How Long Does It Take to Sell Your Business?

49% of businesses that are up for sale find a buyer within 9 months, according to research carried out by website BusinessesForSale.com, with 99.9% sold inside two years.

The survey also reveals that more than 70% of businesses sell for between £100k and £500k.

Promising figures, you'll agree. But how can this help you to get the most from selling your business?

Planning to sell a business - be prepared

When you're thinking about selling your business - now, or in the future - it's important to have a business exit strategy. You should already have a detailed plan of what you want the outcome to be long before you put your business up for sale.

When should I put my business up for sale?

You're more likely to get a better price if you can take your time with the business sale process. Selling your business can typically take up to two years. You should incorporate this timescale into your business exit strategy, so that you won't be forced to drop the price or accept an unattractive offer.

What specialist help will I need?

Firstly, get yourself a broker. All good business brokers should know about the business sale process, but one who is a specialist in your industry could get you a better deal.

As well as a broker, you'll also need a trusted accountant and a solicitor. Their specialist advice won't be cheap, but it will be crucial when it comes to a smooth transaction. You can find out more about the role of specialist advisers, and where to find them on my blog.

What if the sale falls through?

If your sale does fall through, it doesn't have to mean disaster. Although you will still have to pay your business sale advisers, there are ways that you can minimize your risk. Make sure you engage your advisers on the right basis and you think through the worse case scenarios before signing up.

Make the leap

Whether you choose to stay involved, or cut your ties and move on to other projects, selling your business can be a satisfying and lucrative experience. In 2010, I sold the majority stake in my company, staying on as managing director to take the business to the next level. I've never looked back. For help, information and support on every aspect of selling your business, head to my website.