Selling a Business in Minnesota
Selling a business in Minnesota means pricing it correctly, preparing the records a buyer will ask for and finding a buyer who can pay and close. Minnesota has 154,455 employer businesses and about 467,494 more with no employees. This page covers the numbers, the steps and what buyers look for.
LOCAL SNAPSHOT
Minnesota by the numbers
154,455
154,455
EMPLOYER BUSINESSES
84%
84%
SMALL EMPLOYER SHARE
467,494
467,494
BUSINESSES WITH NO EMPLOYEES
2,803,410
2,803,410
EMPLOYMENT
$191.5 billion
$191.5 billion
ANNUAL PAYROLL
62,154
62,154
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 Minnesota compares
Minnesota ranks 18th among the 50 states and the District of Columbia for employer businesses.
The number of employer businesses grew 1.9% between 2018 and 2023.
Manufacturing makes up 4% of employer businesses in Minnesota, compared with 3% nationwide.
62,154 employer businesses here have 5 to 49 employees.
Minnesota ranks 18th among the 50 states and the District of Columbia for employer businesses.
The number of employer businesses grew 1.9% between 2018 and 2023.
Manufacturing makes up 4% of employer businesses in Minnesota, compared with 3% nationwide.
62,154 employer businesses here have 5 to 49 employees.
How a sale works in Minnesota
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 Minnesota
Sales tax and the buyer's liability
Minnesota's Department of Revenue says anyone who buys a business or its stock of goods is a successor, and a buyer who does not notify the Department or pay the amount due can be held liable for the seller's past-due sales, withholding and petroleum taxes, with penalties and interest. The Department says buyers must search for undisclosed tax liens before completing a purchase agreement, and a notice such as Form C50, Notice of Business Transfer, must reach it at least 20 days before the transfer. The Department says this liability will not exceed the fair market purchase price. Source: Minnesota Department of Revenue successor liability page
Permits and registrations
Minnesota's sales and use tax rules say the sale of a business run as a sole proprietorship requires a new permit application, even if the business keeps the same name. The same rule says a change in the ownership of a corporation's shares does not invalidate the corporation's permit. Source: Minnesota Department of Revenue rule 8130.2500
Unemployment insurance account
Minnesota's Unemployment Insurance Program says an acquisition can affect the buyer's tax rate if there is 25 percent or more common ownership between the two businesses. In that case the seller's taxable wages and benefit charges transfer as of the acquisition date. The Program says employers must notify it electronically within 30 calendar days of the acquisition or merger. Source: Minnesota Unemployment Insurance employer handbook, acquisitions
These points come from official Minnesota 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 Minnesota
Sales tax and the buyer's liability
Minnesota's Department of Revenue says anyone who buys a business or its stock of goods is a successor, and a buyer who does not notify the Department or pay the amount due can be held liable for the seller's past-due sales, withholding and petroleum taxes, with penalties and interest. The Department says buyers must search for undisclosed tax liens before completing a purchase agreement, and a notice such as Form C50, Notice of Business Transfer, must reach it at least 20 days before the transfer. The Department says this liability will not exceed the fair market purchase price. Source: Minnesota Department of Revenue successor liability page
Permits and registrations
Minnesota's sales and use tax rules say the sale of a business run as a sole proprietorship requires a new permit application, even if the business keeps the same name. The same rule says a change in the ownership of a corporation's shares does not invalidate the corporation's permit. Source: Minnesota Department of Revenue rule 8130.2500
Unemployment insurance account
Minnesota's Unemployment Insurance Program says an acquisition can affect the buyer's tax rate if there is 25 percent or more common ownership between the two businesses. In that case the seller's taxable wages and benefit charges transfer as of the acquisition date. The Program says employers must notify it electronically within 30 calendar days of the acquisition or merger. Source: Minnesota Unemployment Insurance employer handbook, acquisitions
These points come from official Minnesota 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 Minnesota
Health care and social assistance, retail, construction, professional and technical services
Every kind of business we sell in Minnesota
We sell businesses in every one of these industries in Minnesota. 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
18,295 related employer businesses in Minnesota.
