean it’s time to exit your business. Saying no to most of these could mean you just need to make some adjustments to get things on track again. Understanding the lifespan of your business is key to knowing when it’s time to sell, close or transfer your company.
Starting a business is hard work and challenging. Exiting your business is hard as well. You were driven to become an entrepreneur, acquiring the skills to exit your business will free you up to do the next big thing in your life.
Bill Ross is a business coach and consultant offering small business owners and entrepreneurs advice and support to help them achieve their goals. Learn More