Selling a business in Ohio
I help Ohio owners of trades, service, manufacturing and franchise businesses get ready and reach buyers nationwide. My first career was finance inside manufacturers, so the plant floor and the P&L both feel familiar.
- Owner, then seller of a senior care business I grew through the pandemic and sold about six years after buying it
- More than 1,000 employees employed over my six years as an owner
- Manufacturing finance roots P&L, forecasting and profitability roles from Fortune 500 plants to small companies, plus an MBA
- 5.2 months median time to close published by Iconic, backed by a buyer database of more than 850 million profiles
- No fee until close on a success fee, so I am paid only when your sale closes
Ohio has a deep bench of sellers and a steady stream of buyers.
Ohio's economy rests on small companies in health care, manufacturing and the trades. Published sale data from its four largest metros shows what buyers actually paid in 2025.
The SBA counts about 2.2 million small business employees in Ohio. Small firms also added 31,354 net new jobs from March 2023 to March 2024, almost all of the state's gain.
Source: SBA Office of Advocacy, 2025 Small Business Profile: Ohio
Health care and social assistance small businesses employ 342,936 Ohioans. Accommodation and food services follow with 288,958, then manufacturing with 280,431 and construction with 174,178.
Source: SBA Office of Advocacy, 2025 Small Business Profile: Ohio
BizBuySell recorded 47 Columbus sales at a $277,500 median price and 2.62x cash flow. Cleveland sold at a $350,000 median and 2.91x. Cincinnati closed at 2.27x after a 249 day median on market.
Source: BizBuySell, Insight Report data tables (2025 closed deals, Q3 2026 listings)
Nationally, deals above $1 million averaged 3.73x cash flow in Q3 2026, against 2.30x below that line. Median sale price held at $350,000, and 78% of surveyed buyers expect to use SBA financing.
Ohio rules that land on the buyer, and why they shape your deal.
Several Ohio rules make a buyer responsible for the seller's history. Buyers protect themselves with holdbacks and diligence, so I plan for these before an offer arrives.
Sales tax successor liability
Under Ohio Revised Code 5739.14, a buyer must withhold enough of the price to cover the seller's unpaid sales tax. A buyer who skips that step becomes personally liable. A receipt or no tax due certificate from the Tax Commissioner releases the holdback.
Final sales tax return in 15 days
The same section requires the seller to file a final sales tax return within fifteen days of selling or quitting the business. Filing on time speeds up the clearance a buyer will ask for.
A new owner needs its own vendor's license
Ohio law says a vendor whose identity changes must apply for a new license. Retail buyers plan for this before day one, and a license costs $50 per fixed place of business.
BWC succession
Ohio is one of four monopolistic workers comp states, run by the Bureau of Workers' Compensation. In a full succession, BWC moves the seller's experience rating, liabilities and credits to the buyer. Buyers review your BWC account and claims for that reason.
Municipal income tax
In 2024, 671 Ohio municipalities levied an income tax, at rates from 0.1% to 3.0%. Business net profit is split among cities using property, payroll and sales factors, so your CPA should model where gain is taxed.
Commercial Activity Tax threshold
Since 2025, Ohio excludes the first $6 million of taxable gross receipts from the CAT, and the annual minimum tax ended in 2024. Larger companies should confirm CAT filings are current before diligence.
Sources: Ohio Revised Code 5739.14, sales tax on sale of a business, Ohio Revised Code 5739.17, vendor's licenses, Ohio BWC, purchase or sale of a business, Ohio Administrative Code 4123 17 02, BWC succession rule, Ohio BWC, Ohio workers' comp and you, Ohio Legislative Service Commission, fiscal note for H.B. 503, Nov 2025, Ohio Revised Code 718.02, municipal net profit apportionment, Ohio Department of Taxation, CAT Information Release 2023 01
I summarize these Ohio rules so you know they exist, and your CPA and attorney decide how they apply to your sale.
From Cleveland to Cincinnati, and the cities in between
I work with owners in Columbus, Cleveland, Cincinnati, Dayton, Akron and Canton, Toledo and Youngstown. Most of the work happens by phone, video and a secure data room. I visit for the site tour and the meetings that matter most. In Q3 2026, BizBuySell showed 3,010 listings in the Cleveland area and 2,475 around Columbus, so preparation is what sets a business apart.
