Summer is fast approaching and everyone is starting to plan their holidays. You want to sell your business but is this a good time of year?
The sale of a business is a time consuming task. The sale of a business often takes over six months to complete. In the summer months, the process of buying a business slows down. The investor often takes a holiday, the seller of the business takes a holiday, the accountant and lawyers involved take holidays therefore it is difficult to co-ordinate the timing of when everyone is available to discuss the documentation.
On the positive side, a prospective purchaser may be very interested in trying to close the sale of the business in the fall before the Christmas season if the fall is a busy time of year. Buyers do not like to close in the slowest time of year which can be in January to March, depending on the business. Even though many advisers are on holidays, I would not recommend that you do not list your business for sale now. It takes a long time to find a buyer so starting sooner rather than later is prudent.