This is a common question with a simple answer. Sell when you don’t have to! Plan well in advance for a sale (years) and expect that the new owner may want you to stay on as en employee for an extended period.
The key to acheiving maximum sale price is all in the planning, working closely with your accountant is always a good idea too. They will be able to montior revenue and profits and also provide feedback on what tax may be payable on the sale.
Too often we see business owners selling when they have to. This may mean a variety of things, they are exhausted, they are not well, they are separating or they are ready for retirement and want to transition out of the business immediately.
Be sure to start planning for a business sale years in advance! This will be the best way to avoid disappointment.