As we move closer to closing out a very long 2020, many business owners are looking ahead to 2021 and wondering what might be in store for them and their companies. While some have learned to pivot, some have thrived, and others still are considering whether or not it’s time to sell. For those who want to exit their business next year, even if it’s later in the year, we have the following advice: bear in mind that the sale of a business is a marathon, not a sprint. If you already know you plan to sell and want to discuss your options for moving forward, contact us today to speak with one of our experienced business brokers.
Timeline To Sell A Business
According to BizBuySell, the average length of time to sell a business is six to nine months. While that may come as a shock to some, it’s best to be prepared for that kind of timeline.
Factors That Impact The Timeline
We suggest business owners prepare themselves for the process, keeping in mind there are several factors that can impact the timeline:
- Preparation for transition – Prior to listing, prepare your business to sell. Too often, sellers forgot to view their business through the eyes of a buyer or neglect to have a smooth transition plan in place. Here are some tips to put your business in the best possible position for a sale.
- Get expert advice – It is possible to DIY the sale of a business, but it is much harder and takes much longer than working with an experienced business broker. Why? Business brokers can help ensure your asking price is fair, can negotiate on your behalf, and have access to a list of potential buyers that might be interested. From marketing to closing, the right business broker can help keep the sale of your business on an appropriate timeline.
- Industry/economy – Other factors that impact how long it takes to sell a business include the industry of the business and the economy. Keeping an eye on interest rates and industry performance can help a business seller gauge if their timeline might take a little longer or shorter than the average.
The first step to selling your business, whether it’s now or a year from now, is a business valuation. The business valuation provides insight as to the true value of your business so that you will receive a fair price for what you have built. If you’re ready to take that step, contact us today. One of our experienced business brokers will asses the assets of your business and provide guidance on how to make it the most attractive to buyers.