Selling a Business Checklist

You know that moment when you realize your life’s work is about to change hands? Yeah, it feels a bit like strapping into a roller coaster you built yourself. You’re proud, you’re nervous, and you’re kind of wondering if the screws are all tight. Selling my business was exactly that. I didn’t just Google “selling a business checklist” and call it a day; I lived it—every twist, turn, and loop-de-loop. So, buckle up, my friend. I’m about to walk you through the checklist I wish someone had handed me before I embarked on this wild ride.

1. Get Your Financial Ducks in a Row (Or Geese… They Seem More Assertive)

First things first: the numbers. You wouldn’t sell a car without knowing the mileage, right? Same goes for your business. I sat down with my accountant, who, bless his heart, has the patience of a saint, and we combed through profit and loss statements, balance sheets, and tax returns like Sherlock on a caffeine binge.

• Tip: Buyers want at least 3 years of financial history. If your books look like a jigsaw puzzle missing pieces, get professional help.
• Personal Blunder: I discovered a forgotten subscription for a virtual office in Timbuktu (okay, not really Timbuktu, but close). Clean those books up—it saves you from weird explanations later.

2. Know What You’re Selling (Because “Everything” Isn’t an Answer)

Turns out, selling a business isn’t just handing over the keys and shouting, “Good luck!” You need to define what’s part of the sale:

• Tangible assets: equipment, inventory, that espresso machine you swore was a “team morale booster.”
• Intangible assets: trademarks, client lists, and, yes, the secret sauce that makes your biz special.

I once had a potential buyer ask if our hilarious company mascot (a life-sized taco costume) was included. Spoiler alert: it wasn’t. But hey, clarity matters.

Be sure to read: Reasons to Work With a Business Broker

3. Valuation: The Price is Right (Hopefully)

Ah, the big question: “What’s it worth?” My first instinct? “A bajillion dollars.” My broker suggested a more scientific approach. We hired a valuation expert who used a combination of earnings multiples and market comparisons to land on a number that didn’t make buyers laugh—or run.

• Lesson Learned: Be realistic. Emotional attachment inflates value faster than a hot air balloon.
• Pro Move: Get a second opinion if you need it. Pricing too high scares people off; pricing too low leaves money on the table.

4. Assemble Your A-Team (And No, Your Cousin Steve Doesn’t Count)

Selling solo? Bold move, but I wouldn’t recommend it. Here’s who joined my dream team:

• Business broker: Found legit buyers so I didn’t end up meeting “investors” who only wanted to pick my brain.
• Attorney: Handled contracts so I didn’t accidentally promise my firstborn.
• Accountant: See above. Still a saint.

Quick Story: We almost closed the deal when our attorney caught a clause that would’ve obligated me to provide consulting services… indefinitely. Imagine me at 90, explaining cloud software to some whippersnapper. Hard pass. Get the pros involved.

5. Prepare for Due Diligence (AKA: Business Colonoscopy)

Brace yourself: buyers will ask for everything. Financials? Check. Contracts? Yep. Client data? You betcha. It’s like opening your junk drawer and realizing everyone can see the 47 rubber bands and that weird key you’ve kept for years.

Survival Tips:

• Organize everything digitally for easy access.
• Be honest. They’ll find that hidden liability faster than you think.

During our sale, the buyer’s team asked about a client contract I’d completely forgotten. (Cue frantic search through old emails.) Save yourself the stress—get organized early.

6. Plan Your Exit (Because Vanishing Isn’t an Option)

Transition plans aren’t sexy, but they matter. Your buyer will want to know how things run post-sale. My solution? We created how-to guides and recorded training videos so the new team wouldn’t blow up what we’d built.

• Pro Tip: Offer to stick around for a short transition period. It builds trust.
• What I Did: I promised 60 days of availability. After day 59, I was halfway to the beach.

7. Emotional Prep: It’s Real, Folks

Nobody warned me about the emotional side. Selling your business feels like sending your kid to college—pride mixed with a bit of “Wait, what now?” I spent weeks feeling weirdly untethered.

