Just as it took longer to build you business than it did your house, it will take longer to transfer it to someone else.
If you think you can simply cash out of your company, you have not prepared yourself to maximize your gains. It’s best to figure on a 3-7 year post sale involvement. Selling businesses is about LEVERAGE. Buyers are looking to minimize their return on investment, which means you (the seller) needs to carry a note (ideally 50% of the sale price) in order to get top dollar.
Carrying a note, or financing the sale, requires you to act as a bank for 2-3 years. In this capacity you must watch over your investment by reviewing financials on a monthly or quarterly basis, advising the new owners as necessary, and make sure payments are made in a timely fashion.
If all goes well, you’re paid in full in 2-3 years and can move on. If not, you’ve been paid 60-70% of the price you sold the business for to take a 1-2 year break. In the case of a default, you regain ownership of the business , take1-2 years to prop it back up and sell it again.
Fortunately, a default situation is rather rare (under 5%) but if you don’t prepare yourself for the post sale involvement, you’ll get 30-50% less for you company when selling.