Sell your Indiana business
Indiana owners come to me in home and commercial services, liquor and convenience retail, and franchise resales. I started in manufacturing finance, then bought, grew and sold my own business. I’ll help you reach buyers across the country.
- Bought, built and sold a senior care business, carried through the pandemic and sold roughly six years after I acquired it
- More than 1,000 employees on payroll while I owned that company, so I know what a buyer asks about a workforce
- Corporate finance first forecasting, P&L and profitability work at manufacturers ranging from Fortune 500 names to small shops, followed by an MBA
- 5.2 month median time to close, as Iconic publishes it, with access to more than 850 million buyer profiles
- Success fee only nothing is owed to me unless and until your sale closes
Indiana's economy runs on small firms, and many are changing hands.
Small companies employ a large share of Hoosiers, led by health care, manufacturing and food service. Indianapolis sale data from 2025 shows how quickly a prepared business can sell.
Small businesses employ about 1.2 million Hoosiers, or 43.2% of the state's workforce. From March 2023 to March 2024 they added 23,008 net new jobs. All Indiana businesses combined added only 16,876.
Source: SBA Office of Advocacy, 2025 Small Business Profile: Indiana
Health care and social assistance small firms employ 174,621 people in Indiana. Manufacturing follows at 166,240 and accommodation and food services at 164,322. Construction and retail add 119,132 and 110,029.
Source: SBA Office of Advocacy, 2025 Small Business Profile: Indiana
BizBuySell logged 35 reported sales in the Indianapolis and Carmel metro. The median price was $350,000 on $168,167 of median cash flow. Median time on market was 114 days, far quicker than Cincinnati's 249.
Source: BizBuySell, Insight Report data tables (2025 closed deals, Q3 2026 listings)
In Q3 2026, businesses selling above $1 million averaged 3.73x cash flow, while smaller ones averaged 2.30x. About 78% of buyers BizBuySell surveyed expect to finance with an SBA loan.
Indiana rules a buyer's lawyer will raise, and how I plan around them.
Some of these shift a seller's old tax debts onto the buyer. Others decide whether a permit or a contract survives the sale. Each one is easier handled early.
County income tax
Every one of Indiana's 92 counties levies its own income tax on top of the 2.95% state rate. As of October 2026, county rates run from 0.5% in Porter to 3.0% in Randolph. Ask your CPA to model your county before comparing offers.
Alcohol permits are capped and transfers are reviewed
State law caps retailer permits at one of each type per 1,500 residents of a city or town. That scarcity can give an existing permit real value. A transfer goes through local board notice and investigation like a new application, under Alcohol and Tobacco Commission rules.
Sales tax successor liability
A buyer who receives more than half of a seller's tangible personal property can inherit unpaid sales, use, innkeeper's and food and beverage taxes. Exposure runs up to the price paid. A side agreement between buyer and seller does not change that.
Notice of Transfer in Bulk and tax clearance
The buyer files this notice with the Department of Revenue at least 45 days before closing. DOR mails a liability summary or clearance letter within 20 days, and a clearance letter is good for 60 days. A retail merchant certificate cannot be transferred.
Workers comp coverage from day one
Most Indiana employers must insure through an authorized carrier or prove to the Workers' Compensation Board they can pay claims themselves. If the Board requests proof and gets none within ten days, it may charge $100 per day.
Physician noncompetes and practice sales
Indiana bars noncompetes for primary care physicians. For agreements signed since July 1, 2025, it also bars them for physicians employed by hospitals. A covenant tied to a genuine sale is excluded when the physician owned more than 50% of the business.
