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When Is a Good Time to Sell My Business in Raleigh, NC
For many small businesses, the decision to sell is a big one. It’s a choice that’s permanent, and it ends up putting a company you’ve grown from the ground up into the hands of someone else. Whether you’re flipping back and forth between deciding to sell or you’re ready to dive headlong into the process, there may never be a time you feel is best to sell.
Working with a broker is a good way to know when it’s a better time to sell. Whether conditions are favorable for a sale depends on factors including your specific industry, the amount of competition and the city you’re located in.
The Market in Raleigh, NC
Raleigh, NC, is a thriving city, burgeoning with new and established tech companies, a variety of food businesses and restaurants and numerous small businesses. According to recent population projections, the Raleigh metro area is expected to have almost 2.2 million residents by the year 2040, up 72 percent from its current 1.27 million population. These astounding numbers should prove to be promising for new and established businesses.
Visitors to Raleigh and current residents can find plenty of leisure opportunities in the multiple museums, parks, concerts, outdoor movie events and shopping centers that offer unique experiences to visitors and residents of all ages. People who live in Raleigh love living there, making it an excellent place to, sell or buy a business.
Small businesses are definitely key to the success of Raleigh’s economy. It’s currently experiencing significant business growth, and the city’s council continues to implement changes designed to promote economic development and continued stability. Other benefits to investing in Raleigh include a high ROI and innovation in education, technology and renewable energy efforts.
So, Raleigh’s a great place to have an established business. But how do you know when it’s the right time to sell?
Take a Look at Finances — Are They Stable?
Buyers interested in purchasing your business will likely be closely scrutinizing it from top to bottom, so making sure your finances are in good order will be extremely helpful for the selling process and it help make it more successful in the end.
Many financial experts recommend taking 2-3 years of preparation time before putting your business on the market. Being able to produce 2-3 years of accurate tax returns that demonstrate profitability will help you get the best price for the sale.
Assemble a Qualified Team
Selling a business should not be a solo endeavor for the business owner. Collect a team of qualified professionals, such as an accountant, a business broker and an attorney to help you fetch the best price for your business and ensure the process proceeds as smoothly as possible.
Sell When You’re at the Top of Your Game
Many business owners think about selling when their business is on the decline. This is the polar opposite of what an entrepreneur should do — you want to sell when your business is profitable in order to both get the best price and ensure you have many buyers interested.
Carefully Assess Market Conditions
Keeping an eye on the market is wise to do during the selling process. If you hire a business broker at LINK, we can help you assess the current market conditions for your industry. A good time to sell is when market conditions are favorable, so you can get a profitable return on the sale.
When business owners begin to take a solid look at some of these factors, they can understand whether or not it might be the right time to sell. Contact a LINK Raleigh broker today, so we can help you plan your exit strategy from your business.