What Helped:

• Talking to fellow entrepreneurs who’d sold their businesses.
• Focusing on what’s next—new projects, new hobbies, or just finally learning to make sourdough.

Bonus Round: Celebrate, Dammit!

The deal closed, the money hit the account, and… I froze. Seriously. I stared at the confirmation like it was Monopoly money. My wife finally said, “Can we at least pop some champagne now?”

So we did. And you should, too. It’s a big freaking deal.

The Checklist (In Case You Skimmed—No Judgement)

1. Financials: Clean, clear, and accountant-approved.
2. Assets: Know what you’re selling.
3. Valuation: Get pro help.
4. Team: Broker, attorney, accountant.
5. Due Diligence: Be organized.
6. Transition Plan: Help the new owners succeed.
7. Emotional Prep: It’s a ride—strap in.

Selling my business was a wild adventure—part thrilling, part terrifying—but ultimately rewarding. If you’re on this path, trust the process, prepare like crazy, and don’t forget to breathe.

Oh, and when you finally get that wire transfer? Buy the good champagne. You’ve earned it.

Reasons to Work with a Business Broker

Ever tried to sell something on Craigslist? Yeah, me too. Once, I tried to sell my old fishing boat—the one I swore would take me on epic adventures but mostly just collected seagull souvenirs at the dock. I thought it would be a breeze: post a few pics, write a snappy description, and bam—cash in hand. Easy money, right? Nope. What followed was a parade of tire-kickers, lowball offers, and one guy who wanted to trade me a pair of goats.

Now, imagine trying to sell a whole business.

That’s exactly what I faced a couple of years ago when I decided to sell my small marketing agency. And let me tell you, if I thought unloading that boat was tough, this was next-level stuff. But then I discovered the unsung heroes of the entrepreneurial world: business brokers. If you’re thinking about selling your business solo, let me share why bringing in a broker might just be the smartest move you make.

1. The Wild Ride of Going It Alone

Selling a business isn’t like selling a boat or even a house. It’s more like trying to solve a Rubik’s cube while riding a roller coaster—blindfolded. When I first decided to sell, I figured: How hard can it be? I’ll slap a “For Sale” sign on it (figuratively speaking), field some calls, and seal the deal.

Big mistake.

I was suddenly neck-deep in paperwork I didn’t understand, financial statements that looked like hieroglyphics, and questions from potential buyers I couldn’t answer. One buyer asked about our EBITDA, and I responded with, “Uh, what now?”

That’s when I realized: I needed a pro.

2. Enter the Business Broker (a.k.a. The Sanity Saver)

A buddy of mine—a fellow entrepreneur who actually seemed sane after selling his business—suggested I talk to a business broker after reading an article on the website Business Broker News. I was skeptical at first. I mean, who wants to give up a slice of their hard-earned pie to a stranger? But my friend just shrugged and said, “Trust me. You’ll thank me later.” Spoiler alert: I did.

The broker came in like a cool breeze on a hot day. She explained everything in plain English, from how to value my business to what kind of buyers we should target. More importantly, she handled the grunt work—stuff that would’ve taken me months to figure out on my own.

3. Valuing Your Business: The Great Guessing Game

Here’s a fun fact: Most business owners think their business is worth more than it actually is. (Yep, I was one of them.) I thought, “Hey, we’re profitable! We have clients! We’re basically a goldmine!” Turns out, valuing a business isn’t just about revenue.

My broker walked me through the factors that actually matter: cash flow, industry trends, and something called “goodwill.” (Not the thrift store, apparently.) She crunched the numbers, analyzed the market, and gave me a realistic valuation. And guess what? We ended up selling for more than I’d originally expected—because she knew how to position the business for maximum appeal.

4. Finding the Right Buyer: No Goats Allowed

Remember those Craigslist goats? Yeah, not exactly the “ideal buyer” for a boat. The same goes for businesses. Not every interested party is a good fit. My broker had a network of pre-qualified buyers, people who were serious about buying a business—not just curious or looking to score a deal.

