When is the Right Time to Sell My Business?
Only You Know The Right Time
The main thing you as a business owner should focus on is your WHY ; Why did you start creating and running the business in the first place? Why did you keep on growing the business?, Asking yourself these questions will help you figure out why you want to sell your business and eventually understand when is the best time to sell.
Whether you are planning on retiring, starting another business, changing ownership, or wanting to expand your company, only you will know when is the right time to sell. You know your business more than anyone and only you know what you want your future to look like.
Here is a list of questions to ask yourself that will help you determine when is the right time to sell:
What will you do after selling the business? What is your reason behind selling your business, and do you know what you want to do with your time after selling? Give yourself a moment to figure out what your next step is and jot down what you will do after selling.
How are your finances? Is your business profitable? Do you have enough financial backing for retirement? One of your reasons to sell might be to live off from what you get after the sale. Making sure you are evaluating your business properly is important to know while you are in the process.
Have you though of a succession plan? How is your current management team? Are you looking to sell to a financial or strategic buyer? Having these things in mind will help you prepare better for your transaction.
Do you have support? You don’t have to go through this process by yourself. You can get the help from advisors and professionals to have the best successful exit.
Evaluate and go over these important points to be ready to start your selling journey. This process usually takes times and only you will ultimately know when is the right time to sell your business.
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How do You Know When It’s Time to Sell Your Business?
If you are looking to sell and would like some help from advisors, Exit Advisors is here for you to guide you through your journey. Contact us, here, or email us at info@exitadvisors.com.
