The Process of Selling a Business: Step by Step

Selling a business typically takes six to twelve months, though it can be faster or slower depending on the business, the price and the market. Knowing the stages helps you plan and avoid frustration.

1. Valuation and preparation

You establish a realistic asking price and get your paperwork in order. This is also when you decide what is included in the sale and how confidential the process needs to be.

2. Marketing

Your agent prepares the listing and markets it discreetly to qualified buyers through portals like Find My Businesses and their own buyer networks. Identifying details are only shared after a buyer signs a non-disclosure agreement.

3. Enquiries and viewings

Interested buyers are screened and, where appropriate, meet you and view the business. Expect questions about the numbers, the customers and why you are selling.

4. Offers and heads of terms

When a buyer makes an offer, the main terms are agreed in a heads of terms document. This is usually not legally binding but sets out the price, structure and timetable, and often includes a period of exclusivity for the buyer.

5. Due diligence

The buyer verifies the business - finances, contracts, legal and operational matters. Being well prepared keeps this stage short. Solicitors on both sides draft and negotiate the sale agreement.

6. Completion and handover

Contracts are signed, funds change hands, and ownership transfers. You then complete any agreed handover or training period to help the new owner settle in.

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