When a business owner says it’s time to sell, one of the first questions I ask is, “What’s your timeframe? When do you want to be out?” And the answer I hear most often is, “Yesterday.”
That is a problem. Most business owners underestimate the time it takes to sell and exit their business. It’s not like selling a house, and you don’t get to hand over the keys and walk away on closing day.
It’s such a common misconception, that we’ve actually framed and hung this piece of advice in our conference room: “Selling a business is a process, not an event.”
In an absolute ideal world, you’d be working with an adviser for two to three years before you even put your business on the market. There are some bookkeeping changes you can make to maximize your sale value, plus other pre-transition activities that will better position your company for sale.
Once we list the business, it takes about nine to 12 months, on average, to sell a lower middle market company. After that, many sellers can expect a six-month to one-year transition.
Read more at:
Business owners can’t plan on yesterday:
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
No comments:
Post a Comment