Q: Industry consolidation has me thinking about selling. How will I know when the time is right?
JT says: There are two key factors: you personally and the business itself. Personally, are you financially and emotionally able to retire? (Very different questions.) Many owners are financially able, but not ready emotionally. Some want to sell and ‘retire’ from owning but still work 2-3 years. This can be a nice half-step toward full retirement.
Regarding the business, what is it worth now? How about in 3-4 years? Are there simple ways to add value in the short-term? After the sale, what will you net? These answers are not as obvious, but essential to ensure solid decisions now.
In short, solid answers breed good decisions… and the best timing.
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