Being in business for yourself is not as easy as some people think. The first three years are the most difficult. If you can survive and keep going, you can eventually enjoy some success. However, it comes with some high costs too, and not just financially speaking. When you decide that you have had enough, and want to get out of your business, here is what you should do.
Sell, If You Can
If your business has any worth, sell it. There is always a market for businesses that others might be interested in owning. Of course, until you sell it, it means that you have to keep running it and keep it going. This may add to your sense of exhaustion, as it could take more than a year to sell. Hiring a business broker can help speed up the process.
Hire a Business Broker
The business broker works with you to sell your business faster and, hopefully, for the most money you can get. The nice thing about hiring a business broker is that you can sit back and continue to manage the daily operations of your business while the broker handles the promotion, advertising, and sale of your business. It is outsourcing at its best.
Have a Partner Step in For You
If you absolutely cannot come into the office anymore, have a partner step into your shoes for you. He or she can manage daily operations in your place. If you do not have a partner, take an extended vacation of about two weeks. Sometimes a refreshing break can help you put things back into perspective and keep up with the demands of your business until your business broker has successfully sold it.
Transfer Your Share of the Business to Others
If you still want to profit from the sale of the business, but you want to get out of it now, write up a legal document that allows you to transfer your share of the business to others working for and with you. Keep your name on the business as a silent partner so that you still get the profits from the sale of the business. Then you are completely out of the game, with the exception that your name is still legally on the business and that you will get your share of the profits when the business is finally sold and parceled out accordingly.
For more information, contact your local business broker services.