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Burnout is a strange phenomenon in that often a business owner doesn't know that he or she is experiencing it until it is too late. Owners who feel beleaguered and over stressed frequently want to sell their business and move on. However, buyers are not so eager to accept burnout as a believable reason for why an owner wants to sell.
It is the responsibility of every business owner to be on guard against potential burnout. After all, it is better to “cash in” than to burnout. In this article, we will examine a few of the key warning signs that you may be on the verge of burning out.
Sign 1: There is No Joy in Owning Your Business
Once upon a time, you were likely excited about your business. But if those days are long gone, then it might be time to move on. Owning a business is hard work and eventually it can take a toll. If you find each day to be boring, then it is probably time to sell, move on and start a new chapter in your life.
Sign 2: You Feel Exhausted
Just as feeling no joy is a potential sign of burnout, the same holds true for feeling exhausted. If you feel exhausted all the time, then it is unlikely that you can run your business effectively over the long haul. In short, it may be time to consider selling.
Keep in mind that if your business is doing well, growing and expanding, then there will be more demands on your time, not less. If you feel exhausted a large percentage of the time and your business is expanding and seems poised to expand even more rapidly in the future, then cashing in may be your best bet.
Sign 3: You Feel Overwhelmed Almost on a Daily Basis
Business owners who frequently feel overwhelmed are likely teetering on the edge of burnout; this can be particularly true for business owners who are operating a “one-man show.” Operating a small business, especially one where you are doing most of the work, can be both mentally and physically exhausting.
There is certainly something to be said for being proactive and tackling burn out before it tackles you. In this way, you'll be able to sell your business on your own terms. The last thing you want is to try and sell your business after you no longer have the energy to keep sales going in the right direction.
Working with an experienced business broker is one of the easiest and quickest ways to get your business ready to sell. Don't let burnout put the fate of your business in a vulnerable position.
