Business sale prices hit a record $877k as multiples hold steady: Quarterly Market Intelligence Report – September 2026

Our 23rd Market Intelligence Report shows steadiness rather than surge: sellers still hold the stronger hand, but it is no longer getting stronger, with buyer demand near record highs, prices at a new high and buyers paying the highest September multiple in our series.

Sellers are well placed today, and the advantage is more likely to narrow than widen as supply returns. Buyer enquiry, measured by signed confidentiality agreements, finished 4% below last September’s record, which makes it our second-highest 12 months to September. It was softer through early 2026 as outside shocks, including the Middle East conflict and rising oil prices, weighed on confidence. It rebounded as those pressures eased, and since June every month has beaten the same month a year ago.

Supply barely moved: listings on Trade Me rose 3%, while the new businesses we took on rose 1% to 748. Underneath, our listings grew in Auckland/Northland (up 13%) and Waikato/BOP (up 10%) but fell elsewhere.

ABC Business Sales completed 452 sales, down 6% on last year’s record of 483 and still our third-highest 12 months to September. The average business sale price rose 15% year-on-year to a record $877k, surpassing the previous high of $874k set in September 2024. This growth was largely driven by an increase in the number of businesses selling for over $1 million during the past 12 months.

The better test is the earnings multiple, what buyers pay per dollar of earnings. It held at 3.64x, its highest September in our series. Your industry shapes the price. Wholesale & Distribution ($1.918m) and Agri Businesses ($1.710m) cost the most to buy, carrying inventory and fixed assets. Hospitality ($236k) costs the least, with low barriers to entry keeping prices tight.

Expect the market to keep favouring sellers, ABC forecasts

The next twelve months turn on one question: when will owners decide to sell? Trading has been hard for two years and earnings have slipped, so many have held back. We expect earnings to start recovering in the final quarter of 2026, and the confidence that follows to bring more businesses to market in 2027. If recovery comes sooner, listings will follow sooner.

That points to continuation of a steady market, with listings flat to the end of the year, then a lift of about 10% across the following nine. Over the whole period, that is 7% more businesses for sale by September 2027. 

We expect enquiries to grow 3-5%, after two years of rapid growth and a small dip this year. Immigration and unemployment, two long-standing drivers of demand, are both forecast to ease. But buyers who believe we are near the bottom of the cycle may act now, before prices rise with recovering earnings. 

With enquiries up 3-5% and 7% more businesses for sale, the ratio of buyers to businesses should drift down but stay above 30, the point where a market tips from seller-favoured to neutral. Expect the market to keep favouring sellers through to September 2027, though it will get busier as more owners list their businesses from the new year. 

Prices should keep rising as multiples edge up. Prices keep rising by 10% for general businesses (excluding Hospitality), as earnings recover and more sales above $1m are achieved. Multiples are likely to edge up 2-3%. In our records they have never moved more than 10% in a year, and nothing today suggests that will change. Hospitality should stay in its own narrow band, with prices following the quality of businesses sold. 

For owners weighing a sale, the balance should shift gradually, not suddenly. Buyers will still outnumber businesses by a wide margin, but those who list early will face more focused competition for their business than those who list into a busier market. The preparation is the same either way: know what your business is worth, and have the earnings to show for it.

Retirement is the top reason owners sell, and most leave by choice  

Retirement is the leading reason owners sell, followed closely by new opportunities. Sellers span a broad range of working ages, with an average age of 52, and most choose to move on voluntarily.

 Vendor Age:

• 00-35: 8.4% 
• 36-45: 27%
• 46-55: 24.4%
• 56-65: 24.4%
• >65: 15.4%

Most owners leave by choice. Retirement, a new venture, relocation or maximising value cover roughly 70% of sales.

Vendor Reason for Sale:

• Retiring: 32.2%
• New Opportunity: 26%
• Other: 15.3%
• Migration/Relocation: 6.8%
• Burnout: 6.8%
• Health: 5.6%
• Maximise Value: 4.5%
• Dispute Situation: 2.8%

70.9% of sellers are NZ European. Asian and Indian owners are the next largest groups, at about 11.5% and 9.5%.