General Contracting: 5,209 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Interior Finishing: 2,942 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Landscaping: 2,397 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Plumbing: 1,816 employer businesses here. Typical sale multiple: 3.5x - 5.0x SDE.
HVAC Services: 1,816 employer businesses here. Typical sale multiple: 4.6x - 7.0x EBITDA.
Foundation & Site Prep: 1,557 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Fleet.
Electrical: 1,534 employer businesses here. Typical sale multiple: 4.0x - 8.0x EBITDA.
Roofing & Siding: 950 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Civil Engineering: 887 employer businesses here. Typical sale multiple: 7.0x - 11.0x EBITDA.
Masonry: 498 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Equipment.
Carpentry & Framing: 412 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Remediation & Restoration: 93 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Restaurants & Food
10,794 related employer businesses in Minnesota.
Full-Service Restaurants: 3,879 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Quick-Service & Fast Food: 3,848 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Coffee Shops: 1,095 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Grocery Stores & Markets: 998 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Liquor, Wine & Beer Stores: 850 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Bakeries: 124 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Ghost Kitchens. Typical sale multiple: 2.0x - 3.0x SDE.
Financial & Professional Services
10,764 related employer businesses in Minnesota.
Real Estate Brokerages: 3,247 employer businesses here. Typical sale multiple: 2.5x - 4.5x SDE.
Insurance Agencies: 3,131 employer businesses here. Typical sale multiple: 6.0x - 8.0x EBITDA.
Accounting & Tax Practices: 2,094 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Wealth Management: 1,749 employer businesses here. Typical sale multiple: 2.7x - 4.0x Recurring Revenue.
Private Lending: 438 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Mortgage Brokerages: 105 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Medical Practices
7,807 related employer businesses in Minnesota.
Dental Practices: 1,884 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Primary & Family Care: 1,494 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE.
Mental & Behavioral Health: 1,379 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Home Health & Hospice: 995 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Physical Therapy & Rehab: 668 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Veterinary Medicine: 630 employer businesses here. Typical sale multiple: 6.0x - 9.0x EBITDA.
Vision & Eye Care: 378 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Specialty Medicine: 159 employer businesses here. Typical sale multiple: 5.0x - 7.0x EBITDA.
Medical Labs & Imaging: 153 employer businesses here. Typical sale multiple: 4.5x - 6.5x EBITDA.
Urgent Care Clinics: 67 employer businesses here. Typical sale multiple: 4.0x - 6.0x EBITDA.
Retail Stores
6,693 related employer businesses in Minnesota.
Fashion, Apparel & Jewelry: 1,830 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE + Inventory.
Hardware, Garden & Building: 1,561 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE + Inventory.
Health, Beauty & Pharmacy: 1,230 employer businesses here. Typical sale multiple: 2.8x - 4.2x EBITDA.
Home Decor & Furniture: 794 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE + Inventory.
Sporting Goods & Firearms: 479 employer businesses here. Typical sale multiple: 2.3x - 3.4x SDE.
Hobby, Toys & Gift Shops: 461 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE + Inventory.
Electronics & Repair: 338 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Manufacturing
5,292 related employer businesses in Minnesota.
Metal Fabrication: 1,427 employer businesses here. Typical sale multiple: 3.2x - 4.2x SDE.
Food & Beverage Manufacturing: 900 employer businesses here. Typical sale multiple: 3.1x - 4.5x SDE.
Printing & Plastics: 826 employer businesses here. Typical sale multiple: 2.9x - 4.9x SDE.
Wood & Furniture Manufacturing: 704 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Medical & Chemical Manufacturing: 529 employer businesses here. Typical sale multiple: 4.5x - 8.0x EBITDA.
Electronics & Tech Manufacturing: 406 employer businesses here. Typical sale multiple: 4.0x - 7.5x EBITDA.
Construction Materials Manufacturing: 340 employer businesses here. Typical sale multiple: 2.5x - 5.0x EBITDA.