Ohio licensing
Ohio does not currently require a real estate license for brokering the sale of a business on its own. Any building or lease that comes with the deal is handled by a real estate professional licensed in Ohio.
What a buyer asks an Ohio owner for first.
Whether the buyer is an individual with an SBA loan or a sponsor backed platform, the opening requests are similar. I gather these before we go to market.
Three years of tax returns and P&Ls
Returns that tie to your internal statements, plus a current year to date P&L. SBA lenders now size loans on historical earnings only, so these carry the deal.
Add back schedule
Owner pay, personal expenses and one time costs, each with backup. Buyers accept only the add backs they can verify.
Sales tax filings
Ohio sales and use tax returns and proof they are paid. This is what lets a buyer release the withholding Ohio law requires.
BWC account history
Your policy status, premium history, experience rating and open or past claims. A buyer may inherit all of it in a full succession.
Municipal tax filings
Net profit and withholding returns for each city where you operate or have employees. Gaps here become holdbacks or price cuts.
Customer concentration
Revenue by customer for three years. Manufacturers and distributors with one customer above a quarter of sales should expect tougher terms.
Key people and roles
An organization chart, pay, tenure and who holds key licenses or customer relationships. Buyers want the business to run without you.
Equipment and facility
An equipment list with age and condition, plus the lease or deed. Deferred maintenance on machines and trucks comes out of the price.
Contracts and transfer approvals
Customer contracts, supplier agreements, franchise documents and permits, with any consent needed to assign them to a new owner.
| What pushes your price down | What pushes your price up |
|---|---|
| Sales tax, BWC or city tax filings that are late or unreconciled | Clearance letters and current filings ready before the letter of intent |
| One customer or one contractor relationship driving most revenue | A broad customer base with recurring service or maintenance contracts |
| The owner quotes every job and holds every key relationship | A manager, estimator or shop lead who runs the day |
| Earnings that only work with projections | Three years of steady earnings that cover debt on their own |
| Worn equipment and a short lease | Maintained equipment with records and a lease with renewal options |
| Open workers comp claims and a poor experience rating | A clean BWC history with a favorable experience rating |
Platforms, strategics, managers and individuals are buying in Ohio.
Recent Ohio deals show four kinds of buyers. Sponsor backed platforms add trades and service companies, consolidators buy agencies, and individuals buy smaller firms with SBA loans.
| Buyer type | What they pay for | Active examples |
|---|---|---|
| Sponsor backed platformsFinancial | Established trades, industrial and environmental businesses that add a market, a capability or route density. | Exscape Group (BHMS Investments), The Exigent Group (Huron Capital), Boulden Holdings (Edgewater), Kinderhook Industries |
| Insurance and benefits consolidatorsStrategic | Agencies with renewing client books and producers who stay on after the sale. | Arthur J. Gallagher & Co., NFP (an Aon company) |
| Regional operatorsStrategic | Neighbors with capacity, real estate or customers that fit their footprint. | Spartan Logistics, Relevant Solutions, Nickolas Asset Management with the Reinhart Family of Companies |
| Health care groupsStrategic and financial | Practices and clinics with steady patient volume and providers who stay. | Dental365, Bon Secours Mercy Health, Aligned Fitness Holdings (Eagle Merchant Partners) |
| Individuals and management teamsSBA financed | Profitable owner run companies with clean books and earnings that cover debt service. | An individual buyer of World Resource Solutions in Plain City; the management buyout of Precision Production in Strongsville |
Sources: Landscape Management, Exscape Group acquires three Columbus area companies, Dec 2025, ACHR News, Huron Capital firm acquires Northwest Ohio contractor, Jan 2025, PrivSource, Boulden Holdings acquires Ace Precision Industries, Nov 2025, PrivSource, Kinderhook acquires Pete & Pete Container and Boyas Recycling, Jul 2026, PrivSource, Gallagher acquires Cincinnati Benefit Solutions, Jun 2026, PrivSource, NFP acquires Total Benefits Advisors, Jul 2026, PrivSource, Spartan Logistics acquires Allen Logistics, Sep 2026, PrivSource, Relevant Solutions acquires Conrad Kacsik Instrument Systems, Sep 2026, PrivSource, Nickolas Asset Management acquires Associated Plastics, Mar 2026, PrivSource, Dental365 acquires Woodville Dental Care, Nov 2025, PrivSource, Bon Secours Mercy Health acquires Greater Midwest Urgent Cares, Apr 2025, PrivSource, Aligned Fitness Holdings acquires CAM Pilates, Apr 2026, PrivSource, World Resource Solutions sold to individual buyer, Jan 2026, PrivSource, Precision Production management buyout, Jun 2026, BizBuySell, Insight Report Q3 2026
Recent Ohio deals.
