Here is where business sellers need to be realistic and understand that it does not happen overnight. First understand that only 35-40% of a business brokers businesses for sale sell in the first 9 months. If the seller and business broker agree to an extension then that number jumps to nearly 80% in the next 6 months - thus 80% of all businesses close in the first 15 months or so. On average, business brokers secure the offer - commitment - in 8 months. This average takes into account businesses that sell very quickly and others that do not sell at all.

So if you were expecting a quick sale then your chances are slim - not impossible as we've secured offers in as little as 3 weeks - but this is rare. The reason for the length is that buyers must be qualified by the business brokers then enter into the complete disclosure and due diligence process. Keep in mind that business brokers deal with remorse, tire kickers and true qualified buyers who may be looking at 2-3 other options.

FYI: If business brokers make promises about selling your business then walk away - really, if they make these promises now imagine the other deceptive tricks they will pull later.

Strong business brokers can increase the success rate if they follow the following processes

1. Determination Of A Market Value For Listing
2. The listing
3. Buyer Marketing
4. Qualify Buyers
5. Get Qualified Buyers Under Confidentiality
6. Full Disclosure To Qualified Buyers
7. The Business Tour With The Qualified Buyer The Business Broker And You
8. The Business Financial Review To The Qualified Buyer
9. Due Diligence - Getting Updated Info For Qualified Buyer
10. The Offer
11. Offer Negotiations
12. Accepted Offer
13. Due Diligence Making Sure All Contingencies Are Met
14. Due Diligence Making Sure Financing Is In Place and Other Like Lease or Real Estate
15. The Closing And Dispersal Of Funds

FYI: Not only are Step #'s 13-14 above vital - it is also where many lazy business brokers falter and create the cancellation of the deal. If the business brokers you are talking to do not cover #'s 13-14 then find other business brokers.

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