Many business owners feel downright guilty for even thinking of selling their company, especially one they founded. But there’s no shame in admitting you’re ready for a change. Selling an ambulance business isn’t the same as abandoning it. Whether you’re just not feeling it anymore or you’ve received an offer you can’t refuse, carefully crafting your exit will allow your business to live on in capable hands while you enjoy passive income. Here are some of the most popular reasons owners give for selling.
1. Lifestyle Change
Building a company and keeping it running is time-consuming. Perhaps you’re a parent or grandparent realizing just how fast kids grow up. Maybe you’ve always wanted to live somewhere warm, and your Midwestern business location is holding you back. It could be that you’ve discovered a new passion and it doesn’t involve medical transportation. Freeing yourself from the obligation of your business can mean more time for family, and for yourself.
2. Loss of Motivation
Sometimes business owners simply get burned out. This may be because of the unique stresses of your industry or due to changes in your personal life. For instance, maybe you’re tired of dealing with the government regulations or licensing and permit requirements that come with the ambulance and para-transit industry. If you’re getting a divorce or dealing with a partner dispute, you could be too distracted to focus on your business. If the benefits of being your own boss no longer outweigh the long hours and heavy work load, it might be time to evaluate your options.
3. Hitting a Wall
At some point, you may realize that you’ve done as much as you can with your business. You’ve reached a plateau. Maybe there is the potential for growth, but you just don’t have the time, resources, or energy to pursue it. It could be that you aren’t sure whether your current profits are sustainable in a changing market. A new buyer may have the capital and motivation to take on the risk and challenges needed to keep your company moving forward.
4. Ready for Retirement
Increasingly, business owners are realizing that they don’t want to be too old to enjoy themselves when they finally retire. Without a pension plan, self-employed people need a source of income, and a business sale can provide it. Many baby boomers are preparing to bow out in order to have time for golf, traveling, and family. Those who sell at the beginning of this wave may be less impacted by the downward pressure it puts on prices.
5. Receipt of an Offer
Sometimes an offer really is too good to pass up, even if you weren’t planning on selling. A strategic buyer who sees the hidden value in your business may be willing to offer more than you anticipated. Since you don’t know what the future holds for your personal situation or the outlook in medical transportation, you may not get another shot at closing a deal with a motivated, qualified buyer. Whether you’re considering an offer or just starting to think about your departure, receiving a business valuation can provide a clear understanding of what to expect from a business sale, and how to make the most of it.