January 6, 2015

Questions to ask yourself before selling: Can you handle change?

Making fiscally responsible decisions when it comes to your company can be difficult. Not just because finding the right time to sell for the market or your business' earning potential can be a difficult balance to reach, but also for the emotional factors at play. Sometimes, executives and leaders can't see that their shortcomings could hurt the company, or that their strengths are not what the business needs most.

Evolving technology and the changing landscape for most industries makes selling and merging a real consideration for most business owners.

According to Entrepreneur, "Rapidly changing technology, increasing globalization and other business trends can prove too much for some business owners. Keep your eyes trained three or four years down the road, and if you don't believe you can keep up, sell before your failure to adapt catches up with you."

It is also a good point to keep in mind that you should give yourself anywhere between one and five years to prepare your company for sale. Which means you have time to adapt to technological changes and evaluate your own staying power in your current role.

This has been a major factor for small businesses and mom and pop shops that have failed to comply with the growing need for companies to have social networking and a substantial online presence. Executives who fail to adapt and adjust can put their whole operation at risk because of the inability for the business to grow and evolve.

For people who find it too emotionally difficult to leave, waiting too long to sell could have your company passed over by market leaders or investors. Business mergers are a lot of work, and require substantial consideration before you make the decision to sell. Be sure you have asked yourself all the appropriate questions before committing one way or another.