Begin the sale process while your business is on an upward trend. Buyers pay a premium for businesses with well-defined opportunities and a strong growth story.
Too many business owners get tired or complacent and psychologically retire early, before the sale. In fact, after retirement, burnout is the number two reason business owners sell. Unfortunately, burnout typically leads to declining revenues, declining bottom line and thus, reduced leverage in the sale process. By staying focused until the end and selling while you still have energy and interest in your operation, your return will be better! The fact is, many buyers put 100% of the value on the financial performance of the last year or trailing 12 months. After decades of hard work, waiting just 12 months too long will leave significant money on the table.