I am often asked at the end of the year, “What is one area I should focus on if I am considering selling my business in the next few years?” The answer is always the same: find out what it is worth.

I’m always amazed at the number of owners who don’t have any idea what their business is worth. And I get it – they’re too busy running the company to think about what it might be worth to someone else. Here’s why you should consider getting a valuation, even if selling isn’t on your agenda for a while:

Getting an opinion of value doesn’t cost anything. Most brokers, including myself, will provide a complimentary opinion of value within a few short days. One email or call sets it in motion. We’ll base the figure on your sales, volume, geography, and revenue mix (such as the percentage based on new construction or maintenance agreements). It will provide you with an objective opinion on your company’s worth from an expert with relevant experience.

You’ll have a ballpark figure in mind when you’re ready to sell. We’ll compare your company to others that have sold recently, so we can share with you what buyers are actually willing to pay for a business like yours. We’ll be able to give you a range of likely offer prices and give you an idea of how long it might take to close a deal. You’ll have current, reality-based information to consider when making any future decisions.

The holidays are a great time to have conversations with your family. Most business owners will tell you that their company takes up a lot of mental real estate; they don’t have much time for deep conversations about what kind of future they and their spouse want. You might have very different visions of what retirement looks like. They might be ready to walk away tomorrow, if it were possible. You can have serious discussions now, rather than the “wouldn’t it be nice” hypothetical ones you’ve been having over the years. Put income, lifestyle, and your goals, fears, and ambitions on the table and see where it goes.

Your financial advisor will be able to tell you whether the sale is enough to fund your retirement. Your age, your financial goals, and your tax bracket all factor into the decision to sell. It may be that the best decision is to keep working and earning for a few more years. You might need to consider holding a seller’s note or taking the profit from the sale over time in earn-outs.  Your advisor might suggest that you need to build up more retirement savings or wait until the company can negotiate a higher price. You’ll be able to do the math together and see if the numbers make sense.

You don’t have to make a decision now, but when you do, it will be an informed one. Selling your business is a giant accomplishment, one you’ve been working toward for decades. You might be surprised at the emotions that surface when you think about leaving behind your identity as a business owner and boss. If you don’t have a plan for what’s next, you should take time to develop one. You want to retire to something, rather than simply walking away from something.

I’ve known owners who have had a flight to their happy place booked for a couple of hours after closing and never looked back. I’ve also known owners who have discovered that they don’t know what to do with themselves if they’re not working 50 hours a week. You’ll probably have to consider more than one plan before you find the right fit for you.

You’ve spent your whole career as a business owner watching and managing the numbers. The value of your company is the most important number of all, so shouldn’t you be taking the steps to find out what it is?