My Business On Purpose

621: When To Know If It’s Time To Sell Your Business

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Synopsis

It was five days since I had called to check in on a contractor owner with no response.   Finally, hoping everything was ok, I texted another check in, to his simple reply, “Honestly, when I said I work all the time I wasn't embellishing the truth. I just wrapped up another long day and headed home now.”   That was on a Sunday night for a business that shouldn’t have much to do on the weekend. For too many business owners, the harsh reality is that the business is owning them and it may be time to sell.   There are three helpful filters to flush a decision through when timing a potential sale of your business. First, do you have a desire? Desire cedes ground to opportunity that has lured many business owners down the path of “profitable distractions” - where the potential of profit distracts from what the owner desires.   Ownership is hard, and owners must have a continued desire to own and lead the business in a way that others desire to follow.   Second, are you at a relational impasse? Many owners are lead