One guy wanted to “revolutionize marketing” but had no money and a track record of failed startups. My broker politely told him to take a hike. Another potential buyer had a solid financial background but didn’t seem like a cultural fit for my team. My broker advised me to hold out. We eventually found someone who clicked perfectly with the company culture, ensuring a smoother transition for my employees.

5. Negotiation: The High-Stakes Poker Game

Negotiating the sale of a business is like playing high-stakes poker—except the other players are corporate lawyers and finance pros who eat spreadsheets for breakfast. I hate negotiating. It makes me feel like I’m in a game where everyone knows the rules except me.

Thankfully, my broker was a negotiation ninja. She knew when to push, when to hold back, and how to frame offers to protect my interests. When the buyer tried to chip away at the price during due diligence, she countered with cold, hard facts that kept the deal on track.

6. Paperwork Overload: The Stuff They Don’t Tell You

I thought the paperwork for my boat sale was bad. Selling a business? Next level. There were contracts, tax documents, non-disclosure agreements, and things called “asset purchase agreements” that made my head spin.

My broker handled it all. She coordinated with my accountant and lawyer, ensured everything was above board, and made sure I didn’t accidentally sign away my firstborn child. (Kidding…mostly.)

7. The Emotional Roller Coaster

Nobody warns you about the emotional side of selling a business. This was my baby. I’d poured years of sweat, stress, and more than a few late-night tacos into it. Letting go was tough. There were moments when I second-guessed the decision, like the night before closing when I considered calling the whole thing off.

My broker didn’t just handle the logistics; she supported me through the emotional ups and downs. She reminded me of my goals and why I was selling in the first place. And when we finally signed the papers, she handed me a bottle of whiskey with a note that said, “To new adventures.”

The Bottom Line: Don’t Go It Alone

Looking back, I can’t imagine having sold my business without a broker. It wasn’t just about getting a better price (which I did). It was about preserving my sanity, saving my time, and ensuring a smoother transition for everyone involved.

So, if you’re considering selling your business, do yourself a favor: call a business broker. Sure, you’ll pay a commission, but trust me, it’s worth it. And hey, if you ever need advice on selling an old fishing boat… well, maybe just skip the goats.

Working With a Business Broker

Ever found yourself staring at a mountain of paperwork, wondering how in the world you’re supposed to sell your business? Yeah, me too. A few years back, I decided it was time to part ways with my baby—a mid-sized logistics company I’d built from scratch. It wasn’t an easy decision, but life had other plans, and I was ready to explore new horizons. What I wasn’t ready for was the absolute maze that is selling a business. Enter the business broker: my saving grace and, at times, my toughest coach.

I’ll be honest—working with a broker wasn’t something I jumped into lightly. If you’re like me, the idea of handing over control to someone else feels a bit like letting a stranger babysit your firstborn. But looking back, I’m convinced it was one of the best decisions I made. Let me walk you through what I learned, the ups, the downs, and a few moments where I had to laugh to keep from crying.

The First Step: Admitting You Need Help

Here’s the thing about entrepreneurs: we’re control freaks. We’ve spent years building something from the ground up, so trusting someone else to guide us through selling it? Not exactly our default setting. I’d read a few articles, talked to a couple of buddies who’d sold their businesses, and figured I could wing it. Spoiler alert: I couldn’t.

The reality hit me when I tried to figure out how much my business was worth. Valuation spreadsheets, EBITDA multiples, goodwill—it was like trying to decipher hieroglyphics. That’s when I realized I needed someone who knew the ins and outs of the process. A quick Google search and a few phone calls later, I found my guy: let’s call him Mike. He’s been in the game for 20 years, with a Rolodex (yes, a real one) full of buyers and a knack for sniffing out red flags.

The Discovery Phase: Getting Real About Your Business

Mike’s first order of business? A no-holds-barred evaluation of my company. Let me tell you, it’s not for the faint of heart. He asked questions I’d never even thought of:

• What’s your employee turnover rate?
• Do you have contracts locked in for the next fiscal year?
• How’s your online reputation? (Cue me frantically checking Yelp reviews.)

