Selling a business can take considerable time. Often sellers do not realise what a lengthy process it is and don’t allow enough time to exit in the manner they want.
Statistics have shown us that a typical business sale takes on average 14 months to achieve. We have dealt with business sales that have taken up to three years to achieve. There is no set timeframe, it often depends on many other factors such as how desirable the industry is that the business is operating in, how profitable the business is and if the business is being run under management (which will make the business more desirable to buyers).
We always advise potential sellers to consider when they would like to be out of the business. If it’s any time in the next two to three years, business owners should consider starting the sale process now. There may also be a period of time that the buyer wants the seller to continue working in the business as part of the sale contract. This can sometimes be another one to two years depending on the buyer.
We can help you understand the sale process and give you guidance on how long it may take to sell your business. Call us today to find out more – 0432 455 183.