Textile & Apparel Manufacturing: 160 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Automotive & Boat
5,234 related employer businesses in Minnesota.
Auto Repair: 2,087 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE.
Auto Parts: 977 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE + Inventory.
Car Dealerships: 813 employer businesses here. Typical sale multiple: 2x - 8x Blue Sky + Assets.
Collision Repair: 768 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Car Washes: 232 employer businesses here. Typical sale multiple: 4.5x - 7.0x EBITDA.
Towing & Repo: 149 employer businesses here. Typical sale multiple: 3.0x - 4.0x EBITDA + Fleet.
Boat Dealerships: 142 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Marinas: 66 employer businesses here. Typical sale multiple: Cap Rate or 4.0x - 7.0x EBITDA.
Logistics & Transportation
4,538 related employer businesses in Minnesota.
General Freight Trucking: 3,240 employer businesses here. Typical sale multiple: 2.44x - 3.45x SDE.
Freight Brokerage & 3PL: 301 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Warehousing & Fulfillment: 285 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Last-Mile & Courier: 281 employer businesses here. Typical sale multiple: 2.76x - 3.32x SDE.
Heavy Haul Transport: 221 employer businesses here. Typical sale multiple: 3.5x - 4.5x SDE.
Commercial Moving: 120 employer businesses here. Typical sale multiple: 1.5x - 3.0x SDE.
NEMT & Passenger Transport: 90 employer businesses here. Typical sale multiple: 2.1x - 3.1x SDE.
Port Drayage. Typical sale multiple: 2.5x - 3.5x SDE.
Wholesale & Distribution
3,121 related employer businesses in Minnesota.
Industrial & Construction Supply: 1,445 employer businesses here. Typical sale multiple: 3.0x - 4.0x SDE.
Food & Beverage Distribution: 568 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Electronics, IT & Office Equipment Distribution: 558 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Chemicals, Plastics & Raw Materials Distribution: 183 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Packaging, Paper & JanSan Distribution: 142 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Consumer Goods & Apparel Distribution: 116 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Medical, Dental & Pharmaceutical Distribution: 109 employer businesses here. Typical sale multiple: 3.5x - 4.5x EBITDA.
Beauty & Personal Care
2,792 related employer businesses in Minnesota.
Hair Salons: 1,521 employer businesses here. Typical sale multiple: 1.25x - 2.34x SDE.
Nail Salons: 672 employer businesses here. Typical sale multiple: 1.4x - 1.88x SDE.
Day Spas: 511 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE.
Tattoo Shops: 511 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Massage Parlors: 511 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Barber Shops: 88 employer businesses here. Typical sale multiple: 1.5x - 2.25x SDE.
Medical Spas. Typical sale multiple: 2.5x - 4.5x EBITDA.
Home Services
2,751 related employer businesses in Minnesota.
Residential Cleaning: 1,391 employer businesses here. Typical sale multiple: 1.5x - 2.6x SDE.
Commercial Cleaning: 1,391 employer businesses here. Typical sale multiple: 2.47x - 4.11x EBITDA.
Property Management: 1,177 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Pest Control: 104 employer businesses here. Typical sale multiple: 2.34x - 2.90x SDE.
Security Systems: 79 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.
Technology & Media
2,568 related employer businesses in Minnesota.
Digital Marketing Agencies: 803 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Creative Agencies: 683 employer businesses here. Typical sale multiple: 1.8x - 3.0x SDE.
Media, Film & Studio Production: 402 employer businesses here. Typical sale multiple: 2.2x - 3.5x SDE.
Real Estate Media: 389 employer businesses here. Typical sale multiple: 1.5x - 2.8x SDE.
Software Companies (SaaS): 291 employer businesses here. Typical sale multiple: 3.5x - 5.5x SDE.
E-commerce & Online Brands. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Senior Care & Living
2,231 related employer businesses in Minnesota.
Non-Medical Home Care: 1,276 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Assisted Living Facilities: 616 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Senior Living Communities: 339 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Adult Day Services. Typical sale multiple: 2.5x - 4.0x SDE.
