It takes 6 to 24 months for a business to be sold according to one professional association, SCORE, a partner with the U.S. Small Business Association. Of course, conditions could vary depending on a number of factors. However, it may take time to locate the right person to buy the business. However, it is a good idea to advertise widely to put the deal in front of as many potential buyers as possible. It may be important to court up to three possible purchasers at even given time. When potential buyers have been found, there are tasks which must happen in order to help finalize the process.
First, as mentioned, it is always a good idea to have a number of potential buyers waiting in case a deal falls through. It is also important to stay in contact with potential buyers. Buyers should also meet certain qualifications or be able to buy before providing them with the company’s important information. For those who may want to do the financing themselves, it may be a good idea to consult legal advice and or employ an accountant to assist in creating the deal. There also should be room to negotiate. Sellers must stand by the price that they see is fair. However, one should not be unreasonable.