A business sale may take between six months and two years to gather enough interest and start attracting offers.
- Get two to three potential buyers just in case the initial deal falters.
- Stay in contact with the potential buyers.
- Find out whether the potential buyer pre-qualifies for financing before giving out information about your business.
- If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer.
- Allow some room to negotiate, but stand firm on a price that is reasonable and considers the company’s future worth.
Also, the buyer may have you sign a non-compete agreement, in which you would agree not to start a new business to compete with the one you’re selling.