Gas Stations & Convenience
2,189 related employer businesses in Minnesota.
Gas Stations: 2,038 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA + Real Estate.
Convenience Stores: 151 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.
Entertainment & Recreation
1,985 related employer businesses in Minnesota.
Bars & Pubs: 921 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Clubs & Lounges: 921 employer businesses here. Typical sale multiple: 3.0x - 6.0x EBITDA.
Outdoor Recreation: 607 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Golf Courses: 315 employer businesses here. Typical sale multiple: 8.0x - 11.0x EBITDA.
Bowling Alleys: 100 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Arcades & FECs: 42 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.
Pharmacies & Medical Supply
1,906 related employer businesses in Minnesota.
Home Infusion: 995 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Compounding Pharmacies: 496 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Specialty Pharmacies: 496 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Medical Supply Retail: 228 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Durable Medical Equipment (DME): 187 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Hospitality & Travel
1,735 related employer businesses in Minnesota.
Hotels: 925 employer businesses here. Typical sale multiple: 2.6x - 5.1x EBITDA.
Motels: 925 employer businesses here. Typical sale multiple: 1.1x - 2.5x SDE.
Transportation Services: 499 employer businesses here. Typical sale multiple: 2.0x - 4.1x SDE.
Travel Agencies: 150 employer businesses here. Typical sale multiple: 2.3x - 3.2x SDE.
Campgrounds & RV Parks: 142 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Bed & Breakfasts / Inns: 19 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Education & Childcare
1,596 related employer businesses in Minnesota.
Daycare Centers: 1,473 employer businesses here. Typical sale multiple: 2.39x - 3.35x SDE.
Tutoring Centers: 123 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Preschools. Typical sale multiple: 3.12x - 4.0x SDE.
Health & Fitness
1,512 related employer businesses in Minnesota.
Wellness & Recovery Centers: 764 employer businesses here. Typical sale multiple: 5.5x - 9.7x EBITDA.
Gyms & Health Clubs: 748 employer businesses here. Typical sale multiple: 2.44x - 2.93x SDE.
Yoga Studios: 748 employer businesses here. Typical sale multiple: 2.07x - 2.50x SDE.
Pilates Studios: 748 employer businesses here. Typical sale multiple: 2.10x - 3.00x SDE.
Personal Training Studios: 748 employer businesses here. Typical sale multiple: 2.00x - 2.80x SDE.
Energy & Utilities
1,074 related employer businesses in Minnesota.
Waste Management & Recycling: 414 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Water & Wastewater Services: 305 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Propane & Fuel Distribution: 288 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Solar & Renewable Energy: 37 employer businesses here. Typical sale multiple: 3.5x - 6.0x EBITDA.
Oil & Gas Services: 30 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA + Equipment.
Pet Services
651 related employer businesses in Minnesota.
Pet Grooming & Spas: 490 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Boarding, Daycare & Training: 490 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Pet Retail & Specialty Supplies: 161 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
12 related employer businesses in Minnesota.
Agricultural Labor Contracting: 12 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 Minnesota. 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
18,295 related employer businesses in Minnesota.
General Contracting: 5,209 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Interior Finishing: 2,942 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Landscaping: 2,397 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Plumbing: 1,816 employer businesses here. Typical sale multiple: 3.5x - 5.0x SDE.
HVAC Services: 1,816 employer businesses here. Typical sale multiple: 4.6x - 7.0x EBITDA.
Foundation & Site Prep: 1,557 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Fleet.
Electrical: 1,534 employer businesses here. Typical sale multiple: 4.0x - 8.0x EBITDA.
Roofing & Siding: 950 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Civil Engineering: 887 employer businesses here. Typical sale multiple: 7.0x - 11.0x EBITDA.
Masonry: 498 employer businesses here. Typical sale multiple: 2.5x - 4.0x EBITDA + Equipment.
Carpentry & Framing: 412 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Remediation & Restoration: 93 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Restaurants & Food
10,794 related employer businesses in Minnesota.
