Selling a Business in Indiana
Selling a business in Indiana means pricing it correctly, preparing the records a buyer will ask for and finding a buyer who can pay and close. Indiana has 155,692 employer businesses and about 506,144 more with no employees. This page covers the numbers, the steps and what buyers look for.
LOCAL SNAPSHOT
Indiana by the numbers
155,692
155,692
EMPLOYER BUSINESSES
83%
83%
SMALL EMPLOYER SHARE
506,144
506,144
BUSINESSES WITH NO EMPLOYEES
2,924,989
2,924,989
EMPLOYMENT
$168.2 billion
$168.2 billion
ANNUAL PAYROLL
67,368
67,368
BUSINESSES WITH 5 TO 49 EMPLOYEES
U.S. Census Bureau, County Business Patterns 2023 and Nonemployer Statistics 2024. Counts are employer establishments, meaning business locations with paid employees.
How Indiana compares
Indiana ranks 17th among the 50 states and the District of Columbia for employer businesses.
The number of employer businesses grew 5.0% between 2018 and 2023.
Manufacturing makes up 5% of employer businesses in Indiana, compared with 3% nationwide.
67,368 employer businesses here have 5 to 49 employees.
Indiana ranks 17th among the 50 states and the District of Columbia for employer businesses.
The number of employer businesses grew 5.0% between 2018 and 2023.
Manufacturing makes up 5% of employer businesses in Indiana, compared with 3% nationwide.
67,368 employer businesses here have 5 to 49 employees.
How a sale works in Indiana
A sale follows the same sequence in every market. The business is valued from its earnings, assets, size and industry. The records a buyer will ask for are prepared. The business is marketed without naming it, and buyers are asked to sign a non-disclosure agreement before they see the name or the financial statements. Each buyer is checked for money and fit, the letter of intent is negotiated, the buyer's review of the books is managed, and the sale is carried to closing.
State rules on tax clearance, bulk sale notices and the transfer of permits and licenses differ from state to state.
Rules that apply in Indiana
Notice when assets are sold
Indiana's Department of Revenue says a Notice of Transfer in Bulk must be filed with it at least 45 days before a business transfers or sells its tangible personal property, such as equipment, furniture and inventory. The rule applies when more than half of a business's tangible personal property changes hands, for transactions on or after February 14, 2024. Source: Department of Revenue successor liability page
Sales tax and the buyer's liability
Indiana's Department of Revenue says a buyer of more than half of a business's tangible personal property can be liable for the seller's past due sales, use, county innkeeper's and food and beverage taxes, up to the purchase price or the value of the property transferred. This is called successor liability, meaning the buyer becomes responsible for the seller's unpaid taxes. If no taxes or returns are past due, the Department mails a tax clearance letter to both parties within 20 days of a completed notice, and the letter is valid for 60 days. Source: Department of Revenue successor liability page
Permits and registrations
Indiana's Department of Revenue says a seller's registered retail merchant certificate, the state's sales tax registration, cannot be transferred to or assumed by the buyer. A buyer not already registered may attach a Business Tax Application to the bulk transfer notice. Source: Department of Revenue Notice of Transfer in Bulk instructions
Unemployment insurance account
Indiana's Department of Workforce Development says buying, selling or transferring a business will likely affect the unemployment insurance account and must be reported within thirty days of the change. The Department decides whether the buyer is a successor, and the seller transfers a share of its experience balance and rate in proportion to the part of the business transferred. Source: Department of Workforce Development employer guide on transfers
These points come from official Indiana agency pages checked on 2026-10-24. Rules change, so check the linked agency page for the current version. This is general information and not legal or tax advice.
A sale follows the same sequence in every market. The business is valued from its earnings, assets, size and industry. The records a buyer will ask for are prepared. The business is marketed without naming it, and buyers are asked to sign a non-disclosure agreement before they see the name or the financial statements. Each buyer is checked for money and fit, the letter of intent is negotiated, the buyer's review of the books is managed, and the sale is carried to closing.
State rules on tax clearance, bulk sale notices and the transfer of permits and licenses differ from state to state.
