How do I get my business ready to sell?

By Succession Market. Last updated 22 October 2026.

How long does it take to get a business ready to sell?

BDC says many people wait too long to plan a sale, and underestimate how long preparation takes, especially when the company has issues to fix. It also says planning a sale can take up to five years, and as many as ten for a family business.

Start with four things, the same four BDC puts in its own checklist: your sale goals, your advisors, how to raise the value of the business, and how to hand it over smoothly. Your goals matter. BDC says buyers may insist on a reduced price if you choose to cut all ties.

What will a buyer ask for?

BDC lists what a buyer and an accountant review.

• The numbers: statements prepared by an accountant for at least the past three to five years, year to date statements and the same period last year, tax returns, bank statements, budgets and forecasts, and records of margins, sales by customer, inventory, receivables, payables, staff turnover and all assets.
• The legal side: leases, employment contracts, customer and supplier agreements, licences and permits, corporate documents such as the certificate of incorporation, bylaws and shareholder agreements, and any lawsuits, pending or past.

BDC says a buyer will see whether your tax returns match your statements. It says to spend time with your accountant and your lawyer before you start, so the records are clean, up to date, and properly signed and completed. Be ready for a buyer to ask to meet your key employees, and to ask about any customer who makes up a large share of your sales.

What pulls the price down, and how do I fix it?

Our own valuation page lists what drags a price down. BDC says what to do about each.

BDC says unaddressed issues can change the price or the terms, and that you will not get full value if you are not maintaining equipment or have a customer concentration risk. You may not fix everything before the sale. BDC says it still helps to show a buyer your plan for each issue.

What pushes a price up: recurring revenue, staff and systems that run the business without you, clean books, owned equipment in good repair, a varied customer base, and a lease a buyer can take over or owned premises.

What is my business worth before I start?

BDC says it is a good idea to have a clear idea of what your company is worth before you seek to sell it. A valuator can give you a realistic picture. BDC lists three kinds of valuation report, from basic to thorough: a calculation, an estimate and a comprehensive report. It also says a company's fair market value is not necessarily the price a buyer pays, because market conditions, the buyer's interests, due diligence, financing, your eagerness and your involvement afterward all play a part. Our guide on how many times profit a small business is worth explains the method.

Who should be on my team?

BDC lists an accountant, a lawyer, a valuator, a banker and, for any real estate, a commercial realtor. The accountant prepares your statements and projections and can structure the sale to reduce tax. The lawyer answers buyers' legal questions during due diligence and works on the purchase agreement. Your lawyer papers the deal and your accountant advises on tax. Both are yours to choose.

If your sale includes land or a building, a licensed commercial realtor handles that part, never us.

Should I sell the shares or the assets?

Decide with your accountant early. The lifetime capital gains exemption applies to qualified small business corporation shares, so a sole proprietorship has no shares to sell under it. BDC says buyers may want assets because of the tax benefits, but selling assets makes you ineligible for the capital gains exemption. In BC, PST applies to taxable assets such as vehicles and shop equipment, but not to shares. A GST election works only when the buyer takes all or substantially all of the property needed to run the business.

Which clearances and accounts should I line up?

A buyer should ask for clearances showing your accounts with the province and with workers' compensation are in good standing. Make sure they are paid up and filed, so the letters come back clean.

• BC PST: a clearance certificate shows the seller has paid all PST owing, with penalties and interest. You can order copies and give one to the buyer.
• WorkSafeBC: for an asset sale, the buyer should contact WorkSafeBC first, because unpaid premiums can become a lien on the assets, and a clearance letter protects the buyer.
• WCB Alberta: the buyer has a responsibility to get a clearance when buying a business, its stock or equipment.
• Consumer Protection BC: if you hold a licence, you must notify it in advance of a sale, and an asset sale needs a new licence application.
• After closing: close your payroll account, and contact the CRA about your GST/HST account and your business number.

How do I keep the sale confidential while I prepare?

BDC says that on a business for sale website, depending on the site's confidentiality procedures, word could get out to employees, customers or suppliers. BDC also says that when a sale becomes realistic, signing non disclosure agreements encourages frank talks. With us, buyers see an anonymous profile first. Your name, your numbers and your documents open in stages, and nothing identifying moves without a signed confidentiality agreement.

Questions owners ask

Sources

1. How to sell your business, BDC, updated 4 October 2022, read 21 October 2026.
2. Checklist to prepare your business for sale, BDC, read 21 October 2026.
3. How to conduct due diligence when buying a business, BDC, updated 24 November 2025, read 21 October 2026.
4. What are the steps to buying a business?, BDC, updated 28 July 2025, read 21 October 2026.
5. Planning out your family business's succession, BDC, updated 28 July 2025, read 21 October 2026.
6. How to minimize taxes when transferring shares in your corporation, BDC, updated 4 October 2022, read 21 October 2026.
7. Line 25400 Capital gains deduction, Canada Revenue Agency, page dated 5 February 2026, read 21 October 2026.
8. Selling a business, Canada Revenue Agency, page dated 27 July 2026, read 21 October 2026.
9. Where to keep your records, for how long and how to request the permission to destroy them early, Canada Revenue Agency, page dated 3 August 2026, read 21 October 2026.
10. Buying and selling a business, Government of British Columbia, last updated 31 July 2026, read 21 October 2026.
11. Get a clearance letter, WorkSafeBC, read 21 October 2026.
12. When is a clearance needed?, WCB Alberta, read 21 October 2026.
13. Clearance help, WCB Alberta, read 21 October 2026.
14. Selling your business?, Consumer Protection BC, read 21 October 2026.
15. How the free sale plan works, Succession Market, sell page, read 21 October 2026.
16. What moves your multiple up or down, Succession Market, valuation page, read 21 October 2026.

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