In truth, none of us start up a business thinking it’s temporary. After all, businesses are not to be taken lightly; especially small businesses that you start from the ground. But unfortunately, things don’t always go the way we plan. If you find yourself losing interest on the small business that you built up from the ground, and don’t know what to do about it; we’ve got you covered. Here are our experts’ tips and suggestions exclusively for you…
Sell it to an interested party
With the arrival of the internet, and the present day businesspeople becoming more and more independent, there are more people on the look out for to buy commercial property for sale Hong Kong as well as to buy businesses as well. If you don’t want anything to do with the small business that you’ve lost interest on, opt to sell the business as a whole; without holding on to any part of it. Do your research and find someone interested (include your competitors and ex-employees to your list as well!), and then make a profitable sale of your small business.
Scrap the business, but save the land
Even if you are no longer interested in running a business, there’s nothing actually stopping you from making a profit from the land that houses the business. If you are not sure of the actual value of your property, contact a commercial real estate agent and ask for their options. In fact, you can even ask them for tips on how you can put up your land for commercial lease and make a profit out of it there.
Leave it as part of your children’s inheritance
What if you are no longer interested in running a business, or holding on to the property, but you feel your children are? More often than not, when it comes to family businesses, more than one member of the family is involved in it at any given time. If you feel your children are interested in taking over your business, speak to them about it (it’s always best to be sure), and leave to them as part of their inheritance.
Run it through proxy
If your children are not interested in running the business, or if you still want to be involved in the business and run it, even though you have lost interest, consider hire someone to run your business on your behalf. Be warned that you will have to be very much involved in the business, and find someone extremely trust worthy if you don’t want to be cheated. But it involves less work for you; so that’s always a pro…!