When is it time to sell your business?

When a person decides to start a company, it is normally with the idea of having a long lasting business. However, the business world is very dynamic and many things can happen that might lead you to the conclusion that perhaps it is time to sell your business. In this article, I will go over the different situations that point you in the direction to sell your business and give you some guidelines on how to proceed.

The reasons why a person might decide to sell his business are countless. As a consultant for many years I have found six common triggers for an owner to consider selling his business.

·????????You think more about other projects than about your own business.

·????????You achieved your goals

·????????The business outgrew you

·????????Partner’s differences

·????????The market has changed

·????????Changes in your living conditions

Guidelines on how to prepare to sell your business

·????????Have clear procedures for selling

·????????Avoid one-person dependency

·????????Don’t wait to the last minute

·????????Have a financial backup plan

·????????Have all the documents permanently updated:?