I hear this question so often but there is no short answer to this as there are simply too many compounding factors that need to be considered when giving an answer.
Here is our list of the top 3 things to consider before asking that question:
1. Are you prepared for the next
chapter in your life?
Having bought so many daycare centres and Montessori schools this question is the most important one. If you are not prepared for the next stage in your life it is simply too difficult to sell.
Options to consider can be:
· Career change
· Open a new daycare or downsize existing business
· Move to warmer weather/new lifestyle
· Stay active within the business under new owner
2. Are you getting the best price
for your business?
We can really only predict the foreseeable future so again a difficult short answer but given the trend in the industry it would have been wise to sell last year! One thing is for certain, prices are NOT going up and it is safe to assume buyers are being far more particular about which opportunities to take so be very mindful when that situation presents itself.
There was a time in Australia when I had offered every decent centre with a great offer to exit the industry and apart from the lucky ones who took it the aggressive buying dried up. Today it is impossible to sell your centre in Australia for any price.
3. Are you ready emotionally to
leave the business?
Children and the staff become such a big part of your life and can be a huge thing to leave. Mentally see yourself away from the daycare and if it feels better than being there then the time is right.
If money alone was the answer
then selling would be a no brainer but as you can see it really only holds one
of several factors that come into the decision making.
We are always happy to meet if you are considering selling and we can offer great advice to help you come to a suitable decision but at the end of the day it will always be something you’ll need to consider yourself.