Additional information on each question from 50 Questions to Ask a Business Broker When Selling a Business
Q8. What is the typical time frame for closing deals that you’ve managed?
Why should you ask this?
A broker who has a strong track record of closing deals quickly may show their expertise in marketing and selling businesses similar to yours.
The timeline for selling a business can vary depending on various factors, such as industry, size, market conditions, and the complexity of the deal.
It’s very important to understand the typical time frame so you can properly plan and set expectations for the sale.
Ask the broker for an estimated timeline based on the specifics of your business.
On average, the process can take anywhere from 6 to 12 months, but this may differ depending on the industry, region and economic climate.
Key factors that influence the timeline include preparing your business for sale (i.e., organizing financial records, gathering necessary documentation), marketing the business, qualifying potential buyers, and undergoing due diligence and negotiations.
Understanding the typical time frame helps you manage expectations for business performance during the sale, plan your exit strategy, and consider your tax implications.
A good broker will explain things that could either speed up or delay the process, such as securing buyer financing or complications in the due diligence process.
