Businesses for Sale in the US: 24,412 Listings, $435K Median

Drafted from Napkin Deals' audited fact sheet of 28,310 live listings, data as of 28 September 2026. Every figure is checked against the snapshot.

This guide is for buyers deciding where to look in the United States: people acquiring one business with their own capital, and sponsors buying several. It sets out what is listed on Napkin Deals in the United States in September 2026, at what prices, in which categories and size bands, and what sellers are asking as multiples. The median asking price across 22,880 priced United States listings is $435K. External context on owner age, closed deals and lending is cited inline.

• The United States carries 24,412 live listings on Napkin Deals in September 2026 (n=24,412).
• 22,880 United States listings state a price in September 2026, with a median asking price of $435K (n=22,880).
• Quartile asking prices in the United States run from $190K to $1.17M in September 2026 (n=22,880).
• Total asking value across priced United States listings is $32.1B in September 2026 (n=22,880).
• The median asking EBITDA multiple in the United States is 2.98x in September 2026 (n=13,269).
• 54% of priced United States listings ask under $500K in September 2026 (n=22,880).

What is listed in the United States right now

The United States carries 24,412 live listings on Napkin Deals in September 2026. Of those, 22,880 state a price. The remainder are listed without a public asking figure, which usually means the broker discloses price after a non-disclosure agreement. Total asking value across the priced set is $32.1B.

These are asking prices set by sellers and their brokers, not sale prices. No closing data is involved in any of our figures. The median asking price in the United States is $435K. The lower quartile sits at $190K and the upper quartile at $1.17M (n=22,880). Half the priced inventory therefore falls in a band roughly between a small owner-operated business and a lower-middle-market deal.

The United States accounts for 91% of the 26,720 operating listings in the index (n=24,412). Real estate is excluded from that count, so it is the pool of operating businesses a buyer underwrites on cash flow.

The index as a whole holds 28,310 live listings across 99 countries in September 2026. Most of that inventory sits in the United States, so country filters matter less here than category and size filters.

The most-listed business types

Restaurants and hospitality lead with 5,475 listings, 22% of United States inventory. Service businesses follow at 3,758 listings, 15%. Franchises account for 2,419 listings, 10%, and healthcare practices for 2,104 listings, 9%. The long tail includes construction at 1,389 listings and e-commerce at 935.

The mix is weighted toward owner-operated categories. Restaurants, service businesses and retail are typically run by the seller, staffed thinly at the management layer, and sold on seller's discretionary earnings rather than clean EBITDA. A buyer who cannot or will not run the business daily should filter these out early, or budget for a general manager in the model.

Franchises sit apart from the rest. A franchise transfer needs franchisor approval, a transfer fee, and often a remodel commitment or a fresh term of the franchise agreement. Ask for the current franchise disclosure document and the remaining term before spending money on due diligence.

Healthcare practices and construction carry licensing that does not travel with the buyer automatically. Professional licences and contractor registrations transfer by state, and in some cases require a licensed individual inside the acquiring entity. Confirm the mechanism before signing a purchase agreement, not after.

Sectors and price bands

Retail and Consumer dominates the sector view with 14,419 listings, 59% of United States inventory. Industrials and Services follows at 3,403 listings, 14%, then Healthcare at 2,559 listings, 10%, and Food and Consumer Staples at 2,083 listings, 9%. Software and IT holds 728 listings, 3%, and Energy 116 listings.

The price-band table shows where the volume sits. 12,409 priced listings ask under $500K, 54% of the priced set. Adding the $500K–$1M band brings the cumulative share to 72%. Above $2.5M, inventory thins quickly: 1,577 listings ask $2.5M–$5M and 1,109 listings ask $5M or more, 5% of priced listings.

For a sponsor with an equity cheque sized for deals above $5M, the searchable United States universe here is roughly a thousand listings, spread across all nine sectors. Expect to cover more categories, or to source off-market, to keep a pipeline full at that size.

What sellers ask

Where earnings are disclosed, we compute asking multiples. In the United States the median asking EBITDA multiple is 2.98x, with a lower quartile of 2.10x and an upper quartile of 4.18x, across 13,269 listings. The interquartile spread is 2.08x, which is wide enough that a single sector median is a weak anchor for any one deal.

On revenue, the median asking multiple is 0.69x, with quartiles at 0.41x and 1.13x across 17,590 listings. The spread is 0.72x. Revenue multiples are most useful as a sanity check when earnings are restated heavily, not as a primary method. Our page on valuation multiples sets out how the common methods differ.

Closed-deal references come from elsewhere. BizBuySell reported 9,586 tracked closings worth $7.95 billion in 2025 ^[1], with a median sale price of $350,000 on $703,000 of revenue and $158,950 of cash flow ^[1]. Average sold multiples that year were 2.61 on cash flow and 0.69 on revenue ^[1]. Deals took a median 170 days to close and sold at 94 percent of asking ^[1].

