Do keep good records and have them ready. A good set of books can significantly increase the chances of a successful and profitable sale.

Do allow sufficient time to sell your business. Selling a business is much more difficult than selling a house! You should allow up to a year to complete the sale.

Do offer terms Smart buyers (the kind you want) know that almost all business sell with terms.

Do consult a knowledgeable business broker about the value of your business. Successful brokers know what various businesses are actually selling for. Be careful of “magic” formulas. 

Do use a professional business broker to sell your business. Your savings and peace of mind should far outweigh the cost of doing so.

Don’t wait too long to sell. The best time to sell is when business is good. Don’t wait until poor health or a downturn occurs. Sell from strength!

Don’t sell to the wrong buyer. Your competitor, supplier or favorite employee is probably not the right buyer, willing to pay the right price.

Don’t overprice your business. Under pricing will cost you money; overpricing will cost you the sale. The “I can always come down in price” attitude sounds good, but it eliminates the best buyers. Your business stays on the market too long and you end up with less than you should have. Start at a reasonable level. Smart buyers know what a business sells for.