What to Expect During a Sale

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.

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. Book your discovery call here.