Selling your business is an important decision that can change your life. Selling your business can be time-consuming and exhausting if you’re doing it to fund retirement or a financial windfall or simply because you don’t wish to manage the business any longer. However, if you’re prepared to take the proper steps to sell your business at the most value and close the deal as smooth as you can.

The first step to prepare your business for sale is to tidy up all documents. This includes cleaning out all records, bringing in outside experts in valuation and accounting for a thorough examination and ensuring that all information is readily available and available to share with potential buyers. Buyers will want to know your company’s revenue history, profitability and growth trends and also its market share, key customers and suppliers, intellectual property and management.

You should also think about an independent business valuation. This is a way to assess the worth of your company and to compare it to similar businesses. This will help you determine the right asking price and ensure that your company doesn’t sell for less than it’s worth.

It’s also important to be honest and open to potential buyers about the reasons you are selling. This can have a significant impact on the price of the sale and also the speed of the transaction. For example, if you are selling due to burnout or a desire to move on to new projects, this is something which can be used to boost the value. It’s a good idea to partner with advisors to position your business correctly and to find the right buyer.