Selling a business takes planning, strategy and time, which comes with experience in the field. Unless you are selling your $1MM Cashflow business. Which is in the booming industry with upward trajectory for an asking price of $200,000. There is no way any business broker is going to be able to sell your business within 3 months. This scenario will likely not happen. As you the seller want to achieve the highest gains from the sale of your business. Why do some brokers claim they can sell my business in 3 months or less, probably because they want a retainer.
You can watch the YouTube video here – https://youtu.be/8nPHOP7UxyQ
We have seen that on average it takes anywhere from 6 to 9 months to sell a business. Sometimes sooner sometime later than this timeframe. Let me highlight the factors involved. What type of business it is, how is the financial health of the business, are there systems in place for a new owner to take over, is there owner financing available, how motivated is the seller among various other factors.
The fastest we sold a business was 5 months from the time that we listed to the time it closed. There are various steps that are needed for us to take the business to market accurately. After that comes fielding and following up the buyers, then an LOI – which is letter of intent. Due diligence follows, contracts that are negotiated with both side of the attorneys, funding, and the closing. At GillAgency we adhere to strict standards. After the LOI has been accepted, we strictly enforce 30 days of due diligence, 15 days to go in contract and 15 days to schedule closing.
So, from experience this statement “brokers claim they can sell my business in 3 months” does not seem credible. Visit https://gillagency.co/our-process to read exactly how the process works and then ask yourself – how can all this be done in 3 months?