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 find the right buyer and to complete a sale.
Do offer terms. Smart buyers (the kind you want) know that almost all businesses sell with terms.
Do consult a knowledgeable business broker about the value of your business. Successful brokers are the only people who know what various businesses are actually selling for. Be careful of "magic" formulas or textbook approaches to valuing your business.
Do use a good 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 underestimate the value of your business. Owners usually minimize profits to lower taxes. This could lower the value of your business without our help in recasting the financial statements.
Don't overprice your business. Underpricing 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 should sell for.
Don't pay large amounts of money for an appraisal of your business. A good business broker will advise you for free, or at a nominal cost if significant work is necessary.