{"id":88774,"date":"2023-01-16T14:51:00","date_gmt":"2023-01-16T18:51:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=88774"},"modified":"2023-01-18T11:06:00","modified_gmt":"2023-01-18T15:06:00","slug":"reasons-to-sell-a-business","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/reasons-to-sell-a-business\/","title":{"rendered":"Reasons to Sell a Business (+ How to Make It Sellable)"},"content":{"rendered":"\n

What are the reasons to sell a business<\/a>? Should you hand over the responsibility to someone else?<\/p>\n\n\n\n

Built to Sell<\/em> by John Warrillow takes you through the process of running and selling a profitable small business. One of the biggest reasons why you should consider selling your business<\/a> is because it gives you multiple options in life.<\/p>\n\n\n\n

Let’s look at a few reasons why you should consider selling your business to the highest bidder.<\/p>\n\n\n\n\n\n\n\n

Why You Should Build a Sellable Business<\/strong><\/h2>\n\n\n\n

Warrillow argues that no matter the position you or your company is in, you should strive to build a business that you can sell. One of the reasons to sell a business is that a sellable business is a valuable <\/em>business<\/strong>. The qualities investors look for when purchasing a company\u2014high-profit margins, low risk, room for growth\u2014benefit any business or business owner. <\/p>\n\n\n\n

Another reason to build a sellable business is the options it gives you. You may not want to sell your business<\/a> now, but a lot can change quickly in the business world and in your personal life. You may, for whatever reason, suddenly need the money from the sale. You might one day realize you don\u2019t enjoy running the business anymore and want out. Knowing that you can sell your company on short notice leaves these options available to you. <\/p>\n\n\n\n

(Shortform note: Though you want to build a business you can <\/em>sell, that doesn\u2019t mean you should start a business<\/a> with the sole intention of selling it, as the authors of Rework<\/em><\/a> <\/em>argue. They write that first of all, the chances you create a sellable business are small<\/a>\u2014in fact, 45% of small businesses fail outright within their first five years<\/a>. Second, you\u2019ll be more focused on selling the business than building a strong brand<\/a>, which might even lead you to neglect the facets of your business (like growing profits and lowering risk) that make it sellable. So, ironically, starting a business only to sell it might make such a sale unattainable.)<\/p>\n\n\n\n

What Makes a Business Sellable<\/strong><\/h2>\n\n\n\n

Warrillow claims that the main attribute that makes a business sellable is its ability to flourish without the owner. A business that doesn\u2019t rely on the owner, or any other single employee, will look much more attractive to potential buyers<\/strong>. <\/p>\n\n\n\n

Many small business owners become so intertwined with their company that the company can\u2019t function without them. When customers are used to dealing with the owner, and employees can\u2019t do their job without the owner present, it can be hard for the owner to leave for a week\u2019s vacation, much less leave it altogether. No buyer will be willing to purchase a business so dependent on one person.<\/p>\n\n\n\n

To build and sell a company that can run without you, Warrillow lays out a step-by-step process, which involves finding the right product or service to sell, generating a positive cash flow, and hiring and training the right employees and managers.<\/p>\n\n\n\n

The Personal Toll of Running a Business<\/strong><\/h3>\n\n\n\n

Another reason to build a business that can function without you is that carrying sole responsibility for its health can take a toll on your<\/em> health. In The E-Myth Revisited<\/em><\/a>, Michael Gerber writes that in the early stages of opening a business, many entrepreneurs become burnt out trying to do everything themselves<\/a>. As owners try to keep their new business afloat, they\u2019ll often become overworked and disillusioned by the realities of being a small business owner. Many businesses fail at this stage because the owner can\u2019t keep up.<\/p>\n\n\n\n

Instead of working yourself to exhaustion, it\u2019s better to take a strategic view of your business. Be honest with yourself about how much you can handle and where you might need help. As a business owner, you need to remember that the goal is to grow the business, and usually the best way to do that is to hire help when you need it. Don\u2019t fall into the trap of feeling like you have to do everything yourself because it\u2019s your<\/em> business.<\/p>\n","protected":false},"excerpt":{"rendered":"

What are the reasons to sell a business? Should you hand over the responsibility to someone else? Built to Sell by John Warrillow takes you through the process of running and selling a profitable small business. One of the biggest reasons why you should consider selling your business is because it gives you multiple options in life. Let’s look at a few reasons why you should consider selling your business to the highest bidder.<\/p>\n","protected":false},"author":14,"featured_media":82935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,79,103],"tags":[854],"class_list":["post-88774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-entrepreneurship","category-sales","tag-built-to-sell","","tg-column-two"],"yoast_head":"\nReasons to Sell a Business (+ How to Make It Sellable) - Shortform Books<\/title>\n<meta name=\"description\" content=\"Selling your company is a big decision to make. 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