Deciding to retire from the business you put so much time and sweat equity into can be very difficult, and if you’re struggling to let go, know that this is perfectly normal. But, if you have all of your bases covered and feel like you don’t have the energy to run your business efficiently anymore, then it must be time to call it quits. There are many other cases where people continue running their business when they shouldn’t, and you need to take a hard look at how things are going at the moment and see if it wouldn’t be better if you left the business instead.
Let’s take a look at some of the signs that you may need to retire from your business.
You Don’t Have the Passion Anymore
If you were once excited to go to work every day, but gradually started hiring people and now you dread the idea of showing up altogether, then it’s one of the clearest signs that you may be up for the next chapter of your life. There is no reason for you to torture yourself, and, if you don’t feel like having people running your business full-time, then it would be a better idea to consider closing your doors or selling your business.
Your Health Won’t Allow it
It’s one thing to run a business when you don’t have the same energy levels, or when you have small health issues, but it’s another when you’re beginning to lose your mobility or your cognitive functions.
As much as you’d like it, you cannot run a business properly if you’re dealing with major cognitive decline. So, if you’re starting to deal with serious memory loss or symptoms of dementia, then you should start planning your exit and succession right now. Now would also be a good time to start looking at senior living facilities that offer memory care, such as Parc Provence. They will provide you with the best environment for you to live safely and enjoy as normal a life as possible with your condition.
The Market has Outgrown You
A lot of older business owners get stuck in their ways, and they can survive with archaic systems, methods, and mediums for a while. But there comes a point where such systems become too outdated for them to keep up.
If most of your business has moved online, for instance, and you’re incapable of getting traffic and sales through online mediums, then you may have no choice but to shut it down. Or maybe the field you’re in simply became too complex because you didn’t take the time to further your education. In either case, this is a sign that you may be getting pushed out of the business and that you should move pre-emptively.
You Don’t Have Any Challenges Anymore
Maybe you hit a wall with your business where you dominate your local market but can’t expand anymore. Your business could have had a smaller scope than you expected, or the cost of expansion could be too high. This could lead to stagnation, which is something a lot of people don’t deal well with. If you find yourself going through the motions because you have no more mountains to climb, then you may want to consider retirement.
Running a business when you physically can’t or don’t want to anymore can be bad both for you and the business. So, take the time to look at your current situation, and see if you would be better off without it.