Ohio deals announced in 2025 and 2026. Most small Ohio sales close without an announcement, so the list shows who is buying.
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Sep 2026 | Spartan Logistics | Allen LogisticsWhitehouse, Ohio; 100,000 square feet of warehousing sold by the founding family | Strategic | Undisclosed |
| Sep 2026 | Relevant Solutions | Conrad Kacsik Instrument SystemsSolon, Ohio; thermal processing controls, calibration and metrology | Add on | Undisclosed |
| Jul 2026 | Kinderhook Industries | Pete & Pete Container Service and Boyas Recycling & ExcavatingNortheast Ohio; family owned waste collection, recycling and landfill | PE platform | Undisclosed |
| Jul 2026 | NFP, an Aon company | Total Benefits AdvisorsCleveland; employee benefits and retirement advisory | Strategic | Undisclosed |
| Jun 2026 | Arthur J. Gallagher & Co. | Cincinnati Benefit SolutionsCincinnati; employee benefits for small businesses | Strategic | Undisclosed |
| Jun 2026 | Management team | Precision ProductionStrongsville; precision machined components, bought from Spell Capital Partners | Management buyout | Undisclosed |
Show all 14 deals
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Apr 2026 | Aligned Fitness Holdings | CAM PilatesColumbus; six franchised studios, taking the buyer to 55 | Franchise add on | Undisclosed |
| Mar 2026 | Nickolas Asset Management and Reinhart Family of Companies | Associated Plastics CorporationAda; plastics manufacturer on a 150,000 square foot campus | Buyout | Undisclosed |
| Jan 2026 | Individual buyer | World Resource SolutionsPlain City; tooling and program management for injection mold suppliers | Individual buyer | Undisclosed |
| Dec 2025 | Exscape Group | Pony Lawncare, WinnScapes and Shearer Patio and LandscapeCentral Ohio; three landscape companies, Cleveland buyer entering Columbus | Add on | Undisclosed |
| Nov 2025 | Boulden Holdings (Edgewater Capital) | Ace Precision IndustriesAkron; family owned precision machining | Add on | Undisclosed |
| Nov 2025 | Dental365 | Woodville Dental CareNorthwest Ohio; single dental practice | Add on | Undisclosed |
| Apr 2025 | Bon Secours Mercy Health | Greater Midwest Urgent CaresToledo; ten urgent care sites, sold by Traverse Pointe Partners | Strategic | Undisclosed |
| Jan 2025 | The Exigent Group (Huron Capital) | Premier MechanicalLima; commercial mechanical contractor | Add on | Undisclosed |
Buyers expand from one Ohio city to the next
Exscape moved from Cleveland into Columbus by buying three landscapers at once. Spartan Logistics grew its Northwest Ohio warehouse footprint to about 950,000 square feet. Nearby operators often pay the most.
Agencies and practices sell to national consolidators
Gallagher, NFP and Dental365 all bought small Ohio firms in the past year. A renewing book of clients or patients is exactly what these buyers want.
Not every buyer is a sponsor
A management team bought Precision Production, and an individual bought World Resource Solutions. For many owners, the best buyer is a person, financed by an SBA loan or a seller note.
What is your Ohio business worth?
Ohio businesses earning under about $1 million for the owner usually sell on SDE. Companies run by a management team sell on adjusted EBITDA.
Illustrative only, not a valuation.
