---
title: What to Expect During a Sale
description: This guide lays out the typical steps of a small business sale, with realistic timelines based on how the deal is funded (cash, seller financing, SBA loan, etc.). Our goals is no fluff or legalese. Please see for the seven key stages of a business sales and what you'll likely see at each step.
image: https://awsmbpartners.com/hubfs/Screenshot%202025-09-13%20at%2011.49.34%20AM.png
---

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# What to Expect During a Sale

![](https://awsmbpartners.com/hubfs/Screenshot%202025-09-13%20at%2011.49.34%20AM.png)

## The 7 Key Stages of a Business Sale

Most business owners haven’t sold a company before and that’s completely normal. This guide lays out the typical steps of a small business sale, with realistic timelines based on how the deal is funded (cash, seller financing, SBA loan, etc.). Our goals is no fluff or legalese. Please see below for the seven key stages of a business sales and what you'll likely see at each step.

### 1. **Intro Call**

**Goal:** See if there’s a potential fit and build initial trust  
**What Happens:**

- 20–30 minute conversation
- You share your story and goals
- Discuss approach to acquisitions

**Timeline:** Within a few days of connecting  
**Documents:** None

### 2. **Initial Info Sharing**

**Goal:** Help the buyer understand the basics of the business  
**What Happens:**

- Review of high-level financials and business operations
- Casual Q&A to better understand the business model and team

**Timeline:** 1–2 weeks  
**Documents:**

- Last 2–3 years of P&L statements
- Revenue by customer or category
- Employee/org chart
- Any marketing or company overview materials

### 3. **Letter of Intent (LOI)**

**Goal:** Outline a potential deal and agree to move forward  
**What Happens:**

- Buyer presents offer (price, terms, payment structure)
- You review, ask questions, and negotiate if needed

**Timeline:** Within 1 week of info review  
**Documents:**

- Draft LOI from buyer
- Optional: review with attorney or advisor

### 4. **Due Diligence**

**Goal:** Verify what’s been shared and assess risk  
**What Happens:**

- Financials, systems, legal, customer/vendor checks
- You stay involved, but I handle the heavy lifting
- Done respectfully and confidentially

**Timeline by Deal Type:**

- **All-Cash:** 2–3 weeks
- **Seller-Financed:** 3–4 weeks
- **SBA-Backed:** 6–8+ weeks (includes bank review)

**Documents:**

- Tax returns
- Full financial statements
- Customer/vendor contracts
- Leases, licenses, and agreements
- Operational workflows, SOPs, etc. (if available)
- Other documentation as requested

### 5. **Final Agreement**

**Goal:** Sign the purchase agreement and finalize the deal  
**What Happens:**

- Legal documents drafted and reviewed
- Any final terms or contingencies resolved

**Timeline:**

- **All-Cash / Seller-Financed:** ~1 week
- **SBA Loan:** May add 1–2 weeks depending on lender

**Documents:**

- Asset Purchase Agreement (APA) or Stock Purchase Agreement (SPA)
- Employment or transition agreements (if applicable)
- Any final exhibits or disclosures

### 6. **Transition Planning**

**Goal:** Set expectations for how you’ll support the handoff  
**What Happens:**

- Discuss your ideal level of involvement post-sale
- Agree on training, introductions, and timeline
- Designed around your lifestyle and preferences

**Timeline:** Begins before closing; runs 30–90 days post-close (flexible)  
**Documents:**

- Transition or consulting agreement
- Knowledge transfer outline or checklist

### 7. **Closing + Payment**

**Goal:** Funds are transferred, and the business officially changes hands  
**What Happens:**

- Final signatures
- Money wired to your account
- Buyer assumes ownership and you begin your next chapter

**Timeline by Deal Type:**

- **All-Cash:** ~30 days
- **Seller-Financed:** 30–45 days
- **SBA-Backed:** 60–90+ days

**Documents:**

- Closing statement
- Wire instructions
- Final executed agreements

## Final Thoughts

Every business is unique, and so is every deal. The timelines above are estimates, not guarantees - but they reflect what’s typical in small business transactions today. This cheat sheet isn’t meant to replace legal or financial advice. It’s here to give you a clear, no-pressure overview so you know what to expect and can plan ahead.

Still have questions?

If you're exploring the idea of selling, now or in the future, and want to understand what this process could look like for your business, I'm happy to have a conversation. Feel free to reach out anytime via [aweisz@awsmbpartners.com, (980) 946-6695 or booking a meeting time below.](mailto:aweisz@awsmbpartners.com)

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[Check all articles](https://awsmbpartners.com/blog)

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#### Resources

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- [My Professional Resume](https://awsmbpartners.com/my-professional-resume)
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- [Blog](https://awsmbpartners.com/blog)

#### Connect

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- Charlotte, NC

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