Selling a business is one of the most important transactions you’ll ever make. Done right, it can secure your financial future. Done wrong, it can cost you time, money, and opportunities. The truth is, most business owners only sell once. Without the right guidance, it’s easy to fall into traps that reduce your business’s value or prevent a deal from closing altogether. Below are the most common mistakes we see owners make—and what you can do to avoid them.

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Mistake #1: Choosing the Wrong Broker

Too many owners hand their business to the first broker who promises the highest price. On the surface, that might feel like the “best” choice—but inflated valuations are often just a tactic to win your listing. If a broker can’t deliver buyers at that inflated number, you’ll waste months of momentum and eventually be forced to discount.

How to avoid it:

• Vet your broker thoroughly—ask about credentials, industry experience, and success rate.
• Find out how many listings they’re handling and what level of attention your sale will actually get.
• Ask how they maintain confidentiality and qualify buyers.
• Request references from past clients to verify their track record.

Selling a business is one of the biggest financial and personal decisions you’ll ever make. It’s not just about listing your business and waiting for buyers—it’s about preparation, valuation, confidentiality, and making sure the right buyer is at the table. In Ohio, where local industries and regulations can influence deals, working with experienced business brokers makes the difference between a smooth exit and a stressful, drawn-out process.

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This guide breaks down the steps to successfully sell your business in Ohio, while highlighting the proven process we use at Business Network of Ohio (BNO) to get deals done.

Step 1: Decide If You’re Ready to Sell

Before numbers and negotiations, you need clarity on why you’re selling.

• Are you ready to retire?
• Do you want to pursue another venture?
• Is your business performance peaking?

Readiness isn’t just personal, it’s financial and operational too. Buyers will expect accurate financial records, legal compliance, and a business that’s not dependent on a single person to function.

For most business owners, their company is their largest asset and selling it starts with one critical question: what is it worth? Valuation isn’t about guesswork. It’s about financial performance, market realities, and how your business is positioned for the future.

Why Business Valuation Matters

Accurate valuation is the foundation of a successful sale. It:

• Sets a price that attracts buyers while protecting your bottom line.
• Establishes credibility with buyers, lenders, accountants, and attorneys.
• Helps avoid stalled deals during due diligence.
• Equips you with leverage during negotiations.

Most owners only sell once in their lifetime so getting the valuation right matters.

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Top Business Value Factors

At BNO, we’ve seen firsthand the factors that most influence business value:

• Financial Results (Accounting Records)

  Strong revenue, profitability, and positive cash flow are critical. Clean, complete accounting records make your business more desirable.

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