One of the most significant transactions you will make in life is making the decision to sell your business. To alleviate some of the stress, follow these guidelines and gain better insight during this process.

Determine the value of your business

You wouldn’t want to sell your business for any less than it’s worth, right? You need to first determine the value. Start by adding the value of your business’s assets and liabilities. This will be your first set of numbers. Next assess the current net worth of your business’ income. This is your second set of numbers. Lastly, look at what similar companies have sold their businesses for in the recent past. This will be your third set of numbers. Now choose the highest of these three sets of numbers to come up with an estimated value of what your business it’s truly worth.

Timing is everything

The consensus of most financial advisors will tell you to hold off on selling your business if you are in a period of it not doing so well. Even more so when the economy isn’t doing so well. Experts recommend sitting tight and waiting. In the meantime, experts suggest taking this time to focus on ways to increase revenue and boost the value of your business.

Maintain integrity

Buyers should have plenty of questions and want to know the full extent of your business’s history. Purchasing a business comes with many unknowns so it will be extremely helpful in closing the deal if you lay it all out there to the prospective buyers. Be sure to provide adequate records, including all financial records. Common things that you might find useful during this time may be a detailed list of current assets, any outstanding liabilities you might still have. Contracts with customers, as well as supply vendors.

Are you emotionally ready?

When you consider all the time and energy you’ve invested over the years, how you built your business from the ground up, it’s understandable to feel a mix of emotions when it comes to selling your business. And while you’ve maintained gratitude to those who have helped along the way and made several accomplishments, it can be an emotional event. Reflect on your decision and make certain you don’t act on emotions, rather use an unbiased stance in your dealings.

Your financial future

Have a plan and know how you will handle finances once the business has sold. You need to have a solid way to support yourself so it’s very important you be realistic in this moment. Consider meeting with a financial advisor. At this point you may have already been in contact with one. They can advise you on what options are best for you.