How Long Does It Take to Sell a Business?
If you are selling your business a key question will be how long it takes to sell. It normally takes six to nine months to sell most businesses, but several factors can speed up or slow down that timetable. Let’s look at the steps involved when Hallmark Business Brokers signs an agreement with you to sell your business.
Once you have signed our sales agreement, we will have you fill out a questionnaire about your business. It should only take a few minutes but will lead to a 28-page report about your business. We also work with you to create a marketing plan for your sale. It helps define the type of buyer you wish to see.
Once this process is underway, the time required to sell your business varies. Factors include the type of business you own, location, price, and how you feel about buyers you meet. Here is why each business is different:
Type of business — Liquor stores, convenience stores, and manufacturing companies are popular and will bring more buyers to the table. Other businesses may take longer.
Marketing — Hallmark Business Brokers works hard to market the sale of your business, and we have a potential client base to use for marketing. It will depend on the nature of your business whether we get enough buyers to keep the price up for your sale.
Price— Every business owner thinks their business is more valuable than perhaps the local market indicates. One indication of the price you agree to list for your business will be the interest of buyers; if there are few or none your sale price is probably too high.
Licenses or approvals — If you are selling a liquor store there are licensing requirements for the buyer. If you are selling a franchise the franchisor must approve the sale. If you own a daycare or school of some sort there may be government approvals needed. All of these factors add time to the sale process.
Interested buyers will sign non-disclosure agreements before reviewing the details of your business. We will arrange appointments for you to meet buyers and discuss your business with them. Once a sales agreement is signed the final closing may take a couple of months while financing is arranged, licenses are obtained, and so forth.
Hallmark Business Brokers are experts in buying and selling businesses in the greater Sarasota area. We will be happy to discuss the details of our sales process with you if you are interested in selling your business. Call us at 941-445-4726.