The absolute best time to sell is when you don’t need to, want to, or have to. Business is booming. Your industry or market is booming, too and sales are healthy and reliable, week after week, month after month. Your family is happy and healthy. You can’t wait to get to work each day.
The value of your business is probably at its highest point right now. But you don’t want to sell. Why would you sell your wonderful business when everything is going your way?
So while you’re waiting for the ‘best’ time to sell, maybe you should watch for the ‘right’ time.
The right time to sell depends on a variety of factors. If any of these currently apply to you or your business, the ‘right’ time might be now.
- Your business is at a place where it needs to grow but you don’t have the capital to invest in growing it.
- Your energy level and excitement for the business is decreasing.
- You aren’t sure what more you can do for the business. You feel like you’ve done everything within your knowledge and power.
- You worry that your skill level no longer is appropriate to meet needs of the business.
To get the highest value for your business, you want the ‘best’ time to sell. To get to that ‘best’ time, it could take several years of planning and preparation. Start that process now, while you still have time and a chance to make things go well!
But keep in mind that the ‘right’ time may come long before the ‘best’ time. The ‘best’ time may never come. Keep your focus on reality as it is, not as you want it to be. Stick with the facts and leave emotions out of your decisions. Don’t hesitate to seek advice from peers who understand your situation.
Don’t hesitate to seek advice from trusted professionals. Talk to us at Peterson Acquisitions. We’ll be glad to help you see your situation realistically and help you determine the right time to sell.