Is This a Good Time To Sell My Business?
The answer is… Actually, there are three possible answers…Yes, Maybe, or No
It depends on what category your business falls in.
The answer is Yes if the following apply.
1. Your business is profitable. Preferably making at least $100K a year in profits.
2. You have multiple employees and are not doing everything yourself.
3. You have been in business for at least three years. Discuss why.
4. You have great books and records to prove your income
The answer is Maybe if the following apply:
1. You are not making a large profit, but have a good track record or you are very profitable but have less than a three-year track record.
2. You are willing to carry a portion of the sales price.
3. You have at least a couple employees to help you.
4. Your books and records aren’t the best, but you can still prove how much you are making.
The answer is No if the following apply:
1. Your business is losing money.
2. You have no employees and are the chief cook, bottle washer, and salesman. In other words,
You are the business.
3. You just started the business and have less than a three-year track record.
4. Have terrible books and records.
If you are in category one or two, I would love to speak with you. If you are in category three, you will first need to make some changes/improvements to your business to get into one of the first two categories before you can have a good chance to sell.
If you would like to discuss the possible sale of your business, contact Certified Business Intermediary (CBI), Phil Reese today. He can determine if now is a good time to sell and how much you can possibly sell your business for.
Written By: Phil Reese
Phil Reese – Arizona Business Broker