Timing is essential for most things in life. Whether you’re thinking of starting a project, going for an advanced degree, or trying to sell your business, timing is paramount. Today there is something of a silver tsunami permeating the world. It’s the name given to the influx of baby boomers reaching the retirement age around the world. This means there will be a huge portion of the world’s population looking to retire or to sell of their business in a few years. According to a survey of business brokers in 2016, 54% of baby boomers plan to exit the work industry in the next ten years.
Hence, a lot of businesses will be hitting the market to be sold in a few years and with that will come the inevitable question for many in the market, “Is it the right time for me to sell my business?” The answer to that question may be a resounding yes. Right now may be the best time to sell your business and to find out, you should approach a business broker.
Burnout
There are a lot of indicators of you willing to move on from your business, but none can be as telling as suffering from burnout. It’s possible that you’ve had it and you don’t have it in you any more to run a business. This isn’t anything to be ashamed of and is a natural part of life. Man was never supposed to work his or her entire life. There has to be a break at the end of it so that the enjoyment of life can commence and some fun can be had.
However, what may be a bigger indicator is your inability to keep up with the times. It has happened to countless generations before and will keep happening to generations after you. If you find that you simply can’t keep up with the technology and can’t see the genius in implementing newfangled techniques then you do need to step aside. Failing to move on can cause your company to lose business and can leave room for competitors to jump up and take the lead in innovation.
The Unpredictable Economy
With the economy transitioning to a service economy and a pay as you go model rather than an economy focused on owning products and individual ownership, there is a chance that you may not know how to adapt to it. The economy today has focused on a totally new model that has to be experienced and adapted to in order to function in. Hotel chains and taxi rides are old hat while Airbnb and Uber are in. Streaming services like Netflix and Spotify are on the rise and music downloads and Blu Ray discs are going out of business. And the craziest part is, most of these services aren’t yet profitable, yet they’re ruling the world.
This may be an excellent indicator that you just can’t cut it because you don’t understand these business models.
Serdar Kabul