Studies indicate that the average business sells in 6 to 18 months from start to close. Once a letter of intent has been signed, the due diligence and closing process usually takes 30 to 90 days.
How can you as a business owner keep the sales process moving forward? Family business succession planning should start years in advance of the sale. It can begin with a simple “to-do” list. Consider these five thing as the beginning of your list:
1. Hire competent advisors and understand their roles
2. Screen potential buyers
3. Differentiate your business by creating a niche
4. Make sure partners / decision makers are on board with the decisions
5. Plan for training and transition
Invest your time in building your business by talking with Ralph Berge, Cleveland business coach about family business planning.