Published ranges for Ohio businesses
- Ohio metro sales in 2025 averaged 2.27x to 3.15x cash flow: Cincinnati 2.27x, Columbus 2.62x, Cleveland 2.91x, Dayton 3.15x (BizBuySell)
- All U.S. small business sales in 2025 averaged 2.61x cash flow, at a $350,000 median price (BizBuySell)
- Q3 2026 deals above $1 million averaged 3.73x cash flow, against 2.30x below that line (BizBuySell)
- 2025 trades sales: HVAC 2.80x, plumbing 2.62x, electrical and mechanical 2.94x, landscaping 2.56x cash flow (BizBuySell)
- 2025 home health care 2.84x and trucking 3.11x cash flow (BizBuySell)
- Private equity deals under $25 million of enterprise value averaged 6.3x to 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
Bands begin with the Ohio metro and national multiples shown. Recurring revenue, concentration, your role and records move them by amounts I chose.
Where Ohio owners leave money on the table.
Most of these are fixable with a year of preparation. A few are specific to Ohio's rules and cost owners at the closing table.
Ignoring the sales tax holdback
Ohio law tells the buyer to withhold enough to cover unpaid sales tax. Without a clearance in hand, that money waits.
Cost: Cash held back at closing
Carrying open BWC issues into the sale
In a full succession, BWC moves your experience and liabilities to the buyer. Buyers price that risk into the offer.
Cost: A lower price or a special indemnity
Forgetting municipal tax
Ohio cities tax business net profit, and gain may be split among several of them. Owners who skip this modeling misjudge what they keep.
Cost: Less after tax cash than expected
Leaning on projections
SBA lenders must now use historical earnings to size a loan. A strong forecast does not replace three solid years.
Cost: A smaller loan and fewer qualified buyers
Selling only to the buyer next door
Local competitors know your business, but out of state platforms and consolidators often pay more. One bidder sets the terms.
Cost: No competition on price or structure
Keeping key relationships to yourself
If customers, suppliers and lenders only know you, the buyer is buying a job. They respond with an earnout or a lower multiple.
Cost: Price tied to future results
Waiting until a health or family event
A forced sale shortens the timeline and narrows the buyer pool. Planning a year ahead keeps control with you.
Cost: Lost leverage on price and timing
Underestimating diligence on a larger deal
SBA financed acquisitions of $3 million or more now require a quality of earnings report. Weak records surface fast.
Cost: Price cuts late in the process
What Ohio owners ask me before they sell.
Why would a buyer hold back part of my price in Ohio?
Likely, unless you show your sales tax is paid. Ohio Revised Code 5739.14 tells a buyer to withhold enough to cover unpaid tax, or become personally liable. A receipt or certificate from the Tax Commissioner releases the funds.
What happens to my BWC account when I sell?
In a full succession, BWC transfers your experience rating plus existing and future liabilities and credits to the buyer. The buyer must notify BWC and keep your payroll records for five years. That is why buyers study your claims history.
Does city income tax affect my sale?
It can. In 2024, 671 Ohio municipalities levied an income tax at rates from 0.1% to 3.0%. Your CPA should model where your net profit and gain will be taxed.
What multiple will my Ohio business sell for?
BizBuySell's 2025 data shows Ohio metro sales averaging 2.27x to 3.15x cash flow. Larger companies with management often trade on EBITDA, and GF Data shows 6.3x to 6.9x for sponsor deals under $25 million.
Who is buying Ohio businesses right now?
Sponsor backed platforms in landscaping, mechanical contracting and waste. Consolidators like Gallagher, NFP and Dental365. Regional operators, management teams and individual buyers with SBA loans are active too.
Do you sell trades and service companies in Ohio?
Yes. HVAC, plumbing, electrical, contractors and other service companies are a core part of what I do, and they are in steady demand with buyers.
Will an Ohio buyer be able to use an SBA loan?
Often. Under rules effective October 1, 2026, most acquisitions need at least 10% equity, and seller notes can cover up to half of it. Earnings must cover debt at 1.25x on history, not projections.
Can I keep a stake after the sale?
Yes, but it changes the SBA financing. In an owner buyout under the new rules, at least one original owner stays and personally guarantees the loan. A full exit avoids that guarantee.
How long does it take to sell?
