BizBuySell’s 2025 Market Recap Report provides a snapshot of small business transaction activity over the past year, highlighting how pricing, deal volume, and buyer demand shifted across the market.
While overall transaction volume showed only modest change, the data points to continued deal activity and stable pricing across a wide range of businesses. For owners considering a sale, the report offers useful context around current market conditions and expectations.
Key Market Indicators from 2025
According to the report, 9,586 businesses closed in 2025, representing a 0.4 percent year over year increase. Total enterprise value reached $7.95 billion, reflecting a 3 percent increase compared to the prior year.
Median pricing moved slightly higher. The median sale price rose to $350,000, while median cash flow increased to $158,950 and median revenue reached $703,000. Each of these metrics showed approximately 3 percent year over year growth.
Transactions took longer to complete, with the median time to close reaching 170 days. On average, businesses sold for 94 percent of asking price. Multiples remained steady, with the average cash flow multiple at 2.61 and the average revenue multiple at 0.69.
States with the Most Buyer Demand
The report identified Florida, California, Texas, Arizona, and New York as the states with the highest buyer demand in 2025. These markets accounted for a disproportionate share of buyer interest relative to other regions.
This concentration highlights where buyer activity was most active during the year, particularly in states with large populations, established business communities, and consistent transaction flow.
Sectors with the Most Closed Deals
Service businesses accounted for the largest share of closed transactions in 2025, followed by retail and restaurant businesses. Manufacturing and other categories rounded out the remaining activity.
The report also identified several rising areas of buyer interest, including financial services, technology services, café and coffee retailers, and beauty and personal care businesses.
What This Means for Business Owners
The 2025 data shows that buyers remained active, pricing held relatively steady, and deals continued to close across a broad range of industries. Longer timelines and consistent multiples suggest a market that rewards preparation, clarity, and realistic expectations. The full market recap can be found on BizBuySell’s website: BizBuySell 2025 Year in Review.
At Business Exits, we help owners interpret market data like this, understand how buyers are evaluating opportunities, and prepare for a sale process that aligns with current conditions. Establishing a clear valuation baseline is often the first step.