How should I sell my business? Explained in 10 steps
Wednesday, August 19, 2026
Your sell company This is an important step in your entrepreneurial life. You want to achieve a good price, find the right buyer, and ensure that employees, customers, and the company itself are left in a good position. A successful business sale therefore requires careful preparation and a structured process.
From valuation and buyer selection to negotiations and due diligence: every phase influences the final result. In this blog, you will read about the steps you go through when you want to sell your company and what to look out for during the process.
Step 1: Determine why you want to sell your business
A successful business sale begins with a clear reason for selling. After all, your personal and business objectives largely determine which sales strategy is the best fit.
Many entrepreneurs sell their business because pension, health reasons, a new challenge, or because they wish to free up capital. Selling can also be a strategic choice when a larger party can further grow the business. Consider in advance, among other things:
Desired time of sale
: When do you actually want to stop or transfer the business?
Post-sales role
: Do you want to withdraw immediately or remain involved for a period?
Financial objectives
: What return do you need to realize your personal plans?
Continuity
: How important are the retention of employees, customers, name, and company culture?
The clearer these starting points are, the better you will be able to assess later which buyer and conditions suit your situation.
Step 2: Make your business ready for sale
Before you approach the market, it is wise to prepare your business as well as possible to prepare for a sale. Potential buyers look not only at current results, but also at the risks and future-proofing of the company. Pay attention to, among other things:
Dependence on the entrepreneur
: A company that can function largely independently is generally more attractive to buyers.
Financial administration
: Ensure that annual accounts, interim figures, and forecasts are up-to-date and well-substantiated.
Customers and suppliers
: Broad diversification reduces the risk that the company is dependent on a few key relationships.
Organization
: A strong management team, clear responsibilities, and documented processes increase transferability.
Contracts
: Check whether important agreements with customers, suppliers, and employees have been correctly recorded.
Preparing a business for sale can take time. Therefore, preferably start well before you actually want to sell.
Step 3: Determine what your company is worth
A professional valuation of your company provides insight into a realistic business value and forms an important starting point for the sale. A valuation considers, among other things:
Generating profitheid
: Historical results provide insight into the financial performance of the company.
Future earning capacity
: Buyers look primarily at the cash flows and results they expect in the future.
Growth opportunities
: New markets, products, or economies of scale can positively influence the value.
Risks
: Dependence on customers, staff, or the entrepreneur can affect the valuation.
Various methods are used for business valuations, such as the DCF method and EBITDA multiples.
The business value is not automatically equal to the final selling price. The price is established during the sales process and is determined in part by buyer interest and negotiations.
Step 4: Determine the sales strategy
Once your objectives and business value are clear, you determine how the company is positioned in the market. Consider, among other things:
Type of buyer
: Do you want to sell to a strategic buyer, investor, manager, or family member?
Full or partial sale
: You can sell all the shares, but sometimes a partial sale better align with your future plans.
Your role after the sale
: Some buyers ask the entrepreneur to remain involved for a period of time.
Confidentiality
: Determine in advance how and when employees, customers, and suppliers will be informed about the potential sale.
A clear sales strategy ensures that you can search for buyers in a targeted manner and prevents important decisions from being made only during negotiations.
Step 5: Prepare the sales documentation
Potential buyers need information to assess whether your company is of interest to them. Therefore, professional sales documentation is prepared in advance. This often consists of:
Anonymous company profile
: A brief description used to approach potential buyers without immediately disclosing which company is being sold.
Confidentiality Agreement
: Interested parties usually first sign a NDA before confidential information is shared.
Information memorandum
: An extensive information memorandum describes, among other things, the company, market, organization, financial results, and growth opportunities.
Good documentation ensures that every potential buyer receives the same reliable information and helps the sales process run in a structured manner.
Step 6: Find and approach suitable buyers
Finding the right buyer means more than just looking for the party willing to pay the highest amount. Future plans, culture, and conditions also play an important role. There are different types of buyers:
Strategic buyer
: A company from the same or a related sector who wants to add market share, customers, or knowledge, for example.
Financial buyer
: A investor or a private equity firm that focuses on return and further growth.
Management buy-out
: At a management buyout the existing management takes over the company.
Management buy-in
: At a management buy-in an external entrepreneur or manager takes over the company.
