When Is the Best Time to Sell Your Business?
Many experts say that the best time to sell is when the business is better than it’s ever been. This may be good advice, but few follow it. Why sell when business is good? You just suffered through a few not-so-great years and now the experts are telling you to sell? Right or wrong – good or bad – the decision to sell is generally event-driven. For example: declining health, a partnership break-up, personal issues, too much competition, family member elects not to purchase the business, etc. Retirement sounds like a good reason, but it has no time pressure, unless a seller has made the decision to retire at a certain age. Even then, when the seller realizes that he or she will have nothing to do after a sale…the idea loses its appeal.
However, one thing that a seller can do, without creating any pressure about selling or not selling, is to take a bit of time every year and prepare – just in case. This means tying up loose ends. Make sure financial records are current and complete, leases reviewed and renewed if necessary, any litigation resolved if possible, licenses and permits updated, agreements and contracts renewed and updated if necessary. You could call this eliminating the surprises, and you could also call it good business.
By doing this, if a potential sale comes out of nowhere – you’ll be ready.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Valuation & Planning:
- Business Valuation in Richmond, VA
- Business Valuation in Charlottesville, VA
- Exit Planning in Richmond, VA
- Exit Planning in Charlottesville, VA
Selling Process & Complete Guide:
Work With Advisors:
Working with experienced business brokers in Virginia can help you align these strategies and achieve the best possible outcome.
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