How to Sell a Business
The steps to sell a small business: getting ready, setting a price, finding buyers, choosing how you are paid, and handing over smoothly.
In plain words
Selling a business means getting it ready, setting a fair asking price, finding the right buyer, and handing it over smoothly. Most owners sell with help from a CPA and an attorney, and some also hire a business broker.
Step by step
- 1
Get the business ready
Gather three years of tax returns and profit-and-loss statements, tidy your records, and make sure the business can run without you every day.
- 2
Set an asking price
Start from what the business earns for its owner (seller's discretionary earnings) and get a business valuation if you can.
- 3
Decide how you will sell
On your own, or with a business broker who handles buyers for a fee. Either way, you can list on Business Partner Match.
- 4
Keep it private
List without your business name. Buyers see the details only after you agree to an introduction.
- 5
Talk with buyers
Have a phone call first. If you both want to continue, exchange email addresses and share documents directly.
- 6
Agree on price and payment
Cash at closing, a bank or SBA loan, seller financing, an earn-out, or a mix. Put the main terms in a letter of intent.
- 7
Let the buyer check the business
The buyer does due diligence. Answer questions quickly and honestly.
- 8
Close and hand over
Your attorney and the buyer's attorney finish the purchase agreement. Plan a transition period to train the new owner.
In more detail
Common questions
How do I sell my business?
Get your records ready, set an asking price, list the business privately, talk with interested buyers, agree on terms, let the buyer check the business, and close with attorneys on both sides.
Where can I sell my business?
You can list it on Business Partner Match, sell it yourself to someone you know, or hire a business broker. Many owners combine these.
How long does it take to sell a business?
It varies with the business, the price, and how the buyer pays. Having clean records and realistic terms ready helps a sale move faster.
Do I need a broker to sell my business?
No. Some owners sell on their own with a CPA and an attorney; others hire a broker to find buyers and manage the process.
Can I sell my business privately?
Yes. On Business Partner Match your listing can leave out the business name, and buyers see details only after you agree to an introduction.
Find help near you
BPM does not accept or store any paperwork. After your first phone call, buyer and seller exchange email addresses and share documents directly.
Topics in this category
- Getting the business ready to sell
- Setting an asking price
- Where to find buyers
- Ways a buyer can pay
- From offer to closing
- Handing over the business
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