Guide · Updated October 2026
How to sell a business
Selling a business means selling what it earns, its licenses and leases, and often the property. For a gas station or c-store, add fuel volume, the supply agreement and the tanks. Here is the path we run with owners, from the first honest number to handing over the keys. Tap a step to open it.
1. Know what it's worth
Buyers value the business at its yearly owner's cash flow (SDE) times a multiple, in our recent valuations usually about 2 to 2.5 times. If you own the property, it is appraised and added on top. See what a business is worth or get a free value range.
2. Get your paperwork ready
- 2 to 3 years of tax returns and P&Ls, plus year to date
- POS reports by category and monthly fuel gallons
- Fuel supply agreement and lease
- Licenses, plus tank and environmental records
Income you can't document is hard for a buyer to pay for, because their lender won't count it.
3. Check supply and environmental first
Read your supply agreement for years and gallons left, whether it can be assigned, any money owed back if it ends early, and any right of first refusal. Lenders almost always order a Phase I environmental review, so have tank registrations, inspections and any closure letters ready.
4. Market it quietly
No sign and no public address. Buyers sign an NDA before they see the name or numbers, then show proof of funds with their offer. Buyers include owner-operators, families adding a store, regional chains and private-equity-backed groups, who we work with closely.
5. Offers and the LOI
A serious offer comes as a Letter of Intent: price and what it includes, deposit, a due diligence period (often 30 to 60 days), financing, inventory at cost and a closing date. The highest price is not always the best offer; proof of funds and a lender already engaged count too.
6. Due diligence, closing and handover
Expect the buyer's lender, fuel supplier and landlord to sign off, and licenses to transfer. At closing you count inventory, read the fuel, hand over licenses and stay on briefly for training. Six to eight months from listing to closing is a fair average.