Most of the anxiety around selling a business doesn’t actually come from the decision itself. It comes from not knowing what happens next. You’ve made up your mind, or you’re close to it, and suddenly you’re staring down a process you’ve never gone through before, with no clear picture of what the next six months to a year of your life will actually look like. That uncertainty is often worse than any single step in the process itself. So if you’re thinking “I need to sell my business but I have no idea what that actually involves,” here’s a clear, start-to-finish look at what happens once you hire a broker.

Step 1 , The Initial Consultation

The process starts with a conversation, not a contract. In your first meeting with a broker, you’ll talk through your goals, your timeline, and any constraints that might shape the sale , an upcoming lease renewal, a business partner who needs to be looped in, or how involved you want to stay after the sale closes.

This meeting is also where a good broker will give you honest, tailored feedback based on your specific business, rather than a generic pitch. If something about your timing or your numbers doesn’t line up with a strong sale right now, this is where you should hear that clearly, before anything gets signed.

Step 2 , Signing the Engagement Agreement

This is the step most owners understand the least, and it’s worth slowing down on. The engagement agreement is the contract that formally hires the brokerage to represent you, and it typically spells out a few key things:

• Commission structure , usually a percentage of the final sale price, commonly somewhere in the 5–15% range depending on the size and complexity of the deal
• Exclusivity period , the length of time you’re committed to working with this broker alone, often somewhere between 6 and 24 months
• Any upfront or retainer fees , not all brokers charge these, but some do, separate from the eventual commission
• Termination terms , what happens if you or the broker want to end the engagement early

None of these terms are inherently good or bad on their own, but you should read and understand every one of them before signing, and don’t hesitate to ask questions about anything that isn’t spelled out clearly.

Step 3 , Getting Buyer-Ready

Before your business ever goes to market, there’s real preparation work to do. Your broker will help you get your financials in order, gather the documentation buyers will eventually want to see, and build the marketing materials that represent your business to the market.

At this stage, you should expect to be asked for things like:

• Several years of financial statements and tax returns
• A clear breakdown of revenue by product, service, or customer segment
• Details on your workforce, key contracts, and supplier relationships
• Any leases, licenses, or legal agreements tied to the business

This is also when your broker will put together a valuation and start drafting a teaser (a brief, non-identifying summary of the business) and a Confidential Information Memorandum, or CIM, which goes into much more depth once a buyer has signed an NDA.

Step 4 , Confidential Marketing

Once the materials are ready, your business goes to market , but not in the way you might picture a public “for sale” listing. Business sales are almost always marketed confidentially, meaning identifying details are withheld until a prospective buyer has signed a non-disclosure agreement.

Buyers typically come from a mix of sources: the brokerage’s own network of contacts, listing platforms designed specifically for business sales, and sometimes direct outreach to companies or individuals who might be a strategic fit. The goal at this stage is exposure without exposure , getting your business in front of the right people without your employees, customers, or competitors finding out prematurely.

Step 5 , Buyer Screening and Meetings

As interest comes in, your broker’s job is to filter it. “Qualified buyer” should mean someone who has both a genuine interest and the financial capacity to actually close a deal , not just anyone willing to sign an NDA. In practice, the thoroughness of this screening varies noticeably between brokers, so it’s worth asking directly, before you sign an engagement agreement, exactly what their qualification process looks like.

Once buyers clear that initial screen, you’ll typically have calls or meetings to get a feel for who they are, what they’re looking for, and whether they seem like a realistic fit for your business and your goals.

Step 6 , Offers, Negotiation, and Due Diligence

When offers start coming in, the headline number is only part of the picture. Your broker will help you weigh financing terms, contingencies, and how the buyer actually plans to run the business, since all of that affects how likely a deal is to actually close, not just how good it looks on paper.

Once you’ve accepted an offer, due diligence begins , the buyer’s opportunity to verify everything you’ve represented about the business. This is often where deals hit friction. Buyer financing can fall through unexpectedly. Diligence can surface a discrepancy that needs explaining. An owner can get cold feet partway through. None of this means the deal is doomed, but it’s worth knowing upfront that this stage is rarely as smooth as the marketing brochures make it sound, and a good broker earns their fee here by keeping the deal moving instead of letting momentum stall.

Step 7 , Closing and the Transition Period

Assuming due diligence goes well, closing day itself is often surprisingly anticlimactic , usually a coordinated signing between you, the buyer, your attorney, your accountant, and the buyer’s team, sometimes handled over a video call rather than in person.

What follows closing is a transition period, the length and structure of which is usually agreed on in advance. This might mean a few weeks of training the new owner, staying on in an advisory capacity for a defined period, or in some cases stepping away almost entirely. Working with an experienced business brokerage matters here too , they’ll typically help you structure this handoff in a way that protects the business’s continuity without leaving you tied to it indefinitely.

A Realistic Timeline: How Long Does Each Stage Actually Take?

Every deal is different, but here’s a general sense of pacing:

Altogether, most sales run somewhere between six months and a year and a half from the first conversation to closing day, though smaller, simpler businesses can move faster and larger or more complex ones often take longer.

FAQ

How long does the entire process usually take from hiring a broker to closing? Most sales take somewhere between six months and a year and a half, though this varies significantly based on the size of the business, how prepared it is going in, and market conditions at the time.

What am I responsible for during the process, versus what the broker handles? Your broker typically manages valuation, marketing, buyer screening, and negotiation logistics, while you’re responsible for providing accurate documentation, staying available for buyer calls and meetings, and making key decisions on offers and terms as they come in.

What happens if a deal falls through partway through? It happens more often than most first-time sellers expect , usually due to financing issues or something surfacing in due diligence. A good broker will typically go back to other interested buyers or re-open marketing rather than starting the entire process from scratch, which is one of the real advantages of having represented, ongoing relationships with multiple prospects rather than just one.

If you’re weighing whether to start this process and want a clearer picture of what it would look like for your specific business, the team at Robbinex walks owners through exactly this kind of conversation , no pressure, just a clear explanation of what to expect.