12 Things to Do to Sell Your Business

The numbers are grim.

AT&T(T) wants to shed 12,000 jobs. Credit Suisse(CS) plans to eliminate another 5,300 positions. Sony(SNE), 8,000. The picture doesn't look like it'll get rosier any time soon.

But there is a silver lining: Experts say now is as good a time as any to sell your company. Many of those joining the ranks of the unemployed will take the leap toward small-business ownership. However, before you put up that "For Sale" sign, make sure you do these 12 things.

Be sure: In fact, be very sure that you want to cash out of your business. A few months of bad news shouldn't be a reason for selling. The economy will pick up at some point. Also, buyers are not eager to take on risky ventures, especially in such a bad economy. They want to feel that the company is growing, says Rick Rickertsen, co-author of Sell Your Business Your Way (AMACOM), whether by tapping new markets or coming out with new product lines. If you can, adds Rickertsen, "sell when the outlook for the business is good. If you sell when the business turns downward, you will be penalized" with a lower sales price.

That means if you're in automotive, sit tight. Other industries that might have a hard time finding a buyer: home products, retail and consumer products. But if you're in energy, government contracting, infrastructure, health care or education, you stand a better chance of getting a good return on your sweat equity.