I work with alot of owners who are selling their businesses after a lifetime. Many have had their businesses 25, 30, and even 50 years. The first question I always ask to ensure they are ready to sell is:
“What are you planning to do the day after you sell your business?”
If they do not have an answer, they are not ready to sell. Good answers have been things like a hobby they want to pursue, or they want to travel or they want to start another business!
Price is almost never this issue. The answer to this question is. I have frequently worked with owners who backed out of a sale transaction weeks before their business sold because they could not face this question about “The Day After”.
Be ready.