Vendor Ethnicity:

• NZ European: 70.9%
• Asian: 11.5%
• Indian: 9.5%
• Other: 7.1%
• Māori: 1%

Buyers average 43 and are mainly building wealth or expanding

Buyers skew younger than sellers. The average age of buyers is currently 43, and they are primarily looking to build wealth or expand an existing business.

Just over half of buyers are under 45, and only 12.5% are over 55.

Buyer Age:

• 00-35: 16.4%  
• 36-45: 36%
• 46-55: 35%
• 56-65: 11.5%
• >65 years: 1%

The two leading motives are almost level, with wealth creation at 36% and adding on to an existing business at 34%. Buying a job, through career change or securing work for oneself or family, accounts for about a quarter, and migration or relocation for just 2%.

Buyer Reason for Purchase:

• Wealth Creation: 36.1%

• Add on to existing business: 33.7%
• Career Job/Job Security: 25.7%
• Other: 2.4%
• Migration/Relocation: 2.1%

NZ European buyers remain the largest group at about 55%. Indian buyers follow at 24%, so buyers are a more varied group than sellers.

Buyer Ethnicity:

• European: 54.9%

• Indian: 24%
• Asian: 10.4%
• Other: 9%
• Māori: 1.7%

Two sectors draw 36% of all business sale dollars

A business's sector strongly shapes what it sells for. Across the eleven sectors tracked, Wholesale & Distribution and Education & Health draw the most investment overall, together accounting for 36% of all dollars invested in SME business sales, while the sectors commanding the highest individual prices aren't always the busiest.

Education & Health and Wholesale & Distribution each account for 18% of the dollars invested, but get there differently. Education & Health does it through more than twice as many sales, while Wholesale & Distribution has fewer, larger ones. Education & Health suits buyers who want a people-based business without heavy spending on equipment. Construction & Trades (13%) and Retail (12%) follow, and IT & Online is the smallest at 1%.

Business Sales by Sector, September-26:

• Wholesale & Distribution: 18%
• Education & Health: 18%
• Construction & Trades: 13%
• Retail: 12%
• Services: 9%
• Hospitality: 8%
• Transport & Logistics: 7%
• Accommodation & Tourism: 5%
• Agriculture Business: 5%
• Manufacturing: 4%
• IT & Online: 1%

Wholesale & Distribution has the highest average price at $1.918m, as the majority of the sector carries heavy stock levels. Agri Businesses come next at $1.710m, as land and other fixed assets form part of many sales; the sector has few sales, so its average can move a lot. Hospitality sits at the bottom at $236k. Low barriers to entry bring many competing businesses, and it is the most commonly sold type.

Average Business Price by Sector:

• Wholesale & Distribution: $1.92m
• Agriculture Business: $1.71m
• Education & Health: $807k
• Manufacturing: $794k
• Accommodation & Tourism: $770k
• Construction & Trades: $674k
• Transport & Logistics: $663k
• Retail: $623k
• Services: $523k
• IT & Online: $279k
• Hospitality: $236k

Auckland/Northland leads and is the only region to grow, while regional sales ease

Auckland/Northland leads with just over half of completed sales and was the only region to grow. The South Island and Waikato/BOP each take about a fifth, both down on last year, while the Lower North Island, also down, remains the smallest at under one in ten.

Completed Sales by Region (12 months to September 2026):

• Auckland/Northland: 236
• Waikato/BOP: 92
• South Island: 91
• Lower North Island: 34

Regional sales moved with the number of businesses brought to market. Auckland/Northland listed more and sold more, while the South Island and Lower North Island listed fewer and sold fewer. Waikato/BOP was the exception.

Auckland/Northland had its best year in five years, and was the only region to add sales, cushioning the fall in the other three. In the South Island and Lower North Island, fewer businesses came to market and sales eased with them. With buyers still plentiful, supply looks like the main limit on sales.

Waikato/BOP is the exception: more businesses were listed, but fewer sold. It's worth watching to see whether those new listings settle in the final quarter of 2026.

Buyer enquiry eases 4% from a record high, but demand has a broad base

Buyer demand has a broad base. Enquiry fell 4% this year, but only from a record high, and after rapid growth over the past three years.