Full-Service Restaurants: 3,879 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Quick-Service & Fast Food: 3,848 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Coffee Shops: 1,095 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Grocery Stores & Markets: 998 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Liquor, Wine & Beer Stores: 850 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE + Inventory.
Bakeries: 124 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Ghost Kitchens. Typical sale multiple: 2.0x - 3.0x SDE.
Financial & Professional Services
10,764 related employer businesses in Minnesota.
Real Estate Brokerages: 3,247 employer businesses here. Typical sale multiple: 2.5x - 4.5x SDE.
Insurance Agencies: 3,131 employer businesses here. Typical sale multiple: 6.0x - 8.0x EBITDA.
Accounting & Tax Practices: 2,094 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Wealth Management: 1,749 employer businesses here. Typical sale multiple: 2.7x - 4.0x Recurring Revenue.
Private Lending: 438 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Mortgage Brokerages: 105 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Medical Practices
7,807 related employer businesses in Minnesota.
Dental Practices: 1,884 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Primary & Family Care: 1,494 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE.
Mental & Behavioral Health: 1,379 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE.
Home Health & Hospice: 995 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Physical Therapy & Rehab: 668 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Veterinary Medicine: 630 employer businesses here. Typical sale multiple: 6.0x - 9.0x EBITDA.
Vision & Eye Care: 378 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Specialty Medicine: 159 employer businesses here. Typical sale multiple: 5.0x - 7.0x EBITDA.
Medical Labs & Imaging: 153 employer businesses here. Typical sale multiple: 4.5x - 6.5x EBITDA.
Urgent Care Clinics: 67 employer businesses here. Typical sale multiple: 4.0x - 6.0x EBITDA.
Retail Stores
6,693 related employer businesses in Minnesota.
Fashion, Apparel & Jewelry: 1,830 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE + Inventory.
Hardware, Garden & Building: 1,561 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE + Inventory.
Health, Beauty & Pharmacy: 1,230 employer businesses here. Typical sale multiple: 2.8x - 4.2x EBITDA.
Home Decor & Furniture: 794 employer businesses here. Typical sale multiple: 2.2x - 3.2x SDE + Inventory.
Sporting Goods & Firearms: 479 employer businesses here. Typical sale multiple: 2.3x - 3.4x SDE.
Hobby, Toys & Gift Shops: 461 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE + Inventory.
Electronics & Repair: 338 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Manufacturing
5,292 related employer businesses in Minnesota.
Metal Fabrication: 1,427 employer businesses here. Typical sale multiple: 3.2x - 4.2x SDE.
Food & Beverage Manufacturing: 900 employer businesses here. Typical sale multiple: 3.1x - 4.5x SDE.
Printing & Plastics: 826 employer businesses here. Typical sale multiple: 2.9x - 4.9x SDE.
Wood & Furniture Manufacturing: 704 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Medical & Chemical Manufacturing: 529 employer businesses here. Typical sale multiple: 4.5x - 8.0x EBITDA.
Electronics & Tech Manufacturing: 406 employer businesses here. Typical sale multiple: 4.0x - 7.5x EBITDA.
Construction Materials Manufacturing: 340 employer businesses here. Typical sale multiple: 2.5x - 5.0x EBITDA.
Textile & Apparel Manufacturing: 160 employer businesses here. Typical sale multiple: 2.5x - 3.8x SDE.
Automotive & Boat
5,234 related employer businesses in Minnesota.
Auto Repair: 2,087 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE.
Auto Parts: 977 employer businesses here. Typical sale multiple: 2.5x - 3.2x SDE + Inventory.
Car Dealerships: 813 employer businesses here. Typical sale multiple: 2x - 8x Blue Sky + Assets.
Collision Repair: 768 employer businesses here. Typical sale multiple: 3.5x - 5.0x EBITDA.
Car Washes: 232 employer businesses here. Typical sale multiple: 4.5x - 7.0x EBITDA.
Towing & Repo: 149 employer businesses here. Typical sale multiple: 3.0x - 4.0x EBITDA + Fleet.
