Selling a business isn’t something that happens overnight. If you’re considering selling your business this year, the time to start preparing is right now.
Many business owners assume that once they decide to sell, the process will move quickly—but the reality is very different.
Between preparing financials, finding the right buyer, negotiating terms, and completing due diligence, a business sale often takes several months to over a year to finalize.
If you wait too long to start, you risk rushing through critical steps, making costly mistakes, or even missing out on the right buyer altogether.
Selling your business is a major transition, and giving yourself enough time to do it properly is the key to a successful sale.
Why Selling a Business Takes Longer Than You Expect
A business sale isn’t like selling a house, where you can list it today and potentially have offers within weeks.
Even under the best circumstances, selling a business is a complex process that involves financial preparation, marketing, negotiations, and legal considerations.
One of the biggest reasons business sales take time is that buyers don’t make quick decisions. They need to thoroughly evaluate financial records, assess risks, secure financing, and ensure that the business aligns with their goals.
Most buyers will not rush into a purchase—especially for a significant investment like a business.
Additionally, if any issues arise during due diligence—such as inconsistencies in financial records, unclear contracts, or operational inefficiencies—it can delay the process even further.
The more time you allow for preparation, the smoother everything will go when you finally list your business for sale.
The Phases of a Business Sale—and How Long They Take
To better understand why selling a business takes time, let’s break down the key phases of the sale process and how long each one typically takes.
1. Preparing Your Business for Sale (3–6 Months)
Before you can even list your business on the market, you need to get it in the best possible shape for a sale. This preparation phase is one of the most important steps and can take several months.
Financial records need to be organized, accurate, and up to date. Buyers will scrutinize your tax returns, profit and loss statements, and balance sheets, and any inconsistencies or missing information could raise red flags. If your financials aren’t in order, this step alone can add months to the process.
Operational aspects of the business also need to be considered. If your business relies heavily on you as the owner, it may not be as attractive to buyers. Delegating responsibilities to key employees and ensuring that the business can run without you will make it more appealing.
During this stage, you should also work with a business broker or advisor to determine a realistic valuation for your business. Setting the right price from the beginning will prevent your business from sitting on the market too long due to overpricing.
2. Finding the Right Buyer (6–12 Months)
Once your business is ready to sell, the next step is finding a serious buyer. This is where patience is crucial, as securing the right buyer can take anywhere from six months to a year—or sometimes longer.
Buyers don’t appear overnight. Even when a business is well-positioned, it takes time to market it, attract qualified buyers, and weed out those who aren’t serious or financially prepared.
Even when you do find a potential buyer, they need time to evaluate the business, conduct their own research, and secure financing. Lenders have their own approval processes, which can introduce additional delays. If the buyer is using SBA financing or other bank loans, approval alone can take several months.
3. Due Diligence and Negotiations (2–6 Months)
Once you receive an offer, the process isn’t over—it’s just entering a new phase. The buyer will conduct due diligence, reviewing every aspect of your business to confirm that what you’ve presented aligns with reality.
During this period, buyers will ask for additional financial documents, customer contracts, supplier agreements, and operational details. If any red flags arise, they may renegotiate terms, request seller financing, or even walk away from the deal.
Even after due diligence is complete, legal paperwork and contracts need to be drafted and finalized, which can take additional weeks or months.
4. Closing and Transition (1–3 Months)
After the deal is finalized, there is still a transition period where the buyer takes over operations. Some sales involve a gradual handover, where the seller stays on for a few months to train the new owner. Other sales involve seller financing, where payments are made over time, extending the transition process further.
The Risks of Waiting Too Long to Start
If you wait until the last minute to begin the sale process, you may run into significant challenges.
Rushed decisions can lead to lower offers, lost buyers, or unnecessary stress.
One common issue is pricing the business incorrectly. If you don’t take the time to get a proper valuation and price your business competitively, it could sit on the market for months without serious interest.
Overpricing can scare buyers away, while underpricing leaves money on the table.
Another risk is not having your financials in order. Buyers and lenders will dig deep into your business records.
If they discover inconsistencies or missing information, it can slow down or even derail the sale.
Market conditions also play a role. If interest rates rise or lending conditions tighten, buyers may struggle to secure financing, making it harder to close deals.
By starting early, you can adapt to market changes and position your business more effectively.
How to Get Started Now
If selling your business is on your radar, even if it’s a year away, now is the time to start preparing. The sooner you begin, the more control you’ll have over the process.
Begin by reviewing your financial records to ensure they are accurate and organized. If anything is unclear, work with your accountant to get everything in order.
Remember, buyers will want to see at least three years of clean financial statements.
Next, evaluate how dependent your business is on you. If you’re handling most of the key responsibilities, start delegating and creating systems that allow the business to function without your direct involvement.
The more transferable your business is, the more valuable it becomes.
Consider meeting with a business broker or advisor early in the process. They can help you determine a fair market value, identify potential obstacles, and create a strategy to attract serious buyers.
If you’re thinking of selling within the next year, the clock is already ticking. The earlier you start, the better your chances of securing a strong offer, negotiating favorable terms, and achieving a smooth transition.
Final Thoughts
Selling a business is a complex process that takes time—often much longer than owners expect.
Between preparing financials, finding the right buyer, completing due diligence, and closing the deal, the process can stretch out over a year or more.
If you want to sell this year, you need to start today.
The more time you give yourself to prepare, the smoother the transaction will be and the more likely you’ll achieve the best possible outcome.
Contact us today to start planning and set yourself up for a successful sale.
About Robbins Pellegrino: Robbins Pellegrino is a Florida-based business brokerage firm led by Chandler Robbins and Joe Pellegrino, Jr. that is committed to redefining industry standards. We focus on creating meaningful partnerships and ensuring successful business transitions for both buyers and sellers. For more information, visit us at www.robbinspellegrino.com or call (239) 360-6273
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