12 Things to Do to Sell Your Business

Get in shape: Rickertsen, who is also a managing partner at Washington, D.C.-based private equity firm Pine Creek Partners, recommends that you get audited about a year or two before selling. "Particularly in this economy, if you only get a review, it casts doubt on your numbers. Buyers will pay a higher purchase price for those who've been audited."

Appearances matter: Clean out the office. Spruce up your Web site. Get new menus. Highlight your strengths. Just as in real estate, curb appeal can attract the right buyer, says Barbara Findlay Schenck, co-author of Selling Your Business for Dummies (For Dummies).

Expand your customer base: No buyer wants to learn that your company relies on one or two customers. They'll think: What happens if that client goes bust after I've just bought the business? So, try to diversify your base. No customer should represent more than 15% of sales.

Line up experts: Unless you've done this before and can sleep on less than four hours, you should get yourself some good advice. Find an experienced lawyer. Work with an investment bank or a business broker/certified business intermediary with some years in your area. A broker will charge you about 10% of the gross sales proceeds if the sale is $1 million and under. It'll be less if it's more than $1 million. "Unless the business is going to sell for $50,000 or more, because a minimum commission for a broker is $15,000, it gets prohibitively expensive," warns John Davies, CEO of Sunbelt, an international business brokerage firm.