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Is the Market Right to Sell My Business in Westchester
Is the Market Right to Sell My Business in Westchester?
If you’re a successful business owner born into the Baby Boomer generation and operating in Westchester County, NY, you may be considering what the next chapter in your life is going to look like. You’ve worked hard to accomplish what you have, and maybe you’ve been wondering when the appropriate time is to enjoy the fruits of your labor. Even if you’re not approaching retirement, you might be looking forward to a chapter of life that doesn’t involve your current business.
If you own a thriving business in Westchester County and you’re trying to figure out your next step, here are a few reasons why selling your business could be the right move for you.
Your Company Is Thriving
If your business is doing well and generating a steady income, you may be wondering why you should even consider selling. After all, isn’t it a good idea to keep a solid investment? Well, yes and no. In general, keeping a business that is consistently doing well is a smart move.
However, unless you plan on foregoing retirement entirely, cashing in on your successful business should be done when the company is at its peak. This ensures you can show a positive value to potential buyers and get the best price for your efforts. Each year that passes holds the risk that the industry will experience a downturn, resulting in a loss for your capital potential. The trick to getting the most out of your investment is to sell when your company is thriving.
You Just Need a Change in Career
Maybe you’re not ready for retirement, but you feel like you’ve lost the passion you once had for your business. Building a successful company takes significant time and effort, so it’s common for successful business owners to feel the weight of burnout once they’ve achieved a measure of success. Some entrepreneurs also just thrive under the excitement of building a business and are ready to move on to a new challenge once that’s over.
Selling your business doesn’t have to be the end of your entrepreneurial endeavors. Consider reinvesting your sale profits into another business. Sometimes just changing your routine can bring back the fire and energy you’re missing.
The Regional Market Supports Business Sales
If you are feeling the urge to retire, you may already be considering whether now is the time to sell. It can be tough to take that leap without some solid idea of what your business is worth in the current market. Good indicators of value include local business incentives and the success of the local economy.
Right now, Westchester County is a good place to do business. It offers easy access to and from New York City with a lower cost of doing business than inner city establishments experience. The area is already home to many Fortune 500 companies and offers tax exemption incentives on commercial projects. Additionally, the latest data on economic factors shows the county does better in recent and future job growth when compared to the national average. This is the kind of statistic that can entice a potential buyer to pay a higher price.
Business is good in Westchester County, but there are many reasons why you may be considering your options. If you’re operating a successful company in the area and you’re considering making a change, now would be a good time to sell. Selling while your business is at its peak, in a growing economy, will increase the amount a buyer is willing to pay. This gives you more to work with in retirement or to invest in a new business. Contact a LINK broker at our New York office (914) 363-7733. We'll provide you with the advice you need to make a smart decision.