Do you have a successful business that you’d like to get off your hands?
If so, you’re likely wondering how long it takes to sell a business. You want to sell your business as fast as possible so it’s no longer a burden. You also want to ensure that you’ll make a great profit.
So what can you expect from the process of selling a company? What’s the realistic timeframe regarding businesses for sale?
Here’s what you need to know:
Are You Prepared?
One of the common mistakes that many entrepreneurs make is that they don’t prepare for selling a company.
For example, have you completed your tax forms and paid off any debts before putting up your businesses for sale? The new business owner doesn’t want to inherit any of your obligations!
Do you have a set price range? You’ll likely have to negotiate how much to sell your business for. You should have a set limit that you’re unwilling to compromise.
Make sure you also prepare instructions for the new business owner on how to take over the company. You want to hand over instruction manuals, employee information, financial records, etc.
The faster you complete these tasks, the faster you’ll be able to sell the company. You should be able to move on from your business responsibilities on the same day that you sell the company.
Promoting the Sale
The other major factor that can delay the sale of your business is how you promote the sale.
You have to be aggressive with your promotion, otherwise you’ll end up waiting years to sell your business.
You have to remember that there are investors on the lookout for valuable businesses. But you’ll also have to face competition from other entrepreneurs who are eager to sell their businesses.
So how do you expedite selling a company? You want to promote your sale on popular selling websites. Focus on promoting your business on a website that’s dedicated to buying and selling businesses.
It doesn’t hurt to promote your sale on social media platforms. However, you have to expect that you won’t always get serious offers through such platforms.
As such, through social media platforms you can share links to your business listing. This is one of the fastest ways to garner traffic from potential buyers.
Make sure you also send cold emails to any investors or entrepreneurs whom you know. You might close on a sale fast if you contact someone directly.
You’re Ready to Sell a Business
Now you know how to sell a business and what factors can delay the process of selling a company as fast as possible.
You want to ensure that you prepare for the sale. Make sure you fulfill any tax and other financial obligations before selling a company. Make sure you also are ready to transfer business information on the day of the sale.
Make sure you also promote your business on the web. You want to focus on websites that specialize in buying and selling businesses. Cold calls and emails might be an even faster route.
You can find more tips on selling a company on our blog!