Rules that apply in Indiana
Notice when assets are sold
Indiana's Department of Revenue says a Notice of Transfer in Bulk must be filed with it at least 45 days before a business transfers or sells its tangible personal property, such as equipment, furniture and inventory. The rule applies when more than half of a business's tangible personal property changes hands, for transactions on or after February 14, 2024. Source: Department of Revenue successor liability page
Sales tax and the buyer's liability
Indiana's Department of Revenue says a buyer of more than half of a business's tangible personal property can be liable for the seller's past due sales, use, county innkeeper's and food and beverage taxes, up to the purchase price or the value of the property transferred. This is called successor liability, meaning the buyer becomes responsible for the seller's unpaid taxes. If no taxes or returns are past due, the Department mails a tax clearance letter to both parties within 20 days of a completed notice, and the letter is valid for 60 days. Source: Department of Revenue successor liability page
Permits and registrations
Indiana's Department of Revenue says a seller's registered retail merchant certificate, the state's sales tax registration, cannot be transferred to or assumed by the buyer. A buyer not already registered may attach a Business Tax Application to the bulk transfer notice. Source: Department of Revenue Notice of Transfer in Bulk instructions
Unemployment insurance account
Indiana's Department of Workforce Development says buying, selling or transferring a business will likely affect the unemployment insurance account and must be reported within thirty days of the change. The Department decides whether the buyer is a successor, and the seller transfers a share of its experience balance and rate in proportion to the part of the business transferred. Source: Department of Workforce Development employer guide on transfers
These points come from official Indiana agency pages checked on 2026-10-24. Rules change, so check the linked agency page for the current version. This is general information and not legal or tax advice.
What buyers look for
Buyers look first at profit that holds up under review. Three years of tax returns and profit and loss statements that match each other carry more weight than a high number that cannot be shown.
How much of the business depends on the owner
How concentrated sales are among a few customers
The lease, its remaining term and the landlord's consent to a sale
The condition of equipment and the contracts that transfer
Buyers look first at profit that holds up under review. Three years of tax returns and profit and loss statements that match each other carry more weight than a high number that cannot be shown.
How much of the business depends on the owner
How concentrated sales are among a few customers
The lease, its remaining term and the landlord's consent to a sale
The condition of equipment and the contracts that transfer
INDUSTRIES
What sells in Indiana
Retail, health care and social assistance, repair, personal care and other services, construction
Every kind of business we sell in Indiana
We sell businesses in every one of these industries in Indiana. Counts are employer businesses in the closest Census industry codes. Industries without a clean Census match are listed without a count, and a few industries share one Census category, so their counts match. A sale multiple is the price a business typically sells for as a multiple of its earnings. SDE means seller's discretionary earnings, which is the owner's pay plus the profit of the business. EBITDA means earnings before interest, taxes, depreciation and amortization.
Construction & Engineering
16,579 related employer businesses in Indiana.
General Contracting: 4,531 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Landscaping: 2,463 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Interior Finishing: 2,038 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Plumbing: 2,008 employer businesses here. Typical sale multiple: 3.5x - 5.0x SDE.
HVAC Services: 2,008 employer businesses here. Typical sale multiple: 4.6x - 7.0x EBITDA.
Foundation & Site Prep: 1,673 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Fleet.
Electrical: 1,323 employer businesses here. Typical sale multiple: 4.0x - 8.0x EBITDA.
Civil Engineering: 1,024 employer businesses here. Typical sale multiple: 7.0x - 11.0x EBITDA.
Roofing & Siding: 752 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Masonry: 380 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Equipment.
Carpentry & Framing: 286 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Remediation & Restoration: 101 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Restaurants & Food
13,461 related employer businesses in Indiana.
Quick-Service & Fast Food: 5,396 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Full-Service Restaurants: 4,796 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Coffee Shops: 1,278 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Grocery Stores & Markets: 954 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Liquor, Wine & Beer Stores: 880 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Bakeries: 157 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Ghost Kitchens. Typical sale multiple: 2.0x - 3.0x SDE.
Medical Practices
10,831 related employer businesses in Indiana.
Primary & Family Care: 3,462 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE.
Dental Practices: 2,246 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Mental & Behavioral Health: 1,276 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Physical Therapy & Rehab: 962 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Home Health & Hospice: 806 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Veterinary Medicine: 673 employer businesses here. Typical sale multiple: 6.0x - 9.0x EBITDA.
Vision & Eye Care: 646 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Medical Labs & Imaging: 412 employer businesses here. Typical sale multiple: 4.5x - 6.5x EBITDA.
Urgent Care Clinics: 203 employer businesses here. Typical sale multiple: 4.0x - 6.0x EBITDA.
