Tip #171: Selling A Business Can Take Time

A businessperson tells somebody on the phone selling a business takes time while he uses a snail as a mode of transportation.

Business owners must be patient and understand that the process of selling the business can take time – sometimes many months. There are multiple steps that must be taken: evaluation, determination of price, preparation of marketing documents, advertising in a confidential manner to find a qualified buyer, working with accountants, attorneys and lenders, negotiations and closing. And it’s not unusual for a deal to fall apart and the process must start all over.  Because it can take so much time, business owners must start planning their exit as soon as possible.