Bye Bye Business! 5 Reasons Why You Might Want To Walk Away

You probably started up your business with no thought of ever leaving it. After all, you pour your heart and soul into it, not to mention all of your time and the contents of your bank balance. Of course, you are not going to ever leave it!à

Sadly, that is not the case.

At some point, you will leave it, whether that is a choice you make or whether it is one forced upon you. There are plenty of reasons for that, and this is what we are going to look at in this post.

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Unstable economic conditions

Dire economic conditions are a common reason for the closure of a business. Weak national economic performance – mostly due to recession or depression – adversely affects the company’s operations. Some business sectors can face more extreme downturns due to poor economic conditions than others.  Businesses in durable goods or luxury industries can face the worst of the tough conditions and economic downturns.

Poor health

You may find that your health is declining. If you find yourself in this position, it may be time for you to find a way out of your business. You may also have a debilitating health condition, such as a heart attack or cancer. If this happens, the one silver lining is that you are likely to get full market value for your business.

You get bored

If you have been running a company for a long time you may be bored and looking to move on to pastures new.  You may find yourself thinking that there are other things that you would much rather be doing. If this sounds like you, it might be the right time for you to take a good long look at moving on and do something else before you get completely disillusioned.  However, before you do that, make sure you know what your new ventures are and have a business succession planning strategy in place.

Retirement

This choice is more based on your age than getting fed up with running your business or being forced out for one reason or another. Perhaps you have hit the age of 65, 70 or even higher. This is the sort of age that people tend to retire before their health and mobility deteriorate too much.

Time to diversify

Many business owners and entrepreneurs tend to put all their eggs in one basket when it comes to their money, maybe because when they first started up, that is all they had the funding for.  However, as your business grows and you have more money to invest, you may be thinking about diversifying your assets – and that really is not a bad idea. When you are in this role and your business is worth a decent amount of money, exiting your company could be an easy decision to make.

Whatever reason for exiting your business, you need to ensure it is either in a good position to sell or have someone ready to take on the reins.

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