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.