As the proud owner of a small business, you have a lot of responsibility and many priorities. Eventually, you may come to the decision that selling your business may be a better choice for you than continuing to run it yourself. You may be tired of running a business or just want a change of pace. Smartly selling your business requires work and preparation, but if you focus you will reap the rewards.

Don't let your investment go to waste. Come up with a reasonable price range for the return you want from your sale. Remember to factor in whether you are selling assets or the entity of the company itself (this only applies to corporations and some LLCs). Make sure it is comparable to what your competition may sell for, but also that it fits in with what you need. If the projected price does not match your expectations, wait for there to be more demand for your business and sell at a later date.

 

You can also spruce up your paperwork to look more appealing. You don't need to include optional benefits in the tax papers that you present to prospective buyers, such as your medical or vacation reimbursements or other perks. This is not illegal, nor is it deceptive in the eyes of the IRS, since the next owners of the business may not have those particular expenses and they are not integral to the operation of your company.

 

Once you find a buyer, either through word of mouth, advertisements or a broker, closing preparations begin. Put everything in writing with legal assistance so that there are no legal loopholes that will cheat you out of the money you are being promised and your credit score is not hurt and so that everything is fair for the new owner. Ensure you have all necessary paperwork, as directed by a business lawyer, and file an asset acquisition statement with the IRS. You will soon be free of your old business and ready to retire or start anew.