Specialty Medicine: 145 employer businesses here. Typical sale multiple: 5.0x - 7.0x EBITDA.
Financial & Professional Services
9,656 related employer businesses in Indiana.
Insurance Agencies: 2,965 employer businesses here. Typical sale multiple: 6.0x - 8.0x EBITDA.
Real Estate Brokerages: 2,682 employer businesses here. Typical sale multiple: 2.5x - 4.5x SDE.
Accounting & Tax Practices: 2,092 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Wealth Management: 1,371 employer businesses here. Typical sale multiple: 2.7x - 4.0x Recurring Revenue.
Private Lending: 463 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Mortgage Brokerages: 83 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Retail Stores
7,431 related employer businesses in Indiana.
Fashion, Apparel & Jewelry: 1,934 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE + Inventory.
Hardware, Garden & Building: 1,649 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE + Inventory.
Health, Beauty & Pharmacy: 1,583 employer businesses here. Typical sale multiple: 2.8x - 4.2x EBITDA.
Home Decor & Furniture: 889 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE + Inventory.
Hobby, Toys & Gift Shops: 502 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE + Inventory.
Electronics & Repair: 486 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Sporting Goods & Firearms: 388 employer businesses here. Typical sale multiple: 2.3x - 3.4x SDE.
Automotive & Boat
6,280 related employer businesses in Indiana.
Auto Repair: 2,356 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE.
Car Dealerships: 1,261 employer businesses here. Typical sale multiple: 2x - 8x Blue Sky + Assets.
Auto Parts: 1,183 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE + Inventory.
Collision Repair: 739 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Car Washes: 417 employer businesses here. Typical sale multiple: 4.5x - 7.0x EBITDA.
Towing & Repo: 220 employer businesses here. Typical sale multiple: 3.0x - 4.0x EBITDA + Fleet.
Boat Dealerships: 70 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Marinas: 34 employer businesses here. Typical sale multiple: Cap Rate or 4.0x - 7.0x EBITDA.
Logistics & Transportation
6,093 related employer businesses in Indiana.
General Freight Trucking: 4,388 employer businesses here. Typical sale multiple: 2.44x - 3.45x SDE.
Warehousing & Fulfillment: 598 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Heavy Haul Transport: 326 employer businesses here. Typical sale multiple: 3.5x - 4.5x SDE.
Freight Brokerage & 3PL: 317 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Last-Mile & Courier: 289 employer businesses here. Typical sale multiple: 2.76x - 3.32x SDE.
Commercial Moving: 130 employer businesses here. Typical sale multiple: 1.5x - 3.0x SDE.
NEMT & Passenger Transport: 45 employer businesses here. Typical sale multiple: 2.1x - 3.1x SDE.
Port Drayage. Typical sale multiple: 2.5x - 3.5x SDE.
Manufacturing
5,918 related employer businesses in Indiana.
Metal Fabrication: 1,751 employer businesses here. Typical sale multiple: 3.2x - 4.2x SDE.
Wood & Furniture Manufacturing: 1,001 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Printing & Plastics: 950 employer businesses here. Typical sale multiple: 2.9x - 4.9x SDE.
Food & Beverage Manufacturing: 767 employer businesses here. Typical sale multiple: 3.1x - 4.5x SDE.
Medical & Chemical Manufacturing: 582 employer businesses here. Typical sale multiple: 4.5x - 8.0x EBITDA.
Construction Materials Manufacturing: 422 employer businesses here. Typical sale multiple: 2.5x - 5.0x EBITDA.
Electronics & Tech Manufacturing: 284 employer businesses here. Typical sale multiple: 4.0x - 7.5x EBITDA.
Textile & Apparel Manufacturing: 161 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Wholesale & Distribution
3,324 related employer businesses in Indiana.
Industrial & Construction Supply: 1,793 employer businesses here. Typical sale multiple: 3.0x - 4.0x SDE.
Electronics, IT & Office Equipment Distribution: 514 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Food & Beverage Distribution: 482 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Chemicals, Plastics & Raw Materials Distribution: 272 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Packaging, Paper & JanSan Distribution: 109 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Medical, Dental & Pharmaceutical Distribution: 88 employer businesses here. Typical sale multiple: 3.5x - 4.5x EBITDA.
Consumer Goods & Apparel Distribution: 66 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Gas Stations & Convenience
3,187 related employer businesses in Indiana.
Gas Stations: 2,885 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA + Real Estate.