Signed Confidentiality Agreements (12 months to September):

• Sep-20: 12,893
• Sep-21: 16,465
• Sep-22: 13,039
• Sep-23: 15,475
• Sep-24: 22,404
• Sep-25: 27,903
• Sep-26: 26,762 (down 4% on Sep-25)

The twelve months to Sept-26 shows a 4% decrease in signed confidentiality agreements completed by potential purchasers compared to Sept-25. The signed confidentiality volumes peaked in Sept-25 and we still continue to be at the highest end of the range as at Sept-26 and believe this is driven by the following factors:

Existing NZ business owners consider the current market conditions as optimal for making new acquisitions; they have the view we are at the bottom of the cycle and if they don't purchase now they will be paying more in 6-12 months' time.

New Zealand is continuing to experience high levels of arriving migrants (130,700) for the year to June-26 (Stats NZ) and, given a high percentage of the ethnicity of these migrants (Indian, Chinese), they are more interested in business ownership than working for a salary.

Unemployment rates (5.3%) are at historical highs with companies continuing to reduce staff levels, which in turn is providing more potential purchasers or people looking to buy businesses and effectively buy themselves a job.

A number of new purchasers are concerned about losing their job to AI and are now looking at business ownership as a more secure future.

Owners bring business to ABC at steady pace

Our new listings rose 1% to 748 and have held steady, within a narrow band of 740 to 766 for five years, while Trade Me listings have materially dipped over the same period. Owners are bringing businesses to market at a consistent pace. In line with Trade Me, it points to a flat market for new listings, with owners waiting for stronger earnings before they list.

New ABC Listings (year to September):

• Sep-20: 773
• Sep-21: 823
• Sep-22: 766
• Sep-23: 749
• Sep-24: 764
• Sep-25: 740
• Sep-26: 748

The average number of businesses listed for sale on Trade Me edged up 3% to 3,584, the first rise in four years, suggesting supply has stopped falling. They have still materially dipped, down 27% from 4,900 in September 2020. Business owners are holding back until they can show stronger earnings after tough trading conditions, and many see the current economic climate as a poor time to sell.

Average Trade Me Listings (year to September):

• Sep-20: 4,900
• Sep-21: 4,252
• Sep-22: 4,422
• Sep-23: 4,329
• Sep-24: 3,735
• Sep-25: 3,463
• Sep-26: 3,584

Quick sales point to competition 

Businesses are selling in an average of four and a half months, and there are 36 interested buyers for every new listing. Both measures have eased slightly from last year's peak, but remain firmly in sellers' favour.

At 133 days, the median time to sell a NZ business is 29% faster than the Covid-era peak of 188 days. Last year's 129 days was the fastest in five years, so this year's four extra days is a small give-back, not a change of direction. Quick sales point to competition: when more buyers want a business than there are businesses to buy, strong businesses are not left waiting.

Median Days to Sell (year to September):

• Sep-21: 188
• Sep-22: 153
• Sep-23: 158
• Sep-24: 148
• Sep-25: 129
• Sep-26: 133

Since 2022, buyer enquiries have doubled while new listings have stayed flat. Each business now draws twice the competition, and this year's dip still leaves the ratio well above the 30 where the current market favours the seller. For every new business listed, an average of 36 buyers are now competing for it.

12-Month Trend — Buyer-to-Seller Ratio:

• 12mth to Sep-21: 16,465 signed confidentiality agreements, 823 new listings, 20:1 ratio
• 12mth to Sep-22: 13,039 signed confidentiality agreements, 766 new listings, 17:1 ratio
• 12mth to Sep-23: 15,475 signed confidentiality agreements, 749 new listings, 21:1 ratio
• 12mth to Sep-24: 22,404 signed confidentiality agreements, 764 new listings, 29:1 ratio
• 12mth to Sep-25: 27,903 signed confidentiality agreements, 740 new listings, 38:1 ratio
• 12mth to Sep-26: 26,762 signed confidentiality agreements, 748 new listings, 36:1 ratio

Seller's market: more than 30 buyers per listing. Neutral market: 15–30 buyers per listing. Buyer's market: fewer than 15 buyers per listing.

