The short version
Most small businesses take months, not weeks, to sell. In 2025, the typical business sold in our market took about 262 days on the market, and the average sale closed near 95% of asking price (BizBuySell). Owners who prepare before listing tend to avoid the worst surprises: a buyer's accountant finding messy books, a lease that does not transfer, or a business that stops without the owner in the room.
The usual path
- Decide what you want. A date, a number, a clean break or a gradual handoff. These goals pull against each other, and it helps to rank them.
- Get the financials in order. Three years of tax returns, year-to-date profit and loss, and a clear view of owner pay and one-time expenses. This is where your real earnings (often called seller's discretionary earnings, or SDE) come from.
- Estimate value. Small businesses are usually priced on a multiple of SDE. See what businesses in your sector have sold for.
- Fix what buyers will flag. Customer concentration, key-person risk, expiring leases, licenses and permits that need to transfer, undocumented processes.
- Choose a route to market. A listing, a quiet outreach to likely buyers, a sale to a partner, family member or manager, or a combination.
- Screen buyers. Confidentiality agreement first, then financial proof of ability to close.
- Negotiate the letter of intent, then diligence. This is when you need your attorney and CPA fully engaged.
- Close and transition. Most buyers want you around for a handoff period. Plan for it.
What buyers pay for
Buyers pay for earnings that will continue after you leave. The things that raise value are not exotic: recurring or repeat customers, a team that can run the place, documented processes, clean books, a lease with years left and a fair rent, and a clear reason for the sale. What lowers it: one customer who is a third of revenue, an owner who is the only salesperson, cash that never touched the books, and deferred maintenance.
Real estate, leases and licenses
If your sale includes land or a building, the real estate side has its own rules in Virginia, and a Virginia real estate license is required to negotiate that part for compensation. If you lease your space, the landlord usually has to approve the transfer or sign a new lease. Regulated businesses (for example, contractors, health care and alcohol sellers) may need permits to transfer or be reissued. We flag these early so they do not surface in the last week. Read more in our guide on business brokers and licensing in Virginia.
Mistakes that cost owners the most
- Telling employees or customers before a buyer is committed.
- Waiting until burnout, illness or a bad year forces the sale.
- Pricing off a friend's story instead of market data.
- Signing a sale contract drafted by anyone other than a lawyer you hired.
- Ignoring taxes. How a sale is structured can change what you keep, so bring in a CPA before you sign a letter of intent.
Where Tidewater Business Advisors fits
We help with the early, quiet part: understanding value, spotting gaps, and deciding on a route. When you are ready for a buyer, an attorney, a CPA or a real estate broker for property, we tell you how any introduction works, including whether we could be paid for it, before it happens. Details here.