Updated: Aug 8, 2019
Choosing the right time to sell your business is one of the hardest decisions you will have to make. After all, your business has become much more than just an asset. In all likelihood it has helped to put your children through school, paid off part of your mortgage, and helped you to buy an investment property or two. Then there are the staff with whom you've formed great relationships with along the way.
So, with all this in mind, when is the right time to sell your business?
The two most important factors you should consider are
1) Sell when your business is doing well
2) Sell when you are no longer enjoying it
If your bushiness is doing well, and has a steady history of profits it is an ideal time to take your business to the market. Buyers and buyers accountants and advisers are most interested in businesses that are performing strongly. Businesses which are in decline or which may have softening sales can sometimes prove very difficult to sell, thus having a dramatic effect on the final sales value.
If you are no longer enjoying what you are doing its also a great time to consider another option. If you aren't looking forward to going to work each day, and can't stand the daily grind, inevitably your business and maybe even your health will suffer. If you enjoy what you do your business will have the best opportunity to thrive. So, if you're not enjoying your current business, perhaps look to sell, regroup, and launch into something new and exciting.
Related Tag: Sell Business Gold Coast