It felt like an interrogation, but in hindsight, it was necessary. Mike explained that buyers don’t just want a profitable business; they want a stable, well-oiled machine with as few surprises as possible. The process forced me to confront some uncomfortable truths, like the fact that my bookkeeping was a hot mess. Pro tip: if your financial records look like a spaghetti bowl, fix that yesterday.

The Game Plan: Finding the Right Buyer

Once we got my house in order, Mike laid out the game plan. His job, he explained, wasn’t just to find a buyer—it was to find the right buyer. Someone who wouldn’t just swoop in, gut the company, and leave my employees high and dry. That was important to me; I’d spent years building a team that felt like family.

Mike’s strategy was part science, part art. He created a detailed prospectus that highlighted my company’s strengths while being honest about the challenges. (Apparently, “flawless” businesses make buyers suspicious. Who knew?) Then he tapped into his network, reaching out to potential buyers who’d shown interest in similar businesses. Within weeks, we had multiple offers on the table.

The Negotiation Dance: Patience Is Key

This part was both exciting and nerve-wracking. Each offer came with its own set of terms, contingencies, and—let’s be real—ego-driven demands. One buyer wanted me to stick around for two years as a consultant. Another tried to lowball me with an “all-cash” offer that barely covered my annual revenue. Mike’s advice? “Stay cool. Don’t rush. The best deals come to those who’re willing to wait.”

Easier said than done. There were moments when I wanted to just accept an offer and be done with it. But Mike kept me grounded, reminding me that this was a once-in-a-lifetime transaction. He also handled the back-and-forth negotiations like a pro, pushing for better terms without alienating the buyers. Watching him work was like seeing a master poker player in action.

The Close: Sweet Relief (and a Little Bittersweet)

When we finally settled on the right buyer, it felt like crossing the finish line of a marathon. The closing process was a whirlwind of legal documents, due diligence, and last-minute surprises (like the buyer’s attorney insisting on a non-compete clause that made me laugh out loud). But with Mike’s guidance, we navigated it all.

Handing over the keys to my business was an emotional moment. There were tears, hugs, and more than a few glasses of champagne. It was the end of an era, but also the beginning of a new chapter. And honestly? It felt good to know my company was in good hands.

Key Takeaways

• Don’t go it alone. A business broker can save you time, money, and countless headaches.
• Get your financials in order. Clean records are non-negotiable if you want to attract serious buyers.
• Know your priorities. Whether it’s protecting your employees or maximizing your payout, be clear about what matters most to you.
• Be patient. The right deal takes time, but it’s worth the wait.
• Trust the process. Selling a business is a rollercoaster, but with the right guide, you’ll make it to the other side.

Looking back, I’m grateful for every lesson learned and every moment of doubt that led me to work with a broker. If you’re considering selling your business, take it from me: it’s a wild ride, but with the right help, it’s one you won’t regret. And hey, if you’re ever in the same boat, shoot me a message. I’ve got Mike’s number on speed dial.

How to Sell a Business for First Timers

Selling Your Business for the First Time: My Real-Life Experience

I still remember the day I decided to sell my business. I was sitting at my favorite coffee shop, the one where I’d hashed out countless ideas that turned my little startup into a thriving operation. It was a crisp Monday morning, and while the espresso was top-notch, something about that day tasted different. I’d been feeling restless for a while—like I’d climbed a mountain, and instead of marveling at the view, I was itching for the next adventure.

Let me tell you, selling a business for the first time is no walk in the park. It’s more like trying to navigate a maze while juggling flaming torches. Okay, maybe not that dramatic, but it’s definitely a mix of exciting, terrifying, and “what-the-heck-am-I-doing?” moments. Here’s how it all went down, plus some lessons I picked up along the way that might help if you’re considering your own exit.

The Decision: Knowing It Was Time to Let Go

I built my business from scratch. Like, literal sweat, late nights, and a couple of near-disasters along the way (remind me to tell you about the time I almost blew the entire marketing budget on a campaign that went viral for all the wrong reasons). But as much as I loved it, there came a point when I realized I wasn’t as passionate about the day-to-day anymore.

Some signs it was time?