Convenience Stores: 302 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Truck Stops & Travel Centers. Typical sale multiple: 3.5x - 5.5x EBITDA + Real Estate.
Home Services
2,582 related employer businesses in Indiana.
Residential Cleaning: 1,217 employer businesses here. Typical sale multiple: 1.5x - 2.6x SDE.
Commercial Cleaning: 1,217 employer businesses here. Typical sale multiple: 2.47x - 4.11x EBITDA.
Property Management: 961 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Pest Control: 261 employer businesses here. Typical sale multiple: 2.34x - 2.90x SDE.
Security Systems: 143 employer businesses here. Typical sale multiple: 3.0x - 4.9x EBITDA.
Audio Visual (AV). Typical sale multiple: 3.0x - 5.0x EBITDA.
Junk Removal. Typical sale multiple: 1.5x - 3.0x SDE.
Pool & Spa Service. Typical sale multiple: 3.0x - 4.0x EBITDA.
Beauty & Personal Care
2,308 related employer businesses in Indiana.
Hair Salons: 1,438 employer businesses here. Typical sale multiple: 1.25x - 2.34x SDE.
Day Spas: 550 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE.
Tattoo Shops: 550 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Massage Parlors: 550 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Nail Salons: 194 employer businesses here. Typical sale multiple: 1.4x - 1.88x SDE.
Barber Shops: 126 employer businesses here. Typical sale multiple: 1.5x - 2.25x SDE.
Medical Spas. Typical sale multiple: 2.5x - 4.5x EBITDA.
Pharmacies & Medical Supply
2,014 related employer businesses in Indiana.
Home Infusion: 806 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Compounding Pharmacies: 730 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Specialty Pharmacies: 730 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Durable Medical Equipment (DME): 253 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Medical Supply Retail: 225 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Technology & Media
1,668 related employer businesses in Indiana.
Digital Marketing Agencies: 502 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Creative Agencies: 459 employer businesses here. Typical sale multiple: 1.8x - 3.0x SDE.
Media, Film & Studio Production: 302 employer businesses here. Typical sale multiple: 2.2x - 3.5x SDE.
Real Estate Media: 228 employer businesses here. Typical sale multiple: 1.5x - 2.8x SDE.
Software Companies (SaaS): 177 employer businesses here. Typical sale multiple: 3.5x - 5.5x SDE.
E-commerce & Online Brands. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Entertainment & Recreation
1,630 related employer businesses in Indiana.
Bars & Pubs: 863 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Clubs & Lounges: 863 employer businesses here. Typical sale multiple: 3.0x - 6.0x EBITDA.
Outdoor Recreation: 333 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Golf Courses: 251 employer businesses here. Typical sale multiple: 8.0x - 11.0x EBITDA.
Bowling Alleys: 113 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Arcades & FECs: 70 employer businesses here. Typical sale multiple: 2.1x - 3.6x SDE.
Event Venues. Typical sale multiple: 2.8x - 3.5x Earnings.
Banquet Halls. Typical sale multiple: 3.5x - 4.5x Earnings.
Escape Rooms. Typical sale multiple: 1.5x - 3.5x SDE.
Education & Childcare
1,539 related employer businesses in Indiana.
Daycare Centers: 1,435 employer businesses here. Typical sale multiple: 2.39x - 3.35x SDE.
Tutoring Centers: 104 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Preschools. Typical sale multiple: 3.12x - 4.0x SDE.
Hospitality & Travel
1,489 related employer businesses in Indiana.
Hotels: 1,034 employer businesses here. Typical sale multiple: 2.6x - 5.1x EBITDA.
Motels: 1,034 employer businesses here. Typical sale multiple: 1.1x - 2.5x SDE.
Transportation Services: 230 employer businesses here. Typical sale multiple: 2.0x - 4.1x SDE.
Travel Agencies: 104 employer businesses here. Typical sale multiple: 2.3x - 3.2x SDE.
Campgrounds & RV Parks: 89 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Bed & Breakfasts / Inns: 32 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Health & Fitness
1,299 related employer businesses in Indiana.
Gyms & Health Clubs: 739 employer businesses here. Typical sale multiple: 2.44x - 2.93x SDE.
Yoga Studios: 739 employer businesses here. Typical sale multiple: 2.07x - 2.50x SDE.
Pilates Studios: 739 employer businesses here. Typical sale multiple: 2.10x - 3.00x SDE.
