The price that a lot of businesses close at is usually determined by many things. The sale price is usually affected by the earnings of the business, the place where the business is located, and the category that the company falls under. Another very important component that is sometimes ignored is the state of the business landscape at the time of the sale.
Looking at how long a business stays on the BC market before it sells is a good way to understand what is happening in the business space overall. It helps you to get an understanding of what BC buyers are looking for and what sellers are offering. Findings show that looking at the business sale timeline helps you to understand the state of the economic market overall and the commercial activity within the business sales industry .
When sellers put their small business on the business for sale BC market, they usually want the sale to be concluded as soon as possible and they become anxious about getting rid of it. However, based on information stemming from BC business sales over the years, the process usually does not take less than about 6 months. This is something that most business owners are not prepared to deal with.
Many BC business owners have expressed that they were anticipating a sale in around 5 months at most. However, the professionals who handle the business selling process, such as brokers and lawyers, have stated that business owners should anticipate that they will have to wait anywhere from 6 months to a year for their business to finally sell. In some cases the seller might be fortunate enough to get the sale done quicker but for the most part sellers will struggle to make the process go any faster than the typical expected timeline. Therefore as a seller, before you advertise your business you need to consider some ways that you can make the process simpler for yourself and the buyer.
Here are some tips to make the process smoother and take less time.
Sell it to an employee: This is an option that is used by many sellers who do not want to go through the longwinded and difficult process of waiting to sell to an outsider and having to sift through buyers to find the most reliable ones. This works however only if the employees are willing to take the role. Additionally, employees typically do not have the funds to undergo the purchase so you might have to arrange financing in order to get the money from the sale.
Try to Sell it to other companies: Surely you might have made connections and developed relationships with business owners over the years. This is one of the best ways to find someone to sell the business to. Check with your connections to see if they might be interested to acquire a new business or if they know of anyone who would be interested. You might be surprised to find that they are willing to buy the business from you for strategic reasons or for monetary gains.
Sell the company’s assets one by one: If you want to get rid of the business sooner, then you might want to do the sale in segments. If you sell the assets first then you will be left with less to give and this will lead to your business being a smaller price for prospective business buyers. Once you are left with selling the establishment and the brand identity then you will likely sell quicker. This option can work for someone who is selling because the business was not making enough money.
Offer to help the buyer with financing: the financing process typically holds a buyer back when they are ready to close the deal with you. They might have to go through an entire process of finding a lender and convincing them to provide them with the funds. This can be shortened if you offer financing yourself. This way you can take the process into your own hands and try to shorten the time.