Is Now the Time To Sell Your Business? Advice from the SMB ExpertsPosted: January 7, 2013
Whether you own a small or medium business or a consultancy company, at some point you might consider whether you should sell your business and if so, you’ll want to know what it’s worth.
My name is Philip Spensieri and together with my colleague John Womack, we have created this blog to field questions and provide advice to SMB owners who are considering their options, next steps and exit strategies.
With more than 30 years providing financial and tax advice and the last 9 years providing coaching and business advice to small and medium sized businesses, we’d like to kick-off our blog this week by sharing with you our list of the top reasons to consider when determining if this is the right time for you to sell your business.
1. 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.
2. The worst is behind you
Let’s say you were mentally ready to consider selling a few years ago and then 2008 hit, and in 2009 you made cuts and adjustments, and now you’re seeing some profit and revenue growth. With your numbers going in the right direction, now might be just the right time to make your move.
3. 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.
4. 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.
In the coming weeks, we look forward to sharing some advice, tips and industry insights on issues to consider before you sell your business.
How About You?
Are you a SMB owner considering selling, if so, when do you think it is the right time to sell?
We look forward to hearing your stories in the comments below.