Harry Reasoner of 60 Minutes recently said in so many words “the time to retire is when you are at the top of your game.” In business, this is also very true. What happens if you hang-around without the passion of prior years, employees and customers will sense it, and will slowly leave you.
Then sales and profits start to drop, and with it the value of your business.
One alternative is to milk it to the end; but you should ask yourself, is your health and happiness worth it? The second alternative is to sell your business while you have something to sell. At least talk to a business broker and get an idea of what you can expect for a price and start the planning process. Most business owners don’t plan their exit which can be a costly mistake. Statistically it takes eight-months to sell a business, and it is best time to sell is when the economy is stable or growing, and interest rates are low.