Most small business owners are too busy building and maintaining businesses to devote much time or energy to planning for their disposition. As a rule of thumb, the more promptly the business has to be sold, the less likely it is that the owner will receive a price commensurate with the asset he is selling and for many of us our business represents the sum of a life's effort. Experience indicates that the transfer of management, if not handled properly and with foresight, is the bigger problem of the tow, and is certainly the one more threatening to the business. What is certain about the process is that when it comes to attending to the planning of the sale of a business, more is better than less. More information is better than less.
More options is better than fewer.
The greatest single problem is knowing when to leave. This tends to be a problem for which objective criteria are not helpful. However, consistent with the idea that planning is good, it is important for a small business owner to take constant stock of where the business is, what its objectives are, and whether present management has the emotional energy to maintain it or to raise it to a higher level. Only objective self-examination often with help from close friends can provide a working answer. Attorneys and other professional advisors have an important role to play in the process.