One of the most common reasons a business owner sells their business is after a business owner runs out of the energy needed to keep running the business. This is so common. They might run out of energy from becoming ill or just getting older. This is not the best time to sell the business, unfortunately. If you want to make the most money off of the business you grew, the right time to do it is while it’s still healthy and successful, before you get to a point when you just can’t do it anymore. Otherwise, buyers will be less likely to pay the premium price, even if it’s clear as day that just a little extra time could make the business bounce right back. In fact, buyers will use the situation as leverage.
Do not wait until you simply must sell. If you know that you want to sell sometime down the road, be smart and sell the business while it’s still thriving. While business owners put their hearts and souls into their businesses, selling while it’s still successful actually ensures that the business will more easily continue long into the future. The best thing that a business owner who will eventually sell a business can do to ensure that their business continues to flourish is to pass the torch while it’s still doing well.
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