12 Things to Do to Sell Your Business

Give buyers a helping hand: Because the credit market has dried up, sellers should consider a seller-financed loan, says Schenck, who in 1995 sold the marketing company she and her husband built. In this deal, a seller would agree to take a portion of the purchase price over a certain number of years. "A seller can get as much as 60% of the asking price when they are cooperative with a seller-financed loan. And the deal closes way more quickly."

So who's buying? Ideally, it would be a competitor, a supplier who wants to move into that niche of the industry or even your management team. Whoever it is, be sure to be as honest as possible in making your pitch that your company is a sound investment with a future.

Be patient: All this planning doesn't happen overnight. Although a sale may only take a few months to conclude, getting to that stage can take about two years. Make sure you dot your i's and cross your t's because it will have an impact on the price you get. Consider estate planning as well, says Rickertsen. When you sell, you may want your children and spouses to benefit.

But don't dally either: Delays kill deals. They make buyers question the health of the company. "Buyers want a good saleable business that is financially healthy, growing, low risk, easy to transfer and well presented," says Schenck. "If you tell a buyer that you will get back to them with a document and don't, they will think there is something wrong with the business."

Asking price: When it comes to setting a sale price, there is something of an industry standard. According to Davies, most small businesses sell for 2 to 2.5 times the seller's discretionary earnings, meaning cash flow and all the money that an owner can take out for himself like a salary. The higher your earnings, the higher your multiples. Conversely, the lower your earnings, the lower your multiples. "Get your business stronger and your multiples will go up."