If you’re even thinking about selling your business — whether it’s three months or three years from now — this guide is for you.
At League Park, we’ve advised on more than 500 successful middle-market transactions. A few of our recent clients include Universal Home Experts, RWC, Inc., Sullivan Super Service, DG Lift Station Services, Dean’s Home Services, and Interfuse.
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Selling your business is likely the biggest financial decision of your life. And yet most owners step into it without a plan, without knowing what their business is really worth, or without understanding what buyers are truly looking for.
This guide walks you through the full process — what to do, when to do it, and how to avoid the costly mistakes we see far too often.
Let’s dig in.
Why Most Business Owners Leave Money on the Table
Even successful owners can fall into common traps:
- Treating selling as a one-time event rather than a multi-phase process
- Focusing solely on price, ignoring deal structure — where real value is created or lost
- Delaying preparation until it’s too late to optimize outcomes
You don’t have to be “ready” to sell to start preparing. The sooner you understand the process and what buyers are looking for, the better positioned you’ll be when the time comes.
The 6 Phases of Selling a Business
1. Preparation
Get your house in order:
- Financial cleanup: audited or reviewed financials, normalized earnings, clean add-backs
- Operational readiness: strong second-tier management, processes not dependent on you
- Personal planning: know what you want financially, emotionally, and practically
2. Valuation
A credible valuation isn’t just about numbers. It reflects:
- Your company’s earnings power
- Comparable private market transactions
- Growth potential and risk
- The type of buyer (strategic vs. financial, platform vs. add-on)
Your valuation should reflect a range based on deal structure — not a single, arbitrary multiple.
3. Positioning
How your business is presented can make all the difference:
- A compelling CIM (confidential information memorandum)
- Strong growth narrative and defensible margins
- Competitive advantages that align with buyer goals
4. Buyer Outreach
This is where experienced bankers drive real value:
- Targeting the right strategic and financial buyers
- Maintaining confidentiality throughout
- Creating competitive tension to drive price and terms
- Screening for strategic and cultural fit
5. Deal Structuring
The offer price is just the beginning — the real impact is in the fine print:
- Cash at close vs. earn-outs or seller notes
- Equity roll opportunities
- Tax implications and working capital adjustments
- Employment and transition terms
6. Closing & Transition
This is diligence in action — and where buyer confidence is either confirmed or shaken.
Expect thorough review: contracts, financials, leases, and often key team conversations. It can be intense, especially if your documentation isn’t buttoned up.
Having organized records, prepping your team, and aligning on your transition role keeps the deal moving.
This is where the right guidance can save weeks — or save the deal.
Common Mistakes First-Time Sellers Make
Avoid these pitfalls:
- Waiting until you’re “burned out” to start
- Assuming your CPA or attorney can run the sale
- Oversharing with employees or customers too early
- Chasing the highest price without considering structure or post-close terms
- Treating it like a sprint instead of a marathon
FAQs from Business Owners Just Getting Started
How long does it take to sell a business?
In most cases, the full process — from initial preparation through closing — takes 9 to 18 months. Some businesses sell faster, especially if they’re well-prepared and market demand is high. Others take longer depending on financial readiness, deal complexity, or buyer alignment.
If you’re thinking about selling in the next few years, now is the time to start understanding what the process looks like. That way, when you’re ready, you’re ready.
How much does it cost to hire an investment banker?
Fee structures vary. Some firms work off success-based fees, others charge monthly retainers, and some use a combination of both. What matters most is finding a team that brings real strategic value and is aligned with the outcome you want.
Most business owners start with a conversation — not a contract. Exploring your options early helps you find a partner that makes sense for your size, goals, and timeline.
What’s the best time to sell?
There’s no single “perfect” time — and waiting for one can sometimes delay the right outcome. A strong financial story helps, but it’s not the only thing buyers care about.
In fact, many owners underestimate what their business is worth or what’s possible with the right positioning. Sometimes value can be unlocked or enhanced with a few smart adjustments before going to market.
Whether you’re ready now or just wondering what it would take, it never hurts to get a second opinion from people who do this every day.
Don’t Go It Alone — And Don’t Wait Until You’re “Ready”
If you take one thing from this guide, let it be this:
The earlier you start preparing, the better your outcome.
Even if a sale is years away, it pays to know:
- What your business is worth
- Who might buy it
- What issues to fix now so they don’t lower your value later
Why League Park
We’re not business brokers — we’re senior investment bankers with a 20-year track record of guiding owners through complex, high-value transactions.
With League Park, you get:
- Senior-level attention from start to finish
- Strategic buyer outreach — not just a list, but a match
- Rigor in every detail, from valuation through deal execution
We don’t push deals that aren’t right. And we don’t believe in leaving money on the table.
Final Checklist: What to Do Now
- Get a professional opinion of value
- Clean up financials and organize key documents
- Clarify your personal goals (money, timeline, role post-close)
- Talk to an M&A advisor — even if you’re just starting to explore
The right deal doesn’t start with a buyer. It starts with you knowing your worth.
Thinking about selling your business?
Even if it’s years away, let’s talk.
