Over the years, I’ve advised countless business owners in this position, but in such a competitive sales environment, small business owners will really need to plan ahead to get the best price for their business - while balancing stress levels and family lives.

By following these six tips, whether you’re in Bathurst or Bermuda, you should be on the right path to a successful sale.

Set targets and plan early

It may be a cliché, but if you fail to prepare then you should prepare to fail. Ideally, if you’re planning on selling in the next five to 10 years, you should be planning now.

There’s bound to be unexpected issues and roadblocks along the way when preparing your business for a sale. Therefore, set yourself targets early, even if they’re just a loose guide - it will help you get ahead of any potential problems.

Get your advisers lined up

Ask yourself how you are going to present your business to market. You probably wouldn’t attempt to sell your house by yourself, and selling your business should be no different.

Make sure to surround yourself with trusted advisers, whether they’re accountants or real estate agents, who can deliver the best result for you while you focus on your business staying successful. 

Know your valuations

Be clear on what your business is worth. Many business owners overlook important things here such as tools, equipment and even data.

Most assets depreciate over time, so take this into consideration. It may be worth investing wisely in some new equipment, but don’t blow a whole load of capital on a new tractor just for the sake of it.

Also, be clear on the debts for the business. Once again, a trusted adviser such as your accountant may be the best person to ask about this.

Keep on investing

Consider what financial shape your business needs to be in to be ready to sell in the next five years.

You might be close to retirement, but your business shouldn’t be, especially if you’re aiming to get a good price for it. Your company is far more attractive to a buyer if it’s been looked after and invested in, rather than neglected. 

Communicate well

There’s more than just the owner involved in the sale of a business.

Ensure to share your plans with all the key stakeholders, whether that’s your staff, customers or even family members.

Consider the best way to communicate the sale to all those who might be affected. 

Prepare yourself for an emotional rollercoaster

Many small business owners underestimate the emotional upheaval involved in the sale of a business. It can be daunting to suddenly be without the business you’ve spent 20-plus years building.

Once again, whether you’re entering a new venture or aiming to enjoy a peaceful retirement, have a plan to ensure you don’t waste your time and money on the first thing that comes along.