26 Jun How Do You Know When It Is Time To Sell Your Company?
Even in the best of times, it can be difficult to know when to sell your business. Every florist has a different journey that got them to where they are today. Below are some things you may want to consider, when thinking about selling your flower shop.
1. What motivates you: passion or exhaustion?
For someone running a small business, it can often be an all-encompassing affair, with emails, invoices and all sorts of notices coming in at all hours of day. Small business owners start their businesses because it is their passion, and this passion is often used to fuel long hours and personal sacrifices. However, this fuel cannot burn forever and you might find yourself more tuckered out than driven to continue on. If you find this to be the case, then it might be time for you to find a new florist to take things over. Your flower shop is an incredible accomplishment, but it is important to know when to pass the reigns.
2. Are you meeting the bottom line? Does your business make sense?
All of the passion in the world won’t make ends meet if you business isn’t moving enough flowers to keep the lights on. All businesses need to be taking in more money than they spend, otherwise they will quickly find themselves out of business. If you aren’t meeting this hurdle, you won’t be in business for long. Secondly, you want to be running a business that you want to work for. Your shop can take up huge swaths of your time, and if you aren’t happy being there then it might be time to think about making an exit. Work is one of the largest activities in our lives, and we should do as much as possible to enjoy it (or change lines of work.)
3. Do you have the team that you need?
A business is only as good as its employees, and good employees can be hard to come by. Not only are good employees scarce, they can also be expensive (particularly if they have specialized skills.) If you are understaffed or can’t afford to pay for the staff needed to meet your business goals, then this is another clear sign that your business is in trouble.
4. Can I deal with the risk of running a business?
For younger entrepreneurs fresh out of college, with little to no obligations, it may be more palatable to take on a high-risk venture like running a business. As people get older and start families, suddenly that high-risk, high-reward proposal of running a flower shop can be less appealing. Older, more established people might find themselves favoring the reliability of a steady paycheck without the tribulations of running a business.
5. Is there a buyer for my business?
If you find yourself leaning towards exiting your floral business, you don’t necessarily need to shudder the doors and close the shop. Finding a buyer for your business would allow you to make an exit while also keeping your legacy and employees intact, rather than facing an eventual decline or potential bankruptcy. For this reason, many people trying to transition out of the floral industry and other small businesses have chosen to sell their businesses and make a personal exit, leaving their shop running for a new owner.
If you’ve already made your decision, and it’s time to sell your flower shop – South Florals is here for you. We’re here to handle everything for you, so you can focus on the next phase of your life. Contact us today to discuss your unique case.