Regulated Business Industries
Buying and selling guides for industries where the operating license itself is the asset. The standard “list it on BizBuySell” playbook leaves money and certainty on the table in these markets.
In most small business sales, the buyer is paying for cash flow, customers, equipment, and goodwill. In these industries, the buyer is also paying for a regulatory asset the government does not freely issue. That asset might be an FAA certificate, a quota-limited liquor license, a state funeral home or cemetery license, an assisted living license, a Medicaid NEMT contract, a state bail bond license, or a municipal towing contract.
Because the license is gated, the wrong sale channel can quietly destroy value. A generic broker who does not understand transfer mechanics. A marketplace whose buyer pool does not qualify. A buyer who cannot pass the regulator’s background or financial review. Each of those outcomes is preventable with industry-specific knowledge.
Each guide below covers three questions. Where buyers and sellers should actually transact. How to acquire the underlying license, or how to buy an existing operation. And how owners can sell directly without paying a 10 to 12 percent broker commission.
Available Industry Guides
LivePart 135 Charter Operations
FAA Part 135 certificates authorize on-demand passenger and cargo charter operations. The certificate is not freely transferable. It moves through an FAA amendment process tied to operations specifications, key personnel, and the operating manual. Buyers routinely pay $200K to $3M+ above tangible asset value for a clean, current certificate with the right ops specs.
Where to Buy or Sell a Part 135 Charter Operation
Specialty aviation brokers vs. generic marketplaces vs. M&A deal platforms vs. FSBO direct.
Buyer GuideHow to Get a Part 135 Certificate
New application vs. acquisition. Costs, timeline, ops specs, and the FAA process.
Seller GuideHow to Sell a Part 135 Charter Operation Without a Broker
Pricing, certificate transfer mechanics, qualifying buyers, FAA notification timing.
Liquor Licenses and Liquor Stores
Quota-law states cap licenses by statute or tie issuance to population (for example Fla. Stat. § 561.20; Cal. Bus. & Prof. Code § 23817; N.J.S.A. 33:1-12.14). Separate from those caps, regulators publish official application and renewal fees (California schedules fees by license type). Consideration paid between private parties for an existing entitlement is contractual and is not the same figure as the government fee schedule.
How Much Is a Liquor License Worth?
Official CA ABC fees and statutory caps quoted with citations; secondary-market premiums explained separately.
ToolLiquor License Cost Lookup
Pick a state (and scenario for California) for cited official fee lines and primary-source links.
Channel ComparisonWhere to Buy or Sell a Liquor Store
Specialty liquor brokers vs. generic marketplaces vs. M&A platforms vs. FSBO direct. State-by-state notes.
Buyer GuideHow to Get a Liquor License
New state ABC application vs. secondary-market acquisition. Costs, timelines, quota mechanics.
Seller GuideHow to Sell a Liquor Store Without a Broker
Pricing, ABC transfer mechanics, qualifying buyers, two-stage closing.
Towing and Impound Operations
Towing is regulated at three layers: federal FMCSA registration for interstate operations over 10,000 pounds, state operator licensing that varies enormously by state (Texas TDLR under Occupations Code Chapter 2308; California DMV tow truck driver certificates and MCPP; Illinois ICC relocator licenses; New York DMV/DCWP), and municipal rotation contracts that typically do not transfer with a sale.
Where to Buy or Sell a Towing Operation
Specialty motor-carrier brokers vs. generic marketplaces vs. M&A platforms vs. FSBO direct. Why rotation contracts do not transfer.
Buyer GuideHow to Get a Towing License and Municipal Contract
FMCSA registration, state operator licensing (TDLR/DMV/ICC/DCWP), TRAA TROCP, impound yard, and rotation application.
Seller GuideHow to Sell a Towing Operation Without a Broker
Pricing the revenue stack, qualifying buyers, rotation transition, FMCSA change-of-ownership.
