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.

includerbiz February 17, 2025

Reasons to Work with a Business Broker