It has been listed for months and nothing is happening
A listed business that does not sell usually has one of five problems: the price is above what the earnings support, the financials cannot be verified, the business depends on the owner, no lender will finance it, or the listing is reaching the wrong buyers. Each has a different fix, and lowering the price fixes only the first.
Written and reviewed by Antoine Campbell. Last reviewed .
Before you cut the price again, find out which problem you actually have. Ask your broker for the specifics: how many inquiries, how many signed NDAs, how many buyers reviewed financials, and what the ones who walked away said.
Diagnose it by where buyers drop off
| Buyers stop at | The likely problem | What to change |
|---|---|---|
| No inquiries at all | Price, presentation, or the wrong listing channel | Reprice or reposition the listing |
| Inquiries but no NDAs | The teaser is not credible or the category scares buyers | Rewrite the summary with real operating detail |
| NDAs but no offers | Financials do not support the asking price | Rebuild the earnings normalization honestly |
| Offers that die in diligence | Records, concentration, or owner dependence | Fix the finding, do not re-market around it |
| Offers that die at the lender | The deal cannot be financed as structured | Restructure the capital stack, not the price |
The financing problem nobody names
Many listed businesses are priced at a level no lender will fund for a typical buyer. The buyer wants it, the seller wants it, and the loan does not clear the coverage test. The deal dies and everyone blames diligence.
This is fixable with structure: a larger seller-held portion, separating real estate onto its own financing leg, or a buyer who is not dependent on a single conventional loan. It is not fixable by finding a more enthusiastic buyer.
Before you cut the price again
- Reconcile your internal statements to your tax returns and fix the gaps
- Document every add-back with support a lender can accept
- Address the concentration or owner-dependence issue that buyers keep raising
- Get a straight answer on whether the current price is financeable
- Check what your listing agreement requires before talking to a direct buyer
Where Maurant fits
We frequently look at businesses that have been listed and stalled, because the problem is often structural rather than a lack of interest. We will tell you which of the five problems we see, whether or not we end up as the buyer. If you are under an exclusive listing, that agreement governs and any commission you owe remains your obligation under it.
What Maurant needs to evaluate this
- How long it has been listed and at what prices
- Inquiry, NDA and offer counts from your broker
- Written feedback from buyers who withdrew
- Three years of tax returns and current financials
- A copy of your listing agreement terms and expiration
When Maurant is not the right buyer
- Owners unwilling to revisit a price the earnings do not support
- Situations where the broker has not been informed and the agreement prohibits direct contact
Questions owners ask
- Can I talk to a direct buyer while listed?
- Check your listing agreement and talk to your broker first. Most agreements cover any buyer introduced during the term.
- Should I let the listing expire?
- Only after you know which of the five problems you have. Relisting the same business at the same price with a different broker changes nothing.
- Do buyers see a stale listing as damaged goods?
- Some do. Being able to explain clearly what changed and why removes most of that.
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