Family succession
: The company is within the family transferred.
Approaching multiple suitable candidates creates more choice and often a stronger negotiating position.
Step 7: Compare bids and negotiate the terms
Interested buyers can then be asked an initial non-binding offer to issue. When assessing this, do not look solely at the selling price. Other conditions can also have significant financial consequences.
Payment terms
: Is the full purchase price paid upon transfer or a part later?
Earn-out
: Is a portion of the price dependent on future results?
Financing contingency
: Is the offer conditional on obtaining financing?
After-sales role
: How long does the buyer expect you to remain involved?
Warranties and conditions
: Which obligations remain with you after the sale?
When multiple buyers are interested, you can compare proposals more effectively, creating room to negotiate both price and terms.
Step 8: Record the agreements in a Letter of Intent
When you reach an agreement in principle with a buyer, the key agreements are usually recorded in a Letter of Intent (LOI). This contains, for example, agreements regarding:
- Purchase price and transaction structure.
- Exclusivity.
- Planning of the sales process.
- Terms and conditions for the transaction.
- The due diligence to be carried out.
The Letter of Intent forms the basis for the continuation of the business sale. From this point on, the process focuses primarily on verifying information and legally formalizing the final agreements.
Step 9: Go through the due diligence investigation
After the letter of intent, the buyer typically conducts a due diligence investigation out. This involves verifying whether the information provided during the sales process is accurate and complete. The investigation may consist of, among other things:
Financial investigation
: Annual accounts, cash flows, debts and working capital.
Legal research
: Contracts, permits, claims and intellectual property.
Tax investigation
: Tax returns and potential tax risks.
Commercial research
: Customers, market position and growth expectations.
If unexpected risks emerge during the investigation, this may lead to additional agreements or new negotiations.
Step 10: Finalize the sale and transfer
When the due diligence has been successfully completed, the final agreements are recorded in the purchase agreement.
It includes, among other things, the final purchase price, payment terms, warranties, indemnities, and any agreements regarding your role after the sale.
Subsequently, the closing takes place. The documents are signed, the payment is made, and the company officially transfers to the buyer.
A transition period may also follow after the transfer. Consider, for example, the transfer of customer relationships, knowledge, and responsibilities to the new owner.
How long does it take to sell a business?
A business sale typically takes nine to twelve months. The exact duration depends on the company, the market, and the complexity of the transaction.
Preparation, valuation, buyer selection, negotiations, due diligence, and legal completion all require time. When the company is well prepared in advance and the necessary documentation is available, the process can proceed more efficiently.
Therefore, do not wait until the moment you actually want to stop to start preparing. A longer preparation period gives you more opportunities to make the business ready for sale and choose the right moment to sell.
What are common mistakes when selling a business?
Because entrepreneurs usually sell their company only once, mistakes are frequently made during the sales process.
Starting too late
: As a result, there is insufficient time to prepare the company for sale.
Not having clear objectives
: Without clear preferences, it is difficult to properly compare buyers and bids.
Only look at the selling price
: The structure and conditions of an offer can be at least as important as the amount.
Becoming dependent on one buyer
: With only one interested party, your negotiating position is generally weaker.
Being insufficiently prepared for due diligence
: Incomplete information may lead to delays or a dispute regarding the price.
Careful preparation helps to limit these risks and keeps you more in control during the sales process.
Why choose Match Plan?
Match Plan guides entrepreneurs through the entire business sale process, from initial preparation to the final transfer. As an independent M&A advisor, we ensure a structured sales process in which your personal and business objectives take center stage. What we do for you:
- We offer full guidance with the selling your company, from valuation and sale preparation to negotiations and the final transfer.
- With over 30 years of experience, we combine in-depth knowledge of business acquisitions with a personal approach tailored to your company and situation.
- Our advisors support you with valuation, sales strategy, drafting sales documentation, and selecting suitable potential buyers.
- We approach potential buyers confidentially and guide the negotiations regarding both the sale price and the terms of the transaction.
- We coordinate the entire sales process and liaise with accountants, tax specialists, and legal experts, so that you maintain an overview and can continue to focus on your business.
Are you considering selling your business and would you like to know which sales strategy best aligns with your company and personal goals? Feel free to contact us for a no-obligation consultation.
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