“I just want to be out by December 31st.”
That’s what a business owner told me during our first meeting. It was August.
I nodded and said, “Let’s talk about what that would actually take.”
I believe that setting realistic expectations is critical. That’s why I wrote this article. To walk you — and your advisors — through the real timeline to sell a business: what happens in each phase, what curveballs to expect, and how to prepare emotionally as well as financially.
So, How Long Does It Take to Sell a Business?
Some owners believe they can list in March and be done by Memorial Day; the reality is different. Deals take 6 to 9 months — sometimes longer — and even the best-run processes require flexibility, patience, and finesse.
I tell my clients to plan on 9 to 12 months; Setting that first expectation is most important. Most of the time it moves faster.
The better prepared you are at the start, the smoother it goes— a thoughtful, well-run process that builds value and attracts the right buyer saves time in the long run.
Step 1: Planning (4–6 Weeks)
Day one – Every transaction starts with a walk-through.
Whether it’s a manufacturer’s plant, a service yard, or a professional office, that first visit tells me more than financials can. I get to see how you lead, what you’ve built, and what kind of legacy you’re carrying.
We start by listening to your story and reviewing your numbers — then we recast your financials to reflect real, normalized cash flow. Our goal is to create a clear, defensible opinion of value that helps us understand what a buyer is really acquiring — and what the business is truly worth.
But it’s not just about the numbers. We do our own diligence before the buyer ever shows up. We look at the sector, recent M&A trends, your management team, customer concentration, systems, competitive positioning, intellectual property, real estate, and growth opportunities. That’s how we get ahead of buyer questions — by preparing for them now.
Next, we build a Confidential Information Memorandum (CIM). Think of it as a professional-grade blueprint of your business — Our CIM’s are part sales pitch, part buyer thesis, part business plan. It’s usually 50–60 pages, and it’s what serious buyers will rely on to decide whether to pursue your company.
We also begin conversations with lenders to pre-qualify the deal. That way, when a buyer comes to the table, we know financing is achievable and real.
When this planning phase is done well, it creates confidence — in the business, in the process, and in you as the seller. It means fewer surprises later, stronger offers, and a smoother path forward.
Step 2: Marketing the Business (4–8 Weeks)
With the CIM and marketing plan complete, we go to market.
Our team targets and reaches out to potential buyers — strategic acquirers, private equity firms, family offices, and high-net-worth individuals. Depending on the size of the deal, we may also list confidentially on business-for-sale marketplaces. No one sees your business name or specific locations without signing an NDA and proving financial capacity.
We’re not just looking for offers — we’re looking for the right match.
We typically get 50 to 100 inquiries. That’s why we vet every buyer. Are they serious? Do they have the experience and funding? Are they a cultural fit?. Are they serious? Do they have the experience and funding? Are they a good fit for the industry and business culture?
Step 3: Negotiation & Due Diligence (6–10 Weeks)
Once we’ve reviewed Indications of Interest (IOIs), we work with our client to pare down the number of inquiries and begin buyer-seller meetings. Zoom calls. In-person site visits. Follow-up Q&As. It’s a time-intensive and important phase.
Eventually, we select a well-suited buyer, negotiate and sign a Letter of Intent (LOI) — a non-binding agreement that kicks off due diligence.
Due diligence is a period of exclusivity where the buyer does not entertain other offers. It typically lasts 45–60 days giving the buyers and their advisors time to dig deep into your operations — financials, contracts, customer relationships, systems, and more.
Due diligence is also the time where expectations — and emotions — can run high.
This is where deal fatigue starts to creep in — especially for sellers.
What Is Deal Fatigue?
Deal fatigue is real: You’ve been running your business and also answering question after question from buyers and attorneys. You’re tired. Maybe even second-guessing.
I’ve received texts at midnight from exhausted owners saying, “Tully, remind me again why I’m doing this.”
Buyers can feel it too. They may hit delays on financing or get spooked by normal business fluctuations.
That’s why it’s so important to have someone in the middle, keeping momentum steady, expectations realistic, and everyone focused on the big picture.
Step 4: Closing (4–6 Weeks)
Stay Calm and Focused — You’re Almost There
Once due diligence clears, the bank’s underwriting is completed, and financing is locked in, we move toward closing. Attorneys finalize the purchase agreement and the many different schedules it contains; lenders tie up documentation.
We follow a detailed checklist to ensure nothing is missed.
At this point, you might feel worn out. That’s okay. It’s completely normal. But we are there with you — managing the final details, solving last-minute hiccups, and ensuring you cross the finish line with confidence.
Finally… signatures are dry and the wire hits your bank account.
Step 4: Transition (4–6 Weeks)
You’ve made it to closing. You’ve shaken hands, signed the papers, and maybe even popped a bottle of champagne.
Here’s something every business owner needs to understand: your involvement doesn’t end when the wire hits your account: The real work — the handoff — starts the very next day.
Typically, you’ll introduce the new owner to your management team and employees. From there, you begin a transition phase. For some, that means a few weeks of helping out behind the scenes. For others, it could be a longer runway — especially if you’ve negotiated an earn-out or decided to stay on as a minority owner.
When I first meet with owners and ask, “What’s your timeline to exit?” I often hear, “I want to be completely out by the end of the year.” That’s totally fair — but I always remind them to factor in this transition period. Whether you’re planning an extended family vacation, launching a new venture, or just ready to unplug — your real exit date often comes weeks or months after the deal closes.
So plan for it. The more gracefully you transition out, the stronger the foundation you leave behind — and the better your legacy will carry forward.
Final Thoughts
From that first handshake to the closing table, the M&A process usually takes six to nine months. For more complex deals, it can take longer. If we have an engaged and motivated seller and a qualified, enthused buyer, it can move faster.
If you’re thinking about retirement, reinvesting in something new, or want to create some optionality in your life, keep in mind that the best time to explore your exit is when your business is healthy and still growing. Buyers pay more for businesses that are still on the rise.
If you want to explore your options, let’s have a conversation about what’s possible.
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