Owners who want to stay in the business and compete but are near retirement age must consider whether the wealth they have built up in the company is now under risk due to the new competitive climate. Technology is moving quickly and companies that do not keep up risk destroying a lot of value. Owners thinking about cashing out will be asked if they want to get out of the business completely, or keep a hand in. An owner might sell to a larger company and then take a different type of role with the organization. Other questions must be answered.
Many companies think the best time to sell is at the apex of their growth.
Actually, the best time to maximize value is when the company has had a very strong year but expect to have an even better year next year. Buyers want a balance between strong financial performance and strong growth potential. Of course, if a company is not profitable, it may still have opportunities. But more typically, historical financial losses can be problematic. You may be well advised to work with a financial advisor to devise a strategy to become profitable and position your company for sale.