1. House-cleaning: Resolve existing problems as much as possible. The more issues a potential buyer gets exposed to, albeit small, the more negotiation power you lose. Settle all litigation and environmental issues. You have worked hard to build your company. You are proud of what you achieved, but now is the time to be pragmatic about your business’ deficiencies and correct or improve what you can.

2. Decision-making conflicts: If you have a partner, make sure that he/she agrees with you about the major decisions to be made throughout the selling process, preferably, via a written understanding.

3. Transparency: Be open about all aspects of your business that might affect the sale; otherwise, once the real facts are revealed (and they always and inevitably are), the sale may be lost. Buyers will not pay for what you can not reliably prove.

4. Accuracy: Financial records must be accurate, up-to-date, and impressive indicators of the owner's business ability. Any inconsistency will create a question mark in the potential buyer’s mind about the trustworthiness of the whole transaction. Questionable or unclear financials can be a deal killer. 

5. Realism: Be realistic about your sales price expectations. The price is dictated by the market place. Learn the market value of your business. Seek the advice of a business professional in determining price. The business broker will apply industry-tested valuation methods, and will incorporate those intangibles to ensure that the business will not be under-priced. Buyers do have other choices. Faced with an unworkable price, most buyers won't wait for it to drop; they will just go elsewhere. 

6. Seller Financing: More often than not, a seller will have to help finance the sale. Be informed and ready for this eventuality. Ask your business broker to assist you to qualify potential buyers. Seller financing helps close the deal and seller-financed businesses generally sell for higher prices. 

7. Confidentiality: Maintain confidentiality about your sale plans to avoid undue interference. Employees, suppliers or customers may react negatively to your plans. You need their stability and loyalty more than ever at this critical juncture.

8. Timing. Sell when the business is performing well. Do not wait until a downturn or personal reasons force you to sell at the wrong time. When you decide to take advantage of a favorable market, don’t wait too long to launch the selling process. Yet, do allow sufficient time to sell your business. It is reasonable to expect six months to a year to complete a sale.

9. Seeking the assistance of a professional: Do not shy away from paying for professional help. If you find the right help, the returns will be far higher than the fees you pay.