12 Things to Do to Sell Your Business

Another benefit to working with a professional: you avoid the headaches of finding and vetting appropriate buyers. It also helps to stay above the fray, says Rickertsen, when the negotiations get tough, and they will get tough.

If you have to go it alone: First, do your homework on how to do it right. Then list your sale on small-business listing Web sites, recommends Davies, who is also co-author of Selling Your Business for Dummies. Then weed out the non-serious buyers by asking whoever contacts you to meet somewhere off-site and in person. "You will get all these people who will send you an email and send you all these questions. This business is all about getting buyers to demonstrate commitment."

Once you think you've located some serious buyers, check their financials to see if they qualify. Find out what their income is, their net worth, expectations for returns and ask permission to run a credit report. Equally importantly, have them sign a confidentiality agreement as you disclose important company information. "There is a lot of fraud out there," adds Davies. "Make sure they are who they say they are and that their stories are consistent."

Play it close to the chest: To prevent panic among employees and customers, tell only whom you must about a pending sale. Make them sign non-disclosure agreements. And if it's senior management, sweeten the deal with a promise to give them a certain percentage of the proceeds. But whatever you do, be prepared for leaks and know what you need to say to allay fears.