452 businesses sold in 12 months, the third-highest September total on record

452 businesses sold in the 12 months to September 2026, down 6% from last year's 483, but still at the higher end of the range over the past six years, confirming that strong buyer demand continues to support elevated transaction volumes.

Business Sales by Year (year to September):

• Sep-21: 459
• Sep-22: 396
• Sep-23: 369
• Sep-24: 400
• Sep-25: 483
• Sep-26: 452

Sales are 23% above their 2023 low. New listings are the same as in 2023, while buyer enquiries are up 73%, so the gain comes from stronger demand, not more businesses for sale.

Three key buying groups are fuelling demand: existing business owners who see this as a great time to buy at the bottom of the market, new migrants arriving in New Zealand, and employees who have been made redundant.

For business owners, a useful measure is the ratio of completed sales to listings, which is currently 60%.

Business prices: general up 15% to a record $877k, hospitality up 2%

The average price for general SME businesses ($0–$10m), excluding hospitality, has risen 15% over the past year to an average of $877,360, recovering last year's dip. This is the highest average price in the history of this report, surpassing the previous record of $874k set in September 2024, driven by more businesses over $1m selling.

General Business Average Price (12-Month Rolling, year to September):

• Sep-21: $749,729
• Sep-22: $789,314
• Sep-23: $831,329
• Sep-24: $874,182
• Sep-25: $763,082
• Sep-26: $877,360 (up 15% on Sep-25)

General Business Average Price (3-Month Rolling):

• Jun-25: $754,646
• Sep-25: $763,082
• Dec-25: $802,315
• Mar-26: $814,698
• Jun-26: $871,812
• Sep-26: $877,360 (up 1% on Jun-26)

Trade buyers and other businesses looking to grow their existing operations are behind most of these higher-priced purchases. Because of that, expect this average to keep moving around from quarter to quarter with the mix of businesses sold. Nearly all of the rise had come by June: the average is up just 1% since the previous quarter, so prices have levelled at a high rather than kept climbing.

Hospitality prices are holding steady. The average price for hospitality SME businesses ($0–$10m) has risen 2% over the past year to an average of $235,818, and has stayed between about $200k and $255k since 2021.

Hospitality Business Average Price (12-Month Rolling, year to September):

• Sep-21: $243,952
• Sep-22: $254,115
• Sep-23: $248,956
• Sep-24: $202,090
• Sep-25: $231,873
• Sep-26: $235,818 (up 2% on Sep-25)

Hospitality Business Average Price (3-Month Rolling):

• Jun-25: $219,751
• Sep-25: $231,873
• Dec-25: $201,977
• Mar-26: $245,367
• Jun-26: $246,817
• Sep-26: $235,818 (down 4% on Jun-26)

A higher-than-usual volume of hospitality businesses are selling below $300k, and most of the buyers are new migrants to New Zealand. The average moves around with the quality of businesses sold in any period, so swings from quarter to quarter are normal. It has slipped 4% since June, from $247k to $236k, which fits that pattern. The average is up 17% from September 2024's $202k, so the longer trend is recovery, not decline.

The data set used for the average price calculations is all the transactions completed by the ABC Group in the $0–$10m price range. ABC Group has approximately 40%–45% market share of this segment, so this data is regarded as accurate and meaningful. The proportion of NZ businesses in the $0–$10m segment is approximately 89% of all businesses in New Zealand. As per Stats NZ, 189,384 entities have 1 employee or more, and 167,790 of these entities have between 1–19 employees; many of the businesses with 1–19 employees would be valued between $0–$10m.

Buyers are paying a six-year-high multiple of 3.64x earnings

General multiples are holding firm. Buyers are paying a six-year-high multiple of earnings, virtually unchanged on last year. The 15% rise in average price therefore reflects larger businesses selling, not buyers paying more for the same business.

The median EBITDA multiple being paid for privately owned NZ businesses, excluding hospitality, is currently 3.64x, up slightly from 3.63x. The current multiple is at the top of the range because purchasers face intense competition to secure listed businesses, and with fewer opportunities coming to market, they have to work harder to acquire them.

