Is selling your business on your mind? Whether you’ve been planning it for years or it’s a recent decision, the process can feel overwhelming at first. The good news is, you don’t have to figure it all out alone. With the right approach, tools, and support, you can move through each stage confidently.
In this selling a business guide, we’ll walk you through each step, from planning your business exit strategy to closing the deal. We’ll also share tips on how to prepare to sell your business, what to include in your business sale checklist, and how Vision Fox Business Advisors can help.
Why planning matters before selling
Selling your business is more than just listing it and waiting for offers. It involves planning, getting your documents in order, and making your business attractive to buyers.
Having a plan means:
- You avoid costly mistakes
- You set realistic goals and timelines
- You understand your business’s value
- You’re more likely to get the outcome you want
Step 1: Know your reasons for selling
Buyers will want to know why you’re selling. Being clear on your reasons helps set the tone for the entire process. Common reasons include:
- Retirement
- Burnout or wanting to pursue something new
- Health or family reasons
- Business has grown beyond your capacity
Whatever the reason, be prepared to share it in a simple and honest way.
Step 2: Prepare to sell your business
Before listing your business for sale, you need to make sure everything is in good shape. This is where early preparation makes a big difference.
Key tasks to prepare:
- Organize financial records (3-5 years of tax returns, P&Ls, balance sheets)
- Document processes and systems
- Clean up contracts and legal paperwork
- Resolve outstanding debts or disputes
- Review your lease or property agreements
- Ensure your business is running smoothly without you
This is also a great time to get a business valuation. An experienced advisor can help you understand what your business is worth and what factors influence its value.
Step 3: Create your business exit strategy
A business exit strategy is your plan for leaving the business. It includes how and when you plan to exit, and what you want from the sale. Do you want to walk away quickly, or stay on during the transition?
Exit strategy options include:
- Selling to an outside buyer
- Selling to a business partner or employee
- Merging with another company
- Passing the business to a family member
Think about your ideal outcome and timeline. This will guide the rest of the process.
Step 4: Build your business sale checklist
A checklist keeps you organized and ensures you don’t miss key steps. Here’s a basic business sale checklist to get started:
✅ Financial documents ready
✅ Business valuation completed
✅ Exit strategy defined
✅ Legal structure and ownership clarified
✅ Key contracts and agreements reviewed
✅ Marketing plan to attract buyers
✅ Non-disclosure agreement (NDA) prepared
✅ Due diligence documents organized
✅ Transition plan drafted
Your advisor can help tailor this checklist to your business type and industry.
Step 5: Work with the right advisors
Selling a business involves legal, financial, and emotional decisions. Having experienced advisors on your side can make the process smoother and less stressful.
You may need:
- A business broker or advisor (like Vision Fox Business Advisors)
- An accountant or CPA
- An attorney with experience in business sales
Vision Fox Business Advisors can guide you through each stage, from valuation to closing, while helping you avoid common mistakes.
Step 6: Find qualified buyers
Marketing your business the right way helps you find serious buyers. Your advisor can market confidentially and screen buyers to protect your business information.
Buyers will want to know:
- How the business makes money
- What the growth potential is
- Why you’re selling
- How involved you are in daily operations
Be ready to answer questions clearly and provide documents to support your answers.
Step 7: Negotiate the deal
Once a buyer is interested, it’s time to negotiate. This includes price, payment terms, transition support, and any conditions of the sale.
Some deals include:
- All-cash payments
- Seller financing (you get paid over time)
- Earn-outs (you earn more if the business hits future targets)
Having an advisor by your side during negotiations helps you get the best deal while protecting your interests.
Step 8: Complete due diligence
Due diligence is when the buyer reviews your financials, contracts, operations, and other records to confirm everything matches what was presented.
During this phase:
- Stay organized and responsive
- Provide accurate records quickly
- Be open about risks or challenges
This stage builds trust and moves the deal forward.
Step 9: Close the sale
Once due diligence is complete and both parties agree on the terms, it’s time to close the deal. This includes signing the purchase agreement, transferring assets, and finalizing legal documents.
You’ll also need to:
- Notify employees and customers (when appropriate)
- Transfer business licenses or permits
- Cancel or assign contracts
Congratulations — you’ve sold your business!
Step 10: Plan for what’s next
After the sale, you may have a transition period where you support the new owner. Then what? Some business owners retire, start a new venture, or take time off.
Take time to plan your next chapter. It’s a big change, and having a plan helps you move forward with purpose.
Final thoughts
Selling a business is a big step, but it doesn’t have to be stressful. With the right support and a clear plan, you can go through the process with clarity and confidence.
Vision Fox Business Advisors is here to help you navigate every stage, from planning your business exit strategy to completing the sale. Whether you’re just starting to think about it or ready to take action, reach out to our team today.
FAQs
How long does it take to sell a business?
On average, it takes 6 to 12 months, but this can vary depending on your industry, business size, and market conditions.
What is the best time to sell a business?
The best time is when your business is growing, financially healthy, and you’re emotionally ready to move on.
Should I tell my employees I’m selling?
Usually, it’s best to wait until the deal is near closing. Premature announcements can cause concern. Your advisor can guide you on timing and messaging.
How much is my business worth?
That depends on revenue, profit, industry trends, and other factors. A valuation from Vision Fox Business Advisors can give you a clearer picture.
Can I sell my business if it’s not profitable?
Yes, especially if it has strong systems, assets, or growth potential. Some buyers look for turnarounds.