So How Long Do You Think It Takes To Sell A Business
While it's true some businesses can sell within a week
, it is not common. Usually a business will take anywhere from 2 to 9 months to sell. There are many reasons some businesses take longer to sell than others.
The most common reasons businesses don't sell is either due to them being overpriced, poorly marketed, or the financial figures not stacking up when the buyer completes a detailed due diligence.
A due diligence, as we cover later, is basically when a buyer agrees to buy your business, pending a thorough examination of your business before the sale. Being aware of these things allows you to plan ahead and look out for potential issues.
It's important to set goals for your sale, as it will serve as a guide for your deadlines. For example, if you want to sell your business in 6 months, you can gauge your pricing, advertising, and hiring of a broker accordingly. If the business remains unsold 3 to 4 months into your sale, you might want to reevaluate your sale to determine what's wrong.
Maybe most interest is coming through one form of advertising, and you'd like to pool your cash toward this one avenue. Or maybe you decided to wait before hiring a professional broker to assist you with the sale, and now that you're crunched for time, you've realized you could use the assistance of an experienced broker.
Again, if your business is on the market for some time and has generated little interest, you should start to review why it hasn't sold. Begin by looking at your asking price, the marketing that is being done to attract a buyer, and if there has been any due diligence issues.
A high percentage of business sales don't proceed because the buyer's accountant or solicitor has found issues with the due diligence process. As you will learn later, this process is one of the most important for you to complete your sale. Do not underestimate the value of thoroughly kept records; they are something every buyer will want to see, so it's best to be over prepared in this case. You should be able to explain your business success and failures as indicted by your financials. You want the buyer to put their utmost trust in you, as they are about to make a very expensive investment.
If your business has been on the market before and has not sold, or has currently been on the market for some time, contact Asset Agents to find out how we can assist you in achieving a faster sale. As some of the most trusted brokers in the business, we can help you achieve your needs quickly. You can reach us at assetagents@gmail.com or phone 07 3103 5616.
by: Vishal
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