If you're thinking about selling your business, it pays to be prepared. Here are some strategies that can help you make the deal:

1. Gain an independent Business Valuation. A certified business valuation is conducted by a
    licensed CPA/CVA. This valuation can give you an independent, undisputed business value.

2. Provide a sound Succession Plan. When transferring staff to new owners, it is critical that
    the teamyou leave behind is equipped to manage key aspects of the business in your
    absence. Succession planning often includes Leadership Development training.

3. Keep financial reports and tax filings current. Although there may be nothing wrong with
    your company, you'll scare off bidders with tax-reporting extensions or excessively delayed
    financial statements. If you've had trouble staying current in the past, upgrade your
    accounting software or consider switching accounting firms.

4. Strive for accuracy. Serious bidders will demand a high level of comfort, especially about
    the accuracy of cash-flow statements, accounts-receivable lists, and the assessed value of
    fixtures, equipment, and inventory. This is a time when it may really pay off to invest in
    audited financial statements.

5. Time your deal right. Although it always makes sense to try to sell during a hot market, it's
    even more important to pay attention to what's going on within your company and industry.
    The bottom line: Don't try to sell during a significant downturn (unless you absolutely don't
    have any other options and are prepared to accept a rock-bottom price).

6. Keep things simple. Anything unusual is bad news when it comes time to sell your company.
    So look at your business the way a stranger would, and eliminate complications before you
    try to sell.

7. Accept reality. If you're operating in a highly competitive market, there's no doubt that
    your buyer will insist on a non-compete agreement (and perhaps even a clause in the
    sales contract that states that you will not try to hire key staffers for any new business
    operation at all). If you're not prepared to make such concessions, your company probably
    won't sell.

8. Put a realistic price tag on your company. A good rule of thumb is that only on the rarest of
    occasions do companies sell for a price that's as high as one times revenues. If you're trying
    to sell for more than that, be prepared for your financials to be examined under a
    microscope.