Options for Getting Out of Your Business

Getting Out of Business

Hello, pals! Every founder or entrepreneur, at least once, for the entire life, had the intention to get out of the business. If you are reading this article you maybe also the person who wants to do so. So, let’s get started.

Reasons

Before diving into the means and ways of getting out of the business, we need to understand the reasons for such a brave move. I usually define several reasons for that:

1. Retirement

Everybody wants to have some rest, especially when it is time to go to retirement. We all know that having a business of any type is rather stressful and takes a lot of nerves and effort. When you go to retirement you have already enough money on your bank account and don’t need to worry about them. You can do what you want and you don’t need to maintain and control everything.

2. Crisis

This reason is obvious because you will probably close your business and lose everything there. So, this reason has a strong impact, especially in this tough time.

3. Lack of motivation

Sometimes it happens such a thing. The owner does not have any energy or motivation to create, develop because he or she has no sense in it. The owner is bored and wants to have a rest. That is why he or she gets out of there and it will be the best decision. Why? Because, when the owner has no energy and fire in the eyes, the company will be dying until its end.

4. No funds or debts

This reason is for those who like to take too much in their own pockets without additional investment for the development of the business. You take too much money, your company stops to grow and develop, and eventually, it will be crushed.

Options

There are dozens of ways how to get out of your business, but I will limit myself just with several of them which I consider being the most spread.

1. Close or liquidate the business

This is a rather radical method. Because you will actually lose everything and will have to start just from the very beginning. This is actually the best option when you have debts or you are not interested in your business and want to get rid of that.

2. Sell it

This a rather good option and the most profitable one. You can sell it to anybody who is ready to pay for it. For example, it can be your own employee who worked loyally for you and deserves it, it can be your family member or business partner if you have one or you can just sell it to the third party. What to do is up to you.

3. Gift it

When you can sell the business why can’t you gift it to someone. It can be also everyone you want or even some organizations like charity funds or something like that.

4. Lease it

If you want to get out but not lose anything this is your option. This is easy. You find the person or organization that really interested in your business and make a lease-to-own arrangement with them. You will get the passive income, the business is still yours but you don’t have the usual daily headaches of the owner.

Conclusion

There is a ton of reasons for getting out of the business and you may have your own for sure. As for options, the situation is the same but in my opinion, the main ways to get out are:

  1. Selling;
  2. Gift it;
  3. Close or liquidate it;
  4. Give into leasing.

I hope you liked this post and found the information you needed. Have a nice day and stay safe!

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