A business is more than just an asset, it’s a vehicle for your lifestyle. It’s likely that your business has helped put your children through school, paid off your mortgage, or helped you buy an investment property. It is the catalyst for staff you’ve formed relationships with, the contacts in your network and your day to day lifestyle – so with all this in mind, when is the right time to sell?
It all comes down to two factors you should consider: you should sell when your business is doing well and sell when you are no longer enjoying it. Simple as that!
If your business is doing well with a steady history of profits, it is an ideal time to take it to market. Buyers, buyers’ accountants and advisors are most interested in businesses that are performing strongly. Businesses in decline or with softening sales can prove very difficult to sell and have a dramatic effect on the value.
If you are no longer enjoying what you’re doing, it’s the perfect time to consider your options. If you’re dreading every work day or just growing tired of the daily grind, your businesses and, at times, your health will suffer. Businesses thrive with happy, healthy owners, so if it isn’t fun anymore it might be time to look into selling, regrouping, and launching into something new.
Timing is important, but it’s not the be all and end all of selling a business. Check out our other resources for the big decision here, and if you’ve got your mind made up, get in touch with us for more information about our services.