How Do You Know It's Time to Sell Your Business?

seller tips Aug 01, 2024

When you've built a restoration business from the ground up, deciding to sell is no small choice. There will come a time when selling is the right decision, but how do you know you're there?

There are two key factors that indicate it's time to sell. We'll talk about the stage of your business in another post, but the second indicator is very personal, and sometimes much easier to spot. Let's talk about how to know if it's time to sell your restoration business and step out of the owner role.

Motivation Decline
One of the first signs that it may be time to sell your business is a noticeable decline in motivation. If you find yourself lacking the drive you once had, it can affect your ability to lead effectively. Your passion fuels your team and business growth. When that passion wanes, it’s a clear indicator.

Stagnant Growth
A business that isn't growing is a sign of stagnation. Whether you're losing market share or falling behind in technology, this can be a big red flag. If the thought of keeping up with industry changes feels exhausting, it might be time to consider selling.

Being the Best Shepherd
Think about your role. Are you the best person to lead your business? A good leader, or shepherd, forges the path for employees and customers. If you find yourself ignoring innovative ideas from your team or failing to act on growth opportunities, you might not be the best shepherd your business needs.

When I sold my business, I knew for months that my motivation had dipped. I realized that I wasn’t the best operator anymore. This self-awareness is crucial. Acknowledging this can help you make the right decision for your business, employees, and customers.

Deciding to sell is a big decision. Look at your motivation, business growth, and your role as a leader. If you recognize these signs. Remember, being honest with yourself is the first step towards making the best choice for your business’s future.

Does this resonate? It might just be time to take the next step and get some clarity on taking those next steps to sell your business.

SCHEDULE A CONFIDENTIAL CONNECTION CALL

FREE GUIDE

Grab Why, When & How to Sell Your Restoration Business and learn about the six success drivers to prepare your business for sale.

Download the Free E-Book

STAY CONNECTED

Join the RBA e-mail list, and Gokul will drop in a few times each month with important market updates and strategies for preparing to sell your business.

We hate SPAM. We will never sell your information, for any reason.

About Gokul Padmanabhan

Gokul has spent his entire career as a small business owner like you. He learned a lot throughout the process of starting, growing, and selling several businesses. One important lesson: most business brokers didn't add much value to the process of selling his businesses because they didn't understand them.

So, he became a business broker and immediately learned another important lesson: to really understand the businesses you sell you need to specialize in a single market.

So, he specialized in selling restoration businesses, and so was born Restoration Brokers of America.

After more than 15 years of evaluating and selling restoration businesses, RBA has learned another important lesson: most businesses we see can be worth hundreds of thousands of dollars and, sometimes millions, more if the owner will manage his or her business a bit differently as they prepare to sell.

We call this Managing for Value. It's not complicated. It's not difficult. It's just different.

Links

Learn about our Our Proven Methodology

Learn about Who We Are