Congratulations! Your brand is strong—you are well-known in the marketplace. You have loyal customers and plenty of repeat business. You have met a need, created jobs, and been a contributing member of the community. You have the freedom to do with your business as you wish. There are many options: sell, merge, exit, expand, etc. Covenant Bank is honored to celebrate your success and help you find resources to enjoy the next stage in your life.
There is no average mindset for an individual who has reached this stage of the business life cycle. What happens next is completely up to you. You can continue to operate your business as usual or take some long-needed relaxation time and let someone else take over. Perhaps you would prefer to transfer ownership and keep your legacy going. Most importantly, give yourself a big round of applause for a job well done.
If you decide to stay in the game, consider these challenges that typically beset a business in the "mature" life cycle: