Selling a business can take more time than is anticipated. For some businesses, it can take months just to find a motivated, qualified buyer. Due diligence examination can create lots of questions where the answers are not readily available and will take time to produce. Obtaining any financing for the transaction and working with attorneys on the agreements will take additional time. And unfortunately, at some point, a buyer might walk away, and the process must be repeated to find that perfect buyer.
Business owners must recognize that selling their business can take many months and must be ready to go through that process. It’s time to start exit planning now!