Bail Bond Agencies
The license is granted to the person, the underlying bond is written on a surety insurer's paper, and eight states plus the District of Columbia do not permit commercial bail at all. California licenses bail agents through CDI under Insurance Code §§ 1800-1823; Texas regulates at the county level through bail bond boards under Occupations Code Chapter 1704; Florida regulates through DFS under Chapter 648; New York regulates through DFS under Insurance Law Article 68 with statutory premium caps.
Where to Buy or Sell a Bail Bond Agency
Direct buyer-to-seller vs. generic marketplaces vs. specialty brokers vs. surety networks.
Buyer GuideHow to Get a Bail Bond License
State requirements in CA, TX, FL, NY, surety appointment, BUF mechanics.
Seller GuideHow to Sell a Bail Bond Agency Without a Broker
Pricing, surety reappointment, license transition, open-book run-off, two-stage close.
NEMT (Non-Emergency Medical Transportation)
Medicaid agencies must assure non-emergency transportation under 42 CFR §§ 440.170 and 431.53 and Social Security Act § 1902(a)(70), and the Consolidated Appropriations Act, 2021 codified this assurance at the state-plan level. States deliver NEMT through four models: in-house state office, MCO carve-in, single statewide broker (Modivcare, MTM), or mixed. Broker subcontracts and MCO network agreements are tied to the provider and do not transfer freely; sales close on portable assets with earn-outs and re-credentialing.
Where to Buy or Sell an NEMT Operation
CMS framework, four state delivery models, broker/MCO dynamics, FSBO vs. specialty broker vs. PE rollup.
Buyer GuideHow to Get an NEMT Medicaid Contract
State Medicaid enrollment, broker credentialing, MCO network onboarding, driver and vehicle requirements.
Seller GuideHow to Sell an NEMT Operation Without a Broker
Pricing trip-flow, broker/MCO re-credentialing, Medicaid CHOW, driver classification risk, two-stage close.
Assisted Living and RCFE
Each state issues its own license: California licenses Residential Care Facilities for the Elderly (RCFE) under Title 22, Division 6, Chapter 8 and Health and Safety Code § 1569; Texas licenses Type A and Type B Assisted Living Facilities under HSC Chapter 247 and 26 TAC Chapter 553; Florida licenses ALFs (Standard, ECC, LNS, LMH) under Chapter 429 Part I and Rule 59A-36; New York certifies Assisted Living Residences (ALR/EALR/SNALR) under Public Health Law Article 46-B. Licenses do not transfer; the buyer files a new application under the state CHOW process.
Where to Buy or Sell an Assisted Living Facility
FSBO vs. specialty senior-housing brokers vs. REIT/operator outreach. Real estate vs. operating company.
Buyer GuideHow to Get an Assisted Living License
State-by-state licensing (CA/TX/FL/NY), administrator certification, life-safety inspection, acquisition CHOW.
Seller GuideHow to Sell an Assisted Living Facility Without a Broker
Pricing real estate plus operations, CHOW management, resident-notice statutes, indemnification, two-stage close.
Funeral Homes and Cemeteries
One of the most consolidated small business industries in North America. Service Corporation International (SCI), Park Lawn, Carriage Services, and Foundation Partners Group together operate roughly 1,500-plus locations and actively acquire independents. Single-location homes typically trade at 4 to 7 times EBITDA depending on acquirer type, with attached crematoriums and cemeteries pushing multiples higher.
Where to Buy or Sell a Funeral Home
Specialty brokers vs. generic marketplaces vs. M&A platforms vs. FSBO direct. Pricing multiples by acquirer type.
Buyer GuideHow to Get a Funeral Home License
Funeral director licensing, establishment licensing, education and apprenticeship paths.
Seller GuideHow to Sell a Funeral Home Without a Broker
Pricing, pre-need trust diligence, direct strategic acquirer outreach, closing.
More Verticals on the Way
New industry guides are added on a rolling schedule. Have a regulated vertical you would like covered? Email the editor or post in the Facebook group linked in the footer.
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