How Long To Sell My Business

How Long To Sell My Business BY http://benchmarkbusiness.com.au/



HOW LONG TO SELL MY BUSINESS?This question is a Sellers burning question and is commonly asked. The question isright up there with my top three…1. How long will it take to sell my business?2. Why are they selling?3. How long has the business been trading? all good buyer questions.I’m going to talk about question #1 only in this blog. Experience has taught me thatto sell a business is a structured process from start to finish – it’s a science, not awish and hope process, let me explain.From the minute I lay eyes on my new potential client – the sales process has begun.

Pitch #1:In meeting with my potential new clients, I am now selling myself first and ourcompany (Benchmark Business Sales & Valuations) second in a meet and greetprocess to establish the starting point of a working relationship. I’m not there to signanyone up today – that’s for sure. It’s too early and I may not like the business or feelI cannot work with these people. Imagine this; if it feels off or awkward from the get-go and the Seller’s not really showing any interest, how is it going to feel during theentire sales or contractual process?Pitch #2:After the initial meeting is completed and I feel I like the business and have made aconnection with the Sellers, I will then explain the next steps in moving forward andthe Benchmark process for success, as well as the actions required by them and meto start the process of understanding the business and the mired of informationrequired to allow me to appraise and sell the business.

Pitch #3:Everything mentioned above all sounds good – up till now and should have taken atleast 10 business days to complete. What does the heading say – HOW LONG TOSELL MY BUSINESS? this burning question doesn’t just rely on me, it equally relies onmy clients as well. I can only work at the speed my clients allow me to. So, you wouldbe surprised to learn that 1 out of 4 Sellers are absolutely ready to sell their businesstoday and have everything ready to go – without delay. Waiting for informationdelays the sale on so many levels, and simply adds to the timing to selling a business.It’s a fine line for a buyer to ready to purchase and then go cold on the idea, havingeverything ready at your finger tips means there is no waiting, no delays and nochance for a buyer to lose interest.The broker and seller should always be in communication (at least weekly) andworking together. If a Seller shuts down communication, or is hard to contact, this isonly going to hinder the sale of their business. How will the seller answer thisquestion? How long to sell my business?

Summary: Given that the business has been appraised correctly, it’s priced right, allthe information is made available. In short (and excluding franchise sales) a businessoffered for sale using the conventional methods should sell around the 45 day markfrom becoming active to the open market.Ian SalterREIQ Business Broker of the Year 2016 & 2015AIBB memberBusinesses for sale quick linksBusinesses for sale Gold Coast | Businesses for sale Brisbane | Businesses for saleMelbourne | Businesses for sale Adelaide |Business Brokers Brisbane | BusinessBrokers Gold Coast | Business Brokers Adelaide | Business Brokers Melbourne| Businesses for sale Sydney