Personal Training Studios: 739 employer businesses here. Typical sale multiple: 2.00x - 2.80x SDE.
Wellness & Recovery Centers: 560 employer businesses here. Typical sale multiple: 5.5x - 9.7x EBITDA.
Senior Care & Living
1,184 related employer businesses in Indiana.
Non-Medical Home Care: 856 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Assisted Living Facilities: 187 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Senior Living Communities: 141 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Adult Day Services. Typical sale multiple: 2.5x - 4.0x SDE.
Energy & Utilities
1,122 related employer businesses in Indiana.
Waste Management & Recycling: 399 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Water & Wastewater Services: 375 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Propane & Fuel Distribution: 299 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Oil & Gas Services: 36 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA + Equipment.
Solar & Renewable Energy: 13 employer businesses here. Typical sale multiple: 3.5x - 6.0x EBITDA.
Pet Services
677 related employer businesses in Indiana.
Pet Grooming & Spas: 497 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Boarding, Daycare & Training: 497 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Pet Retail & Specialty Supplies: 180 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE + Inventory.
Mobile & In-Home Pet Care. Typical sale multiple: 1.5x - 2.5x SDE + Fleet.
Land & Agriculture
9 related employer businesses in Indiana.
Agricultural Labor Contracting: 9 employer businesses here. Typical sale multiple: 2.4x - 6.09x EBITDA.
Crop Production. Typical sale multiple: 4.5x - 6.69x EBITDA.
Livestock & Ranching. Typical sale multiple: 3.0x - 5.76x EBITDA.
Agribusiness & Infrastructure. Typical sale multiple: 5.2x - 10.3x EBITDA.
AgTech & Precision Ag. Typical sale multiple: 8.3x - 12.1x EBITDA.
Agri-Tourism & Lifestyle. Typical sale multiple: 2.51x - 4.54x SDE.
E-commerce & Online Businesses
Amazon FBA Businesses. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Online Marketplaces. Typical sale multiple: 3.5x - 6.0x SDE.
We sell businesses in every one of these industries in Indiana. Counts are employer businesses in the closest Census industry codes. Industries without a clean Census match are listed without a count, and a few industries share one Census category, so their counts match. A sale multiple is the price a business typically sells for as a multiple of its earnings. SDE means seller's discretionary earnings, which is the owner's pay plus the profit of the business. EBITDA means earnings before interest, taxes, depreciation and amortization.
Construction & Engineering
16,579 related employer businesses in Indiana.
General Contracting: 4,531 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Landscaping: 2,463 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Interior Finishing: 2,038 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Plumbing: 2,008 employer businesses here. Typical sale multiple: 3.5x - 5.0x SDE.
HVAC Services: 2,008 employer businesses here. Typical sale multiple: 4.6x - 7.0x EBITDA.
Foundation & Site Prep: 1,673 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Fleet.
Electrical: 1,323 employer businesses here. Typical sale multiple: 4.0x - 8.0x EBITDA.
Civil Engineering: 1,024 employer businesses here. Typical sale multiple: 7.0x - 11.0x EBITDA.
Roofing & Siding: 752 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Masonry: 380 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Equipment.
Carpentry & Framing: 286 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Remediation & Restoration: 101 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Restaurants & Food
13,461 related employer businesses in Indiana.
Quick-Service & Fast Food: 5,396 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Full-Service Restaurants: 4,796 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Coffee Shops: 1,278 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Grocery Stores & Markets: 954 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Liquor, Wine & Beer Stores: 880 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Bakeries: 157 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Ghost Kitchens. Typical sale multiple: 2.0x - 3.0x SDE.
Medical Practices
10,831 related employer businesses in Indiana.
Primary & Family Care: 3,462 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE.
Dental Practices: 2,246 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Mental & Behavioral Health: 1,276 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Physical Therapy & Rehab: 962 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Home Health & Hospice: 806 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Veterinary Medicine: 673 employer businesses here. Typical sale multiple: 6.0x - 9.0x EBITDA.
Vision & Eye Care: 646 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Medical Labs & Imaging: 412 employer businesses here. Typical sale multiple: 4.5x - 6.5x EBITDA.
Urgent Care Clinics: 203 employer businesses here. Typical sale multiple: 4.0x - 6.0x EBITDA.
Specialty Medicine: 145 employer businesses here. Typical sale multiple: 5.0x - 7.0x EBITDA.
