Selling your company can be a lucrative venture, specifically if you take the time to develop an exit strategy and put together the company correctly. But the process can be challenging, even to get veteran business owners. In the proper hands, a sale can help you pay for your next business venture, or supply you with the financial freedom to retire. However, an incorrect time to sell can cost you—both in terms of profit and your standing.

The best time to offer your business is determined by a variety of elements, including the current economy plus the state of your industry. But the the very first thing is the company’s healthiness: buyers are interested thriving businesses, not attempting companies. To make certain your business is ready for a sale, hire thirdparty experts to audit your financial statement a year or two just before you plan to sell. It’s the good idea to clean up your literature and get ahead of any kind of legal or regulatory issues that could not work the sale (for example, making certain you have signed off about all worker contracts and tend to be clear in any intellectual property issues).

Once you’ve gathered pretty much everything information, you could start getting a specialist valuation via business brokerages or combination and pay for advisers. The earlier you do this kind of, the more you’ll discover how much your enterprise may be valued at and what type of buyer would be enthusiastic about it. Be sure to find authorities who work closely using your industry whenever possible, as they’ll be able to provide you with more specific valuations.