How many buyers to expect

The short version

Many people will look at your business. Far fewer will be serious, and fewer still will make an offer.
Most interest drops away at each stage: after the first description, after the [CIM](/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."), after the first meeting.
One strong offer can be enough. Two or more give you choices and a sense of what the market will pay.
How many buyers you see depends on your size, your industry, your price and how the business is marketed.
A realistic price brings more serious buyers than a high one.

The funnel

Interest narrows at every stage of a sale:

Inquiries. People respond to the anonymous description of your business.
Confidentiality agreements. Some sign one to see more.
Reviews of the CIM, the confidential information memorandum, the full document about your business. Many stop here.
Meetings or calls. The serious ones want to talk.
Offers. A smaller group puts terms in writing.
A signed [letter of intent](/learn/reference#letter-of-intent "The offer document. It sets out the price, the structure and the main terms, and starts diligence."). One buyer moves forward.

It is normal for most people at each stage to drop away. It does not mean something is wrong with your business.

What changes the number

Size. Larger, more profitable businesses attract more buyers, including companies and investment firms. Lesson 4.1 covers this.
Industry. Some trades attract many buyers. Others need a specific license or skill that narrows the field.
Location. Most buyers of small businesses want one near where they live.
Price. A price in line with the market brings serious buyers. A price well above it drives them away. Lesson 3.1 covers why.
How it is marketed. A [broker](/learn/reference#business-broker "A person or firm paid, usually a percentage of the sale price at closing, to value a business, prepare the materials, find and screen buyers and manage the process. What a broker does and does not do is its own piece.")'s network, industry contacts and online listings each reach different buyers. Step 2 covers the options.
Preparation. A clear CIM and a ready data room keep serious buyers moving.

One buyer or several

One good buyer who can pay and fits your goals is enough to close a sale. But talking with more than one gives you two things. You learn what the market will actually pay. And you have somewhere to turn if your first buyer walks away late.

If interest is thin

If few buyers engage, look first at the price, then at how the business is presented and marketed. Ask the buyers who stepped away what stopped them. Their answers are often the most useful feedback you will get.