First-time business seller explains the biggest moments that tested her, the ones that surprised her, and what ultimately carried her through.
The highest offer isn't always the right one. First-time seller Robyn learned that and two other hard-won lessons selling her business in 2.5 months. Here, she shares her advice for small business owners looking to retire: what to do before you list, what to expect along the way, and what she wishes she'd known sooner.
Pre-Sale Financial Checklist for Small Business Owner
If there's one piece of advice we consistently hear from first-time sellers, it's this: coming to the table financially prepared changes everything. Clean, well-organized financials create clarity for buyers, credibility with lenders, and confidence throughout the entire process. They reduce friction, speed up diligence, and put you in a stronger position to defend your valuation.
Expenses & Cost Structure
Can you clearly explain what you spend and what goes away after the sale? Break out your cost of goods sold by category, and separate fixed from variable expenses. Vendor-level detail is especially valuable here, as buyers and lenders will want to understand exactly where the money goes and how the cost structure might shift under new ownership.
Tax Statements
Do your returns match your books? Confirm that sales tax filings and compliance records are current and reconciled. Tax clearance is almost always required at closing, so getting ahead of any discrepancies now will save you significant time and stress later in the process.
Financial Reconciliation
Can you show that your books and bank accounts tell the same story? At a minimum, books should be reconciled quarterly, but monthly reconciliation is best practice. Buyers and their advisors will scrutinize this, and clean records signal that your business has been run with care and attention.
Before you benchmark against your competitors, an expert says there's something you need to understand first.
What today's small business buyers actually want, and what their mindset tells us about where the market is heading.
Read the full article
A look at what the tariff chaos is really costing small business owners, and the question it’s forcing many of them to ask.
