I LOVE MY BUSINESS: If you’re an entrepreneur, you know the joy of having creating something – your business – and made it successful. You put in the long-hours – worried about your “baby” (your business) days/nights and even weekends during challenging times. And, you watched it overcome these challenges and prosper. It has been much like having another child — your business (child) — and you love it because it is part of you as much as your son or daughter.

Yes there were rewards – the sense of accomplishment – the pleasure of surrounding yourself with the managers and line staff you found, trained and together built the successful business. And there were financial rewards, too.

While that was nice, maybe it isn’t as important now after years in business as it was when you first decided to go into business for yourself. Today there are days when you are just plain “tired”. And other days you wish you could spend more time with the children and grandchildren and not have to come in every day.

At one point or another in any business owner’s career, the question arises as to whether or not the business should (or can) be sold. Typically this question is combined with three others:

1. What is the business worth?
2. And if the value isn’t where I expected (or needed) it to be, what can I do about it?
3. Finally, the BIG QUESTION: Is now the right time to sell?

Question 1 – The first question can be answered relatively easily. All that is needed is to bring in a business appraiser like SPIA and have them evaluate your business. The appraisal will show you the range of value that your business is worth in today’s economy. Certainly that is good to know, as it tells you where you are.