It’s decision time. You’ve spent years building-up something deeply personal, with your own blood, sweat, and tears. And despite the peaks and troughs that plague most small business owners, you’ve enjoyed running the show. The decision to stay or sell your business is not be taken likely, the stakes are high, so what should you consider before taking the leap? Here are some considerations to help you make an informed decision:

1. Business performance: Evaluate the current and projected financial performance of your business. If it is performing well and shows potential for future growth, you might consider holding onto it for longer.

2. Market conditions: Consider the current economic and industry-specific conditions. If the market is favorable and demand for businesses like yours is high, it might be a good time to sell.

3. Personal goals/Energy: Reflect on your personal financial goals and how selling the business aligns with them. Are you looking to retire, invest in other ventures, or diversify your assets? How are your energy levels? Still able to innovate or adapt to changing trends?

4. Valuation: Get a professional business valuation to understand the fair market value of your business. This can help you determine if the current market conditions are offering a favorable selling price.

5. Industry trends: Analyze the long-term trends in your industry. Are there any factors that could significantly impact the value of your business in the future? Are you an analog kind of guy competing in a digital world?

6. Tax implications: Consider the tax implications of selling your business, as they can significantly affect your net proceeds.

7. Competing priorities: If you have competing priorities or commitments, such as health issues or other personal matters, these may influence your decision.

It's essential to consult with financial advisors, business brokers, or other professionals who can provide expert guidance based on your specific circumstances. They can help you weigh the pros and cons and develop a strategy that aligns with your financial goals.

Remember, selling a business is a significant decision, and timing is crucial. Take the time to thoroughly assess your options before making a final decision.

Rick Maggi