If you are a business owner contemplating the sale of your business, or an individual considering entrepreneurship through acquisition, you may be wondering “what are the steps in a purchase and sale of a business?” This article provides a high-level overview of the steps involved in a lower middle market ($5 million – $50 million annual revenue) business sale. For simplicity, I use corporate terminology throughout this article (e.g., “stock” rather than “membership interests” as in an LLC) but, with few exceptions, the concepts apply to other forms of business entities as well.