Have you been thinking about selling your business but just can’t decide if now is the best time? Do you find yourself repeatedly analyzing the economic situation and wishing you had a crystal ball? The signs are mixed on the horizon. If you’re still up in the air and can’t quite decide whether or not to hit the eject button, here are five reasons you might want to consider getting out now.
- You’re less interested in fighting the good fight. A lot of business owners took the Great Recession in the teeth. If you’ve got your business stabilized and the prospect of possibly having to fight through another recession leaves you panic-stricken, it could be time for you to get out.
- The worst is behind you. Let’s say you were mentally ready to consider selling a few years ago and then 2008 hit and 2009 was bad, and in 2010 and 2011 you made cuts and adjustments, so now you’re starting to see some profit and revenue growth. With your numbers going in the right direction, now might be just the right time to make your move.
- The tax man is coming. Governments around the world are looking for money to fund the cost of an aging population. At some point this will mean increased taxes.
- Nobody is lucky forever. If you’re lucky enough to be in a business that actually benefits from a bad economy, congratulations… you’ve probably just had the four best years of your business life. But no cycle lasts forever and right now might be a great time to take some chips off the table.
- The coming glut. As a business owner, demographics are not on your side. As the baby boomers start to retire in droves, we’re going to have a glut of small businesses coming on the market. That’s great if you’re buying; but if you’re a seller, you may want to avoid the flood and head for higher ground now.
If you identify with even two of this reasons, now would be a good time to prepare your business for its next owner and prepare yourself for your next adventure. Get started now by finding out where your business IS on the path to being sellable beyond just its parts. This does take planning, and the first step is free. Go to Get My Score and learn more about your business.