Boat Dealerships: 142 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Marinas: 66 employer businesses here. Typical sale multiple: Cap Rate or 4.0x - 7.0x EBITDA.
Logistics & Transportation
4,538 related employer businesses in Minnesota.
General Freight Trucking: 3,240 employer businesses here. Typical sale multiple: 2.44x - 3.45x SDE.
Freight Brokerage & 3PL: 301 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Warehousing & Fulfillment: 285 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Last-Mile & Courier: 281 employer businesses here. Typical sale multiple: 2.76x - 3.32x SDE.
Heavy Haul Transport: 221 employer businesses here. Typical sale multiple: 3.5x - 4.5x SDE.
Commercial Moving: 120 employer businesses here. Typical sale multiple: 1.5x - 3.0x SDE.
NEMT & Passenger Transport: 90 employer businesses here. Typical sale multiple: 2.1x - 3.1x SDE.
Port Drayage. Typical sale multiple: 2.5x - 3.5x SDE.
Wholesale & Distribution
3,121 related employer businesses in Minnesota.
Industrial & Construction Supply: 1,445 employer businesses here. Typical sale multiple: 3.0x - 4.0x SDE.
Food & Beverage Distribution: 568 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Electronics, IT & Office Equipment Distribution: 558 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Chemicals, Plastics & Raw Materials Distribution: 183 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Packaging, Paper & JanSan Distribution: 142 employer businesses here. Typical sale multiple: 2.5x - 3.5x SDE.
Consumer Goods & Apparel Distribution: 116 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE + Inventory.
Medical, Dental & Pharmaceutical Distribution: 109 employer businesses here. Typical sale multiple: 3.5x - 4.5x EBITDA.
Beauty & Personal Care
2,792 related employer businesses in Minnesota.
Hair Salons: 1,521 employer businesses here. Typical sale multiple: 1.25x - 2.34x SDE.
Nail Salons: 672 employer businesses here. Typical sale multiple: 1.4x - 1.88x SDE.
Day Spas: 511 employer businesses here. Typical sale multiple: 1.8x - 2.8x SDE.
Tattoo Shops: 511 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Massage Parlors: 511 employer businesses here. Typical sale multiple: 1.5x - 2.5x SDE.
Barber Shops: 88 employer businesses here. Typical sale multiple: 1.5x - 2.25x SDE.
Medical Spas. Typical sale multiple: 2.5x - 4.5x EBITDA.
Home Services
2,751 related employer businesses in Minnesota.
Residential Cleaning: 1,391 employer businesses here. Typical sale multiple: 1.5x - 2.6x SDE.
Commercial Cleaning: 1,391 employer businesses here. Typical sale multiple: 2.47x - 4.11x EBITDA.
Property Management: 1,177 employer businesses here. Typical sale multiple: 3.0x - 4.5x SDE.
Pest Control: 104 employer businesses here. Typical sale multiple: 2.34x - 2.90x SDE.
Security Systems: 79 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.
Technology & Media
2,568 related employer businesses in Minnesota.
Digital Marketing Agencies: 803 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Creative Agencies: 683 employer businesses here. Typical sale multiple: 1.8x - 3.0x SDE.
Media, Film & Studio Production: 402 employer businesses here. Typical sale multiple: 2.2x - 3.5x SDE.
Real Estate Media: 389 employer businesses here. Typical sale multiple: 1.5x - 2.8x SDE.
Software Companies (SaaS): 291 employer businesses here. Typical sale multiple: 3.5x - 5.5x SDE.
E-commerce & Online Brands. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Senior Care & Living
2,231 related employer businesses in Minnesota.
Non-Medical Home Care: 1,276 employer businesses here. Typical sale multiple: 3.0x - 5.0x SDE.
Assisted Living Facilities: 616 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Senior Living Communities: 339 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Real Estate.
Adult Day Services. Typical sale multiple: 2.5x - 4.0x SDE.
Gas Stations & Convenience
2,189 related employer businesses in Minnesota.
