Do keep good records and have them ready. A good set of books can significantly increase the chances of a successful and profitable sale.

Do allow sufficient time to sell your business. Selling a business is much more difficult than selling a house! You should allow up to a year to complete a sale.

Do offer terms. Smart buyers (the kind you want) know that almost all businesses sell with terms.

Do consult a knowledgeable business broker about the value of your business. Successful brokers are the only people who know what various businesses are actually selling for. Be careful of "magic" formulas or text book approaches to valuing your businesses.

Don't wait too long to sell. The best time to sell is when business is good. Don't Wait until poor health or a down-turn occurs. Sell from strength!!

Don't Sell to the wrong buyer. Your competitor, supplier, or favorite employee is probably not the right buyer, willing to pay the right price.

Don't overprice your business. Under pricing will cost you money; overpricing will cost you the sale. The "I can always come down in price" attitude sounds good, but it eliminates the best buyers. Your business stays on the market too long and you end up with less than you should have. Start at a reasonable level. Smart Buyers know what a business should sell for. 

Don't Pay large amounts of money for an appraisal for your business. A good Business Broker will advise you about pricing your Business, or charge a nominal fee if significant work is necessary.