When should I start getting ready to sell my business?

I am often asked the question “When should I start getting ready to sell my business?” The honest answer: The best time was the day you cashed your first check. The second best time is today.

Why does your business need to be ready to sell before you are ready to exit? Because you never know when Google will come calling. I know that sounds crazy, but please take a minute to think about your current clients. Would your business be ready to sell if your biggest client called you tomorrow with an offer to buy your business because they want to bring your function in house?

So, about Google coming calling. Great story that I heard on the Go To Gal podcast (Jaclyn Mellone will be my first podcast guest when we launch my Hourly To Exit podcast in April!!): Agnes Kozera was on Jaclyn’s podcast to talk about how to monetize a podcast through brand collaborations, which she facilitates through her current business, Podcorn. Then, in the last 5 minutes of the episode, almost as an afterthought, it came up that she had sold her prior business, FameBit, to Google. This is what Agnes said when Jaclyn her asked if she ever imagined that she would sell her business to Google and what tips Agnes has for other founders who may want to sell their businesses (edited for space):

Pow. I want you to be Agnes. I want you to be prepared to take advantage of the opportunities that are presented to you. I want you to build a business that you love that supports your values and your goals for yourself, your family and your community. I want you to have the resources to pursue your dreams. I want you to have options. To do this, you must be ready to sell our business when your Google comes calling.