1. Establish a reasonable expectation of value for your business. Inflated expectations interfere with your intermediary's ability to negotiate the best transaction value for you.
2. Carry on "business as usual". Don't become so obsessed with the transaction that your attention waivers from day-to-day demands, affecting sales, costs, and profits. Since the selling process could take as long as a year, the buyer needs to keep seeing a healthy business.
3. Engage experts to insure confidentiality. A breach of confidentiality surrounding the sale of a business can change the course of the transaction. Expert intermediaries can channel the process and the parties involved to keep the sale within safely silent bounds.
4. Prepare for the sale well in advance. Be sure your records are complete for at least several years back and do all pertinent legal or accounting "housecleaning", as well as a literal sprucing-up of the plant or store.
5. Anticipate information the buyer may request. In order to obtain financing, the buyer will need appraisals on all assets as well as information to satisfy environmental regulations.
6. Achieve the highest price through buyer competition. Since this can be tricky, you are wise to let your intermediary, as a third party, create a competitive situation with buyers to position you for the best transaction value.
7. Be flexible. Don't be the kind of seller who wants all-cash at the closing, or who won't accept any contingent payments or an asset transaction. Depend on the advice of your intermediary and your accountant-with their knowledge of financing and tax implications-to keep the transaction on track.
8. Negotiate; don't "dominate". You're used to being your own boss, but be prepared to learn that the buyer may be used to having his way, too. With your intermediary's help, decide ahead of time when "to hold" and when "to fold".
9. Keep time from dragging down the deal. To keep the momentum up, work with your intermediary, your accountant, your lawyer, and other experts that may be required to be sure that potential buyers stay on a time schedule and that offers move in a timely fashion.
10. Be willing to stay involved. Even if you are feeling burnt-out, realize that the buyer may want you to stay within arm's reach for awhile. Consult with your intermediary to determine how you can best effect a smooth transition.

This article has been provided by Robbinex Inc., intermediaries in selling businesses to potential buyers. Visit their website at: www.robbinex.com