As a business owner, when do you know the time is right to sell a business? If you're like many business owners, an ideal scenario might be selling your business at the same time as when you plan to retire. Right after your business is sold at maximum value, you can start your retirement journey, which may include sailing into the sunset with your new boat and all of your dreams coming true. Sounds perfect, doesn’t it?
In some rare cases, everything does line up perfectly (where a business is sold at maximum value at the same time as someone is set to retire), but in most cases, selling and retiring at the same time is seldom the best decision. Ultimately, the best time to sell is when the market tells you it’s best.
Any transition in life can be challenging and selling a business can be especially trying when you have your mind already focused on the next stage of life. Knowing what to expect when selling a business can help you achieve the primary goal - maximizing your value.
Typically, as many business owners plan to sell a business, they are also keeping their business functioning at 100 percent. This can prove difficult while you are working on the details of a sale.
There is certainly a lot that goes into prepping for sale from a financial perspective. In addition to analyzing things from a financial perspective, it’s also important to focus on discretion and confidentiality as you prepare. The following infographic provides additional details into what to expect when selling a business.
Many factors contribute to when the best time to sell will be, such as:
Considering these factors, along with the investment of personal time and resources, quickly becomes a complex undertaking - one best handled by partnering with an expert who can help you navigate.
The single, most effective way to determine the best time to sell a business is to find a trusted expert who understands what to expect when selling a business. Transworld Business Advisors of Minnesota is available to help. As the world leader in the marketing and sale of businesses, franchises, and commercial real estate, Transworld Business Advisors takes pride in providing a better experience to those looking to buy or sell a business. Reach out to us for a free consultation.
Let us help you realize your dreams, which may be “sailing into the sunset,” when the time is right and the market conditions are favorable.