Sources: Indiana Department of Revenue, Departmental Notice 1, county income tax rates effective Oct 1, 2026, Indiana Code 7.1 3 22 3, alcohol permit quotas (2025 code, via Justia), Indiana Code 7.1 3 24 1, permits not transferable except as authorized (2025 code, via Justia), Indiana Code 7.1 3 24 2, ordinary permit transfers (2025 code, via Justia), Indiana Code 7.1 3 24 3, transfer restrictions and local board review (2025 code, via Justia), Indiana Alcohol and Tobacco Commission, alcohol permit information, Indiana Department of Revenue, successor liability, Frost Brown Todd, Indiana's successor tax liability statute (IC 6 8.1 10 9.5), Indiana Workers' Compensation Board, compliance, Indiana Code 25 22.5 5.5 1.4, physician noncompete definition and sale exclusion (2025 code, via Justia), Indiana Code 25 22.5 5.5, physician noncompete agreements chapter (2025 code, via Justia), Foley & Lardner, Indiana adds more restrictions on physician noncompetes, Jun 2025
This is a plain summary to flag what exists; your CPA and attorney decide how each rule applies to your deal.
Indianapolis to the Michigan line and the Ohio River, and the cities in between
I represent owners in Indianapolis, Carmel and Fishers, Fort Wayne, Evansville, South Bend and Elkhart, Bloomington and Lafayette. For Indiana owners the work is remote, from valuation and buyer calls to closing. BizBuySell counted 2,188 businesses listed around Indianapolis in Q3 2026, so a clean package matters.
Indiana licensing
Indiana does not presently require a real estate license to broker the business sale itself. If real property or a lease transfer is included, an Indiana licensed real estate professional covers that part.
The first documents an Indiana buyer will request.
A first time buyer with an SBA lender and a private equity platform start in the same place. I assemble this file before any buyer sees the business.
Returns and statements for three years
Federal returns that reconcile to your books, along with a current interim P&L. Lenders lean on these years, not on your forecast.
Documented add backs
Your salary, perks and nonrecurring costs, each tied to a receipt or ledger entry. Unproven add backs rarely survive diligence.
Sales tax history and clearance
Indiana sales tax returns, payment records and the DOR clearance letter. The buyer needs these to size any holdback.
Payroll and county withholding
State and county withholding filings for each employee. Indiana ties county tax to where people live and work on January 1.
Alcohol permit file
The permit, its renewal date, any violations and local board history. A transfer needs at least three months left on the term.
Workers comp policy and loss runs
The current policy, premiums, and a list of open and closed claims. Buyers use this to price their own coverage.
Revenue by customer
Three years of sales by account. A single account above a quarter of revenue usually means an earnout or a lower multiple.
Team and key licenses
An org chart with pay, tenure and who holds each trade license or customer relationship. Buyers pay more when you are replaceable.
Leases, equipment and assignable contracts
The lease with renewal terms, an equipment list with age, and any franchise, vendor or customer agreement needing consent to assign.
| What pushes your price down | What pushes your price up |
|---|---|
| No DOR clearance and gaps in sales tax filings | A clearance letter in hand and every return filed |
| An alcohol permit close to expiring or with open violations | A clean permit history and plenty of term left |
| Revenue tied to one general contractor or one big account | Hundreds of customers and service agreements that renew |
| An owner who prices every job and signs every check | A general manager or lead tech who runs the week |
| Profit that depends on next year's plan | Three years of earnings that already carry the loan |
| Old trucks, a lease ending soon and messy claims history | Maintained equipment, a long lease and a quiet loss run |
Who is writing checks for Indiana companies.
The last two years of Indiana deals show five buyer groups. Platforms and national operators lead in the trades, while long term holders and individuals target steady owner run firms.
