How long will it take to sell my business?

Once you’ve made the decision to sell your business you might be wondering just how long it will take.

As a general rule of thumb, businesses can take anywhere between six months to over a year to sell … but bear in mind every business is unique and there are many different factors that can impact the time it takes to sell, as well as the final price achieved.

If you’d like to sell your business in the shortest possible time (and for the best possible price), a proactive business broker who uses the power of digital marketing will give your business the very best chance of achieving this.

Let’s take a closer look at the factors that might affect the sale time of your business and see how your business broker can help you to make your business easier to buy – and therefore quicker to sell.

Before you list your business for sale

Before you list your business for sale

If you’ve made the decision to sell after a long period of deliberation, you’re probably keen to list your business as soon as you can. But it’s very important to plan ahead and get the groundwork right.

Selling your business can be a complex, time-consuming and challenging task. Our guide to the 10 things you need to do BEFORE you list your business for sale will help you ensure your business is really ready for sale, helping to speed up the sale process!

Properly prepare your business for sale

Properly prepare your business for sale

Once you’re sure you’re ready to sell, engage the services of a proactive business broker who is committed to delivering a complete business sale solution.

At Brilliant Businesses, the very first step in our for sale process is a strategy meeting where we come to your premises to interview you and understand your business.

We then prepare a business report, ensure all your due diligence documents are in order and in the cloud, and formulate a plan to market it … this first step usually takes about one to two weeks.

By using cloud based data to store all necessary documents, we make it easier for all parties to access, to understand, and to respond to, all of the necessary financial and legal documents.

Not only does this transparency of process engender confidence in potential buyers, but because there’s no time wasted chasing documents, it also helps you to sell your business faster.

Professionally pitch your business via your bespoke website

This is where Brilliant Businesses use our digital marketing knowledge and experience to tell your story for you.

We build a superb website to sell your business (this takes about four weeks) telling your story for you and communicating the value of all your hard work to potential buyers.

Having your very own ‘business for sale’ website allows you to really stand out from the rest and attract buyers. Your website will give them all the information they need to decide if your business is of interest to them, without having to contact you or your broker to get the answers to their questions.

Because all the necessary information is in the one location, available online 24/7, they can quickly and easily proceed to the NDA, speeding up the sale process and eliminating any time wasters.

Proactively promote your business using digital marketing

Whereas traditional business brokers generally list your business amongst hundreds of others and then sit back and wait for potential buyers to see it, at Brilliant Businesses we use the power of digital marketing to proactively promote your business.

Your digital marketing works 24/7 … even attracting people who are browsing their social media and not actively looking to buy a business!

Just how long it takes to find the right buyer for your business will depend on many factors, including the popularity of the industry, the price you want to achieve for your business and the economic climate.

However, just like selling a house, it comes down to supply and demand, so the more buyers your website attracts, the faster you will receive offers and the higher the sale price you can achieve.

Procure a purchaser and negotiate the deal

Procure a purchaser and negotiate the deal

Agreeing on a price and negotiating a deal both take time and experience and how long this step takes really depends on your priorities.

If a fast exit from your business is your highest priority, you’ll need to be flexible with the price you’re willing to sell your business for. On the other hand, if you’re not willing to compromise on sale price, brokering a deal will take a lot longer as you’ll need to wait until a buyer comes along who is able and willing to pay what you are asking for your business.

Another factor that will impact the speed of the sale of your business will be whether or not you’re willing and able to offer seller financing to any potential purchasers, especially in a climate when banks are tightening their lending criteria and finance is becoming hard to obtain.

An experienced business broker will bridge the gap between you and your sellers, carefully negotiating on your behalf and always working with your best interests in mind.

Proceed with the sale

Once the deal has been negotiated and the sale price has been agreed, it can take another two or three months to close on the sale.

Unfortunately, business sales often fall over at this final stage due to gaps in the due diligence.

At Brilliant Businesses we’ll help ensure your contracts are watertight … so you’ll always be one step ahead of the buyer and firmly in control.

We simplify the entire settlement process for you, helping to facilitate the transfer of things like business leases, registration documents, bank accounts, contracts, memberships and business names…

…making sure your hard work is valued so you can enjoy a fast and profitable transition to your next adventure.

Find out more.