Additional information on each question from 50 Questions to Ask a Business Broker When Selling a Business.
Q9. How long did it take you to close your last three sales?
Why should you ask this?
Experienced brokers excel at closing deals in a shorter time frame than average. They achieve this by implementing effective strategies for sourcing and vetting buyers, leveraging existing relationships to expedite the process, and providing valuable guidance to both the seller and the buyer throughout the process.
A sales process that drags on is typically frustrating for all parties involved. The seller becomes discouraged and may consider closing the business, the broker may reduce their efforts in marketing the listing, and buyers question why the business has been on the market for so long. The median time for a successful sale is around 6 months.
