Where should a Dallas business owner start when considering a sale?

By Michael D. Rubin, CEO & Founder · September 2026 · 795 words

Start with your own goals and your last three years of financial statements, then get a confidential, realistic value range before you talk to any buyer. Those three things tell you whether a sale makes sense now, roughly what it could pay, and what to fix first.

Everything else, from choosing an advisor to telling your team, comes after. Here are the steps in the order that works.

Step 1: Decide what you want from a sale

Write down the answers before anyone asks. What amount would change your life, and what is the least you would accept? When do you want to be out, and would you stay on for a year or two? Do you care who buys the company, and what happens to your employees and its name? Would you keep a minority stake if a buyer offered one?

These answers shape the kind of buyer and deal you pursue. An owner who wants a clean exit in six months needs a different process from one who wants to keep a stake and stay on as president. If you have partners or family members in the business, have this conversation with them too; a sale stalls quickly when the owners want different things.

Step 2: Gather three years of financials

Pull your profit and loss statements, balance sheets and tax returns for the last three years, plus year-to-date results. Check that the statements tie to the returns. If they do not, find out why now, with your CPA. Buyers pay for earnings they can verify, and gaps found later cost money.

List the owner expenses that run through the company, such as a vehicle, family salaries or one-time costs. These may be added back to show adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization after those adjustments. It is the figure most buyers of companies your size use to set price.

Step 3: Get a realistic value range

For companies with $3 million to $100 million in revenue, value is most often three to seven times adjusted EBITDA. Where yours lands depends on growth, customer concentration, how much depends on you, and the quality of your records. A quick first look is a free online valuation snapshot. A fuller opinion of value comes from an advisor reviewing your actual statements. Our long read on what your business is worth explains the drivers.

Treat any single number with care. A value range is a starting point for decisions, not a promise. The final price is set by what buyers compete to pay and by the terms attached to it.

Step 4: Decide whether to sell now or prepare first

If the value range meets your goals and the records are clean, you may be ready to go to market. If not, 12 to 24 months of preparation can raise value: reducing owner dependence, cleaning up the books, and putting customers on written agreements. Market timing matters less than company readiness. See when is the right time to sell.

Step 5: Assemble your advisors

Ask your CPA how different sale structures could affect your taxes, and find a transaction attorney who handles business sales, not just general business law. They decide the tax and legal questions. Then meet two or three sell-side M&A advisors. Ask how they are paid, who will negotiate for you, where the buyers will come from, and how they keep a sale confidential. The advisor you choose will work alongside your CPA and attorney, not replace them. Bring your goals from step 1 to these meetings; a good advisor will ask about them before it talks about price.

What not to do yet

• Tell employees, customers or suppliers. Leaks unsettle people, and buyers notice when a team is nervous.
• Answer an unsolicited buyer in detail. One interested buyer sets the terms unless there is competition.
• Sign anything a buyer sends, including a confidentiality agreement or a letter of intent (a written offer), without advice.
• Cut spending or delay investment to dress up one year. Buyers spot sudden changes and ask why.
• Let performance slip while you think it over. Your most recent results carry the most weight with buyers.

Where MDR & Associates comes in

The natural time to call us is step 3. We offer a free, confidential discovery meeting and opinion of value: after reviewing three years of financials, we give you a low-to-high range and an honest view of what buyers will focus on. If you are ready, our ten-step process typically takes three to nine months from engagement to funds wired. If you are not, we will say so. We serve Dallas from our Frisco office. Start on your own with the free valuation snapshot, or reach us through our Dallas contact page.

Where this fitsDallas business brokers and M&A advisors →