Gas Stations: 2,038 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA + Real Estate.
Convenience Stores: 151 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.
Entertainment & Recreation
1,985 related employer businesses in Minnesota.
Bars & Pubs: 921 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Clubs & Lounges: 921 employer businesses here. Typical sale multiple: 3.0x - 6.0x EBITDA.
Outdoor Recreation: 607 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Golf Courses: 315 employer businesses here. Typical sale multiple: 8.0x - 11.0x EBITDA.
Bowling Alleys: 100 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Arcades & FECs: 42 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.
Pharmacies & Medical Supply
1,906 related employer businesses in Minnesota.
Home Infusion: 995 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Compounding Pharmacies: 496 employer businesses here. Typical sale multiple: 3.5x - 5.5x EBITDA.
Specialty Pharmacies: 496 employer businesses here. Typical sale multiple: 4.0x - 6.5x EBITDA.
Medical Supply Retail: 228 employer businesses here. Typical sale multiple: 2.5x - 4.0x SDE + Inventory.
Durable Medical Equipment (DME): 187 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA.
Hospitality & Travel
1,735 related employer businesses in Minnesota.
Hotels: 925 employer businesses here. Typical sale multiple: 2.6x - 5.1x EBITDA.
Motels: 925 employer businesses here. Typical sale multiple: 1.1x - 2.5x SDE.
Transportation Services: 499 employer businesses here. Typical sale multiple: 2.0x - 4.1x SDE.
Travel Agencies: 150 employer businesses here. Typical sale multiple: 2.3x - 3.2x SDE.
Campgrounds & RV Parks: 142 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Bed & Breakfasts / Inns: 19 employer businesses here. Typical sale multiple: 2.0x - 4.0x SDE.
Education & Childcare
1,596 related employer businesses in Minnesota.
Daycare Centers: 1,473 employer businesses here. Typical sale multiple: 2.39x - 3.35x SDE.
Tutoring Centers: 123 employer businesses here. Typical sale multiple: 2.0x - 3.5x SDE.
Preschools. Typical sale multiple: 3.12x - 4.0x SDE.
Health & Fitness
1,512 related employer businesses in Minnesota.
Wellness & Recovery Centers: 764 employer businesses here. Typical sale multiple: 5.5x - 9.7x EBITDA.
Gyms & Health Clubs: 748 employer businesses here. Typical sale multiple: 2.44x - 2.93x SDE.
Yoga Studios: 748 employer businesses here. Typical sale multiple: 2.07x - 2.50x SDE.
Pilates Studios: 748 employer businesses here. Typical sale multiple: 2.10x - 3.00x SDE.
Personal Training Studios: 748 employer businesses here. Typical sale multiple: 2.00x - 2.80x SDE.
Energy & Utilities
1,074 related employer businesses in Minnesota.
Waste Management & Recycling: 414 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Water & Wastewater Services: 305 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA.
Propane & Fuel Distribution: 288 employer businesses here. Typical sale multiple: 4.0x - 7.0x EBITDA + Assets.
Solar & Renewable Energy: 37 employer businesses here. Typical sale multiple: 3.5x - 6.0x EBITDA.
Oil & Gas Services: 30 employer businesses here. Typical sale multiple: 3.0x - 5.0x EBITDA + Equipment.
Pet Services
651 related employer businesses in Minnesota.
Pet Grooming & Spas: 490 employer businesses here. Typical sale multiple: 2.0x - 3.0x SDE.
Boarding, Daycare & Training: 490 employer businesses here. Typical sale multiple: 3.0x - 4.5x EBITDA.
Pet Retail & Specialty Supplies: 161 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
12 related employer businesses in Minnesota.
Agricultural Labor Contracting: 12 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.
Metro areas in this state
Counties
Working with owners in Minnesota
Business Advisors of America works with owners who are selling a business in Minnesota. Contact us to talk about a sale.
FREQUENTLY ASKED QUESTIONS
Questions owners in Minnesota ask
How long does it take to sell a business in Minnesota?
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 Minnesota?
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 Minnesota
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