All good things must come to an end. And sometimes things that aren’t going well have to come to an end too. Running a business is a lot of hard work. Sometimes you can find success and sometimes you aren’t so lucky. But whatever happens, you may one day want to exit your business. Some people choose to write an exit plan so that they know exactly when and how they want to move on. Others don’t plan so far ahead and just wait to see what happens so they can make a decision in the future. If you’ve decided it’s time to move on, you need to consider what’s next.
Close Up Shop
It won’t be the right choice for every business owner, but closing your business is one possibility if your heart is no longer in it. It could also be the best option if your business is struggling. It’s common to liquidate a restaurant and use the assets to pay off remaining debts. Closing your business might be the right choice if it’s not doing very well and your business isn’t worth much. If it’s unlikely that there will be much interest in buying it, closing for good could be the right option.
Sell Your Business
When your business is valuable, selling it could be a better option. It will ensure you walk away from your business with something to show for it. If you’ve spent time building your business and making it successful, you can benefit from all your hard work by selling it to the highest bidder. Of course, you have to find the right buyer and you might feel rather protective of your brand. Working with a business broker and ensuring you have the right legal and other support is important if you want to get the process right.
Run Your Business from a Distance
You don’t necessarily have to get rid of your business if you no longer want to be involved in it from day to day. Another option is to take a step back and have your staff run it for you. You can remain the owner and still profit from your company while other people take care of all of the daily operations. This can be a long process if you haven’t already started, but you could eventually step back and let the business run without you.
Pass Your Business On
Selling your business to a stranger isn’t necessarily what you want to do, but you could consider passing it on to family instead. You might have adult children who want to take over, or there could be other family members who want to get involved. This is a way to keep your business somewhat close to you without having to run it yourself. You could remain an owner but take a backseat, trusting your family to run the business instead.
When you feel like it’s time to get out of your business, you have a few options for what to do next. You can decide which is best for you.