Business owners usually want a quick and efficient sale, but the average timescale is usually around 9 – 12 months.
How long it takes depends on how prepared you are for the sale. There are many things to consider and you’ll want to protect your position at all times.
Free Initial Telephone Discussion
For a free initial discussion and a quote get in touch with us today. Simply call us on 0161 929 0121 or complete our online enquiry form and a member of the team will get back to you.
How Long Does it Take to Sell a Small Business?
Business owners should prepare for a 9 – 12 month period of diligence and various tasks before signing over their business. There are situations where it happens much quicker, but it really depends on who is in the market and how prepared you are.
The larger the business, the longer the process usually is.
The Process
Once you have taken the decision to sell your business, you need to consider whether it’s actually ready for sale. You should also consider whether you, as the owner of the business are prepared to carry on working within the business for a certain period of time.
Heads of terms must be agreed, which are then followed by a process of due diligence, where a buyer delves into the details of your business and undertakes an investigation of the full operation.
The buyer also needs to pay for the business and may require external finance which can take time to prepare and approve. The vendor should check the buyers funding position as early as possible in negotiations and always ask for some proof of funding.
You should never feel forced to sell and don’t be rushed into agreeing terms. The key to any business sale is always to retain control.
Ultimately, the time it will take you to sell will depend on how attractive your company is, and how transferable it is. Once you have a buyer, you should still be realistic in terms of timescales.
Selling a Business is Difficult
The above information is generic and is not based on an individual deal, business, or sector and doesn’t it take into account unforeseen circumstances. Selling a business should never be underestimated, it is often quite complex and time-consuming.
Our experience in assisting clients in selling their business can often help smooth the path and take the worry off your hands.
How We Can Help
Using our experience and wealth of knowledge, we are able to offer expert advice on all the possible methods of selling your business based on your requirements.
We are able to explain clearly the legal issues and provide open, honest and professional advice.
How to Contact our Business Solicitors
To speak to our business solicitors today, simply call us on 0161 929 0121, or allow a member of the team to get back to you by filling in our online contact form. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
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