How Long Does it Take to Sell My Business?
It generally takes, on average, between five to
eight months to sell most businesses. Keep in mind that an average is
just that. Some businesses will take longer to sell, while others will
sell in a shorter period of time. The sooner you have all the
information needed to begin the marketing process, the shorter the time
period should be.
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It is also important that the business be priced
properly right from the start. Some sellers, operating under the premise
that they can always come down in price, overprice their business. This
theory often "backfires," because buyers often will refuse to look at
an overpriced business.
It has been shown that the amount of the down
payment may be the key ingredient to a quick sale. The lower the down
payment, generally 40 percent of the selling price or less, the shorter
the time to a successful sale. A reasonable down payment also tells a
potential buyer that the seller has confidence in the business's ability
to make the payments.
When you and the buyer are in agreement, both of you
should work to satisfy and remove the contingencies in the offer. It is
important that you cooperate fully in this process. You don't want the
buyer to think that you are hiding anything. The buyer may, at this
point, bring in outside advisors to help them review the information.
When all the conditions have been met, final papers will be drawn and
signed. Once the closing has been completed, money will be distributed
and the new owner will take possession of the business.
What Can Business Supervisors Do - And, What Can't They Do?
Business supervisors are the professionals who will
facilitate the successful sale of your business. It is important that
you understand just what a professional business supervisor can do - as
well as what they can't. They can help you decide how to price your
business and how to structure the sale so it makes sense for everyone -
you and the buyer. They can find the right buyer for your business, work
with you and the buyer in negotiating, and every step of the way until
the transaction is successfully closed. They can also help the buyer in
all the details of the business buying process.
Most businesses are saleable if priced and
structured properly. You should understand that only the marketplace can
determine what a business will sell for. The amount of the down payment
you are willing to accept, along with the terms of the seller
financing, can greatly influence not only the ultimate selling price,
but also the success of the sale itself.
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