We often encounter sellers whose first question is how long will it take to sell my business? The answer varies greatly and depends on the type of business, the industry and also the price. Your location might also impact the amount of time you should expect to wait. For example, if you’re looking to sell a business in Philadelphia, the duration of time might be different then it would if you were to sell a business in Hackensack.
The truth is the sales process typically takes about 6 months on average. If you are looking to quickly exit your business, that may seem like quite an extended period of time. The good news is that preparing years in advance will help ensure the process is as quick and streamlined as possible. It will allow you to get your finances in order and also improve various aspects of the business, ranging from its appearance to employee performance. When we begin working with clients early in the process, it gives us more flexibility. When we prepare early, we often are able to help sell a business in a more expedient manner.
When our brokers at Inbar Group work with a client, we look to understand their goals for selling and what they seek to achieve. Based on this information, we can develop a marketing plan. In some cases, a seller must immediately sell due to health issues or a family situation. We will also consult with you about the market at a given time and the most realistic price for a quick sale. We might suggest lowering the listing price for a client if they are looking to sell immediately. If they are not as concerned with the length of time that it will take to sell a business, we can recommend a higher listing price.
We have effective marketing methods to attract buyers, and often we do find a buyer for a business quite quickly. However, it is important to note that finding a buyer is far from the only step in the process. The process can still take 4 weeks or more for negotiation. Then you must also factor in a few months for closing. When you factor in the various stages involved, it quickly becomes apparent why the process of selling a business can easily take quite a few months from start to finish.
The bottom line is that we will ensure you have a good strategy and solid plan of action. This will help you achieve your business goals. At Inbar Group, we work to take work off of your shoulders and let you focus on running the business during the sales process. After all, buyers want to see consistency up until the time the contracts are signed and the funds are transferred. If you are looking to sell a business in Philadelphia, sell a business in Hackensack, or sell a business in any of the other Inbar Group locations in Connecticut, New York, Maine, Vermont or Connecticut, give us a call.