A construction sale runs like any other until diligence, where three things specific to the trade slow it down: contract accounting, bonding capacity and the license. Each has a lead time, and each is much cheaper to handle before marketing than during exclusivity.
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Preparation
Job level reporting that lets a buyer see margin by contract type, a schedule of work in progress with over and under billings, retainage owed to and by the company, an equipment list with finance, and any open claims stated plainly. This is the file a buyer rebuilds your earnings from, and preparing it is the difference between a four week diligence and a twelve week one.
Marketing and buyers
Regional competitors, national contractors entering the market and funds building specialty trade platforms. The last two will not see a listing and have to be approached by name. Running a listing and a direct approach in parallel produces the comparison that sets the price, and both are normal.
The three delays
Surety capacity, which is reassessed on a change of ownership and can constrain who is able to buy. The state license where it sits with a qualifying individual who is you. And customer consents where contracts terminate on a change of control. All three should be mapped before you market.
Questions people ask about selling a construction company
How long does it take?
Nine to twelve months from a prepared start, with bonding and license questions the usual cause of delay.
Is my equipment valued separately?
It informs the floor rather than adding to the price. Buyers price earnings and check whether the fleet can produce them without immediate replacement spending.
Will the buyer keep my people?
Almost always, because in a labor constrained trade the crews are much of what is being bought. Retention arrangements for key foremen are commonly agreed before closing.