You’ve made the personal decision to sell your business. Naturally, you want to know how long it will take.
The short answer is that a salable business that is priced correctly can close in six to nine months. It might be shorter if we happen to find the perfect fit and things go smoothly, or it could take longer. Many factors are out of your hands, but one thing you can control is the attention you give to the matter and to the service providers who are helping you cross the finish line. Run with us and your sale can close swiftly.
Step 1: Make It a Priority
Business owners have a lot on their brains. From billing to paying bills, taking care of current customers and bringing in new ones, there’s only so much time in the day. You will accomplish your top priorities while items lower on the list have to wait. Selling your business has to find its way into a priority spot and stay there for an extended period of time; it cannot be something you attend to in your spare time.
Step 2: Align Advisors
It is crucial that all of your service providers are on the same page and that we function as a team—your team. If you already have your accountant, attorney, financial planner, and/or other trusted advisors, great. When can we meet them? If there are tax issues hindering your business, we as your brokers want to know about those and discuss with your CPA how to mitigate them for the sale. If there are gaps on the team—say, for instance, you do not have an attorney—we want to help connect you with candidates to fulfill those roles. Having your team in place and aligned to your goal keeps things rolling.
Step 3: Weather the First Wave
We will just say it: we are going to need a boatload of information about your company. Business and employee handbooks, org charts, financials, tax returns, leases, assets, contracts…we need to aggregate it all in one place to position the business for a sale and present data to potential buyers. We provide a checklist and keep everything organized. Still, this step is not necessarily fun for you. Hang in there; we will get through it together and the load will lighten soon.
Step 4: Be Responsive
Time kills all deals. Being available when we need you will save time. When a serious buyer is in play, you have to be available quickly and consistently. It is kind of like selling a home; you wouldn’t wait two days to respond to an offer at asking price. Once we have everyone and everything in place, what we need most from you is to respond when we call, text, or email.
Adopting the right mindset is central to maintaining momentum in the sale. You can count on us to help you stay on top of it all with expertise, honesty and intensity. See how we position your business to sell.