This is the step the whole domain points at, and it is the one where the headline number and the number you actually receive are rarely the same thing. Most small business sales are not paid in full at closing. Understanding that before you negotiate is the difference between selling well and being surprised.

It is also the moment years of work converts into something. Done properly it funds whatever comes next and ends cleanly. Done carelessly it leaves you exposed to a business you no longer control.

Settle the structure with your accountant before you agree a price, because the two are connected. An asset sale and a sale of the entity itself are taxed differently and carry different liabilities, and buyers and sellers usually prefer opposite ones. The right structure depends on your entity type and your circumstances, and some choices close once a deal is under way. Take advice early. Not yet confirmed by LAEDC.

Work out your walk-away number before any conversation. What you need, net of tax and debts, for this to be worth doing. Negotiating without it means the buyer sets the floor.