Financial & Professional Services
9,656 related employer businesses in Indiana.
Insurance Agencies: 2,965 employer businesses here. Typical sale multiple: 6.0x - 8.0x EBITDA.
Real Estate Brokerages: 2,682 employer businesses here. Typical sale multiple: 2.5x - 4.5x SDE.
Accounting & Tax Practices: 2,092 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Wealth Management: 1,371 employer businesses here. Typical sale multiple: 2.7x - 4.0x Recurring Revenue.
Private Lending: 463 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Mortgage Brokerages: 83 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Retail Stores
7,431 related employer businesses in Indiana.
Fashion, Apparel & Jewelry: 1,934 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE + Inventory.
Hardware, Garden & Building: 1,649 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE + Inventory.
Health, Beauty & Pharmacy: 1,583 employer businesses here. Typical sale multiple: 2.8x - 4.2x EBITDA.
Home Decor & Furniture: 889 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE + Inventory.
Hobby, Toys & Gift Shops: 502 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE + Inventory.
Electronics & Repair: 486 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Sporting Goods & Firearms: 388 employer businesses here. Typical sale multiple: 2.3x - 3.4x SDE.
Automotive & Boat
6,280 related employer businesses in Indiana.
Auto Repair: 2,356 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE.
Car Dealerships: 1,261 employer businesses here. Typical sale multiple: 2x - 8x Blue Sky + Assets.
Auto Parts: 1,183 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE + Inventory.
Collision Repair: 739 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Car Washes: 417 employer businesses here. Typical sale multiple: 4.5x - 7.0x EBITDA.
Towing & Repo: 220 employer businesses here. Typical sale multiple: 3.0x - 4.0x EBITDA + Fleet.
Boat Dealerships: 70 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Marinas: 34 employer businesses here. Typical sale multiple: Cap Rate or 4.0x - 7.0x EBITDA.
Logistics & Transportation
6,093 related employer businesses in Indiana.
General Freight Trucking: 4,388 employer businesses here. Typical sale multiple: 2.44x - 3.45x SDE.
Warehousing & Fulfillment: 598 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Heavy Haul Transport: 326 employer businesses here. Typical sale multiple: 3.5x - 4.5x SDE.
Freight Brokerage & 3PL: 317 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Last-Mile & Courier: 289 employer businesses here. Typical sale multiple: 2.76x - 3.32x SDE.
Commercial Moving: 130 employer businesses here. Typical sale multiple: 1.5x - 3.0x SDE.
NEMT & Passenger Transport: 45 employer businesses here. Typical sale multiple: 2.1x - 3.1x SDE.
Port Drayage. Typical sale multiple: 2.5x - 3.5x SDE.
Manufacturing
5,918 related employer businesses in Indiana.
Metal Fabrication: 1,751 employer businesses here. Typical sale multiple: 3.2x - 4.2x SDE.
Wood & Furniture Manufacturing: 1,001 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Printing & Plastics: 950 employer businesses here. Typical sale multiple: 2.9x - 4.9x SDE.
Food & Beverage Manufacturing: 767 employer businesses here. Typical sale multiple: 3.1x - 4.5x SDE.
Medical & Chemical Manufacturing: 582 employer businesses here. Typical sale multiple: 4.5x - 8.0x EBITDA.
Construction Materials Manufacturing: 422 employer businesses here. Typical sale multiple: 2.5x - 5.0x EBITDA.
Electronics & Tech Manufacturing: 284 employer businesses here. Typical sale multiple: 4.0x - 7.5x EBITDA.
Textile & Apparel Manufacturing: 161 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Wholesale & Distribution
3,324 related employer businesses in Indiana.
Industrial & Construction Supply: 1,793 employer businesses here. Typical sale multiple: 3.0x - 4.0x SDE.
Electronics, IT & Office Equipment Distribution: 514 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Food & Beverage Distribution: 482 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Chemicals, Plastics & Raw Materials Distribution: 272 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Packaging, Paper & JanSan Distribution: 109 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Medical, Dental & Pharmaceutical Distribution: 88 employer businesses here. Typical sale multiple: 3.5x - 4.5x EBITDA.
Consumer Goods & Apparel Distribution: 66 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Gas Stations & Convenience
3,187 related employer businesses in Indiana.
Gas Stations: 2,885 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA + Real Estate.
Convenience Stores: 302 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Truck Stops & Travel Centers. Typical sale multiple: 3.5x - 5.5x EBITDA + Real Estate.
