Many pundits are indicating we are in a seller’s market as there is lots of investment monies and active entrepreneurs looking to buy existing companies.  If you are a small business owner considering the sale of your business, here’s a quick list of 10 essentials to selling your business:

1. Commitment to selling - don’t waver on the decision
2. Bring in professionals - hire a business valuator & business broker; talk to your lawyer & CPA
3. Conduct a business valuation - independent, third party business valuation is critical
4. Confidentiality, Confidentiality, Confidentiality - with broker, buyers, etc; don’t hang 4 sale sign
5. Package the business - this is the biggest sales job of your life; prepare marketing book for buyer
6. Get your affairs in order - make sure books are clean, audits in order, customer lists ready, etc
7. Keep Running Your Business - don’t let the business slide b/c this could hurt purchase price
8. Due Diligence from both sides of the table - expect buyer DD; you too should conduct buyer DD
9. Be flexible on terms and negotiation - don’t expect to win every point in the contract, give to get
10. Don’t fumble the handoff - a smooth transition to new owner is critical to your staff & customers

This is a very quick list that can greatly be expanded upon…..but consider these points and above all else, hire professionals to successfully transfer & sell your business.  Know your value, know your business.