A quick business sale is an owner's dream – but how do we make it happen? Although it’s very difficult to determine how quickly your business will sell, there are multiple factors that may affect the timescale of the sale.
We can’t promise that your business will sell within 6 months – factors such as the economic climate, your business industry and much more can affect how quickly it will sell, so don’t be disappointed if it takes longer than you first anticipated.
Business sales aren’t like home sales, buying a business is a huge commitment that can have detrimental financial effects if gone wrong. As an example, take how many people you know that own homes and compare it to the number of people you know who own businesses. Most of the time, the latter number will be significantly lower.
With that being said, here are our top tips on speeding up the process of your business sale and understanding sale timescales...
What Is the Average Time to Sell a Business?
The average time it takes to sell a business in the UK is 12-18 months. However, this can vary depending on a number of factors, such as the size and complexity of the business, the market conditions, and the seller's preparation.
Additionally, working alongside a business broker can speed up the process by a significant amount, as business brokers will take care of the more mundane tasks for you. Brokers have a network of buyers and can help market the business and negotiate the sale – that’s why using a business broker is the most common way to sell a business.
How Can You Speed Up the Process of Selling a Business?
There are a number of things you can do to accelerate the sale of your business and most of them include planning before the sale – having all of your financial records and accounts in order, as well as a clear understanding of your business’ assets, fixtures and fittings and stock will make it easier to relay back to a potential buyer or a business broker.
You should also have a marketing plan in place, or liaise with your business broker on the ins and outs of the sale process. Working with a business broker will also help you avoid common pitfalls and make the process go more smoothly.
Price your business realistically - if you price your business too high, you may scare away potential buyers. On the other hand, if you price it too low, you may lose out on money. It's important to get an accurate valuation of your business so that you can price it competitively, you can do so using our FREE Business Valuation Calculator.
How We Sold a Business in 3 Months
Recently, we sold a fitness business in 3 months – here’s how we did it.
Clubhouse Gyms LTD first signed with Intelligent in May 2023, and by August, we had completed the business sale – we also achieved full asking price. This business sale success was driven by our amazing Regional Business Directors and Account Management teams, negotiating prices and vetting interested parties. Our marketing experts crafted a great business listing and we marketed to all of our third-party sites, and after multiple enquiries – the business was successfully sold.
It's true that not all business sales can be such a success, however, with our marketing and negotiating skills, our business sales experts can speed up the process and find you the perfect buyer.
Overall, we can never predict exactly how quickly your business will sell, and although there are external factors that will always affect business sales, there are also a number of things you can do to speed up and prepare the business for sale.
Ready to sell your business? Use our FREE Business Valuation Calculator to find out the value of your business today.
Get quick and easy insight into the real value of your business, without any obligations.
At Intelligent, all of our experts use a specific formula that will give you a free and highly accurate baseline valuation so that you've got a figure to work with that most realistically resembles the value of your business.