You’ve likely seen a lot of advice on starting a new business or venture. But when it comes to knowing when to sell your business, there’s much less specific guidance on the “whens” and “hows.”
That’s somewhat understandable. Businesses can vary widely. An independent retailer, for example, has needs, goals, and challenges that can be quite different from a technology consulting firm. As such, there could be a million reasons either business would want to cash out.
Given that, how do you know when to sell your business, beyond just a gut feeling? In the case of a Legacy Business, which you’ve ideally created with the end in mind, there are a number of factors that can influence your decision. Personal desire, the state of the market and, most importantly, where you are on your Profit Pathway all need consideration.
So are you ready to make a move yet? The answer may be “yes” if any of the following is true: