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How do you know it’s time to sell your business?

Whether you inherited or started your own business, you run a company to make money. The revenue generated by your business can be a major source of income, but that isn’t the only way businesses generate funds.

People can also make money by selling their existing business to an individual or another company that wants the staff, resources or other assets the business has accumulated. How do you know if it is time for you to consider selling your company?

You feel like it is time to retire

If your health has begun to decline or if your family expresses frustration about the fact that you still work so much, that could be a sign that it’s time to think about passing the business on to someone else and using the capital from the sale to enjoy your golden years. The more precarious your health is, the more beneficial a sale followed by retirement might be.

You have a new opportunity or have burned out

Maybe you’ve been given a chance to sign on as an executive at another company that you have a hard time turning down. Maybe you don’t have any concrete offers yet, but you know you need to get out of the industry you’re currently in or at least move out of an ownership role where every responsibility falls to you.

If you are ready to move on either due to opportunity or exhaustion, it may be time to sell the company. Other reasons people sell their business include recognizing shifting trends in the industry or receiving an unexpected offer. Deciding to sell your business will only be the first of many steps in what can be a complex but financially rewarding process.