Over time, many entrepreneurs find that the business they worked so hard to bring to fruition no longer entices them the way it once did. According to Accountant Online, the number of entrepreneurs under 40 selling rose by 23% compared to the previous year. HR News suggests that one-fifth of business owners plan to sell all or parts of their company within the next two years.
What are your options if you’re not feeling passionate about your business anymore or you have an itch to scratch and try your hand at a new venture?
Sell
Selling your business is one of the most common ways to move on once you have done everything you want to or can do with your company so far. It’s a path that offers a sense of relief, knowing that the company can move on without you and enter a new area to realize its full potential. Business advisors can help you through what happens next and assist you with valuations, sales, and more to get you to a position where you’re ready to leave and the company is in good hands. It’s crucial to seek professional advice when considering these options to ensure a successful transition and the best outcome for you and your business.
Pivot
If the thought of starting from scratch isn’t enticing, but neither is what you’re currently doing, putting plans in place to change what you do and how you do it can give you a new challenge to sink your teeth into without having to work from the ground up. Pivoting is an exciting opportunity for growth, allowing you to implement regulated changes and shift direction so that you can incorporate new ideas and passions without totally losing everything you have worked so hard for. This is not always possible, depending on what you do, but it’s an option and it’s a great compromise.
Take A Step Back
Staying in control and associated with the business but taking a step back and letting others take the helm is a way of still keeping things going but not being as hands-on as you once were. This way, you still get to be a part of the company while pursuing new avenues. You can appoint a new management team to take over the day-to-day operations while still getting involved and being a part of the company. Alternatively, you can sell but retain control of one aspect, giving you the freedom to talk about the business and why you love it without having to be in charge. This process involves careful planning and communication to ensure a smooth transition and maintain the business’s direction.
Close It
Lastly, for this post, if you really don’t have any desire for what you do and you don’t want to see someone else in charge or even sell it, then it’s time to disband the company before it falls apart naturally due to your lack of interest or passion for the work. It’s not always the best option, especially if you have people working for you; however, if the love isn’t there, it’s simply best to prioritize your well-being, cut your losses, and walk away before things crumble around you.
