Finding buyers on your own

The short version

Buyers for small businesses are mostly individuals who want to own and run one, and companies in or near your industry.
The best leads often come from people you already know, handled carefully.
Keep your first description anonymous. Share details only after a confidentiality agreement and a check that the buyer can pay.
Talk to several buyers if you can. One buyer is not a market.

Who buys businesses like yours

Individual buyers. People who want to own and run a business themselves. Many borrow through the SBA. This is the most common buyer for small businesses.

Companies in or near your industry. A competitor, a supplier, a customer or a company that wants to add your service. These are often called strategic buyers.

Search funds and small investor groups. A search fund is an individual backed by investors to find and run one business. Investor groups more often buy larger businesses.

Your family or your team. Lesson 2.8 covers this.

Where to find them

People you already know. Suppliers, peers, customers and advisors. Many sales start with one conversation. Be careful: once someone knows, you cannot take it back.
Your industry. Associations, trade shows and industry publications.
Your advisors. Attorneys, accountants and bankers often know buyers who are looking.
Online listings. Several websites list businesses for sale, and many buyers search them.
Direct outreach. Contacting companies that might want to add a business like yours.

Onward is one of these places. Owners list for free and meet buyers who have built a profile showing what they want to buy and how they plan to pay for it. onwardlegacy.com

Callout: shown beside this section on the site, set apart from the lesson text.

Keeping it confidential

Start with the anonymous description. Ask for a signed confidentiality agreement before you share the [confidential information memorandum](/learn/reference#confidential-information-memorandum "The document that describes a business for sale to a buyer who has signed a non-disclosure agreement. The numbers, the history, the customers, the people and the reason for selling.") (CIM), the full document about your business, or your name. Hold customer and employee names until later. Lesson 2.6 covers what goes where.

Screening a buyer

Before you spend real time with a buyer, ask three things.

Can they show they can pay? Proof of funds or a letter from a lender.
Have they owned or run a business before, or do they have relevant experience?
What are their plans for your people and your customers?

Step 7, Meet the buyers, covers how to judge the answers.

Why more than one buyer

Talking to several buyers gives you a sense of what the market will pay. It also protects you if one buyer walks away late.