Home Services
2,582 related employer businesses in Indiana.
Residential Cleaning: 1,217 employer businesses here. Typical sale multiple: 1.5x - 2.6x SDE.
Commercial Cleaning: 1,217 employer businesses here. Typical sale multiple: 2.47x - 4.11x EBITDA.
Property Management: 961 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Pest Control: 261 employer businesses here. Typical sale multiple: 2.34x - 2.90x SDE.
Security Systems: 143 employer businesses here. Typical sale multiple: 3.0x - 4.9x EBITDA.
Audio Visual (AV). Typical sale multiple: 3.0x - 5.0x EBITDA.
Junk Removal. Typical sale multiple: 1.5x - 3.0x SDE.
Pool & Spa Service. Typical sale multiple: 3.0x - 4.0x EBITDA.
Beauty & Personal Care
2,308 related employer businesses in Indiana.
Hair Salons: 1,438 employer businesses here. Typical sale multiple: 1.25x - 2.34x SDE.
Day Spas: 550 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE.
Tattoo Shops: 550 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Massage Parlors: 550 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Nail Salons: 194 employer businesses here. Typical sale multiple: 1.4x - 1.88x SDE.
Barber Shops: 126 employer businesses here. Typical sale multiple: 1.5x - 2.25x SDE.
Medical Spas. Typical sale multiple: 2.5x - 4.5x EBITDA.
Pharmacies & Medical Supply
2,014 related employer businesses in Indiana.
Home Infusion: 806 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Compounding Pharmacies: 730 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Specialty Pharmacies: 730 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Durable Medical Equipment (DME): 253 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Medical Supply Retail: 225 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Technology & Media
1,668 related employer businesses in Indiana.
Digital Marketing Agencies: 502 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Creative Agencies: 459 employer businesses here. Typical sale multiple: 1.8x - 3.0x SDE.
Media, Film & Studio Production: 302 employer businesses here. Typical sale multiple: 2.2x - 3.5x SDE.
Real Estate Media: 228 employer businesses here. Typical sale multiple: 1.5x - 2.8x SDE.
Software Companies (SaaS): 177 employer businesses here. Typical sale multiple: 3.5x - 5.5x SDE.
E-commerce & Online Brands. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Entertainment & Recreation
1,630 related employer businesses in Indiana.
Bars & Pubs: 863 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Clubs & Lounges: 863 employer businesses here. Typical sale multiple: 3.0x - 6.0x EBITDA.
Outdoor Recreation: 333 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Golf Courses: 251 employer businesses here. Typical sale multiple: 8.0x - 11.0x EBITDA.
Bowling Alleys: 113 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Arcades & FECs: 70 employer businesses here. Typical sale multiple: 2.1x - 3.6x SDE.
Event Venues. Typical sale multiple: 2.8x - 3.5x Earnings.
Banquet Halls. Typical sale multiple: 3.5x - 4.5x Earnings.
Escape Rooms. Typical sale multiple: 1.5x - 3.5x SDE.
Education & Childcare
1,539 related employer businesses in Indiana.
Daycare Centers: 1,435 employer businesses here. Typical sale multiple: 2.39x - 3.35x SDE.
Tutoring Centers: 104 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Preschools. Typical sale multiple: 3.12x - 4.0x SDE.
Hospitality & Travel
1,489 related employer businesses in Indiana.
Hotels: 1,034 employer businesses here. Typical sale multiple: 2.6x - 5.1x EBITDA.
Motels: 1,034 employer businesses here. Typical sale multiple: 1.1x - 2.5x SDE.
Transportation Services: 230 employer businesses here. Typical sale multiple: 2.0x - 4.1x SDE.
Travel Agencies: 104 employer businesses here. Typical sale multiple: 2.3x - 3.2x SDE.
Campgrounds & RV Parks: 89 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Bed & Breakfasts / Inns: 32 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Health & Fitness
1,299 related employer businesses in Indiana.
Gyms & Health Clubs: 739 employer businesses here. Typical sale multiple: 2.44x - 2.93x SDE.
Yoga Studios: 739 employer businesses here. Typical sale multiple: 2.07x - 2.50x SDE.
Pilates Studios: 739 employer businesses here. Typical sale multiple: 2.10x - 3.00x SDE.
Personal Training Studios: 739 employer businesses here. Typical sale multiple: 2.00x - 2.80x SDE.
