So you’ve been managing your supermarket for around five years or so. Over time, you feel yourself running out of drive to continue with the business. Is it the perfect time to put up your supermarket business for sale? Most likely not.
Enthusiasm is an exhaustible resource. When you do something for an extended period, there may be times when you lose the will to go on. As a supermarket owner, it is during moments like these when selling your business can be a very attractive prospect. You not only get to take a break, you may even earn enough to take a vacation and possibly invest in a new venture once you feel the need for fresh revenue.
But listing your supermarket business for sale only because you’re tired is one of the worst reasons to sell your business. At the end of the day, you could be handing your business over for a much lower price and getting less profit than you deserve.
Exhaustion and neglect
What usually happens when you get really tired of doing something? You may become less conscious of the quality of your output or you may stop performing altogether. As a business owner, you could neglect your responsibilities or become a drastically more lenient manager, both of which can have dire consequences for your store.
- Your employees underperform. In a perfect world, your staff will be able to perform their tasks independently from you. But even then, there will be times when your employees will look to you for everything from orders to inspiration. If they see you underperforming, chances are that they will perform less than expected, too. As such, common responsibilities will be left unfulfilled: shelves are not so clean, customers are not assisted adequately and operations do not proceed very efficiently.
- You could be in debt. Financial neglect can lead to a variety of problems, including lots of debt. You may miss paying for a bill or two, which may be compounded with other debts, leading to a debt you may have difficultly managing.
- Your customers are not satisfied. Poor management that stems from exhaustion will ultimately reach your customers, who may not like the deteriorating state of your store’s operations. You will end up losing customers and consequently, sales, in the process.
Best time for a business sale
As business sale experts will tell you, the most appropriate time to prepare your business for sale is when it is performing at its best. Your buyers will pore over your financial statements and other documents looking for proof of great returns. Reduced sales, a sullied reputation and a cluster of liabilities caused by neglect are not exactly good news, and will lower your supermarket’s selling price.
The best decision for a business sale is one that is planned, and not brought about by lessened passion for your venture. What can you do when you do lose your drive? Here are a few suggestions:
- Take a break. Everybody needs to take a breather every so often. If you find that you are exhausted because you are overworked, do take a vacation. This is especially great if you have an efficient team manning your store, who wouldn’t mind seeing you off for a couple of days to refresh.
- Re-evaluate. Reflect on your original goals—on what motivated you to own a supermarket in the first place. Think of how hard you worked on your supermarket only to sell it for a potentially inferior price.
- Hang on. If you are fully decided on selling your supermarket, give yourself ample time to improve its performance before starting to market the business for sale. This way, you can be assured of better profit once the store changes hands.
Losing your drive is normal—it comes even to the best people. But if you choose to sell your business at such a point, then it may be best to think twice and reconsider before proceeding. You wouldn’t want to make an impulsive decision and end up selling your business short.
What do you do when you lose your drive to do something? Share it with us in the comments.