It can be a difficult decision to sell your commercial property, particularly if it is business that you’ve put a lot of blood, sweat and tears into. The truth is, however, that circumstances change in our lives, and sometimes it is a good idea to sell in order to turn a profit, retire, or move on to the next adventure! Change can always be disconcerting, but it doesn’t have to be scary. Instead, think of what you want in the future, what is happening in the present, and remember: nothing changes if you don’t. Currently, especially in the Florida Keys, commercial property is in high demand! It’s a good time to take stock and think about where you are and what you want.
3 Signs It Is a Good Time To Sell Your Commercial Property
- You’ve developed a passion for something your current property won’t accmmodate
- Your business is doing very well and you wish to retire soon
- Your type of business/industry is on the way out
If you are a successful entrepreneur and you own a commercial building that houses a prosperous pizza place, but lately all you’ve been doing is browsing the Bed and Breakfasts for sale, maybe your intuition is telling you something…it’s time to forge a new path! If you’re a successful entrepreneur in one arena, the odds are extremely high you’ll be successful at another business venture. It’s okay to get bored with one type of industry and want to try your hand at something else! Make sure to develop a reasonable exit strategy (the average commercial property takes 6 – 9 months to sell from start to finish) and you’ll want to hire a professional commercial property real estate agent
Your business is doing great – but your children have no interest in running it, and you wish to retire soon. You need to consult with a CPA and get your retirement funds in order, and then you need to sell while you business is at its peak. Don’t wait until you start to falter and business starts to wane – the best time to sell is always when business is at an all time high, if possible. Sell when your property is in tip top shape.
If you are a business owner of a commercial property that isn’t doing so well, don’t be afraid to sell! Someone else may envision your space doing something completely different and may find your commercial property perfect for whatever entrepreneurship that they envision. Take the money and invest it or start a completely new business in an area you’d be more comfortable with. One thing is for certain – for every building or business that isn’t for you, it is right up someone else’s alley! Don’t be afraid to admit it’s just not going well and get out before you get in deeper, so that you can pursue a dream you will feel successful and proud of!
Hot Key West Business Opportunities
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