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Timeline to Prepare for a Sale

Welcome back to my weekly articles on business building. If part of your plan is to sell your business, then understanding how long it will typically take to prepare for a maximum value exit will be crucial. Preparing for a sale does not happen overnight. Even if you thought you were prepared, it will likely take 2-4 times longer than you expected. Time is the only ally an owner has when preparing for a sale and the longer you have to complete that work, the better chance you will have for a successful exit.

Most owners get one chance to get it right when they decide to sell, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a sellable asset. If selling your business to fund your future lifestyle is a must, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.

With up to 76% of Canadian businesses reporting that they hope to exit in the next 10 years, being unprepared might cost you both your legacy and your retirement. With only 1 in 10 having a plan, the odds against are not in an owner’s favor.

Timeline to Prepare for a Sale
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