Over the years, we’ve seen many business owners faced with the chance to sell their company. But they didn’t.
Corona virus has highlighted this question. Before the pandemic, business owners had offers on the table … but chose not to sell. Afterwards … they lost everything.
So when would it be a good idea for you to sell your company? The best time to accept an opportunity to sell is now.
Wanting to sell and being prepared to sell are totally different animals.
If you haven’t put a great management team in place to run everything, you’ll sell the business with you still there running it. Or perhaps, a huge part of the cash price of the sale will be tied to the future performance of the business.
But consider this. What if you could just sell once and eliminate yourself from having to stay on? Consequently, stage one before any thought of selling is to make a succession plan. You really want to remove yourself so that the staff run the business and you have an overview.
There are countless disruptive innovations happening every day now in every type of business. Your industry could be the next one to be flipped around completely.
So when would it be a good idea for you to sell your company?
The best time to accept an opportunity to sell is now … IF you have a succession plan in place.