If you’re like most business owners, you’ve spent years—if not decades—building your company from the ground up. You might be wondering, why would I sell now? After all, I’ve put so much time and effort into this business.

Are you a CEO who is tired of running the show? Do you feel like it’s time for a change? Family succession is not an option for many businesses, and oftentimes, businesses close down or wind down instead of being sold.

There are a lot of reasons why selling your business can be a great decision, both for you and for your company. Here are just a few of those reasons.

1. You’ve Achieved Your Goals

If you started your business with a specific goal in mind—e.g., to make a certain amount of money, to build a particular type of company, etc.—and you’ve achieved that goal, then it might be time to sell. After all, what’s the point in continuing to run a business if you’ve already achieved what you set out to do? You might as well cash in while the going is good and enjoy your hard-earned success.

2. You’re at Retirement Age

Even if you haven’t yet achieved all of your goals for the business, if you’re approaching retirement age, it might be time to start thinking about selling. After all, do you really want to be working 60+ hour weeks when you’re in your 70s or 80s? Better to sell now and enjoy a well-deserved retirement later.

3. You’re Feeling Stuck

If you feel like you’re stuck in a rut and can’t seem to grow your business any further, it might be time to sell. Sometimes, the best thing you can do for your business is to let someone else take the reins and see if they can take it to the next level. After all, they might have fresh ideas that you haven’t thought of yet.

Now is a great time to sell, as there is high demand for established businesses. So, what are you waiting for? Follow these steps to get started.

Know the Value of Your Business: The first step to succession planning is knowing the value of your business. This will help you determine how much equity you have in the business and how much money you could potentially make from a sale. There are many ways to value a business, so it’s important to consult with experts to get an accurate estimate. 

Find the Right Buyer: Not all buyers are created equal. You want to find a buyer who is interested in your specific business and who has the resources to pay what your business is worth. The best way to find such a buyer is to work with a reputable broker who can help match you with interested buyers. 

Get Your Ducks in A Row: Before you can sell your business, you need to get your ducks in a row. This means having all of your financial documents in order and putting together a solid business plan. Buyers will want to see proof that your business is profitable and that it has potential for growth. If you don’t have these things, it will be difficult to sell your business. 

Selling your established business can be a great way to get out of the rat race and achieve financial freedom. As you can see, there are plenty of great reasons to sell your established business—whether you’ve achieved your goals, are nearing retirement age, or simply feel like you’re stuck in a rut. And now is as good a time as any to do it; according to recent studies, there is currently a high demand for established businesses among potential buyers. So if you’re thinking about selling, now is the time to act!