When is the Right Time to Leave Your Business?

Over the years, I’ve learned that it is a big mistake to push a business owner to make a decision to leave a business before he or she is ready. Anyone who pushes you to exit your business before you choose to is clearly out of line. After all shouldn’t you also be the one who gets to say when you should leave? I think so. However, as a leader and business owner, you have a responsibility to prepare the business for the inevitable. There’s no escaping the reality that someday you will leave the business voluntarily by retiring and turning it over to someone else (possibly staying on with the new owner for a period of time), or by starting a new business, or involuntarily due to an illness or a life-and-death crisis. The result is the same: we all have to leave someday; it’s unavoidable. The outcome is generally always better when it is your decision and timing is based on a well thought-out succession plan. Make time to work on your succession plan it will be the best invest you will make.