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Once upon a time you ambitiously started a home service business. But circumstances have changed, so you may now be asking yourself, “Should I sell my home service business?” Owning and running your own business can be rewarding and deeply meaningful. So, the decision to sell your business can be a challenging one. Thus, you will want to carefully consider the factors and timing. 

Reasons to Sell My Home Service Business 

There is an extensive range of reasons why an individual owner might say “It’s time to sell my home service business.” The reasons can include retirement, serious health conditions, losing passion for the business, getting burned out and needing a change of pace, facing a divorce, dealing with partnership disputes or partnership dissolution, facing a lease expiration and deciding that it is not appealing or appropriate to renew for another term, facing a daunting position of undercapitalization, facing an undesirable position of investing additional long-term capital, finding that the industry is shrinking, dealing with substantial new competition, and facing the demands and challenges of new technology. Additionally, perhaps the business has outgrown you, or maybe you’ve outgrown your business. Or perhaps an amazing opportunity popped up to sell the business and reap a long-awaited cash-out “prize.” 

When Should I Sell My Home Service Business 

Of course, knowing when to sell depends on the conditions faced by the business owner and the reasons that he/she may be considering. The key is to choose the most advantageous timing so you can get the most value possible. That is when business revenues are on the upswing, when industry conditions are strong, when interest rates are as low as possible, and when there are plenty of potential business buyers in the marketplace.  

Here’s when you shouldn’t sell your home service business: 

  • When you are still healthy and still have great love and passion for your business. 
  • When the business fundamentals are sound and revenue opportunities are positive. 
  • When you don’t have problematic “baggage” that pushes you to sell prematurely. 
  • When the market is in a major downturn. 
  • When potential buyers are the wrong buyers; those that won’t ensure the long-term success of the business you have energetically operated.  

Steps to Sell My Home Service Business 

When the timing is right, consider these steps to sell my home service business: 

First, when you have made the decision to sell your business, prepare for the sale as early as possible; perhaps a year or two ahead of time. That will enable you to have the very best conditions for a sale so that the sale is most profitable to you. 

Second, work with a business appraiser to determine the worth of your business so you can get the right price, one that is neither too high nor too low. 

Third, consider using the services of a business broker so that he/she can focus on finding and securing a beneficial sale and so you can continue to focus on good business operations. 

Fourth, assemble the appropriate documents for a sale.

Seek Professional Business Coaching Assistance 

Contact Blue Diamond Consultants, doing business nationwide. Our coaching services are based on extensive experience through previous success for home service provider businesses. Let’s discover what your business needs to grow and maximize it’s value as you prepare to sell.