1. Contact your accountant and your lawyer, and if you don’t have an accountant or a lawyer, get one.
2. If you own your own building, make sure that the rent that you’re paying yourself is commensurate with current market rates.
3. Get your fiscal ducks in a row. Lending institutions and potential buyers will require three years’ financials.
4. If you haven’t already done so, write a company history, including significant events, equipment purchases, new marketing and sales tools, sales upturns and downturns and their causes.
5. Make sure your assets list is current and includes dates acquired and serial numbers.
6. Make sure that your discretionary income is traceable.
7. If you don’t pay yourself a salary now, consider starting to do so.
8. Put together a package of all contracts, leases, service agreements, commitments to employees, customers, or vendors.
9. Have your business valued. If you don’t, you might be unpleasantly surprised with its market worth. Periodic appraisals – whether selling or not - are a good idea.
10. Don’t try to sell your business yourself. Call The Quincy Group instead. Your first hour of consultation is free.