Timing the sale of your business is critical. All too often when a business owner considers selling their business, the fail to factor the time it takes to sell and the variables associated with their business.
So the purpose of this blog is to set some expectations and give business owners some time considerations as well as some other factors that impact a deal.
How Long Does It Take To Sell A Business? The National Average is 8 to 12 months. I have sold one in as little as 5 days but that is far from normal. Why so long? Well lots of reasons ranging from overpricing, bank qualification, immigration delays, interest rate changes, due diligence discovery issues, and a million others.
Also, keep in mind there are seasons to things both in the short term (summer, fall, holidays) and the long term (election years, Brexit, recessions). As a business owner, you need to live outside yourself and understand the market. You live in the market whether you like it or not and you need to meet the market wants and desires. It does not matter if YOU think….it matters what the MARKET thinks.
So when interviewing with your broker ask questions around time, be realistic and if told you need to adapt….then adapt. Failure to do so will impact speed and time and time kills deals.
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