Six to twelve months from a prepared start, with preparation often taking as long again. The variation is concentrated in two places: how ready your records were, and how the buyer is funding the purchase.
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What you control
Preparation, price and responsiveness. A complete file removes weeks from diligence. A price supported by evidence produces offers instead of silence. Same day answers during diligence keep a buyer's momentum, and momentum is what carries a deal past the point where somebody finds something awkward.
What you do not
The buyer's lender, who underwrites on their own timetable. Landlord consent to assign a lease. License and permit transfers, some of which cannot be transferred at all and must be applied for afresh. Each of these can add weeks and none responds to pressure from either side.
The stages
Preparation, weeks to months. Marketing to accepted offer, two to four months. Offer to closing, two to four months. A sale that is still unsold after six months of marketing is usually telling you about the price rather than the marketing, and reducing publicly is a weaker signal than starting close to the evidence.
Other questions people ask
What is the single most common delay?
The buyer's financing, followed by landlord consent. Both should be started the day exclusivity is granted.
Can preparation really save months?
Yes. Diligence on a prepared business takes weeks; on an unprepared one it takes months and creates doubt while it runs.
Is a faster sale a worse one?
Not necessarily, if it is fast because you were ready and the buyer was funded. It usually is if it is fast because you accepted the first offer without competition.
How long should preparation take?
A year if the business depends on you or the records are informal, and about three months if it already runs without you and the accounts are clean. That time is not part of the sale, but it decides how long the sale takes once it starts.