Do's and Don'ts For A Successful Business Sale:

Do allow yourself enough time to find the right buyer - a typical business sale will take between 3 months and 1 year

Do know your selling stumbling blocks - non assignable leases, contracts, licenses, supplier agreements, liens and other liabilities need to be addressed in the beginning of the business sale process

Don'tlet the world know your business is for sale - Confidentiality is key to maintaining the stability of your employees, customers, suppliers as well as your reputation in the industry

Do have prepared complete, accurate, verifiable financial information ready to be disclosed to the right purchaser (at the right time)

Don't focus solely on price in an offer - other considerations include the financial strength and experience of the parties making the offer, and the terms and conditions specified in the offer

Do engage legal and accounting professionals experienced in business transactions - an attorney well versed in business sales contracts can help protect your interests in a comprehensive, efficient manner; your CPA will help minimize your tax consequences resulting from a sale