Why Should You Sell Your Business?
04.18.19 Part One: Personal and Emotional Issues - Question & Answer #3
Question: Why Should You Sell Your Business?
Sell to achieve wealth and freedom while you are still young enough to enjoy it.
Take a second and think about what motivated you in the first place to get into this business. I suspect that there were multiple personal and/or financial reasons behind your decision. You should sell when you understand the sale process and can commit to an exit strategy that will suffice your economic reasonings to allow you to enjoy your freedom.
Many entrepreneurs answer the “Why Question” when they realize that the best time to sell is when they can receive a premium purchase price and are still young and healthy enough to enjoy the fruits of their labor. Most likely none of these entrepreneurs has sold out and gone quietly into the night, but instead, they refocus their energy into something they are passionate about now that they have the free time and financial freedom to do so.
When asking former business owners what they would have done differently, what they say always seems to be the same: “I should have sold out sooner when there was more life ahead of me to enjoy and still sufficient time to develop a new ‘me.’” The average age of our clients who sell their business is around 45. Don’t be an owner who stays at the helm, not for the thrill of being captain, but because of a fear of not being the captain, make sure you are reviewing your exit strategy annually.
If you would like the complete answer, please reach out to MB Law at firstname.lastname@example.org to request your complimentary copy of "Deciding To Sell Your Business, The Key To Wealth And Freedom," that has over 50 questions & detailed answers.
* This information is for general purposes only and is not intended to constitute any specific legal advice of any type.