Many business owners believe that selling their business will be like selling their home. Maybe the fundamental components are the same – setting a price, listing it for sale, negotiating with buyers, and closing the sale – but the path to completion of a business sale is significantly more complex.
In the sale of your home, you’ll take pictures, analyze the neighborhood ‘comps,’ and then post your pictures and price on the MLS. If an offer doesn’t come right away, you then simply lower the price until you get one or more offers. Assuming that the high-bidder has good credit, then you fill in the blank spaces on a standard purchase agreement and the house sells in a few weeks. Maybe this is a bit oversimplified, but you can see that the sales strategy for a house is generally linear from listing to close.
Business sales are not linear. They have many of the same elements but the process couldn’t be more different.