Owning a business can be an experience that is both rewarding and challenging. It's not unusual for business owners, at one point or another, to consider the idea of selling, but how can one know for sure that the time is right to move on? A good starting point is to consult an attorney who practices business law, so you'll understand your legal rights and options. First, however, learn about a few common signs that selling a business may be the next, right step to take.

How to Know When You Should Sell a Business

1. You Don't Want to Take any More Risks

Starting any business is a risky venture, full of potential hardships and stressful what-ifs, but if you've started a successful business, then you've already overcome a lot of these risks. However, there are always new risks to assume as a business owner, such as forgoing a steady paycheck, sacrificing personal capital, gauging shifting public interest, and giving your personal time to the business. If you've grown averse to risks like these, it may be time to sell the company.

2. You've Burnt Out

Burnout is a valid concern for business owners. Running a business requires a massive amount of personal investment, not all of which is financial. Much of it involves time, energy, and commitment, far beyond a typical nine-to-five workday.

If you've reached the point of exhaustion or frustration with your business and dread the idea of going to work in the morning, consider it a red flag. Selling may be the most sensible solution, and a business law attorney will ensure all of your hard work has not been in vain.

3. Your Business Has Increased in Value

A business that provides a useful, popular service or product can increase its revenue and value, which makes it appealing to potential buyers. Sometimes, a buyer might extend an offer that is simply too good to refuse. Perhaps you're nearing retirement, and the money would be a nice nest egg, or you're looking for a career change, and the money could help during the transition period.

You could also require extra financial support, and the money would provide some welcome stability. Whatever the reason, an acceptable offer on a valuable business may be the sign you need to move on.

Let a business law attorney guide you at every step of the sale. Luke A. Weiland, Attorney at Law, represents clients throughout the Wisconsin Rapids, WI, region. He offers legal services in business law cases, real estate transactions, estate planning, debt collections, and other issues. Call (715) 422-6808 or visit his website to schedule a consultation.