“I will sell my business when it makes a profit of [$??] a year, so that I can [??].”
When asked this question, I think I would sell my business when it had reached what I feel is the peak of it’s performance. In other words, if the revenue is the same after 2 or 3 years in a row, regardless of the amount, then I would say it has reached it’s full potential at my hand. So now I would have to consider outsourcing some aspects of the business so that I may grow the company. However, for me, honestly I am not sure what I would do at this point. There are a couple of options I suppose. If I were to sell my business, I would use the money to invest in a new company. I would work really hard to grow the new company bigger and better than the one before it. Now I would have some capital behind me at the beginning rather than at the end. Of course, on the flip side of this, maybe I would not sell my business. What if I took the profit to hire more people. Then I could produce more product quicker thereby getting a bigger return on my investment? If I did choose this option I would have to be careful my expenses did not cause my revenue to decrease. After writing about both of these options I do think I would be more inclined to sell my business at it’s plateau. I would not want to compromise the quality of my product after working so hard to grow the company to the point where it was at. Maybe I could take a small percent of the money from the sale of my company and put it in a secure investment for my future and use the rest to reinvest in a new company. Although it may be difficult to sell a company that I would have put my heart and soul into I know that it is important to recognize when it is time to let go.