You are ready for a new chapter in life, so you’ve listed your business for sale. Your thoughts are on a much needed vacation, sipping drinks in a beach chair – but there are good reasons to focus on your business now more than ever.
The biggest reasons?
It can take a long time to sell your business.
It typically takes 9 to 12 months to sell. How much damage can you do by mentally checking out for that long? Probably a lot. Sellers who mentally check out months before they’ve even found a buyer can do real damage to the bottom line. A sudden downturn in sales, losing a major account or falling profits can cause buyers to decrease their valuation of the business when the time comes to negotiate a price. A business with a disconnected seller tells a buyer that no one cares about the stability or future of the business – so why should they?
It might not sell.
It is an unfortunate truth of the business market that some businesses just never sell. It might be because of a lofty listing price that scares buyers off, it might be because the business is too niche, it could be because a seller has a change of heart or a change of circumstance that causes them to pull the business off the market – or it might even be because a seller has let the business slide to train-wreck levels. Whatever the reason for languishing on the market, once you’ve decided not to sell and return to ownership for the foreseeable future, you don’t want to leave yourself with a mess. You should always assume, whether you’re selling or not, that you will always be the owner of the business and maintain full responsibility until the day you hand over the keys.
The moral of the story? Even if you are completely burned out – you need to see your business through to the closing table. If you can push through the sale process while keeping your business in good shape, you will get a far better return on your investment than if you didn’t.
Are you a seller who feels like you need to sell now? Do you want to know how long it would take to get from listing to closing? Ask us! Leave us a comment or question here and we would be happy to help.