Even with the input of the best business broker 92112 trusts, it typically takes between 6 to 9 months to sell a business. All the same, you should note that this period can be shorter or longer. It all depends on several factors. In this post, we will be looking at the main variables that influence how long the business sale process lasts.
Brokers versus DIY
As you may already know, the selling process of a business is very complex. There is so much to juggle. In addition to getting the business ready for sale, marketing it to potential buyers, and meeting up with prospects, you have to keep running it. All this work can be overwhelming. That is why it is not advisable to sell on your own. Working with an experienced business broker 92112 trusts will lift the burden off your shoulders and guarantee you are moving in the right direction throughout the sale.
Using a business broker offers the best way to navigate the business sale process. A broker that has lots of experience selling businesses that are similar to yours will be surefooted. They will maintain confidentiality, reach a bigger market and handle negotiations the right way. Their input will further ensure that you never deal with jokers but rather prescreened buyers who are serious about acquiring your business. All this will help close faster.
Marketing
If you don’t cast a wider net when marketing your business, you will end up getting mediocre offers from potential buyers. The only way to get a serious buyer who is ready to close as fast as possible is by using multiple marketing channels. Keeping in mind you have to prioritize confidentiality when marketing, it can be harder to win potential buyers over if you don’t share specific details about your business. A business broker will be able to craft effective blind ads that arouse curiosity and send more buyers to your doorstep.
Industry
The industry you are in will also affect how long it takes for you to sell your business. If the industry you are in is in turmoil, chances are selling your business will take longer. The demand for MSPs and IT businesses is very high. This means these businesses take a shorter time to sell.
Location
Where your business is located will also influence how long it takes to sell it. Most buyers are interested in businesses that are in a prime locations. Some buyers will even buy your business, not for its assets but to acquire its location.
Due diligence and closing
Last but not least, how you relate with buyers will also matter. If you keep turning away prospects, it will take longer for you to sell your business. The due diligence phase takes between 2 to 6 weeks. This period can take longer if you don’t have all the documents ready.