rejigg

The Rejigg Guide to Selling Your Business

Selling a business can feel like chewing glass: brokers take big cuts, cold callers aren’t the right buyers, and the path isn’t obvious. This guide shows a clear, step-by-step way to sell on your terms—from timing and prep to finding buyers, valuation, deal structure, diligence, closing, and transition.

If you’ve ever considered selling your business, you know that it’s a complicated process. There’s just no obvious way to do it. It feels like your only choices are to go with aggressive brokers, who take a big cut of your sale, or you can wait for people to cold call you and sell to the most persistent buyer, rather than the right one. If you don’t take one of these routes, it often feels like you’re out of luck.

The whole messy process feels like chewing glass.

Yet, selling your life’s work on your own terms is possible. And it doesn’t have to be painful or needlessly complicated. This guide walks you through Rejigg’s step-by-step process of selling a small business successfully.

We’ll cover when to sell, finding buyers, valuation basics, negotiating, due diligence, and closing the deal.

Our aim is to equip you with the necessary information and framework so you can confidently handle this process, ensuring a smooth selling experience and avoiding common mistakes.

We'll cover questions like:

  • Why would you want to sell?
  • Should I try to time the market?
  • What financials do I need to prepare ahead of time?
  • What kinds of questions will buyers ask about my business?
  • What kinds of intermediaries should I be thinking about to help me?
  • Where can I find a buyer?
  • What are the different kinds of buyers?
  • How are deals typically structured?
  • What is an earnout? Seller financing?
  • What is an appropriate multiple ofr my business?
  • What is an accurate EBTIDA or SDE?
  • What should I expect in due diligence?
  • How do I set appropriate expectations with my employees, customers and partners?
  • What happens when I get an LOI? What happens after I sign it?
  • What happens after we execute the purhcase agreement?
  • What if I regret the sale?

What's Inside

Step 1

Decide when and why to sell

Selling starts with clear motives, not urgency or market timing. Owners sell for security, burnout, life changes, risk, or legacy—often staying involved. Set realistic expectations and define your goals: timing, role, buyer type, and priorities beyond price.

Step 2

Prepare to sell your business

Organize financials, ops & customer data, and track revenue, EBITDA, margins, recurring %, and concentration. Brokers are costly—consider going direct.

Step 3

Find your dream buyer

Find buyers via auction, targeted outreach, or hybrid. Hybrid often wins: broad interest + careful vetting. Evaluate buyer type, plans, culture fit, and references like hiring.

Step 4

Negotiate a deal

Negotiate the deal: counter the first offer, balance price vs terms, and understand EBITDA/SDE multiples. Structure (cash/debt/equity), earnouts, and retained equity shift risk and control—vet buyers’ funds and track record early.

Step 5

Due diligence and closing

Due diligence is the “prove it” phase. Align on scope, timeline, and experts before exclusivity. Sign an LOI (60–120 days) with price/structure/steps, involve an M&A lawyer, and run weekly check-ins to surface risks early.

Step 6

Transitioning after the sale

Announce the sale proactively to employees, customers, and partners to reduce rumors and reassure continuity. Set clear expectations for your post-close role (consulting, employment, board, or legacy).