When a business owner says it’s time to sell, I ask, “How fast do you want to be out?” The answer I hear most is, “Yesterday.” But sellers underestimate how long the process takes. Once we sign our engagement agreement with the business owner, it takes about 9 to 12 months to sell. After that, expect a six-month to one-year transition.
In an ideal world, you’d be working with an advisor months and even years before you put your business on the market. But you can catch up quickly. There are things you can do to maximize value or better position your company for sale.
The more you plan, the more options you will have at the time of your exit.
Figure out what you want and then work the numbers backwards. Start talking with your advisors now, so when you’re ready, you’re ready.