Selling Your Business? Gather Your Team of Experts

Step 3. Contact business appraisers or valuation specialists if your business is difficult to price.

Business appraisers differ from real estate appraisers in a number of ways.

If you're seeking advice on the value of the real property of your business, turn to a real estate appraiser. For help valuing your entire business, you'll want to seek advice from a business appraiser, and preferably one with a professional designation from a reputable and recognized trade association. Look for an appraiser with one of the following credentials:

• CBA/Certified Business Appraiser
• ASA Accredited Senior Appraiser
• CPA/ABV Certified Public Accountant Accredited in Business Valuation
• CVA Certified Valuation Analyst
• CBV Chartered Business Valuator

Search online and seek industry advice for qualified appraisers in your business field, or ask your attorney or accountant, who may be able to refer you to trusted, experienced appraisers in your industry or market area.

Step 4. Remember, confidentiality is key during the sales process.

Customers, competitors, employees and creditors all will have different reactions if they learn that your business is for sale. Even buyer prospects often react negatively to a business opportunity that has not been kept confidential.

Even before dealing with buyers, remember to obtain confidentiality agreements when dealing with sale advisors and other confidants. Otherwise you risk disturbing the confidence of your staff, suppliers or customers, which is the last thing you want when you're working to keep your business strong for a potential sale.

In next week’s installment of “Selling Your Small Business” we’ll help you with the all important task of pricing your business.   

Editor’s Note: This article is the eighth piece in a series taken from BizBuySell.com’s Guide to Selling Your Small Business. The guide is a comprehensive manual to help small business owners maximize their success when the day to sell arrives. Each Wednesday, Inc.com will publish a new section of the guide outlining BizBuySell.com’s best practices, from the initial planning stages of a sale all the way through negotiations and post-sale transition.