Selling a business is a major life event. Whether you built yours from the ground up or bought it years ago and made it your own, letting go can feel overwhelming. The process, however, doesn’t have to be. With solid preparation, a realistic valuation, and a plan to find the right buyer you can control the process, avoid the common pitfalls, and position your business to sell at its true market value.
Here is a brief guide on how to sell a business, including key steps and considerations specific to selling in North Carolina.
First Things First – Prepare for Selling
Before you think about finding a buyer, the best place to start is preparing your business itself — through thoughtful exit planning, stronger operations, and clear financials, as well as doing an independent business valuation.
Start With an Exit Plan
The best business sales start long before the “for sale” sign goes up. Ideally, owners begin planning two to five years ahead. This gives you time to strengthen the company, reduce risks, and create the stability buyers look for. A strong exit plan clarifies what you want from the sale, how long you’re willing to stay involved afterward, and what your life will look like once you step away.
A key part of this phase is making the company less dependent on you. When customers or employees rely too heavily on the owner, buyers see uncertainty. By documenting processes, delegating authority, and building a leadership bench, you create a business that runs smoothly on its own — and is far more attractive on the market.
Improve Operations and Financials Before You Sell
Buyers pay for performance, not potential. Before you list the business, focus on steady cash flow, consistent margins, and clean reporting. Many owners bring in a fractional CFO or CEO to professionalize the financial side of the business. Even a part-time CFO can quickly upgrade your systems: tightening working-capital management, improving monthly reporting, installing financial controls, and preparing the books for the stress test of due diligence.
For this to work well, give the fractional leader a clear mandate. Agree upfront on what they can approve, renegotiate, or change. With clear authority and focused goals, they can help lift profitability and reduce the risks that cause buyers to discount your price.
Get a Realistic, Independent Valuation
Once the business is in strong shape, you need to know what it’s truly worth. Nielsen Valuation Group, an independent firm specializing in business valuations, notes that instead of relying on generic multiples, you need a hands-on approach that takes the specific details of your business into account.
Ready-made formulas and online calculators are worthless unless you have the correct inputs. Those inputs require real valuation work, including normalizing income statements for irregularities and determining the true market value of your assets.
Usually, one or more of three valuation approaches are used:
- Income approach: evaluates earnings and the risks attached to them.
- Market approach: compares your business to similar companies that have sold.
- Asset approach: values the company based on the fair market value of what it owns.
The goal is to arrive at the fair market value — the price at which a willing buyer and a willing seller are most likely to meet.
How to Find a Buyer
Once your business is prepared and properly valued, the next step is deciding how you’ll actually find the right buyer for it. Here are the main options:
Using a Business Broker
For many small companies (with roughly up to $1M in revenue), a business broker is the fastest way to reach qualified buyers. A good broker prepares marketing materials, protects confidentiality, screens prospects, and guides you through offers and negotiations. Because North Carolina doesn’t require special licensing for brokers, choose one with a proven track record and appropriate certifications. The right broker can streamline the entire process; the wrong one can overprice your listing and let it sit.
M&A Advisors
Larger or more complex companies often benefit from an M&A advisor. These advisors work with businesses that attract financial buyers, multi-location strategics, or investors who expect a structured sale process. They are experienced with earnouts, minority stakes, and more complicated deal structures. If your business generates over $1 million in EBITDA or operates across multiple locations, an M&A advisor often brings the best results.
Finding a Buyer Yourself
In some industries, the ideal buyers are already known — competitors, suppliers, distributors, or major customers. Reaching out quietly to a short list can lead to a quick, efficient sale. Even so, owners should involve a transaction attorney and, ideally, a valuation or deal professional to structure the transaction correctly and avoid costly missteps.
The Legal Aspects
The legal side of selling a business in North Carolina is important, but it doesn’t need to be overwhelming. Most small sales are structured as asset deals, while larger or more established companies may sell through an equity transfer. Contracts such as commercial leases often require landlord approval, and some state licenses can’t be transferred, meaning the buyer must reapply. Employee transitions also need careful handling. The process typically starts with a Letter of Intent, moves into due diligence, and ends with a finalized purchase agreement. A business attorney is required.
Final Thoughts
Selling a business may only happen once in your life, but it doesn’t need to be overwhelming. With early planning, improved operations, a realistic valuation, and the right kind of buyer, you can approach the process with clarity and confidence.
North Carolina and Iredell County have a strong market for business buyers. When you prepare well and surround yourself with capable advisors, you give your business the best chance to command the value it deserves.