Burnout affects many business owners. Sometimes the best solution is to sell the business before it begins to suffer as a result. While potential buyers may find business burnout an unlikely reason to sell, it is considered a valid reason. Cashing out sooner rather than later will help you avoid devaluing your business and being forced to compromise on the price. If you are ready to talk to an experienced professional, our New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Massachusetts and New Haven business brokers can help you.
The Signs of Business Burnout
At some time or another, every business owner feels stressed out and overwhelmed. So, what is the difference between stress from a temporary rough patch and true business burnout?
- Feeling overwhelmed all the time.
- There is no enjoyment or satisfaction in your efforts anymore.
- You feel exhausted every day instead of invigorated or inspired.
- You begin to resent your staff because you believe you are the only one working hard.
- You find yourself irritated frequently even at the smallest setbacks or problems.
- You are creatively drained and only see problems with the business but no solutions.
If you are a business owner running a one-man-show and the smallest tasks and decisions become too daunting to face, you are likely facing business owner burnout. If it continues unchecked, this condition could lead to a going-out-of-business sign in the window.
For larger companies with staff, if the owner is feeling burned out, these feelings will more than likely trickle down and begin to erode employee morale. Productivity could begin to decline. Your goods or service could go down in value with it.
No matter how successful your business is, the sheer effort of keeping it going day after day for years can become draining and lead to burnout. If that is the case, recognizing the situation and be proactive. Preparing to sell before the business suffers a serious decline could be the best option. The first step is to receive a business valuation in New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Maine, or Massachusetts. This will give you valuable insight into what a fair market price for your business would be.
Get Help from a Business Broker
If an extended vacation, leave-of-absence or business plan restructuring does not bring back the pleasure of owning your business, don’t wait. Instead, enlist the help of a business broker to help you sell your business before it begins to suffer. Just making the decision to sell and knowing you have an experienced partner to help you through the process will most likely lift your spirits and give you a sense of relief.
An experienced business broker will help you properly prepare. He or she will position you to sell at the best time for the optimal price. While selling your business is not an easy task, it is certainly easier than living with business owner burnout and potentially dragging your business down with you. If you think you may be experiencing burnout, please feel free to reach out to one of our New Jersey, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Massachusetts or New Haven business brokers. Click here for more information.