| Buyer type | What they pay for | Active examples |
|---|---|---|
| Sponsor backed trades platformsFinancial | Mechanical, electrical, plumbing and lawn care firms that add a new Indiana city or a service line. | The State Group (Apollo), Foundral (McNally Capital), Harrell Fish (New State Capital Partners), LawnPRO Partners (HCI) |
| National and regional operatorsStrategic | Local customer bases, routes and trained crews that extend an existing network. | OIA Global, LRS, Flagger Force, Sun Auto Tire & Service |
| Health care groupsStrategic and financial | Home care agencies and specialty practices with steady clients or patients and clinicians who stay. | Addus HomeCare, CPIhealth |
| Distribution and manufacturing platformsFinancial | Niche producers and distributors with certifications, repeat industrial customers and skilled staff. | ASA Safety Supply (Trivest Partners), BTX Precision |
| Long term holders and employee owned buyersStrategic | Founder built companies whose owners want the name, team and town kept intact. | Junto Holdings Group, Feeders Pet Supply (Houchens Industries) |
| Individuals and searchersSBA financed | Profitable smaller businesses whose history supports an SBA loan, often with a seller note. | In BizBuySell's Q3 2026 survey, 22% of buyers described themselves as search fund or acquisition entrepreneurs |
Sources: The State Group, acquisition of MelKay in Evansville, Sep 2026, Pulse 2.0, Foundral acquires A. Hattersley & Sons, May 2026, Contracting Business, Harrell Fish acquires Ecofriendly Mechanical, Apr 2026, Lawn & Landscape, LawnPRO Partners acquires Total Lawn Care, The Middle Market, HCI backed LawnPRO Partners purchases Total Lawn Care, Nov 2025, OIA Global, acquisition of Cargo Services, Apr 2026, PR Newswire, LRS acquires GHW in Indianapolis, Aug 2025, Fiber Broadband Association, Flagger Force acquires MidAmerica Safety Solutions, Jun 2026, Sun Auto, Carmerica in Sellersburg joins the Sun Auto network, Apr 2026, Home Health Care News, Addus enters Indiana with HomeCourt acquisition, May 2026, Perioperative Leader, CPIhealth acquires Midwest Interventional Spine Specialists and Serenity Surgical Center, Apr 2026, Business Wire, ASA Safety Supply acquires Indiana Safety & Supply, Mar 2026, Newswire, BTX Precision acquires Maitland Engineering, Apr 2026, Business Wire, Junto Holdings Group acquires SensorTec, Nov 2025, Houchens Industries, Feeders Pet Supply acquires Pet Food Centers, Oct 2025, BizBuySell, Insight Report Q3 2026
Indiana companies that changed hands in 2025 and 2026.
These are deals the buyers chose to announce, and none disclosed a price. Read them as a map of who is shopping in Indiana right now.
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Sep 2026 | The State Group (Apollo) | MelKayEvansville; third generation family MEP contractor founded in 1951, over 400 union tradespeople | Add on | Undisclosed |
| Jun 2026 | Flagger Force | MidAmerica Safety SolutionsEvansville; founder led traffic control company started in 2017, more than 100 employees | Strategic | Undisclosed |
| May 2026 | Foundral (McNally Capital) | A. Hattersley & SonsFort Wayne; commercial and industrial mechanical contractor founded in 1856 | Add on | Undisclosed |
| May 2026 | Addus HomeCare | HomeCourt Home CareIndiana; personal care agency with about 240 clients and $9.8 million in annual revenue | Strategic | Undisclosed |
| Apr 2026 | BTX Precision | Maitland EngineeringSouth Bend; owner run maker of precision components for medical and aerospace customers | Add on | Undisclosed |
| Apr 2026 | CPIhealth | Midwest Interventional Spine Specialists and Serenity Surgical CenterNorthwest Indiana; two pain clinics and a surgery center with five physicians | Add on | Undisclosed |
Show all 15 deals
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Apr 2026 | Harrell Fish (New State Capital Partners) | Ecofriendly MechanicalBloomington; family owned HVAC and plumbing firm with more than 40 years of experience | Add on | Undisclosed |
| Apr 2026 | Fiducient Advisors (Wealthspire) | Axia AdvisoryIndianapolis; retirement plan consultant founded in 1992, $1.9 billion under management or advisement | Strategic | Undisclosed |
