When is the right time to sell my business?
There probably never is a "right time". There are so many variables at play when you are considering selling that your time may not necessarily be ideal and if you keep waiting for the perfect time you may very well miss the boat.
Businesses generally go through four stages go it their lifetime: start-up, growth, maturity and decline and there are commonly held views on the best time to sell - or not to sell.
- Don't wait for a decline in an industry, product or the business.
- Don't even think about it when you are in the start-up phase when you are trying to stay alive.
- A good time to sell a business is when it is sitting between the growth and maturity stage.
This advice does not take into account that the need to sell your business may not fall at "the right time" and in this situation it is advisable to proceed in a measured and professional manner making sure the process is not controlled by pressure and panic.
The recommended steps for an exit plan are useful in gathering the process together to achieve the best possible result with your chosen professional advisors.