How Long Does It Take to Sell a Business?
By Ed Weeks Jr., MBA, CM&AA, Weeks Consulting Group
Last updated: October 16, 2026
Plan on 12 to 24 months from the day you decide to sell to the day you close, and longer if the company isn’t ready. The IBBA and M&A Source Market Pulse survey for the second quarter of 2026 found lower middle market deals averaging 11 to 12 months from engagement to close. The part you control is the preparation in front of that, and that clock keeps getting longer.
When I first started, getting a business ready took six to nine months. Now that bar keeps moving further and further. I have deals now that are six to eight years away.
How long does the whole process take?
For most businesses in the $2M to $20M revenue range, the full process from “I want to sell” to “the deal is closed” takes 12 to 24 months. Here’s how that breaks down.
How long does preparation take?
Longer than most owners think. Three to twelve months gets the paperwork ready: two to three years of clean financials, a confidential information memorandum that tells your company’s story, and a plan for anything that would surface in due diligence. Fixing what a buyer will actually price, like reducing owner dependency and cleaning up the books, takes two to three years. The IBBA survey found that across every deal size, 60% to 90% of sellers had done less than a year of exit planning, or none.
How long does it take to find a buyer?
Once you’re prepared, your advisor (broker or M&A advisor) will confidentially market the business to qualified buyers. This involves reaching out to strategic buyers, posting to business-for-sale marketplaces under a blind profile, and leveraging the advisor’s buyer network. Qualified buyers sign NDAs, receive the CIM, and begin their initial evaluation.
A serious offer typically takes two to six months from going to market. Some businesses sell in weeks and others take a year. The quality of the preparation and the advisor’s network are the biggest variables.
How long do the LOI and exclusivity take?
When you find the right buyer at the right price, you sign a letter of intent. It outlines the key terms, with provisions such as confidentiality and exclusivity often binding: price, structure, any earnout, the transition period and exclusivity. During exclusivity, usually 30 to 90 days, you negotiate only with that buyer while they complete due diligence.
How long does due diligence take?
Due diligence is the buyer’s deep dive into your business. Financial, legal, operational, customers, employees: nothing is off limits. This is where deals fall apart if the preparation wasn’t done. Expect to spend real time answering questions, providing documents and setting up meetings with your key people and customers.
How long does closing take?
After due diligence, the purchase agreement gets drafted and negotiated with attorneys on both sides, which usually takes two to six weeks. Once it’s signed, the money moves, ownership changes, and your transition period starts, usually three to twelve months of handing off relationships and knowledge.
When should I start?
If you want to be done in 18 months, start preparing now. The preparation phase is the variable you control. Everything after you go to market depends on market conditions, buyer availability, and deal complexity.
Want to see where your business stands? Take the Business Optionality Assessment. It takes about 3 minutes: https://edweeksjr.com/assessment/
About the author
Ed Weeks Jr., MBA, CM&AA, Weeks Consulting Group. Ed advises owners of $2M to $20M businesses on growth, financing, M&A and exits.
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