| Apr 2026 | Sun Auto Tire & Service | CarmericaSellersburg; tire and auto service shop, the buyer's third store in Southern Indiana | Strategic | Undisclosed |
| Apr 2026 | OIA Global | Cargo Services, Inc.Indianapolis; freight forwarder and customs broker founded in 1992 | Strategic | Undisclosed |
| Mar 2026 | ASA Safety Supply (Trivest Partners) | Indiana Safety & SupplyWashington, Indiana; distributor of protective equipment and facility safety products | Add on | Undisclosed |
| Nov 2025 | LawnPRO Partners (HCI) | Total Lawn CareIndianapolis metro; lawn care and pest control company founded in 1989 | Add on | Undisclosed |
| Nov 2025 | Junto Holdings Group | SensorTecFort Wayne; temperature sensor maker founded in 1992, sold by its founder to a permanent capital holder | Holding company | Undisclosed |
| Oct 2025 | Feeders Pet Supply (Houchens Industries) | Pet Food CentersEvansville; five family owned pet stores, with staff becoming employee owners | Strategic | Undisclosed |
| Aug 2025 | LRS | GHWIndianapolis; locally owned waste hauler, with drivers and staff kept on | Strategic | Undisclosed |
Old family firms are prized by trades platforms
MelKay had three generations of family ownership, and A. Hattersley & Sons dates to 1856. Platforms buy that kind of reputation and a trained crew. A long history helps when the records back it up.
Out of state buyers use one deal to enter Indiana
Addus entered the state with HomeCourt, and LRS used GHW to reach Indianapolis. OIA Global and Flagger Force did the same.
Legacy minded buyers are in the market too
SensorTec's founder picked a permanent capital holder, and Pet Food Centers sold to an employee owned company. If keeping your team and name matters, those buyers exist.
What is your Indiana business worth?
A business that pays its owner less than about $1 million a year is usually priced on SDE. Once a management team runs the company, buyers switch to adjusted EBITDA.
Illustrative only, not a valuation.
Published ranges for Indiana businesses
- Indianapolis and Carmel metro sales in 2025 averaged 2.50x cash flow at a $350,000 median price (BizBuySell)
- Nearby metros that include Indiana counties: Chicago 2.49x, Louisville 2.32x and Cincinnati 2.27x cash flow in 2025 (BizBuySell)
- Every reported U.S. small business sale in 2025 averaged 2.61x cash flow (BizBuySell)
- In Q3 2026, sales above $1 million averaged 3.73x cash flow and those below averaged 2.30x (BizBuySell)
- 2025 sector averages: liquor stores 3.41x, convenience stores 2.82x, HVAC 2.80x, electrical and mechanical 2.94x, auto repair 2.70x cash flow (BizBuySell)
- Sponsor deals below $25 million of enterprise value averaged 6.3x and 6.9x adjusted EBITDA in H1 2025 (GF Data)
Sources: BizBuySell, Insight Report data tables (2025 closed deals, Q3 2026 listings), BizBuySell, 2025 year in review, BizBuySell, Insight Report Q3 2026, Middle Market Growth, GF Data report for H1 2025
Ranges start from the Indianapolis and national figures above. The four questions nudge them using my own judgment, so treat the result as a starting point, not an appraisal.
Costly missteps I see Indiana owners make.
Most can be fixed with a year of lead time. A handful come from Indiana's own tax and permit rules and surface right at closing.
Skipping the tax clearance step
Without a DOR clearance letter, a careful buyer holds back cash for possible unpaid sales tax. The notice must go in 45 days before closing.
Cost: Part of the price held in escrow
Letting the alcohol permit run short
A permit needs at least three months of term left to transfer, plus local board review. A lapse can stall or sink the deal.
Cost: A delayed closing or a lost buyer
Ignoring county tax in offer comparisons
County rates range from 0.5% to 3.0%, and deal structure changes what is taxed. Two offers at the same price can net differently.
Cost: Less cash after tax than planned
Selling on projections
Under SBA rules effective October 1, 2026, projections generally cannot make up for weak historical cash flow. Lenders want proof, not plans.
