Drafted from Napkin Deals' audited fact sheet of 27,794 live listings, data as of 22 September 2026. Every figure is checked against the snapshot.
Most small businesses for sale are priced below half a million dollars. In September 2026, 54% of priced listings ask under $500K, and 72% ask under $1M. These are asking prices, not sale prices, across 24,503 listings stating a price on Napkin Deals. Only 6% of priced listings ask $5M or more, so a buyer with a seven-figure budget is shopping in a thin part of the market.
- In September 2026, 13,122 of 24,503 priced listings ask under $500K, or 54% of the priced market.
- A further 4,398 listings ask between $500K and $1M in September 2026, taking the cumulative share to 72%.
- The $1M–$2.5M band holds 3,874 listings in September 2026, and 87% of priced listings sit at or below $2.5M.
- Listings asking $5M+ number 1,394 in September 2026, or 6% of the 24,503 priced listings.
- The September 2026 snapshot covers 27,794 live listings across 99 countries, of which 24,503 state a price.
What does the data show?
The September 2026 data shows a market concentrated in the lowest price band. Of 24,503 listings stating a price on Napkin Deals, 13,122 ask under $500K. That is 54% of the priced market in a single band.
The table reads best as a cumulative ladder. Add the 4,398 listings in the $500K–$1M band and 72% of priced listings sit at or below $1M. Add the $1M–$2.5M band, which holds 3,874 listings, and the cumulative share reaches 87%. Everything above $2.5M is the remaining sliver.
The top two bands are small in absolute terms. The $2.5M–$5M band holds 1,715 listings and the $5M+ band holds 1,394, or 6% of priced listings. So a buyer searching above $2.5M is choosing from roughly one listing in eight, while a buyer capped at $1M sees most of what is listed. The bands describe asking prices only; the data does not say why sellers cluster where they do.
| Asking price | Listings | Share |
|---|---|---|
| Under $500K | 13,122 | 54% |
| $500K–$1M | 4,398 | 18% |
| $1M–$2.5M | 3,874 | 16% |
| $2.5M–$5M | 1,715 | 7% |
| $5M+ | 1,394 | 6% |
The sector multiples behind this month's Index, with quartiles and sample sizes, are in EBITDA Multiples by Industry: What Sellers Ask (Sept 2026).
Why it matters for buyers
Budget sets your selection, not just your price. A buyer whose budget sits under $500K is competing inside the widest band in the September 2026 Index, where 13,122 listings sit. A buyer targeting $5M+ is working a list of 1,394 and should expect to travel, widen sectors, or wait. Neither position is better; they demand different search plans.
The practical argument: a buyer who sets a budget from what they can borrow will find that most listings in the lowest band are small operations where the owner is the business. Screening on price alone will fill your pipeline with businesses whose earnings are effectively a salary. Pair the price band with stated earnings before you shortlist, and treat any listing with no stated price as unscreenable until the broker gives you one. Sector matters too: valuation multiples differ across the nine sectors in the same snapshot.
If your mandate starts at $5M, listed inventory alone is not a pipeline. The top band holds 1,394 listings across the whole index, and every searcher running the same screen sees the same names. Dropping one band adds the 1,715 listings asking $2.5M–$5M, and the $1M–$2.5M band holds 3,874 more. Budget proprietary outreach from day one rather than treating it as a fallback, and use Stanford's search fund study and IBBA's Market Pulse for what buyers paid at close.
How to use this number
- Pick your band before you search. Decide whether you are shopping under $500K, under $1M, or above $2.5M, and note that 87% of September 2026 priced listings sit at or below $2.5M.
- Convert the band into equity and debt. SBA loans for acquisitions require an equity injection from the buyer and a lender's own view of the earnings, so ask your lender what they will underwrite before you make an offer; the SBA 7(a) program publishes the injection rules.
- Check the earnings basis behind the price. Ask the broker whether the asking price is built on seller's discretionary earnings or EBITDA, and which of the standard valuation methods produced it.
- Compare the asking price with sector norms. Look up the median asking multiple for the sector in the sector table linked below, then ask the broker to justify any listing priced well above it.
Browse the live listings behind these numbers, or create a buyer account on Napkin Deals to work from the full set.
Method and caveats
The figures come from the Napkin Deals snapshot dated September 2026: 27,794 live listings across 99 countries, of which 26,234 are operating businesses and 24,503 state an asking price. Listings with no stated price are excluded from every share in this article, as are real-estate-only listings and financials that failed source grounding. Bands are computed on the 24,503 priced listings. Asking prices are what sellers request at the point of listing; they are not transaction prices, and closed deals may settle above or below them. BizBuySell's Insight Report measures closed sales on one marketplace, a different population from what is currently listed.
Frequently asked questions
Is the asking price negotiable on a small business listing?
Napkin Deals indexes what sellers ask, so it cannot measure negotiation. Closed-sale trackers such as the BizBuySell Insight Report publish sale-to-asking ratios for completed deals, which is the right source for how far final prices move from list.
Does the asking price usually include inventory and equipment?
It varies by listing and by broker. Ask whether the asking price is for assets, equity, or assets plus inventory at cost, and whether property is included or leased. The Napkin Deals index does not standardise this across listings.
What counts as the lower middle market in this data?
Napkin Deals bands listings by asking price, not by revenue or EBITDA. The two upper bands, $2.5M to $5M and $5M and above, are the closest proxy for lower middle market supply in the September 2026 index.