Article by Trent Lee, published in Forbes on June 23, 2021.
As a business broker, I’ve been at the closing table finalizing a business acquisition and seen all types of emotions. Some business owners jump for joy while others cry all the way through it — some people do both!
There is no question that if you’ve spent years starting, expanding and operating your own business, there will be mixed emotions when it comes time to move on. For those who don’t have employees or family who will be taking over the business, you’ll want to ask yourself some questions before determining when the right time is to step away from your company.
1. What are you going to do next?
2. What have you done to replace yourself in the business?
3. Who do I need to hire to help me accomplish my goals?
4. Do you know what your business is worth, and will this price be something you can retire on?
5. Are you willing to stay on for a period of time post-transaction?
6. Are you willing to carry a portion of the transaction on seller financing terms?
Ask these six questions of yourself to help you determine when it's the right time to sell your company, otherwise, you might find yourself bored and unprepared for retirement. In that case, you may end up looking for another business to buy!
For a link to the full article click here.
Please contact me if you would like to discuss selling a business.
Steve Niehaus, MBA, CBI, CM&AP