Why You Should Quit While You're Ahead Business is booming? It's time to cash out.
By Steph Wagner •
This story appears in the January 2016 issue of Entrepreneur. Subscribe »
Welcome to the hardest decision you'll ever make as an entrepreneur. While it's tempting to stick with a run of financial success for as long as possible, it's important to understand what you might leave on the table if you wait too long to cash out.
In fact, putting your business up for sale while it's on top might be the wisest entrepreneurial move you ever make. That's right -- smarter than the idea that launched the business in the first place. It's not an easy choice for founders like you who are emotionally invested in their companies.
But let's get real. Leading a company through the various stages of its life cycle requires skills you may not have. In general, when small businesses cross a certain revenue threshold -- typically $5 million to $10 million -- the biggest obstacle to future success is usually the founder. You might believe you are the next Jeff Bezos, but it may be time to swallow your pride, hand over the reins to a professional management team and take the money.