1. I stopped feeling challenged. Instead of waking up excited, I was just… going through the motions. Kind of like eating plain oatmeal every day—sustaining, but uninspiring.
2. Opportunities were knocking. I had potential buyers reaching out—a sign the business was attractive and possibly at its peak value.
3. I wanted new adventures. I’d always been curious about investing and consulting, and I couldn’t explore those passions while running a full-time operation.

If you’re in this boat, take a moment. Really think about why you’re selling and what’s next. It’ll make the process easier when you hit those inevitable speed bumps.

Prepping the Business: Think Like a Buyer

Here’s the thing no one tells you: Selling your business is like putting your house on the market. You’ve got to clean it up, make it look pretty, and fix that leaky faucet you’ve been ignoring. Except in this case, the “leaky faucet” is your messy financials.

First, I got my books in order. If you’re not already tracking revenue, expenses, and profitability like a hawk, now’s the time to start. Buyers want to see a clear picture of what they’re getting. For me, that meant hiring a professional accountant to do a deep dive. (Pro tip: An outside expert can spot red flags you’ve been blind to.)

Next up was making sure my business had curb appeal. For instance:

• I streamlined operations. Think processes that run like a well-oiled machine—something a new owner could step into without needing a 100-page manual.
• I shored up customer relationships. Happy customers = happy buyer.
• I evaluated my team. This one’s tricky, but ensuring you have the right people in place can make your business more attractive.

Honestly, this prep stage felt like a second full-time job, but it was worth it. When I finally listed the business, I got way more interest than I expected.

The Rollercoaster of Finding the Right Buyer

This was the wildest part of the journey. Finding the right buyer isn’t just about who’s waving the biggest check; it’s about who aligns with your vision—especially if you care about what happens to the business after you’re gone.

I had a few… interesting… encounters. One potential buyer kept asking if my team “really needed all those perks” (spoiler: they did). Another wanted to gut the product line that had taken years to perfect. Ultimately, I found someone who shared my values and seemed genuinely excited about taking the reins.

Here’s what helped:

• Do your homework. Research every potential buyer. Ask questions, and don’t be afraid to walk away if something feels off.
• Lean on your network. A trusted business broker connected me with a buyer I might not have found on my own.
• Know your worth. Don’t undersell yourself just because you’re eager to move on.

Negotiating Like a Pro (Or Trying to)

Confession time: Negotiating is not my strong suit. But when it came to selling my business, I knew I couldn’t afford to wing it. So, I brought in the pros—a lawyer and a financial advisor who had my back at every step.

Some lessons here:

• Start high but realistic. You can always come down, but it’s hard to go up.
• Stay calm. Easier said than done when someone’s critiquing your life’s work, but taking emotions out of the equation will save you stress.
• Get everything in writing. Seriously, even the small stuff. Verbal agreements are great until someone conveniently forgets them.

Oh, and one more thing: Don’t be afraid to walk away. I had one deal fall through because the buyer wanted me to stay on for two years post-sale, which wasn’t in my plan. It was nerve-wracking, but saying no ultimately led me to a better deal.

Closing the Deal (and the Aftermath)

When I finally signed on the dotted line, I expected a rush of relief. Instead, I felt… weird. Happy, sure, but also a little like I’d just handed over my baby to a stranger. (Cue mild existential crisis.)

To ease the transition, I gave myself time to decompress. I took a month off—no work, no emails, just some long hikes and lazy mornings. Eventually, I found my footing and started diving into new ventures, but that first post-sale period was an adjustment.

Key Takeaways

• Know your why. Selling is a big decision. Be clear about your reasons and what’s next for you.
• Prep like a pro. Clean financials and streamlined operations make all the difference.
• Don’t settle. The right buyer and deal are worth waiting for.
• Get help. A solid team of advisors is worth their weight in gold.
• Give yourself grace. Transitioning out of your business is emotional—take it one step at a time.

Selling your business is a journey, and no two are exactly alike. If you’re gearing up for your first sale, buckle up—it’s a wild ride, but one that’s absolutely worth taking. And hey, if you’re feeling stuck or just need someone to bounce ideas off, hit me up. I’m always down to share more war stories over coffee.