Key considerations include:

*tax considerations. How can I minimize the taxable consequences that will follow from a sale?

*personal goals. What do I do with myself following the sale of my business? For many business owners, operating and growing their business has been the principal driving force and purpose of their everyday lives. Part of the sales process must include your transition into a new life and lifestyle. Don’t take this lightly or assume things will just take care of themselves.

*future financial requirements. Hopefully the sale of your business will mean financial security for you and your family. But often a sale is consummated under more difficult circumstances in which the sale will not result in complete financial freedom. What steps must be taken to insure a sale is a successful component of your financial plan? While keeping an eye on the “big picture” take time to consider the smaller details such as eliminating debt, putting money away from the proceeds of the sale, operating on a differently scaled budget, and more.

As you can see, there are lots of things to think through and insert into a successful sale. While a plan is just that-a plan- and will inevitably need to be altered, it is certainly preferable to have a plan in place than just to “wing it” and hope for the best.

Even if you don’t plan to sell for five years or more, now is the time to begin thinking about the various aspects and the components that will create a successful sale by all measures.