If your business is a success, you probably had to pour most of your time, energy and money into it for what may seem like forever. You may see your company as an extension of yourself and it may be hard to even imagine life without it. In some cases, your entire family may have depended on the business, discussed it endlessly around the dinner table and practically made it into another family member.

On the other hand, your business may have only been marginally successful. It's something you can't wait to sell and get rid of. Or, perhaps you entered into the business with the idea that it would only be a short-term opportunity and that you'd sell it whenever you got a decent offer.

Whatever your situation, selling your business will be one of the most important things you'll do as a business owner. Unlike virtually every other business decision you have made over the years, you'll only do this once. You get a single chance to put a price tag on possibly years and years of effort. Once you sign the business sale documents, it's over.

So, now the question is: Is now the right time to sell your business for maximum profit>?

3 Timing Factors That Will Affect How Much You Will Make from Selling Your Business

1. The Economy - What's going on with the economy?

Is the economy growing? Is it kind of hanging in there? Are we in recession? If it's a growing economy, that's great news for you if you want to sell your business for the maximum price. If there's a recession, then I strongly suggest waiting if you can. I'm not saying you can't sell your business for the maximum price during an economic downturn, but it's much more difficult. So you need to be aware of what's going on in the macro, in the wider world.

2. Your Industry -- What's going on in your industry sector?

Just like the economy, if your industry's outlook is growing strong, then now is the best time for you to sell your business for the maximum price. Once your industry matures, the longer you wait to sell your business, the less money you will make from the sale.

When keeping an eye on the industry, you must also look for warning signs, alarm bells and problems in the brewing stage. This includes talks about introducing new legislation either now or later that can affect your business and your exit strategy.

3. Your Business - What's going on with your business?

Before you decide to sell your business you must ask yourself: Is the business growing, each year? Are you growing in turnover? Are you growing in profit? Is that going to continue? If you've got historic growth and the growth is continuing, then you have a wonderful business selling opportunity.

If your business is static or even worse stagnating, going backwards, and struggling to break even then you need to be aware of these facts. It doesn't mean you can't sell, but the preparation is probably even more critical because you need to sell and you need to create a good story why you're selling.

Hitting the Jackpot - When is the Ideal Time to Sell Your Business?

Obviously, the perfect time to sell your business for maximum profit is when the economy, your industry and your business are all growing at the same time. When you're prepared and ready to sell, then you can control that process and wait for all three to coincide.

When you're not prepared and when you possess a victim mentality then you sell because you have to sell. All three timing factors will not be in place, and you will not sell for a maximum price, unless you get really lucky.

So, how are you going to start preparing to sell your business?