Should You List a Price When Selling Your Business?

When preparing to sell your business, one of the first questions you’ll face is whether to go to market with a guide price—or not. It’s a deceptively simple decision, but one that can significantly influence buyer behaviour, the outcome of negotiations, and ultimately, the final sale value.

At Dexterity Partners, we advise our clients not to list a price when taking their business to market. Here’s why.

The Problem with Setting a Price Too Early

Putting a price on your business at the outset may feel like a logical step. After all, most sellers want to know what they’re aiming for and assume that a clear number will filter serious buyers from tyre-kickers. However, in practice, setting a price too early can limit your options, distort buyer perceptions, and suppress competitive tension.

1. You risk capping the value.
   If a buyer is willing to pay more than your asking price, that leverage is immediately lost once you disclose a number. Instead of exploring what the business is worth to each individual buyer—based on their strategic motivations—you’re anchoring them to a predefined value. Many sophisticated buyers will view a price as a ceiling, not a starting point. It removes their incentive to reveal how valuable the business might truly be to them.
2. You might deter serious buyers.
   Conversely, if the price is perceived as too high, buyers may walk away without engaging. A high guide price can create the impression of unrealistic expectations, which deters discussions that could have otherwise led to a deal through a negotiated process. Even buyers with genuine interest may not want to enter a negotiation they assume is doomed from the outset.
3. Every buyer values a business differently.
   Strategic buyers, trade buyers, private equity firms—each has a unique lens on value. One buyer may see operational efficiencies, another may view it as a route to enter a new market, and another might focus on cross-selling or removing a competitor. These dynamics can result in vastly different valuations. By avoiding a fixed price and allowing each buyer to consider what the business is worth to them, you open the door to higher, more tailored offers and a stronger negotiating position.
4. It reduces flexibility later in the process.
   Once a number is out there, it can be very difficult to row back. Even if market conditions change or a new strategic buyer enters the picture, you’ve effectively boxed yourself in. Without a price, you’re free to explore the full range of possibilities, adjusting your approach as new information or interest emerges.

Creating Competitive Tension

One of the key benefits of not listing a price is that it creates room for competitive bidding. When buyers are invited to express interest without the anchor of a guide price, the process becomes more dynamic and encourages a buyer-led valuation. This can lead to a scenario where multiple parties are not only interested but also actively trying to outbid each other—driving up the final value and sharpening deal terms such as payment structure, completion speed, or earn-out provisions.

Without a fixed price, the focus shifts to the strategic motivations of each buyer. One may be looking to expand geographically, another may want access to a particular customer segment, and another might want to acquire technology or talent. These motivations translate into different perceived values, which would be suppressed by a set asking price.

This is especially powerful in the lower mid-market (typically businesses valued between £1m and £20m), where buyer motivations can be diverse and less formulaic than in larger, institutional deals. At this level, pricing is rarely a purely mathematical exercise—buyers are often owner-operators or entrepreneurial investors who factor in qualitative value. Removing the price allows them to place their own lens on the opportunity, often resulting in better outcomes for the seller.

What Dexterity Partners Does Differently

At Dexterity Partners, we never go to market with a price. Instead, we work closely with our clients to build a clear and evidence-based understanding of what their business is likely to be worth. This begins with a thorough valuation process using a blend of market analysis, performance metrics, and sector insights. The outcome is a robust internal benchmark that informs strategy and expectation, while keeping options open.

This approach allows us—and the seller—to enter the market fully prepared but without drawing lines in the sand. It keeps buyers focused on the opportunity, not fixated on debating a headline figure. We also advise our clients on how to present key value drivers in the most compelling way, so that the right messages land with the right buyers.

From there, we design a tailored, tightly managed and confidential process. We approach only carefully profiled buyers—those who we know will have a strategic or financial rationale for the acquisition. Throughout the process, our team takes the lead in managing communication, handling diligence, and shaping the negotiation. Without a price anchoring discussions, we are able to test buyer appetite objectively, guide their thinking, and create the conditions for strong offers to emerge.

Our process is disciplined, discreet, and designed to maximise value while preserving optionality. By controlling the narrative and maintaining leverage throughout, we help our clients achieve outcomes that reflect the true market potential of their business—not just the expectations set at the outset.

Exceptions to the Rule

There are some situations where listing a price might make sense—typically in distressed scenarios, quick sales, or for very small businesses where transparency may help attract individual buyers. But for most SME sales, particularly those with multiple potential acquirers or strategic value, discretion and flexibility offer a stronger route.

In Summary

While it may be tempting to lead with a price, it’s rarely the best move if your goal is to maximise value and maintain control of the process. By avoiding early pricing, you create space for competitive dynamics, strategic alignment, and stronger negotiation outcomes when selling a business.

If you’re preparing to sell and want to take your business to market in the most effective way, speak to Dexterity Partners. Our approach is built around discretion, control, and value maximisation—without putting a ceiling on your potential.