Selling your business is one of the biggest moments of your life. It is exciting, a little scary, and deeply personal. Your company is not just an asset. It is the result of years of hard work and sacrifice. Getting this transition right takes more than luck. It takes intention and preparation.
You may even be asking yourself “How do I sell my business?”. This article isn’t intended to be an exhaustive list or the only way to do it, but it can be used as a guide or a general rule of what to do or expect when selling your business.
1. Get clear on your “why”
In my opinion, every sale has to start with a reason. Some owners are ready to retire. Others want to cash out and start something new. For many, it is about family security. I believe if you do not know your “why,” it is easy to get pulled into a deal that looks good on paper but does not align with your long-term goals.
2. Put your financial house in order
A buyer wants to know that your numbers are reliable. That means clean financial statements, current contracts with employees and vendors, and systems that show the business can operate without you. I have seen deals fall apart simply because the owner could not produce accurate records. In my opinion, this step is one of the most overlooked, yet it makes the biggest difference in the value you receive.
3. Understand what your business is worth
Many owners misjudge the value of their company. Some expect far too much because of emotion. Others underestimate and end up leaving money behind. I believe working with an advisor to get an honest assessment is critical. In my experience, knowing your true worth allows you to negotiate with confidence and keeps you focused on serious buyers.
4. Build a team you can trust
Selling a business is not something you should attempt on your own. You need an attorney who has closed business sales, a CPA who understands tax strategy, an advisor who can market the deal, and a financial planner who can guide you once the sale is complete. In my opinion, the right team pays for itself. I believe too many owners try to cut costs here and regret it later.
5. Prepare for the buyer’s deep dive
Due diligence can feel overwhelming. Buyers will ask about revenue streams, employee agreements, and possible legal risks. If you prepare in advance, this stage is smoother and less stressful. I believe being proactive creates trust and can even help you secure stronger terms.
6. Think beyond the check
Price matters, but it is not the only thing. The structure of the deal, whether you stay for a transition, and how your employees and clients are treated all play an important role. In my opinion, selling is about more than money. I believe your legacy and values should carry forward just as much as the purchase price.
7. Plan your life after the sale
The morning after closing can feel strange. You wake up without the business that has shaped your life for decades. For some owners, that creates a void. I believe the ones who handle it best are those who already know what comes next. That might be travel, philanthropy, mentoring, or more time with family. Having that vision in place makes the transition much easier.
Selling your business is not only a financial transaction. It is the closing of one story and the beginning of another. In my opinion, if you prepare early, build the right team, and stay true to your goals, you will walk away with both financial reward and peace of mind.