Business owners usually have most of their assets tied to their business. This can be challenging from a planning perspective as it relates to short term and long term planning, understanding valuations, and creating a succession plan and or an exit strategy. You must devote equal amounts of time and effort to planning (working on the business) as you do working (in the business). An exit strategy can often involve a plan for passing on responsibility for running the company and also transferring ownership (sale). Thus, a steady business is worth more than one that is not steady, and development of a plan is crucial to maximizing valuations related thereto. Developing an effective plan includes consideration of current and future operations, entity changes, personal and or familial statuses as well as potential tax implications. Selecting your business successor and how to transfer your business is a fundamental objective of planning and an exit strategy:
The better your understanding as to these, the better you will be able proceed with plan development and then implementation of transition and succession. Also, you need to now the numbers, and valuation is very important as well. Another option to any sale is to consider a strategic partner either by merger or a joint venture. Note this can be like a marriage, so date (a.k.a. perform due diligence) before you get married and consider a detailed business prenuptial (a.k.a. shareholder agreement, operating agreement, etc.).
The sooner you start planning, the easier it will be. Now is always a good time to begin planning for succession and creation of an exit strategy.