Posted 11-20-2014 8:56 am by
The all important question many business owners ask is: "How can I tell if now is the time to sell my business?"
Remember back to why you got into the business: Was it because you were tired of working for someone? Was it because you wanted to create financial security for you and your family? Maybe you were the type of person who had a lot of ambition, energy, and drive and you wanted to create a great future for yourself. No matter what the reason was, you became a respected business owner.
It’s time for you to evaluate your life again. Yes, you became a business owner, but did you achieve the goals you were striving for? If you were looking for wealth and financial freedom, were you satisfied? If you were looking for more free time to spend with your family, have you acquired it? Or are you busier than ever? Do you feel like you own a job rather than a business? Now here’s the big one: Whether your business is profitable or not, do you still enjoy it? Are you still excited to go to work every morning? Or do you feel like it’s time for a change?
You see, I am not trying to persuade you here, but these are indications that selling your business may be the right thing for you. What will you gain by selling your business? For starters, it will give you the freedom to pursue something new in your life. It’ll also provide you with a nice sum of cash. For many, it can mean retirement.
How can you tell how much your business should sell for? A good business broker can give you the answer. In fact, many business brokers offer free evaluations. Why use a business broker rather than selling the business yourself? For one, business brokers make their living on selling your business for the highest possible price. They have a database of buyers ready and willing to buy your business. Business brokers can also save you thousands of dollars by structuring the deal in a way that makes tax sense. In addition, they have numerous contacts with banks so the potential buyers can get financed easily to buy your business.
Ponder the questions in this blog. Is it time for you to consider selling your business?
Aaron Muller has sold over 120 companies and facilitated over 40 SBA loans for his clients. Contact Aaron at (425) 766-3940 to inquire about selling your business.