Wellness & Recovery Centers: 560 employer businesses here. Typical sale multiple: 5.5x - 9.7x EBITDA.
Senior Care & Living
1,184 related employer businesses in Indiana.
Non-Medical Home Care: 856 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Assisted Living Facilities: 187 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Senior Living Communities: 141 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Adult Day Services. Typical sale multiple: 2.5x - 4.0x SDE.
Energy & Utilities
1,122 related employer businesses in Indiana.
Waste Management & Recycling: 399 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Water & Wastewater Services: 375 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Propane & Fuel Distribution: 299 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Oil & Gas Services: 36 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA + Equipment.
Solar & Renewable Energy: 13 employer businesses here. Typical sale multiple: 3.5x - 6.0x EBITDA.
Pet Services
677 related employer businesses in Indiana.
Pet Grooming & Spas: 497 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Boarding, Daycare & Training: 497 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Pet Retail & Specialty Supplies: 180 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE + Inventory.
Mobile & In-Home Pet Care. Typical sale multiple: 1.5x - 2.5x SDE + Fleet.
Land & Agriculture
9 related employer businesses in Indiana.
Agricultural Labor Contracting: 9 employer businesses here. Typical sale multiple: 2.4x - 6.09x EBITDA.
Crop Production. Typical sale multiple: 4.5x - 6.69x EBITDA.
Livestock & Ranching. Typical sale multiple: 3.0x - 5.76x EBITDA.
Agribusiness & Infrastructure. Typical sale multiple: 5.2x - 10.3x EBITDA.
AgTech & Precision Ag. Typical sale multiple: 8.3x - 12.1x EBITDA.
Agri-Tourism & Lifestyle. Typical sale multiple: 2.51x - 4.54x SDE.
E-commerce & Online Businesses
Amazon FBA Businesses. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Online Marketplaces. Typical sale multiple: 3.5x - 6.0x SDE.
Working with owners in Indiana
Business Advisors of America works with owners who are selling a business in Indiana. Contact us to talk about a sale.
FREQUENTLY ASKED QUESTIONS
Questions owners in Indiana ask
How long does it take to sell a business in Indiana?
The time depends on the price, the quality of the records and the number of qualified buyers. Many sales take six months or longer from the start of the process to closing.
How is a business valued in Indiana?
Valuation starts with the earnings the business produces for an owner, then adjusts for assets, size, industry and the terms a buyer is likely to accept. The result is a range, and the asking price is set inside it.
Is the sale confidential?
Buyers are asked to sign a non-disclosure agreement before they see the name of the business or its financial statements.
What should I prepare before listing?
Three years of tax returns and profit and loss statements, a current balance sheet, the lease, a list of equipment and a summary of key contracts.
What is the difference between SDE and EBITDA?
SDE means seller's discretionary earnings, which is the owner's pay plus the profit of the business. EBITDA means earnings before interest, taxes, depreciation and amortization, and it is used for larger businesses that run without the owner.
FROM OUR BLOG
Guides for owners in Indiana
October 3, 2025
Business Owners
Add-Backs: What Counts, What Does Not, and What Buyers Push Back On
Every add-back you can prove raises your sale price by two to three times its amount. Every add-back you cannot prove costs you credibility on all the others.
Read article
October 3, 2025
Business Owners
Add-Backs: What Counts, What Does Not, and What Buyers Push Back On
Every add-back you can prove raises your sale price by two to three times its amount. Every add-back you cannot prove costs you credibility on all the others.
Read article
March 5, 2026
Business Owners
Buyer Qualification: How We Screen Out the Buyers Who Cannot Close
Most inquiries on a business listing come from people who cannot close. Here is how they get screened out before they see your name or your financials.
Read article
March 5, 2026
Business Owners
Buyer Qualification: How We Screen Out the Buyers Who Cannot Close
Most inquiries on a business listing come from people who cannot close. Here is how they get screened out before they see your name or your financials.
Read article
February 9, 2026
Business Owners
The Confidential Information Memorandum: What Goes In It and Why
The CIM is the document a buyer reads before they decide to spend time on your business. Here is what it has to contain and the mistakes that cost sellers offers.
Read article
February 9, 2026
Business Owners
The Confidential Information Memorandum: What Goes In It and Why
The CIM is the document a buyer reads before they decide to spend time on your business. Here is what it has to contain and the mistakes that cost sellers offers.
Read article