Three Reasons Why You Should NOT Exit Your Business
By Phil Harwood
If you’re a business owner, chances are you’ve received calls, emails, and even texts urging you to sell. The messages are persuasive — “Now is the perfect time to exit.” “We have buyers lined up.” But let’s face it: most of these marketers don’t know you or your business. They’re simply dialing for dollars.
In this article, I’ll walk you through three very real reasons why you should NOT sell your business — at least not yet.
1. You’re Not Personally Ready
Some business owners jump at the chance to sell — only to find themselves plagued with regret. Why? Because they didn’t plan for life after the sale.
Ask yourself:
- What will I do with my time?
- Have I accomplished what I set out to do?
- Am I still passionate about my work?
If the answer is yes to that last question, you’re probably not done yet. I see this often, especially among leaders who are still thriving in their roles and feel called to their work. That calling matters.
Readiness isn’t just about money — it’s about mental, emotional, spiritual, and relational preparedness. It’s about having a well-thought-out plan for what’s next.
2. Your Business Isn’t Ready
Even if you feel ready to sell, is your business truly set up for a successful transition?
As a consultant, I’ve spent years helping companies become more:
- Profitable
- Sustainable
- Transferrable
Rushing a sale when your business isn’t positioned correctly can result in leaving serious money on the table — or worse, damaging the legacy you’ve built.
Instead, work proactively to improve business value. Sometimes one or two strategic changes can make a massive difference in valuation. Prepare now so your business — and legacy — are set up for long-term success.
3. Your Successor Isn’t Ready
Passing the torch to a child, grandchild, or employee? Be careful not to assume they’re ready just because they want the job.
Some strategies I recommend:
- Let them work somewhere else first. This breaks entitlement and builds experience.
- Test their leadership. Put them in charge before you step away. A trial year can reveal a lot, and it gives you time to coach and support.
Don’t gamble your life’s work on someone who hasn’t been battle-tested.
Seller Beware
Just as I was writing this, I got another email from someone claiming to have “qualified buyers” for my business. I’m flattered. But they don’t know me. If they did, they’d know I’m not ready — and won’t be anytime soon.
When I am, I’ll work with a trusted advisor who can help make sure:
- I’m ready
- My business is ready
- My successor is ready
Until then, I’m staying the course — and I encourage you to do the same.
Final Thoughts
Don’t let outside pressure rush your decision. Take the time to think, plan, and prepare for a transition that honors your journey and sets up your future — and your company’s future — for success.
Not sure where to start? Talk to a seasoned advisor who can help you develop a timeline, strategy, and support system for a confident exit — when the time is right.
If you’re contemplating the future of your business and seeking guidance on the right time to exit, we’re here to help. At Tamarisk Business Advisors, we specialize in preparing business owners for successful transitions.
Contact us today to schedule a consultation and take the first step towards a well-planned exit strategy.
Now go forth