Cost: A smaller loan and fewer buyers
Talking only to the local competitor
Out of state platforms keep entering Indiana through acquisitions. Selling to the first local bidder leaves no one to push the price.
Cost: No competitive tension on terms
Being the only face customers know
When every relationship runs through you, a buyer fears losing accounts. They answer with an earnout or a longer transition.
Cost: Price tied to future performance
Assuming a physician noncompete will hold
Indiana limits physician noncompetes, with a sale exclusion only for owners above 50%. Practice buyers check this before pricing goodwill.
Cost: Goodwill a buyer will not pay for
Waiting for a health scare to sell
A forced sale cuts the timeline and shrinks the pool of buyers. Starting early keeps the choice of buyer and timing yours.
Cost: Lost leverage at the table
Questions Indiana owners bring to our first call.
Can a buyer get stuck with my unpaid Indiana sales tax?
Yes, if you transfer more than half of your tangible personal property. The buyer can owe your past due sales, use, innkeeper's and food and beverage taxes, up to the price paid. A DOR clearance letter is how buyers protect themselves.
How long does Indiana DOR take to issue a tax clearance?
The buyer files a Notice of Transfer in Bulk at least 45 days before closing. DOR mails a liability summary or clearance letter within 20 days of a complete filing. The clearance letter is valid for 60 days.
Does my county affect what I keep from a sale?
It can. As of October 2026, Indiana county income tax rates run from 0.5% to 3.0%, on top of the 2.95% state rate. Your CPA should model your county and the deal structure before you sign a letter of intent.
Can my liquor permit go to the buyer?
Usually, but not automatically. Indiana permits cannot be transferred except as the law allows, and a transfer needs at least three months of term left. The application goes through local board notice and investigation under Commission rules.
What multiple will my Indiana business sell for?
Indianapolis metro sales in 2025 averaged 2.50x cash flow, close to the 2.61x national average. Liquor stores averaged 3.41x nationally. Larger companies with management trade on EBITDA, often around 6.3x to 6.9x in sponsor deals.
Who is buying Indiana businesses?
Private equity backed trades platforms, national operators entering the state and health care groups have all bought recently. Long term holders, employee owned companies and individual buyers with SBA loans are active too.
Can my buyer finance the deal with an SBA loan?
Frequently. SBA rules in force since October 1, 2026 require historical cash flow to cover debt 1.25 times. Qualifying seller notes can count toward the equity injection, up to half of the minimum.
Will a larger deal need a quality of earnings report?
For SBA financed acquisitions priced at $3 million or more, yes. A quality of earnings report is now required alongside a business valuation. Clean books shorten that review.
How long will my sale take?
Iconic publishes a 5.2 month median time to close. Indianapolis listings that sold in 2025 spent a median 114 days on market. The 45 day tax clearance notice and any permit transfer belong in the plan.
Terms buyers will use
- SDE
- Seller's discretionary earnings, the profit one owner operator takes home once salary, perks and unusual costs are added back.
- Adjusted EBITDA
- Operating profit before interest, taxes, depreciation and amortization, cleaned of one off items and charged a fair wage for managers.
- Successor liability
- The rule that can make a buyer answer for some of the seller's unpaid taxes after the business changes hands.
- Notice of Transfer in Bulk
- The Indiana DOR filing a buyer makes before closing to learn what tax the seller still owes.
- Tax clearance letter
- DOR's written statement that no listed taxes are due, valid for 60 days.
- Retail merchant certificate
- Indiana's registration for collecting sales tax, which a new owner must obtain fresh.
- County income tax
- The local income tax each Indiana county adds to the state rate.
- Permit quota
- Indiana's population based cap on how many retail alcohol permits a city or town may have.
- Local board
- The four member county panel that investigates and votes on alcohol retailer and dealer permit applications.
- Loss run
- An insurer's report of the claims on a workers comp or liability policy over several years.
