Selling A Business - It Can Take Time 

With businesses and banks folding all across the world thanks to the global recession, you may want to be prepared to wait when selling your business.  On average – and this is based on numerous surveys that have been conducted over the last two years – it is taking nine months for a business to be sold to a new owner.  Some businesses have been selling in six months or less, but this figure is decreasing on a daily basis.  If you are not using a business broker to help you sell your business, you may wait even longer for the right buyer to come along. 

Is it the seller or the broker that is causing this timeframe to be so prominent?  No one really knows, but the economic state throughout the world could have a lot to do with it.  Seller listings are now sitting on the books for close to a year, and in order to get your business sold you need to find a way to close the gap between the time the listing is put into place and the sale is finalised.  One way to do this is work with a broker who truly believes that time is of the essence, and have all of the necessary preparation work – business profile, tax information, sale price, etc. – prepared before you even hire the broker.  You can also ask the broker to remove the listing if your business does not sell within ninety days. 

If you decide to use a business broker to help you sell your business – which is probably a good idea right now thanks to the economy – then you need to work with one that is diligent and does not drop the ball from the time you hire them to the time they complete the sale of your business to the new owner.  Shop around and talk to the brokers to see what their current track record of sales is.  If they are selling businesses in less than nine months, put them on the list of possible brokers for your company.  Select the broker that you feel is going to get the job done for you the most efficiently. 

How do you do that?   

Talk to the broker and ensure that they pass out your business listing to all their employees in a timely manner.  Make sure that they list your business on the many different websites that advertise businesses for sale right away, as this will increase the amount of people who see that you are selling your business and bring in more potential buyers.  If your broker works in conjunction with other brokers, ask them to pass your listing around as the other brokers may have a buyer waiting in the wings.  Provide the broker with the necessary back up information on your business in a timely manner so they can market the company. 

As the seller it is important that you stay in contact with your broker.  Do not be afraid to ask them if they have had any inquiries on your business.  Nine times out of ten someone has inquired about it.  If you feel that the listing needs to be changed, provide the broker with new information.  Communication and patience is key to getting your business sold in a timely manner, and as much as you’d like to let the frustration of a slow sale set in don’t let it consume you.  There is a buyer out there for your business.  

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