Life is like a neverending bicycle race full of uphill treks, twists and turns, and out-of-control downhill slip-and-slides. Running a business is the same thing, times 10. It’s no wonder people want a simple and easy road for once. Existence is too short to crash out from all the obstacles in front of you.
Going beyond the metaphor, let’s take a look at some real-life motivations you might have for choosing a different race to ride.
When the wave of retirement sweeps in, many business owners find themselves preparing to pass the torch. According to a 2021 BDC study, around 9% of Canadian businesses are expected to hit the market in the next few years. If you’re among those considering an exit, whether for retirement or another reason, it’s important to be clear on your motivations.
For some, retirement is the natural next step. You’ve put in years of hard work, and now it’s time to enjoy the fruits of your labor. If you’re ready to embrace a new chapter of relaxation and freedom, you’re certainly not alone. The timing might be just right to step away and let someone else take the reins.
But retirement isn’t the only reason to consider selling. Perhaps there’s a new project or dream calling your name—something you’ve always wanted to pursue but never had the time. Whether it’s launching a fresh venture, exploring a different lifestyle, or simply taking a much-needed break—selling your current business can open the door to new possibilities. Disputes with partners or a strong desire for change can also be significant motivators. Sometimes, it’s just time to pivot and see what else is out there.
Financial struggles can also play a role in the decision to sell. If you’re facing financial stress, selling your business could be a practical way to relieve some of that pressure. It might provide the fresh start you need to tackle debt and set yourself up for future success.
On the flip side, health issues can sometimes force a difficult decision. If medical concerns are affecting your ability to manage the business effectively, selling might be the best way to ensure both your well-being and the company’s future. It’s about making the right choice for your health while securing a smooth transition for the business you’ve built.
Finally, market conditions can significantly influence your timing. If the market is hot, it could be the perfect moment to cash out. Conversely, if you foresee upcoming changes that require hefty investments—whether in technology, infrastructure, or other areas—and you’re not ready to make those commitments, selling might be the smartest move. Timing is everything, and knowing when to step away can make all the difference.
No matter what your reasons for selling are, getting clear on your motivations will help guide you through the process. Whether you’re retiring, chasing new dreams, addressing health or financial issues, or simply looking to time the market right—understanding your “why” ensures that you’re making the best decision for both you and your business.
