When should you sell your business?

“I will sell my business when it makes a profit of [$??] a year, so that I can [??].”

If you are aspiring to become a successful entrepreneur, your tactic will lie in variety. Staying in one field too long means the market could stagnate and you’ll be left high and dry. Spreading it out, trying new things, and starting new businesses will ensure that you gain the most experience (and business!) possible.

Those are a few reasons why it is useful to sell your business. However, if you really love your business, the work you do has become the path to your calling, and you are happy with the amount of money you’re getting, then you might want to think carefully about selling off to start over. What if you end up hating your new job, or what if it doesn’t pan out?

In every case, what’s important to the decision is what matters most to you, and how much risk you’re willing to take.

If you had a business you wanted to sell, it is important to keep in mind that there is no set sale price for businesses in general. A profitable business will sell for more than one which is merely doing moderately well. But even more important than not being cheated on the price, is not cheating others on the price. Be fair in your dealings, and you just may gain a friend. In the business world, good relations are everything.

Once the contract is wrapped up and the business is sold, the former business owner is faced with a dilemma. What to do now? In this case, it will be important to think about your goals for your life, and your calling. Would your calling best be fulfilled by your starting another business? Or by traveling? Or by volunteering? Or even by getting a paid job? The list of possibilities is endless, and you’ll want to make sure you think very hard before deciding on something too drastic or life-changing.

In my case, the most attractive thing to do once I’ve sold my business would be to acquire appreciable assets, learn new skills, and possibly start a new business.

Makayla

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