What Influences the Timeframe to Sell a Business?
In the business broking industry, 60% of businesses will sell in 6-12months. 20% will sell after 12 months and about 20% will sell before 6 months. Finn Business Sales normally sells a business in 3-9 months. This is because they do a few things to speed up the process.
In this video, Steve discusses the major factors that will influence the time it takes to sell a business.
Two main factors are buyer demand and access to finance. There are certain businesses that have a lot of buyer interest, whereas others may be quite niche or in remote locations. The buyer's ability to access finance is also a factor if the figures of the business are good and the banks are happy it's easier for the buyer to get finance to purchase the business.
There are other factors that also affect the time it takes to sell including industry, location, marketing, pricing, business profile and the business broker you select. It's important when selling a business you take all these factors into consideration.