How to Sell Your Business
Selling a business is a multi-month process, not a single transaction. Here's what it typically looks like, from first deciding to sell through handing over the keys.
1. Decide why — and when
Buyers and their advisors will ask why you're selling. Retirement, burnout, a new venture, or a partnership dispute are all common and reasonable answers. Vague or evasive answers raise more questions than they answer, so get clear on your own reason before you go to market — it'll come up in almost every conversation.
2. Get your financials in order
Clean, consistent financial records are the single biggest factor in how smoothly a sale goes. See our guide on preparing your financials for sale for specifics.
3. Get a realistic sense of value
Most small businesses sell for a multiple of annual cash flow (seller's discretionary earnings, or SDE), not revenue. Multiples vary a lot by industry. Read business valuation basics before you set an asking price — overpricing is one of the most common reasons a listing sits unsold for months.
4. Protect confidentiality
Employees, customers, and competitors finding out too early can hurt the business you're trying to sell. That's why listings here are grouped by broad metro region rather than exact address or city — buyers get enough information to gauge interest without pinpointing your location. Many sellers also ask serious buyers to sign a confidentiality agreement before sharing sensitive details.
5. List and field inquiries
A good listing leads with what makes the business attractive — stable cash flow, loyal customers, room to grow — backed by real numbers. Expect a mix of serious buyers and casual browsers; most inquiries won't go anywhere, and that's normal.
6. Negotiate and close
Once you have a serious offer, expect a due diligence period where the buyer verifies your financials and operations, followed by legal paperwork to transfer ownership. Most sellers work with a broker, attorney, or accountant for this stage — the details (asset sale vs. stock sale, seller financing, non-compete terms) have real tax and legal consequences worth getting right.