Maybe you bought your business. Maybe you started it from scratch. Maybe you took over a family enterprise. Whichever the case, youve undoubtedly invested a great deal of time, energy, and resources in your business. When you decide to sell, you need a winning strategy for getting the most out of the sale. Here is some advice:

1. Prepare In Advance Mentally & Physically

Define your priorities and determine what it is you hope to get out of the sale. Spruce up the place physically paint offices, clear out storage areas, work on the exterior. You also want to be sure to address any outstanding issues that could scare off an interested buyer. Your goal is to present the business in the most attractive, realistic light to qualified prospective buyers.

2. Gather Documentation

Professionally audited financial statements assume great importance in establishing your business credentials. Work with your Business Broker and CPA to prepare a package that includes income statements, balance sheets, tax returns, accounts payable and receivable reports, copies of mortgages and notes, and existing contracts and leases, along with a detailed analysis of the business and the market it serves.

3. Seek Out And Listen To Expert Advice

No matter how good you are at running your business, when its time to sell you need to call in the experts. Your CPA, Attorney and a Business Broker can provide invaluable help in preparing the business for sale and obtaining its optimum value. Once you have assembled a winning team, follow its advice.

4. Price It Right

There is no simple formula or rule of thumb for putting a price tag on your business. Determining a businesss value is a complicated, highly customized process and one that is best left to a Business Broker or a Professional Business Appraiser. Your financial records for the last three years, along with information concerning your sources and uses of funds, and the value of real estate and equipment you own, will be helpful in setting a realistic price. Prospective buyers also will be interested in your competitors, the markets in which you operate, and local and national industry trends that affect the business.

5. Time It Right

Deciding when to sell your business is important. Both you and your business must be ready. You need to determine what the company is worth now and how its value may change in the next few years. While a prospective buyer will want to see historical financial data, he or she is likely to be more concerned about your businesss growth potential and the future prospects for your industry.

6. Target Prospects

Prospective buyers might include your competition, suppliers, customers, individual investors or entrepreneurs, existing management or employee groups, or members of your family. Brainstorm with your team to identify entities that might be interested in your business.

7. Keep It Quiet

Dont be tempted to discuss you intention to sell with everybody you meet. If word of a possible sale reaches the wrong ears, you might lose customers, key employees, or credit, any of which could have a negative impact on your sales effort. Be sure buyers are qualified before you release proprietary data. And once you enter into negotiations and start to disclose valuable information, insist on the prospective buyers confidentiality.

8. Be Flexible

How much of the purchase price do you need to receive at closing? Are you willing to finance part of the sales price? To what extent are you willing to stay on after the sale? Will you agree to a non-compete agreement? As with most things in life, youll need to make compromises. Its a rare sale that meets all of a sellers objectives or all of the buyers. The more flexible you can be on the terms of the sale, the more likely you are to receive top dollar for you business.

9. Assume Nothing

Maintain a business-as-usual attitude and run the business as if it will be yours indefinitely. If you do not,it just might be.

10.Relax And Enjoy

Adequate planning and professional advice should result in a sale that is rewarding both financially and personally. You have worked hard at your business, and now its time to enjoy the rewards and the freedom that come with its successful sale.