How long does it take to buy a business depends on three clocks, and the buyer controls only one of them. The lender's underwriting runs at the lender's pace; the landlord's consent to assign the lease runs at the landlord's; the document chase runs at the buyer's. This page describes each clock, shows how the free checklist sheet on this site keeps the buyer's clock honest, and explains why the worked example allows 60 days from the letter of intent to closing.
The lender's weeks
An SBA lender needs the seller's returns, the buyer's own financial position and a valuation before it commits. The sooner the returns are in the file, the sooner that clock starts, which is why the tax returns are the first item on the diligence list. The lender is also testing coverage; on the calculator's example, $90,000 of earnings after the buyer's pay against $68,731.68 of payments.
The landlord's weeks
Where the business rents, the lease has to be assigned or renewed, and a landlord who has not been asked cannot consent. Ask in the first week, with the buyer's stack in hand, because a landlord's refusal ends the purchase and a landlord's delay stretches it past the lender's commitment.
The buyer's weeks
The document chase is the one clock the buyer runs. On the checklist sheet's example 16 of 24 items received by day 20 of 60 leaves 8 outstanding and 40 days, one a week. Kept as dated items in the register in Pro, the chase happens in week three; kept in an inbox, it happens in week eight and the closing moves.
Questions people ask about how long does it take to buy a business
Is 60 days realistic?
It is the worked example's allowance from letter of intent to closing. Purchases with real estate or licences take longer; the sheet takes your own dates.
What most often delays a closing?
Documents that were asked for late and a landlord who was asked last. Both are the buyer's clock disguised as someone else's.
Does Pro send reminders?
Yes, before each date you set, so the chase and the closing date stay in front of you and whoever is helping you buy.