Are you thinking about selling your insurance practice? Are you worried about whether now is the right time? This is the situation a lot of people find themselves in. They ponder over selling their company, but they don’t know when is the right moment to do so. Hopefully, this article will give you the answers you are looking for. Below, we reveal some signs that now is the right time to sell your insurance company.
A lucrative opportunity has come about
Has someone presented you with an offer you cannot refuse? Selling your insurance practice may not have been at the forefront of your mind, but sometimes exit plans can come about because of positive causes, not simply negative ones. A lucrative deal can be too good to turn to down.
You have run out of ideas
Do you feel like you have given all you have to give? Are you fresh out of ideas? You shouldn’t act too rashly when a situation like this occurs. After all, most people go through a temporary rut from time to time. The problem is when the rut doesn’t seem temporary. If this is the case, you should seriously think about selling your insurance practice.
The market is moving against you
It can be difficult to accept that you are in a situation whereby your business is on the verge of being irrelevant. However, as the market moves, this could happen. Perhaps you have outgrown your skill set? Maybe you are struggling to compete with other insurers because you don’t have the capacity to rival the technology they use?
You don’t have the passion you once did
When you first started your insurance firm, you would have been bursting with passion and enthusiasm. It is not unusual for this to dwindle over the time, and for some people it gets to the point where they are just not interested anymore. If this sounds familiar, now is the time to move on.
You want to capitalise on a strong market
The market has finally bounced back after the recession. The economy is doing better than it has been in a long time, and therefore you do not need to fear bad market conditions holding back your sale.
You have been losing money consistently
There is little doubt that you set up your insurance business to make money. If you are drying up on cash, when you should be generating a consistent profit, it is time to move on. However, if you have only been in business for a couple of years, consider your move carefully. It is normal to make a loss in the beginning.
Your business is in a growth phase
In most cases, it will take from nine to 12 months to sell a business. Sometimes it can take several years. This is why it is ideal to sell when your company is thriving. By showing your records have an upward trend in sales, you are likely to turn a much bigger profit.