Iconic's published median time to close is 5.2 months. BizBuySell's 2025 data shows Ohio metro listings took 143 to 249 median days on market. Tax clearances and BWC steps can add time.
Terms buyers will use
- SDE
- Seller's discretionary earnings: pretax profit plus the owner's pay, perks and one time costs, for one full time owner.
- Adjusted EBITDA
- Earnings before interest, taxes, depreciation and amortization, after removing one time items and charging market pay for management.
- Successor liability
- A buyer's responsibility for certain debts of the seller, such as Ohio sales tax, when a business changes hands.
- Holdback
- Part of the price set aside at closing until a condition is met, such as proof that taxes are paid.
- Vendor's license
- The Ohio license a business needs to make retail sales subject to sales tax.
- BWC
- Ohio Bureau of Workers' Compensation, the exclusive state fund for workers comp coverage.
- Experience rating
- How BWC adjusts premiums based on your claims history, which can pass to a buyer.
- Municipal net profit tax
- The income tax many Ohio cities charge on business profit earned within their borders.
- CAT
- Ohio's Commercial Activity Tax on gross receipts, with the first $6 million excluded since 2025.
- Platform
- A sponsor's first company in a sector, used as the base for buying more.
- Add on
- A smaller company a platform buys for new markets, services or capacity.
- Seller note
- Part of the price the seller lends to the buyer, repaid over time.
- Quality of earnings (QoE)
- A CPA firm's independent test of reported profit and the owner's adjustments.
- Asset sale
- A sale of the business's assets rather than its shares, common in small deals and taxed differently.
Own a business in Ohio? Schedule a complimentary call with Max!
Twenty minutes, confidential, and no obligation. I will walk through how a buyer would view your earnings and Ohio filings, and what to fix first.
Sources (32)
- SBA Office of Advocacy, 2025 Small Business Profile: Ohio
- BizBuySell, Insight Report data tables (2025 closed deals, Q3 2026 listings)
- BizBuySell, Insight Report Q3 2026
- Business Wire via Finviz, BizBuySell Q3 2026 Insight Report release, Oct 2026
- BizBuySell, 2025 year in review
- Middle Market Growth, GF Data report for H1 2025
- Starfield & Smith, change of ownership under SBA SOP 50 10 8.1, Sep 2026
- PilieroMazza, SBA 7(a) changes for business acquisitions, Aug 2026
- Ohio Revised Code 5739.14, sales tax on sale of a business
- Ohio Revised Code 5739.17, vendor's licenses
- Ohio BWC, purchase or sale of a business
- Ohio Administrative Code 4123 17 02, BWC succession rule
- Ohio BWC, Ohio workers' comp and you
- Ohio Legislative Service Commission, fiscal note for H.B. 503, Nov 2025
- Ohio Revised Code 718.02, municipal net profit apportionment
- Ohio Department of Taxation, CAT Information Release 2023 01
- Smart Business, Northeast Ohio deal activity, Jan 2026
- PrivSource, Spartan Logistics acquires Allen Logistics, Sep 2026
- PrivSource, Relevant Solutions acquires Conrad Kacsik Instrument Systems, Sep 2026
- PrivSource, Kinderhook acquires Pete & Pete Container and Boyas Recycling, Jul 2026
- PrivSource, NFP acquires Total Benefits Advisors, Jul 2026
- PrivSource, Gallagher acquires Cincinnati Benefit Solutions, Jun 2026
- PrivSource, Precision Production management buyout, Jun 2026
- PrivSource, Aligned Fitness Holdings acquires CAM Pilates, Apr 2026
- PrivSource, Nickolas Asset Management acquires Associated Plastics, Mar 2026
- PrivSource, World Resource Solutions sold to individual buyer, Jan 2026
- Landscape Management, Exscape Group acquires three Columbus area companies, Dec 2025
- PrivSource, Boulden Holdings acquires Ace Precision Industries, Nov 2025
- PrivSource, Dental365 acquires Woodville Dental Care, Nov 2025
- PrivSource, Bon Secours Mercy Health acquires Greater Midwest Urgent Cares, Apr 2025
- ACHR News, Huron Capital firm acquires Northwest Ohio contractor, Jan 2025
- Iconic, iconic.co (firm figures as published)
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