What a "Good" Sale Process Looks Like (and How to Know You're in One)

Selling your business is a major decision, and it’s normal to feel uncertain about what actually happens step by step.

Having executed many transactions, I believe a smooth transaction starts with clarity and trust. Here’s what a "good" (and typical) process looks like:

Step 1: Get to Know Each Other

The first step is simple: let’s understand each other.

You should know who I am, what I’ve done, and how I think. At the same time, I want to learn what matters to you. What are your goals, concerns, and vision for the future?

If it’s not a fit, I want to get to “no” fast. We can’t make a deal through persuasion, only through alignment.

Step 2: Exchange Key Info and Establish Expectations

Once there’s mutual interest, I usually ask for a few simple metrics; things that take 15–20 minutes to pull together.

Given that valuation is often top of mind, I try to provide an initial range based on important but accessible data like revenue trends, churn rates, and market positioning.

Step 3: Light Diligence + Formal Valuation

If we’re in the same ballpark, and after an NDA is signed, we move into more detailed diligence.

This broader review covers financials, operations, customer relationships, and other key areas..

Once that information is reviewed, I typically present a more formal valuation:

• Either an Indication of Interest (IOI) or,

• A Letter of Intent (LOI), if we've gathered what we need

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Step 4: Walk Through the LOI

The LOI is a critical moment. I walk you through every important part of the document:

• What cash you’ll receive at close

• What’s contingent on post-close performance

• What’s left to diligence

• What the closing path looks like

No surprises. Transparency matters here more than anywhere else.

Step 5: Final Steps and Staying Aligned

As we enter final diligence (tech, legal, contracts, etc.), I stay in close communication, updating you on milestones and timelines.

I also encourage you to get to know me better:

• Meet some of my investors

• Call my references

• Grab dinner with me and my family if that helps

At this point, it’s about trust. And when it’s done right, closing doesn’t feel like an ending. It feels like the start of the next chapter.

In Summary

Selling your business isn’t about getting through a checklist. It’s about making sure the right people with the right motivations, are aligned on the right vision.

If you’re starting to think about a sale, I’d be happy to help you understand the process.

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