Be Ready, When You’re Ready
By Jeff Kelling
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 list the business, it takes about 7 to 9 months to sell. After that, expect a six-month to one-year transition.
In an ideal world, you’d be working with an advisor 2-3 years before you put your business on the market. Plan ahead and there are several things you can do to maximize value or better position your company for sale.
Figure out what you want and then work the numbers backwards. Start talking with your advisors now, so when you’re ready and the M&A market is in your favor, you’re ready.