Small businesses remain a vital and highly regarded part of the U.S. economy. According to Pew Research, 86% of U.S. adults feel small businesses positively impact the country, ranking them higher than even the military or religious institutions. Small businesses are everywhere: they make up 99.9% of U.S. firms, according to the Small Business Administration. Out of 33 million small businesses, only about 6 million have employees, yet they provide nearly half (46%) of private-sector jobs.

Selling a business isn’t something that happens overnight—it requires careful planning and preparation to ensure you get the best possible outcome. As a business broker, I’ve seen firsthand how proactive steps can increase the value of a business and create smoother transactions. Whether you’re ready to sell now or in a few years, here are 6 key actions to set yourself up for success.

Seller financing can be a powerful tool in business transactions, offering benefits for both buyers and sellers, but it also carries certain risks. This arrangement allows the seller to act as the lender, financing part or all of the purchase price. It can be especially useful when traditional financing options are limited or when the buyer lacks immediate access to full capital.

The “Silver Tsunami” refers to the wave of Baby Boomers—those born between 1946 and 1964—reaching retirement age, a demographic shift with significant implications for small businesses. As this generation ages, an estimated 10,000 Baby Boomers retire each day, and many of them own small businesses. In fact, according to the U.S. Census Bureau, nearly 2.34 million businesses in the U.S. are owned by individuals over the age of 55, accounting for 50% of all small businesses.

When purchasing a business that includes commercial real estate, an SBA loan can be an excellent financing option. These loans, typically under the SBA 7(a) or SBA 504 programs, provide favorable terms and lower down payment requirements compared to conventional loans, making them attractive for business buyers.

As a business broker, one of the key aspects of preparing a seller for the market is understanding the types of questions potential buyers will ask. These questions are designed to uncover the value of your business, assess potential risks, and understand the opportunities it presents. Here’s a breakdown of common questions and how to prepare for them.

Exit planning is often overlooked by business owners, yet it can be crucial to a successful transition. Whether you’re a seasoned entrepreneur or just starting out, these statistics from the 2023 Q4 Market Pulse Report might change how you approach your exit strategy.

When selling a business, many owners are surprised by the various costs that come into play. These expenses are essential to navigate the sale successfully and can affect the final payout. Understanding the associated costs is critical for proper planning and success of selling a business, and thus, why I decided to write a small post on this topic.

When selling a business, having the right attorney on your team is essential to ensuring a smooth transaction. As a buyer or seller, you can navigate complex legal processes that can expose you to risks if not handled correctly. An experienced attorney, specifically one familiar with business transactions, helps protect your interests and ensures the legal structure of the deal aligns with your goals.

In the world of business, the importance of a brand is easily understated. A brand is more than just a logo or a name; it embodies the identity and values of a company, influencing how customers perceive it and interact with its products or services. A well-established brand sets a business apart from its competitors and creates a lasting impression in the minds of consumers.