Q: I own a business that is currently at $2 million in US sales and we are trying to determine where we want to go in the next few years-- and selling is one of the near term options we are considering. I would love any advice or lessons you could share about finding your buyer and what you did, how long it the process took and what you think were the most important elements in getting you the most payout for your business.

ND: It's a big decision to sell your business. I was not looking for it when it came to me. The plan was to investigate and find the best 3 potential buyers. To find your best buyers, look at other businesses in your category that have sold and find out as much as you can about the terms of the deal. If you speak openly with some M&A (merger and acquisition) experts they will most likely give you their time to discuss options.

The M&A firm can also give you a due diligence checklist to start to do on your business. If you complete everything on the list you will be prepared to get bank financing, sell your business, or determine that you want to keep it as is.

When you decide on a deal, be firm on 3 points that you will not budge on. Make sure that your attorney and any other support that you will need during this process is clear as to your 3 key items that you must have to do this deal.

If I could do it again I'd sell it all and limit the transition time. Just pull that band-aid off and get on with life!

Tip:
To get top value for your company make sure that your books are squeaky clean and you can show a good profit. Your local bank can be a good resource to work with. Ask to work with their commercial banking department and develop a good relationship with one banker who can help you to understand your books and how they look at them.
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