Those closed figures and our asking figures measure different things: one is a settled price on a subset of completed transactions, the other is what is currently being requested across live inventory. Cash flow, or SDE, also includes owner compensation that an EBITDA figure removes. IBBA's Market Pulse, which surveys brokers on closed deals by size band, is the other standard reference point when you want paid multiples rather than requested ones.

Who is selling, and why

More than half of US privately held businesses have owners over 55 according to Census data ^[2]. An owner over 55 is not a seller until they engage a broker, assemble financials and accept a price, so read these figures as a reason to run direct outreach alongside marketplace search, not as a forecast of listings to come.

At the deal table the consequence is transition risk. In owner-operated businesses the retiring seller is often the main salesperson, estimator or licence holder. Scope a transition agreement, a non-compete and a training period in the letter of intent, and price the risk rather than assume it away.

How deals get financed

Most small acquisitions in the United States run through an SBA 7(a) loan. SBA reported a record FY2025, including 77,600 7(a) loans worth $37 billion ^[3].

Equity rules are explicit. Under SOP 50 10 8.1, in force since October 2026, a first acquisition needs at least 10% equity, and the lender cannot reduce it ^[4]. A seller note counts toward that equity only if it is on full standby for the life of the loan, and it can cover no more than half ^[4].

The same SOP tightened underwriting. Debt service coverage for a first acquisition must reach 1.25 times, measured on the last fiscal year or the average of the last two, not on projections ^[4]. A seller note can be refinanced only after it has been in place and current for 36 months ^[4]. In practice, historical cash flow must carry the loan on its own, with no credit for a synergy or price-increase plan.

Seller financing expectations and seller willingness diverge. Nine in ten US buyers expect seller financing, but under a third of sellers, 29%, plan to offer it ^[5]. Raise the note early in negotiation, and be ready to explain how standby treatment affects the seller's cash timing.

What a buyer should know about the United States

Listing volume tracks population and business density, so the large-state markets carry most inventory and most broker coverage. Thin markets are not necessarily cheaper; they are simply slower, with fewer comparable transactions and longer marketing periods.

Regulation is state-level for most operating matters. Contractor, healthcare, liquor and childcare licences transfer by state rules, and some require a qualifying individual on staff. Sales tax registration, workers' compensation and entity qualification are also state matters. Build these into your due diligence timetable, because licence transfer often sets the closing date rather than the loan.

A foreign buyer faces an additional layer. Canadians and other treaty nationals commonly use the E-2 treaty investor visa. Federal rules require a substantial investment in an operating business and control of it, shown by at least 50 percent ownership or operational control, and the first admission is for up to 2 years ^[6]. Confirm status and entity structure with immigration counsel before signing, since the visa basis can dictate the ownership split.

Currency and tax structure are worth pricing early. Cross-border buyers carry exchange-rate risk between signing and funding, and the choice between an asset purchase and a share purchase changes depreciation, liability and withholding outcomes. Ask a US tax adviser how the structure affects your position before you sign.

Independent sponsors and other repeat acquirers should also check whether their capital structure keeps them inside lending eligibility, because ownership by non-resident or fund entities can change the terms a lender will offer.

Method and sources

Our figures come from a September 2026 snapshot of live listings on Napkin Deals, the same index that holds 28,310 listings across 99 countries. Country is taken as recorded on the listing.

Counts use all live listings. Price statistics use only listings with a trusted, stated price, which is 22,880 of 24,412 in the United States. Multiples use listings that disclose the relevant earnings or revenue figure, so the samples differ: 13,269 for EBITDA and 17,590 for revenue.

We publish a breakdown only where at least 25 listings support it, and headline figures on a page carry a 500-listing floor. All our prices and multiples are asking figures set by sellers, not closing prices.

External figures are cited inline with a marker after each number and are drawn from the sources listed. Closed-deal figures from BizBuySell and survey figures from brokers describe different populations than our live inventory.

Browse the live listings behind these numbers, or create a buyer account on Napkin Deals to work from the full set.

Frequently asked questions

How often do these United States figures change?

We recompute the snapshot monthly, so counts, medians and multiples move as listings are added, repriced or withdrawn. This page reflects September 2026. Compare months at the same reading: live listing counts against live listing counts, and priced medians against priced medians.

Can a non-US buyer use SBA financing for an acquisition?

Lenders apply ownership and residency tests before anything else, and those tests can rule out a structure that otherwise works. Ask a 7(a) lender to review your proposed cap table and immigration status in writing before you spend money on diligence or pay a deposit.

Why do so many listings show no asking price?

Brokers often withhold price until a buyer signs a non-disclosure agreement and shows proof of funds. In the United States, 22,880 of 24,412 live listings state a price in September 2026. The unpriced remainder still appears in counts but not in price or multiple statistics.

Should I use the median asking multiple as my offer anchor?

No. The United States asking EBITDA quartiles run 2.10x to 4.18x across 13,269 listings, a spread of 2.08x. Price the specific business: customer concentration, owner dependence, contracted revenue, capital needs and debt service capacity move a multiple more than the category median does.