The Sale Timeline Report

What this report finds

Founders consistently underestimate how long it takes to sell a company. The mental model is a deal that comes together in a few intense weeks. The reality is a process that runs the better part of a year, demands sustained management attention throughout, and grows riskier the longer it lasts.

A sale is not one event but a sequence of distinct stages, each with its own work, its own duration, and its own risks. Knowing the sequence lets a founder anticipate what comes next and prepare for it rather than react to it.

The Sale Timeline maps the stages to realistic durations, so a founder can plan the whole process rather than discover its length one stage at a time. The figures are typical for a well-run lower-middle-market technology sale.

The benchmark becomes real when followed through a calendar. The walkthrough below traces a well-run lower-middle-market sale from the decision to sell to the wire transfer, so a founder can see what each month actually demands.

Two companies of the same size can take very different amounts of time to sell. The difference is the drag factors, the specific conditions that extend a process, most of which a founder can anticipate and some of which they can remove.

Who the buyer is, and what sector the company is in, both shape the timeline. A founder can anticipate the likely pace by knowing the counterparty and the market.

Windsor Drake’s research desk compiled this report from transaction data, public filings, and the firm’s sell-side advisory work in software, fintech, AI, and cybersecurity. It is intended to inform founders, owners, and acquirers evaluating a transaction, and does not constitute investment advice.