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Over the past 10 years, when do you think was the best time to sell a business?
Believe it or not, it was just after the pandemic. In June 2024, the U.S. Department of the Treasury reported that American business investment had exceeded expectations, outperforming pre-pandemic projections by $430 billion. “The outlook for future business investment growth is encouraging,” the report stated. “Firms are observing persistently high returns to their capital, and founders are starting new businesses at historic rates.”
Across industries, 2020–2022 outperformed even 2019 in many metrics. Manufacturing, for example, “surged back” in Q3 2020 with record gains in output and hours worked, according to the U.S. Bureau of Labor Statistics.
The real lesson: It’s not about timing the market
You don’t sell based on headlines. You sell based on your business, your industry, and your momentum.
Company valuations have stayed remarkably consistent over the past 25 to 30 years — even during recessions like 2008–2009. Waiting for the “perfect” economic moment to exit is a common mistake that often leads to missed opportunities.
One of our software clients was nearly ready to sell last year. But their industry began heating up so fast, we advised them to hold off. They now have a 10-year growth runway — and a chance to exit at a significantly higher valuation. On the other hand, we had a client in the print-and-postage business who waited too long. They ignored clear signs of declining demand. By the time they were ready to exit, their window had closed — and so had their leverage.
The point: There’s no universal “right time” to sell. There’s only the right time for your business, in your industry.
Related: When Should You Get Your Business Ready to Sell? The Best Time to Start Is Now — Here’s Why.
Three steps to build value in uncertain markets
Economic volatility causes many owners to second-guess their exit plan. Should I move faster? Should I take the first good offer?
In most cases, the answer is no. Instead, refine your original plan with three key adjustments:
1. Prioritize profitability over revenue
Buyers don’t pay for top-line growth — they pay for what drops to the bottom line.
One of our marketing clients was bringing in $5 million in revenue but losing $200,000 annually. After focusing on profitability, they trimmed revenue to $3 million but turned a $220,000 profit. That leaner, more profitable business was ultimately worth more — and attracted better buyers.
2. Build operational efficiency
A well-run business is more attractive, more resilient, and easier to sell. Aim for:
- Fewer people delivering the same output
- Documented, replicable systems
- A team that can run the business without you
Buyers want to see a machine that works — and still has room to grow.
3. Stay realistic about valuation
Remember Quibi? The mobile streaming platform launched with $1.75 billion in funding — and folded in six months. Or any Shark Tank episode where founders get laughed out of the room for unrealistic projections.
Valuation isn’t about hype. It’s about performance, predictability and market reality.
So when is the right time to sell?
Here are two signs we see consistently:
- Growth takes more effort for less return.
- You start thinking, “I’ve got a couple good years left in me.”
Those thoughts are signals. Don’t ignore them. They’re often the earliest signs that it’s time to plan your exit.
The market moves, but your strategy shouldn’t
Selling a business takes time — sometimes years — especially if you want to maximize value. Public markets fluctuate daily. But private business sales operate on a different timeline and follow different rules.
The buyers are different. The financing is different. The valuation metrics are different.
So don’t rush. Don’t panic. And don’t let headlines distract you from your long-term strategy.
Related: Sell Your Company When You Least Expect It — How to Properly Scale and Sell Your Business
Final thought: Focus on what you can control
The best time to sell isn’t about market timing — it’s about business readiness.
Ignore the noise. Focus on profitability, operational health, and what’s actually happening in your sector. That’s where real value lives — and where the best exits are made.
Stay strategic. Stay grounded. And don’t sell your business short.
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Jessica Fialkovich