Have you ever thought to yourself “do I want to sell my business now or should I wait to sell it later”?
How do I know if it’s the right time to sell my business?
I believe the best time to sell a business is both, when you’re ready for a new chapter in your life and when the market is ready. The market is ready now but you may not be? If someone was to try and time the market cycle, that would be when interest rates are low, SBA lenders are generous, there is low inflation, and the economy is strong.
When I sold my last business, I also asked myself whether or not I wanted to sell my business. I took out a piece of paper and listed all the reasons I should sell my business and all the reasons I should keep it and the selling pros outweighed the cons for me. If you have some time on your hands and are an optimist and believe the market still has a couple more years of “steam” left in it, you may want to work on improving your company value drivers instead of selling now, and sell later for a premium?
Whatever you decide to do, I would advise enlisting the services of a professional business broker, and preferably a Certified Business Intermediary. Besides understanding the process, knowing how to properly value your business, vetting buyers, and having a mentor by your side, walking you through every step of the process, hiring a business broker provides business owners a peace of mind, knowing their “baby” is in good hands and will be confidentially sold to the right purchaser for the right price.
A successful broker, with integrity, will be empathetic and try really hard to put themselves in your “shoes” and minimize the thought of just earning a nice commission. They will be a strong advocate for you, negotiating on your behalf while you’re more emotionally detached and are continuing to run your business as usual as if it weren’t being marketed for sale.
If you want to discuss the process of selling your business either now or in the future, or if I can answer any questions you may have, feel free to contact me and I’ll do my best to give you an unbiased opinion. Best of luck during this exciting time in your life!