- Platform
- The first company a private equity firm buys in a field, which then acquires others.
- Add on
- A company bought by a platform to fill in a region, a service or capacity.
- Seller note
- Money the seller agrees to receive later, paid by the buyer in installments after closing.
- Quality of earnings (QoE)
- An accounting firm's independent check that reported profit and add backs hold up.
Own a business in Indiana? Schedule a complimentary call with Max!
Bring your last few years of numbers and your questions. In a private conversation, I will show you what an Indiana buyer would focus on and where your value could grow.
Sources (40)
- SBA Office of Advocacy, 2025 Small Business Profile: Indiana
- BizBuySell, Insight Report data tables (2025 closed deals, Q3 2026 listings)
- BizBuySell, Insight Report Q3 2026
- BizBuySell, 2025 year in review
- Middle Market Growth, GF Data report for H1 2025
- Indiana Department of Revenue, Departmental Notice 1, county income tax rates effective Oct 1, 2026
- Indiana Code 7.1 3 22 3, alcohol permit quotas (2025 code, via Justia)
- Indiana Code 7.1 3 24 1, permits not transferable except as authorized (2025 code, via Justia)
- Indiana Code 7.1 3 24 2, ordinary permit transfers (2025 code, via Justia)
- Indiana Code 7.1 3 24 3, transfer restrictions and local board review (2025 code, via Justia)
- Indiana Alcohol and Tobacco Commission, alcohol permit information
- Indiana Department of Revenue, successor liability
- Frost Brown Todd, Indiana's successor tax liability statute (IC 6 8.1 10 9.5)
- Indiana Workers' Compensation Board, compliance
- Indiana Code 25 22.5 5.5 1.4, physician noncompete definition and sale exclusion (2025 code, via Justia)
- Indiana Code 25 22.5 5.5, physician noncompete agreements chapter (2025 code, via Justia)
- Foley & Lardner, Indiana adds more restrictions on physician noncompetes, Jun 2025
- The State Group, acquisition of MelKay in Evansville, Sep 2026
- Pulse 2.0, Foundral acquires A. Hattersley & Sons, May 2026
- Contracting Business, Harrell Fish acquires Ecofriendly Mechanical, Apr 2026
- Lawn & Landscape, LawnPRO Partners acquires Total Lawn Care
- The Middle Market, HCI backed LawnPRO Partners purchases Total Lawn Care, Nov 2025
- OIA Global, acquisition of Cargo Services, Apr 2026
- PR Newswire, LRS acquires GHW in Indianapolis, Aug 2025
- Fiber Broadband Association, Flagger Force acquires MidAmerica Safety Solutions, Jun 2026
- Sun Auto, Carmerica in Sellersburg joins the Sun Auto network, Apr 2026
- Home Health Care News, Addus enters Indiana with HomeCourt acquisition, May 2026
- Perioperative Leader, CPIhealth acquires Midwest Interventional Spine Specialists and Serenity Surgical Center, Apr 2026
- Business Wire, ASA Safety Supply acquires Indiana Safety & Supply, Mar 2026
- Newswire, BTX Precision acquires Maitland Engineering, Apr 2026
- Business Wire, Junto Holdings Group acquires SensorTec, Nov 2025
- Houchens Industries, Feeders Pet Supply acquires Pet Food Centers, Oct 2025
- Business Wire via Finviz, BizBuySell Q3 2026 Insight Report release, Oct 2026
- Business Wire, Wealthspire's Fiducient Advisors acquires Axia Advisory, Apr 2026
- PilieroMazza, SBA 7(a) changes for business acquisitions, Aug 2026
- APA, six Indiana counties have tax rate changes in 2026, Dec 2025
- Indiana Alcohol and Tobacco Commission, Nonrule Policy 030, permit transfers
- PrivSource, acquisitions in Indiana in 2026 (deal screening)
- PrivSource, acquisitions in Indiana in 2025 (deal screening)
- Iconic, iconic.co (firm figures as published)
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