There are a myriad of external factors that can influence the best time to sell your business: taxes, interest rates and market demand, to name a few. While you can’t control these issues, you can insure your business is ready when the right timing hits.
1. First and most important — start putting your house in order.
Depending on the issues you face in your business, this will likely be one of the most time-consuming parts of the selling process. Identify any problem areas in your financial documentation, revenue line, profitability, real estate, staffing, inventory, receivables, etc., and work to fix or minimize what you can. It is critical that you evaluate your operation from a buyer’s perspective: Ask yourself if the business is in good enough shape to sell, and seek a qualified third-party valuation.