NOTICE: Internet Explorer was retired by Microsoft on June 15th, 2022 and is no longer supported. This could change how you access Online Banking.

Skip Navigation

How to Sell Your Business

05/15/2024 - Business Planning, Business Insights, Financial Planners, Growing Your Business

older man standing before an open business sign looking down at tablet screen smiling

How to Sell Your Small Business

Steps to Sell Your Business

Ready to sell your business? There are a number of reasons why you may want to sell your business, including retirement, illness or succession. Whatever your reason for selling your business, having a step-by step plan is important.

Follow these 5 steps to get started on selling your small business

1. Get a Business Valuation

An important first step in selling your business is to conduct a business valuation. Simply put, a business valuation is the process of determining the worth of your business. Business valuations require analysis of financial statements, market trends, industry comparison and more. It provides stakeholders with valuable insights into your company’s financial health, growth prospects and overall value, enabling informed decision-making and strategic planning.

2. Decide Timing of Sale

You’ll also want to create a timeline for selling your business. At a minimum, you should prepare for a year before selling your business. It’s often better to prepare for the sale well in advance, but things change and priorities shift on a whim. Day-to-day management and decision making are hard enough to juggle in addition to preparing for sale. That’s why it’s so valuable to have a trusted financial partner who’s always in your corner and can help you navigate the process. Reach out today and we can help you along the way of selling your business.

3. Broker or Self-Negotiation 

You have a couple options when planning to sell your small business. You can either hire a business broker who specializes in selling businesses or self-negotiate throughout the sale.

If you are looking for a more hands-on approach, self-negotiation may be the way to go. However, ensuring that you work with an attorney or legal advisor throughout the process is highly advised.

Hiring a business broker can be a good option for busy owners since they handle everything for you. However, you’ll have to pay a broker’s fee which gives them commission on the sale.

4. Search for Buyers 

There are different ways to find potential buyers for your small business including:

  • Hiring a business broker
  • Networking within your industry or community
  • Advertising your business for sale online or in relevant publications
  • Reaching out to competitors or strategic buyers who might be interested in acquiring your business

By using a combination of these methods and leveraging the expertise of professionals such as business brokers, you can effectively identify and engage potential buyers for your small business.

5. Handle Profit After Sale

Selling a business can be a significant achievement, but what happens after the sale? Ensuring that you have a plan following the sale is important to retaining wealth. Financial advisors at WesBanco can help you determine the best strategy for saving, investing or making another purchase.

Remember, selling a business can be a complex process, so it’s essential to seek professional advice from attorneys, accountants and business advisors to ensure everything is handled properly.

Support When You Need It

At WesBanco, we know there are a lot of steps to sell your business, varying based on each individual situation. Our financial advisors can help you learn how to sell your business in a stress free, manageable process.

Reach out today to get started.

Contact Us






Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Strategy Academy nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Strategy Academy and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Strategy Academy and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.



Stay Informed:

Sign up for regular news & updates.

    This will close in 0 seconds