Are you trying to decide whether to sell a business in Las Vegas? It’s a difficult and life-changing decision to make, and a lot of variables come into play. The business’s potential for growth is an important factor in the decision, of course. But it also depends on your own goals, and what you want in life. Here are some questions that will help you analyze the problem.
Can I Get the Right People?
A business is only as good as the people that operate it, and this is an important factor to consider when deciding to sell. Business in Las Vegas has some unique challenges with recruitment. Turnover is notoriously high in retail, hospitality, and construction. Even if you’re not in these sectors, the city’s historical reliance on them may mean the pool of talent in your field might not be as enticing as it is in other places.
Do I Prefer the Startup Phase?
Some business owners are excited by the startup life — raising funds, inspiring others, and bringing a project to life. Others are passionate about steering a larger ship. If you’re in the first category, and your business is outgrowing you, it may be time to sell. Business in Las Vegas is moving towards smaller firms anyway, who now employ 53% of the workforce according to Applied Analytics. Why not sell and start a fresh venture?
Where Is the Market Going?
Market trends can also give you a clue on whether or not to sell. Business in Las Vegas is primarily focused on tourism, of course, but other industries are seeing growth. The growing – and aging – population is triggering growth in medical services, while the cheap cost of land and potential for cheap solar power is attracting electricity-heavy businesses like data centers. What’s the outlook for your sector?