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With tariffs, oil price volatility, and ongoing geopolitical tensions dominating the news cycle, many business owners are asking the same question: Is now a good time to sell? According to Mark Herbick, Founder and CEO of middle-market advisory firm Pursant LLC, the answer depends far less on headlines than most owners assume.

“A lot of people think that because of the things going on right now—war, oil prices, tariffs—it’s a bad time to sell,” Herbick says. “But it’s not necessarily those things in and of themselves that make it a bad time. Determining the right time is more complex than that.”

Rather than focusing on headlines, Herbick advises owners to evaluate three specific factors before deciding to sell.

“The perfect time to sell is when three things line up: The market is in good shape, your business is in good shape, and you personally are ready to exit," he explains. "When all three are in place, that's the ideal moment. When they're not, the deciding factor usually comes down to readiness—yours."

There is one exception to the alignment rule, according to Herbick: “If you’re miserable in your business, you should sell. Personal misery trumps everything else.”

For owners weighing whether the moment is right, he recommends asking three diagnostic questions:

1. Is your business in a state of decline, stability, or growth?
2. Is the broader market buyer-favorable or seller-favorable?
3. How do you feel about running the business?

Of all the questions asked, Herbick says the third one is often the most overlooked—and the most important.

“Owners obsess over valuation and deal terms, but they underestimate the personal side of the equation. Many are blindsided by the loss of purpose and identity that follows an exit. That’s why preparing yourself is just as critical as preparing your business. The grass may seem greener on the other side of the fence, but it’s just as tough to mow.”

He goes on to explain that business owners have a significant purpose, one that can weigh even more heavily than family, hobbies, and more. When owners sell the business, they often lose that sense of mattering. To begin this conversation, Herbick gives his clients a 15-question evaluation to help them determine where their strongest sense of purpose currently comes from.

Learn more about M&A insights here.