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How do I know if I should Sell My Business?

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If you own a business, chances are very good that at some time you will face the decision of whether or not to sell it. If your business has been a success, you've probably poured your time, energy, and money into it; and it may be difficult to even imagine life without it. On the other hand, your business may have taken more time, energy, and money than its success was worth. In this case, you may be just waiting to get rid of it! Or perhaps you started the business with the understanding that it was to be only a short-term venture, something you would sell when the time (and money) was right.
Whatever your situation, selling your business may be one of the most important business decisions you�ll ever make, because you can only do it once. You only get one chance to name a price for years of �blood, sweat, and tears,� and once you�ve signed on the dotted line, it�s settled.
This process of selling your business can be extremely chaotic with the many late nights, long days, and tedious work involved in gathering and presenting information about your business. In addition to this exhausting effort, you will probably experience the emotional shock of having to let go of your company.
Before selling your business, you need to carefully consider all of these effects, as well as your reasons for wanting to sell. Reflect on these four questions:

What are my objectives as the owner of the business? (For example, do you need a certain amount of money from this business to retire on?)
What are my objectives as manager of the business? (Would you like to keep running this business or get rid of the responsibility completely?)
What are my objectives for the business itself? (Does the business need any new investments to keep growing?)
Who else will be affected, and what will they want? (Are there stockholders or other parties with leverage involved?)

Selling part or all of the business may be the most expedient way to achieve your objectives. Perhaps you will decide to pass on the business to your children or someone else. Or there may be another solution that you find to best meet your objectives. The important thing when selling a business is that you consider all available options.

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