Are you rolling a D20 while getting your acrylic done? Sure, you are. That’s a winning biz idea right there! But maybe you’re wondering when’s the right time to sell the business of nat 20s and pedicures for whatever reason, and for sure it’s not because you don’t think you’re making enough profit and you just want to cut your losses.
Rather, there are bigger reasons why you’d want to sell the business. Pay close attention, because this might be the right move for you.
#1: The market conditions are in favor of you selling
Selling your business isn’t bad
When you sell a business, you’re not trying to play damage control. Rather, selling a business is about benefiting you for the long term! Don’t think of it like it’s bankruptcy or not wanting to deal with the headaches of hiring, payroll, business legal regulations and all that jazz. After all, if you were so interested in starting the biz, dealing with the biz just comes with the territory!
There are moments where, though, it may be very profitable for you to simply sell the business and make a massive profit toward another endeavor. Such as:
- A stronger economy
- Higher demand for what you have to offer
- A booming industry (I mean, those D&D players are just flocking in to get their nails done)
You know what that means? Better valuation. The possibility of potential buyers.
Just be sure to position a sale during that market upswing while bearing in mind the impact it will have on your taxes.
#2: Your business is booming
Even when business is good
Maybe it turns out those D&D players are coming in droves! You can’t even turn them away. They’re just dying to get their nails done. If that’s the case, consider it very seriously — those record-breaking sales, steady profits and strong market positioning could mean that you’ll have potential buyers bidding for your business. We’re talking top dollar.
Maybe it turns out those D&D players are coming in droves! You can’t even turn them away. They’re just dying to get their nails done. If that’s the case, consider it very seriously — those record-breaking sales, steady profits and strong market positioning could mean that you’ll have potential buyers bidding for your business. We’re talking top dollar.
Although it might just be something as simple as….
#3: Because you’re up there in age, it’s just time to sell the business
Maybe it’s time for you
Maybe it’s just time to put away the multi-sided dice, you know? Personal factors always tend to be some of the biggest reasons why businesses get sold. It’s retirement, basically. So what do you do? Let the business die? Heck, no.
You keep things going, having it be a benefit for either someone else or perhaps someone else in the family. Chances are, though, if a relative’s willing to take it on, there’s no sale involved; but in the case no relative wants to mess with dungeon masters and long fingernails, potential buyers outside of your family circle may make retirement even easier for you.
#4: You might’ve already received a very attractive offer
Maybe it’s time for someone else
Here’s the thing: some offers you just can’t refuse, especially if the so-called “godfather” making that offer seems to love messing around with D&D, right? Can’t pass that up. It’s something you absolutely have to entertain.
But consider everything in your decision:
- Is it the right timing for you?
- Are you considering seller financing?
- What about the possible future trajectory of your D&D-themed nail salon?
You want to be sure the offer you can’t refuse is one you really can’t refuse.
#5: Maybe the industry you’re in is changing or innovating into something else
Maybe it’s time for something else
Here’s where you might be thinking this is about managing “damage control.” But by no means does this mean your business will ‘fail’, per se. You’re just not adequately equipped to handle the shift into something new your business needs to evolve into.
Therefore, someone else might need to take over…. Because that someone does have the means.
Maybe nail salons are looking more into Monopoly or Magic: the Gathering players or something. Buyers who have more knowledge of those games while doing nails might have more success with your brand.
#6: What if your business is growing beyond what you can handle?
Or maybe someone should take over!
Trust us: that does happen a lot. Maybe your management needs more manpower. More tech. More continuous improvement. More resources. Maybe you just don’t have that. Or you might not want to invest in all that just to keep the business going.
Whatever the case, it’s pretty clear: the dungeons and dragons are getting bigger with this business, and you need bigger parties to handle all the goblins coming at you.
Whatever the case may be, you definitely have options
It’s not that your business isn’t working for you. It is (or maybe it’s not, in which case you can try to sell the business, but you might not be too successful). More often than not, your business is thriving. So don’t be surprised if potential buyers come knocking with offers.
And don’t be surprised if you feel the urge…. To sell. Just remember: it just might be a good thing for you and your dungeon delving future.
