Are you wondering what’s really happening in the business brokerage market right now? We asked our team of Calhoun Companies brokers to share what they’re seeing, who’s buying, who’s selling, what’s hot (and what’s not), and how long deals are taking to close.

Whether you’re thinking about selling in the next year or just keeping an eye on the market, these real-world insights will help you understand the trends shaping business sales in 2025.

1. What trends are you seeing in business brokerage right now—more listings, more buyers, faster deals?

Jesse: In 2024, I grew my list of business listings and here in 2025 I am executing the sale of those businesses. The trend I am seeing is that it takes some time. I loaded up in 2024 because it takes 6 months to 18 months typically to sell a business and that trend is important for sellers to know. 

Bob: We’re getting a lot of sellers that have been in business for 30 or 40+ years that are now interested in retiring or exiting out of the business. I am seeing an advent of it more today than I have in the past. I think small business owners are just getting tired and a lot of small business owners in that age group might not have the skill set to get into the digital age, which is really an important factor for small businesses to be successful.

2. Are there certain industries that are especially hot (or cold) in today’s market?

Bob: The coldest industry is retail food service. Those types of industries are quite challenging right now to exit out of, particularly at the value our sellers think they may be at. We have to kind of pull them back down to earth a little bit. Some of the industries that are really hot are trades, especially HVAC companies, and plumbers. The biggest thing with the trades industry is that buyers want businesses that have staff or employees that come with that company. 

Manoj: I'd say in today’s market assisted living homes are so hot. If I get one of those listings, my phone and emails blow up. Home care, adult daycare, senior care, and childcare centers are hot. E-commerce is hot if it’s priced right. Distribution and manufacturing and insurance companies are also popular because of the residual income. Buyers love that.

Duane: I've found that construction related businesses are hot in this market and restaurants been slow. Also businesses that have an EBITDA of a million or more are significantly hotter than others.

3. How has the buyer profile changed in recent years? Are you seeing more first-time buyers or experienced operators entering the market?

Juston: We are seeing a lot more first-time buyers looking to leave their W2 job, maybe start something on their own, and looking to create some value add and legacy for them and their own family. We’re also seeing a lot of corporate strategic investors looking to expand in an industry that they are already in.

Chris: Today, there's still buyers that are entrepreneurs. We have private equity groups that still buy businesses. We've got investment groups. We've got strategic buyers that are in the industry. We have other business owners looking to expand their current operations or their current business. That's the main buyers that we see every day.

4. Have interest rates or financing changes impacted business sales?

Manoj: If the business is priced right, no, because the cash flow is still really strong in the business world. They're typically trading at three to four times cash flow compared to the real estate world where it’s like maybe 20 times cash flow for an apartment building that's 5X5 cap. Businesses are still places to be. A lot of investors are coming in from the real estate space and looking at businesses to buy and syndicate.

Chris: The interest rates have been very similar over the past few years, and have not affected business sales or the rate with which financing has occurred. Buyers are still actively pursuing businesses and still looking for financing options that are available. In most of our cases, we’re using SBA as a guideline for most of the business financing that is acquired.

5. What role does technology or digital presence play in business value now?

Juston: It’s huge in the sense that when somebody has a digital footprint like a website or some online marketing, it allows a buyer to have more confidence in the business that they're buying, knowing that they are strategically placed within the marketplace.

Chris: It depends on the type of the business and the market that they serve. In general, it's a good value add for business to have a digital focus and technology behind their business. There’s a lot of opportunity for buyers that expand a business or acquire a business to add value to the business and to help grow it by adding better digital presence and more technology to the business itself.

6. What’s the #1 question you get from sellers right now?

Jesse: The number one question that I'm hearing from most sellers today is at this listing price, how long will it take me to sell my business? Well, there's a lot of ways to look at this, but the number one factor is motivation. It's important to figure out how motivated a seller is and once we get that figured out with a multiple of earnings, we bring that to market. So right now what I'm seeing is that everybody wants to know at that list price, how long will it take to sell?

Duane: How much is my business worth? That's the biggest one. Second one is how quickly will my business sell? And I tell them that the national average is nine months. And then I also let them know that I've sold businesses as fast as two weeks and I also worked on one for seven years. So then they know it's somewhere in between there.

7. What’s the most common concern or hesitation you hear from buyers?

Bob: The most common concern that we're hearing from buyers right now is the overvaluation of the business. Buyers are looking for deals where businesses have strong cash flow, where they can invest in that company and see a return in a relatively short period of time. When we overvalue businesses, you tend to not get the buyer activity you would like to get. I can give you example after example that pricing the business right and putting it up on the marketplace at a decent price is going to generate a lot more buyer activity than it would be if you're way overvalued.

Duane: The main concern that buyers have is whether or not the business will continue to produce the same amount of income that it has generated in past years. The way we overcome that is look at the historical years - last 3 to 4 to 5 years - and let them know that if it had that trend in the past, it will probably produce the same into the future. Then we do some due diligence to verify that information.

8. What advice would you give a business owner considering selling in the next year?

Jesse: If I gave advice to any business owner that's looking to sell their company here in the next year, I recommend getting their financials to me immediately. Selling a business is not as quick as a lot of people think. It takes time to test the market and find the right buyer. So it's important to understand where your company is trending, what assets we're going to be selling and how to do that. 

Juston: I would say start preparing now. Make sure your books are clean and document your processes. Creating standard operating procedures and getting everything lined up with you and a broker sooner than later is going to help a business sell a lot faster as well as for more money in the long run.

Manoj: Get a good business broker, someone that's really experienced. They're worth their weight in gold. They will net you out more than you can by yourself all day long because they bring the whole market. And instead of one buyer being captive and taking advantage of you, we'll bring the whole market, we'll represent you really well and it'll get you more.