One of the first questions that most business owners ask a business broker is about how long it will typically take to sell a business. The reality is that in Minneapolis, as well as other cities across the country or around the world, there are a lot of very different factors that can influence the sale.
A top broker will be able to provide a general idea of how long businesses of similar size, price and in the same industry take to see in your area. This is still just a guideline, and by understanding the factors that influence a sale, it is easy to see why an approximation is not always a simple measure.
Industry Trends
The best time to sell a business is always when the industry is on a sustained upward trend. For example, a new technology or product that is cornering a spot on the market will make it easier to sell the company compared to a company that is producing a product that is decreasing in market share and sales.
Some types of businesses do not have market trends. Businesses such as restaurants and many retail outlets are good examples of this. While they don’t have trends, they can be in a period of growth or a period of decline.
Location and Traffic
Businesses in traditionally busy types of locations or businesses in new locations drawing a lot of consumers are typically easier to sell than a business in a remote area. This is particularly true in a Minneapolis neighborhood that is quiet and less likely to have an influx of new traffic.
Technology and Equipment
Another issue to impact the timeline to sell a business is the state of the business itself. A business of any type that is up to date with technology and equipment is going to be more attractive to a buyer than a company that has not kept up with industry standards.
By speaking with a business broker in Minneapolis, it will be easier to get specific information about the sale timeline. As there are many factors influencing the sale time, this specific information is the best predictor of what to expect.
