So you’ve built your business up from scratch, and it’s done everything you wanted it to. Now, you’ve simply lost the desire to keep doing it anymore. Reignite your passion for your business isn’t a new concept, and in fact, a 2019 study by Vistaprint found that one-third of UK business owners have lost the passion for running their business, while a University of Manchester study found that 40% of business owners considered giving up their business in the previous 12 months.
If the passion and desire to keep things going aren’t there anymore for your small business, there are options other than closing all operations down and starting again. If you’re seriously considering moving on, these options for your existing business to carry on without can be worth considering.
Here are the Tips to Reignite Your Passion for Your Business:
1. Sell Up
Selling your business is a logical answer to removing it from your control without ceasing operations. It’s a relief to know that many viable businesses can be lucrative to others, and people are always looking for a new venture to invest in to help them make their own decisions, whether via a new or established idea. An established business is an attractive proposition for any entrepreneur, and companies like Top Dollar Exits can advise you on how to position your company to be as attractive as possible to potential buyers and get top dollar for it.
When it comes to selling your business, you have two main options. The first is an outright sale, where a buyer pays the asking price, and you relinquish control immediately. The second option is a gradual sale, where the new owner may not be able to afford an outright purchase. In this case, they take ownership and pay you a regular amount until the deal is finalized and all sums are paid.
2. Lease
If you’re not 100% sure if you want to quit entirely, then leasing, with the absence being a set duration, e.g., 12 months, can be a good compromise. This flexible option allows you to offer temporary rights to a new owner for a price, empowering you to decide if stepping away full-time is right and if a new buyer can keep things running. Once this time frame is up, you can look for more permanent options if you still wish to move on.
3. Step Back
Like selling up entirely, you can choose to relinquish control of your business and have someone else in charge who knows the business and can run it as you would or how it is news to you. This can be done by appointing another member of management already involved with the business to take over control or bringing in family members so you can free up your time. You will still be associated with the business but not involved in the day-to-day running of everything, leaving you with more time, an income, and the benefit of still being a part of what you built while maintaining a sense of security.
Closing
Lastly, for this post, if you don’t want anyone else taking over the reins, then you need to look at closing down and winding up operations. However, if you’re open to a new perspective, it may be time to reignite your passion for your business and consider the potential for growth and renewed enthusiasm.You need to file dissolution documents, close down all accounts, registrations, insurances, etc, and cancel your EIN. You should ensure you meet all your financial obligations so you’re not left with any debt hanging over you, and ensure all employees are paid fairly per contract and given enough money to look for new employment.d to Drive
