The ‘triggers’ that start a business ownerconsidering a sale or exit?

The moment when it hits you . . . . .

For many business owners, the idea of selling or exiting their business doesn’t arrive as a lightning bolt. It starts during quieter moment, perhaps on a holiday, after a long week, or when a big change happens in your life (or someone close to then).

And once the thought appears, it doesn’t generally disappear e.g. “Could NOW or SOON be the time?”

There are plenty of reasons why that question for a business owner suddenly surfaces. Some are personal, some are business driven, and others are simply discussions with family, colleagues or professional advisors.

What DOES matter though is recognising these ‘triggers’ early, and (in my view) deciding what to doabout them – NOW! SO what are these ‘triggers’ for a typical business owner ?

1. Age and time in the business
   For some, the trigger is straightforward: you’ve been running your business for perhaps 5, 10, 20 years or more.
   
   Perhaps you are approaching retirement age, or perhaps you simply don’t want to spend the next decade dealing with the relentless demands of running a business.
   
   The reality?
   
   You WILL leave your business at some point, better to leave with a ‘life changing’ cheque, than in a box, or being forced out by an over ambitious family member!
   
   At some point, stepping back (or out) becomes less of a distant idea and more of a practical necessity.
   
2. Changes in the market or in your sector
   
   Sometimes the trigger comes from external sources.
   
   Markets change, technology advances, and new competitors appear.
   
   Right now, for example, the rise of AI is potentially going to reshape whole industries at speed (maybe), but it will absolutely change the business environment in some respect for SMEs.
   
   Maybe you don’t want to spend the next few years navigating those shifts or learning the language of AI. Or perhaps you feel the business is performing as well as it ever will, and the smart move at this stage is to sell or exit while things are still on an upward curve.
   
   Either way, market changes can often be the nudge that gets business owners to consider – “Better to sell on the way up than the way down.
   
3. Illness or health concerns
   
   Sometimes life has a way of clarifying our priorities.
   
   A health issue, potentially yours, that of a family member, but also one that affects a close friend or colleague, can suddenly change how much time and energy you want to continue to give to your business.
   
   It is NOT unusual that at these points, the thought of continuing to push at full speed feels less appealing.
   
   The idea of stepping back, slowing down, spending more time with family and friends or simply working on that hobby you always wanted to start – becomes more important!
   
4. Family and key personnel
   
   Sometimes, the trigger comes from the people around you.
   
   Perhaps your spouse or partner has started to grumble, younger family members have started to express an interest in taking over, or even key members of your team might be keen for more responsibility.
   
   These conversations can open doors, and identify different potential exit options for you, whether a sale, succession, management buyouts, etc.
   
   Each comes with its own opportunities and challenges, but they all start with the same
   realisation—maybe it’s not all on your shoulders anymore.
   
5. New challenges or opportunities
   
   For some business owners, the ‘trigger’ is less about endings in terms of the entrepreneurial journey, and much more about new beginnings.
   
   You’ve achieved what you set out to do, and your business is performing well, but now, a new idea, a new project, or even lifestyle change is taking more of your attention.
   
   The ‘trigger’ isn’t really that “I’m done.” It’s much more that “I’m ready for the next thing.”!
   
   Selling at this point can give you the freedom—and the financial firepower—to explore what’s next while the business is still on that upward curve.
   
6. Other triggers
   Of course, there are always other factors, that may ‘trigger’ considerations about selling or exiting your business!
   
   They could equally be
   
   • A dispute with your business partner(s)
   • A sense of burnout after a tough few years
   • The realisation that with fantastic opportunities for your business available, you just do NOT have the skills, finances or energy to deliver on these yourself . . . . .
   
   Whatever the original ‘trigger’, the important thing is to recognise it early and respond with a plan, that will make the sale or exit a (financial) success for you!
   
   Why this all matters?
   
   The moment you start thinking seriously about selling is the moment you need to start preparing.
   
   Too many owners wait around or drift along for a while until they make the decision to sell – when they should already be preparing for their exit – and the pressure has now started!
   
   At that point, you’re on the back foot—and a potential Buyer will be able to identify it.
   
   With the right preparation, those triggers are NOT problems, but instead are the opportunities to exit on your terms, at the right time, generating the financial benefits you deserve – without leaving any ‘money on the table’ . . . .
   
   Take the NEXT STEP
   
   So, what’s your trigger?
   
   Age, market changes, health, family, or simply the desire for a new challenge?
   
   Whatever it is, don’t ignore it. Use it as the prompt to start planning now, while you still have the maximum options and opportunities available to you. .
   
   START HERE AND NOW – Download our free guide Exiting Your Business: What Every SME Owner Should Know to explore your options and see how to turn that first thought into a structured plan.
   
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