Not everyone starts a business with the intention to sell a business. Many people begin businesses with the explicit intention to sell them in the future. Others may not initially plan to sell their businesses, but discover over time that selling is the best possible option for the business’s future. But as much as building a business is a process, so too is selling a business. There is more to selling a business than finding a buyer and signing on the dotted line. In turn, the amount of time it takes for a business to sell can vary depending on the business and the circumstances in which it is being sold.
What Can Hold Up the Sale of A Business?
There are several different factors that affect the amount of time it takes for a business to sell. This is especially true when a business is owned by multiple people, or has investors behind it. In that case, the sale of a business can get caught up in legal holdups and objections from other owners and investors. It’s ideal for everyone at stake in a small business to agree on the sale before it happens. But this is not always the case.
Another issue that can affect the sale of a business is the question of finding a reliable buyer. Business owners may be so preoccupied with selling their businesses that they settle for the fastest-acting buyers. The last thing that you want is to waste a lot of time and potentially even money on a sale that isn’t going to happen. Remember that it can take time to find a good buyer. An estimated 90% of people that set out to buy a small business never actually finish their transactions.
How Can I Speed Up The Sale?
Right now, the median amount of time that a business spends on the market is 188 days according to the CABB. But potentially, the seller can speed up the sale process. For one thing, you can simplify your sale ahead of time by preparing an exit strategy. Additionally, working with an experienced broker can assist the sale. They can cut down the amount of time spent on finding a strong buyer.
Although selling a business can take time, it comes with many rewards. But remember, those rewards won’t be won until the business is sold.