There arises a situation sometimes in life when you are forced to sell you business but at a profit. It could be due to many reasons. It does put you in a tricky situation because you get personally attached to it. Many a times you land into such circumstances for you failed to read or sense the warning signs.
Selling the business can be done either by placing an ad in the local newspaper or by placing an online ad and many a times through word-of-mouth. Regardless of how you wish to dispose off your business first determine if selling your business is really necessary. The following warning signs will help you understand that it is time to sell off your business.
Personal life causing hindrance to business - If you personal issues are coming in the way of your business for example if you are unable to devote sufficient time to your family , you need to set your priorities right.
Ill-health - If you business is worsening you health, it is best to put your business for sale.
Financially drained - If you are cash-strapped and rather they earning you are falling into the debt trap then to restore your finances selling the business would be a viable option.
Inheritance - If you have inherited a business for which you are not qualified, it is sensible to sell it off.
Change in lifestyle - If you are earning well through other means or if you have settled down in a new place and no longer need the business to support you financially go ahead and put your business for sale.
Damaged brand - In case you have damaged the brand name to an extent of no return; it is time to let go your business. It definitely would be a hard sale as no one would want to buy a business having a bad name. So the earlier you get rid of it the better it would be.
Disinterest -Selling the business is the best option if you have lost complete interest in the business. Selling it will atleast save you from incurring loses.
Conflict of interest - If you business partner have very storing difference of opinion and you both don't see eye-to-eye with each other, selling the business would be a wise option.
Always try hard to save your failing business before deciding to sell it off. But if selling is inevitable go ahead.