What documents need to be kept for a transaction and how long do you need to keep them?

Documents to Keep After a Business Sale Closes

Closing a business sale is a major milestone, but your responsibilities don’t end at the closing table. To stay protected, compliant, and well-prepared for any future inquiries, it’s essential to retain the right documents for the right amount of time. Here’s a guide to the key documents you should keep—and how long to keep them.

These are typically the core documents you’ll want to retain per deal:
Transaction Documents

Asset Purchase Agreement (APA) or Stock Purchase Agreement (SPA)
Bill of Sale
Non-Disclosure Agreements (NDAs)
Letter of Intent (LOI)
Escrow Agreements (if applicable)
Promissory Notes or Seller Financing Agreements
Earnout Agreements (if structured)

Due Diligence Documentation

Financial statements and tax returns shared during due diligence
Copies of leases, contracts, or legal obligations transferred
Proof of licenses, permits, or regulatory compliance

Brokerage-Specific Documents

Listing Agreement (Exclusive Right to Sell)
Broker commission agreements or referral splits
Marketing materials (CIM, teaser, etc.)
Buyer/seller communications (emails, notes, logs)
Deal summary or closing memo

Compliance & Legal

Signed agency disclosure forms
Client identification records (for anti-fraud/KYC purposes)
Any complaints or dispute resolutions

How Long Should You Keep Them?
Recommended retention periods, balancing legal risk and storage efficiency:
Document TypeRecommended Retention PeriodCore transaction documents7–10 yearsDue diligence records5–7 yearsBroker agreements & contracts7 yearsMarketing materials3–5 yearsCommunications (emails, notes)3–5 yearsFinancial/disbursement records7 years (IRS standard)Legal compliance (KYC, NDA)7–10 years

By Travis Helmig

I’m Travis Helmig, CEO of Biz Broker+, where we help entrepreneurs buy, sell, and grow Main Street businesses across the country. My background spans business brokering, real estate, investing, marketing, and business development, giving me a hands-on understanding of what it takes to build, scale, and transition a business successfully.

I’m passionate about helping business owners maximize the value of what they’ve built while creating opportunities for buyers looking to take the next step in entrepreneurship. Through Biz Broker+, we focus on making business transactions more modern, transparent, and relationship-driven while equipping our partners with training, systems, and marketing support to succeed at a high level.

Beyond brokering deals, I spend a lot of time building systems, creating educational content, and developing strategies that help business owners and brokers grow long-term wealth and freedom.

View all posts by Travis Helmig

What documents need to be kept for a transaction and how long do you need to keep them?

Know which documents to keep after closing a business sale. Stay compliant, organized, and protected for years to come.

What documents need to be kept for a transaction and how long do you need to keep them?

By Travis Helmig

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