General Business Multiples (Managed EBITDA Median Multiple, year to September):

• Sep-21: 3.47x
• Sep-22: 3.53x
• Sep-23: 3.39x
• Sep-24: 3.59x
• Sep-25: 3.63x
• Sep-26: 3.64x (0% on Sep-25)

The median is used to give an accurate measure of the midpoint for business multiples paid across all industries, excluding hospitality. It's based on all business sales from 2020–2026 (~2,000 transactions), for businesses valued at $0–$10m. A salary of $120k has been removed from reported earnings to calculate a fully managed EBITDA number.

Hospitality multiples have barely moved in five years, so a hospitality business still sells for about two times its earnings. The median hospitality multiple is 1.97x, down 2% on last year and within the 1.85x–2.10x range it has held for five years, through Covid and the recent cost-of-living crisis. Because the multiple barely moves, changes in the average price come mainly from the earnings of the businesses sold.

Hospitality Business Multiples (EBITPDA Median Multiple, year to September):

• Sep-21: 1.95x
• Sep-22: 2.02x
• Sep-23: 1.97x
• Sep-24: 1.98x
• Sep-25: 2.01x
• Sep-26: 1.97x (down 2% on Sep-25)

EBITPDA excludes the owner's salary, reflecting the full return paid to a working owner — standard practice for hospitality, and different to the managed-EBITDA basis used for general businesses.

Business ownership returns 27% a year, more than five times what other investments pay

By almost every measure, owning a business beats parking your money elsewhere. Owning a privately-held business returns an average pre-tax yield of 27%, against 5% for NZ shares, 4% for a term deposit, and 3.5% for investment property.

Investment Returns by Segment (based on a $500,000 investment):

• Privately Owned Business: $137,363 return, 27% yield
• Investment Property: $17,500 return, 3.5% yield
• Term Deposit (12mths): $20,000 return, 4.0% yield
• NZ Share Market Average: $25,000 return, 5.0% yield

Part of the gap is the price of risk. A term deposit is secure, and property and shares are easy to spread and sell. A single business depends on its earnings holding up, and on finding a buyer when the owner later sells. Even allowing for the extra risk, we think business ownership still pays well ahead of the alternatives. Risk alone doesn't explain a gap this big.

With many investors pulling back from rental property, the return gap is likely to draw more of them towards business ownership, and we expect values to keep growing.

Based on a $500k investment: a privately owned business returns approximately $137,363 annually, compared with $25,000 for NZ shares, $20,000 for a term deposit and $17,500 for residential investment property. The 27% yield is based on the median business multiple of 3.64x EBITDA, assuming the business is fully managed with limited input from the investor. This comparison excludes capital gains across all asset classes and reflects pre-tax income returns only.

Real prices from businesses sold this quarter

Behind every average is a set of real transactions.

The following NZ business sales were completed by ABC Business Sales in the quarter to September 2026, listed by industry, location, EBITPDA, sale price, and multiple. Sale prices in this quarter's transactions ranged from $193,000 to $16.75 million, with multiples between 1.78x and 6.54x EBITPDA.

Behind the numbers: what ABC's leadership makes of this market

"We're currently seeing 34 buyers for every business that comes to market. That's the clearest sellers' market we've recorded since we started this report in 2020… If you're thinking about selling, the conditions right now are about as good as they get."

— Chris Small, ABC Business Sales, Managing Director

Behind every number in this report is a business owner weighing that same decision. The track record behind this report: 10,000+ businesses sold, $4 billion+ in transactions, 40 years in the market.

Meet the person behind ABC's market data

Chris Small joined ABC Business Sales in 2018, after more than 20 years in banking and finance across Sydney, London, and Auckland, including a senior corporate role at ASB. In 2024, founder Steve Smith transitioned into the Chairman role, with Chris stepping in as Managing Director. Chris runs ABC day-to-day alongside General Manager James Sheppard, with Steve remaining closely involved. Chris has been involved in over 100 M&A deals across his banking and ABC career, and holds an ACA, BCom, and BPhEd.

For media enquiries or interview requests, contact Chris Small, Managing Director, ABC Business Sales — 09 630 1600 | 021 996 834 |chris.small@abcbusiness.co.nz

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