The Funnel, Ep. 8: What’s the Process to Sell Your Business?

After valuation, timing, and advisory decisions are made, founders naturally want to understand what comes next. Selling a business isn’t a single event—it’s a structured process with several distinct phases. In this episode of The Funnel, Kirk outlines how deals typically move from preparation to outreach, negotiation, diligence, and closing. He explains what happens at each stage and why preparation matters. Watch the video below for a clear overview of the sell-side process.

In this episode of The Funnel, M&A advisor Kirk Michie explains the typical process for selling a business. While details can vary depending on deal size, advisor involvement, and buyer type, most transactions follow a similar structure once a founder decides to move forward.

Kirk outlines the key phases of a sale, starting with preparation. This includes developing marketing materials that accurately reflect the business, supported by professionally prepared financials, and setting up non-disclosure agreements to protect sensitive information. From there, a buyer universe is defined and outreach begins, often supported by a data room containing detailed financials, anonymized customer information, and organizational details.

As buyers engage, founders may receive indications of interest or letters of intent. After selecting a preferred buyer and signing an LOI, the process moves into exclusivity and due diligence, where information is verified and risks are assessed. Once diligence is complete, the transaction moves to closing, with final decisions around deal structure and post-close arrangements.

This episode provides a practical overview of how to sell a business, sell-side process steps, and what founders should expect during an M&A transaction.