Most advice on selling a business is either obvious or unmeasurable. These six change the number at the end, and they are ordered by how much difference they make rather than by how often they are repeated.
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One and two: dependence and competition
Take yourself out of winning and delivering the work, because a business that runs without you prices on a different multiple. Then create competition: even two credible buyers change the negotiation completely. Those two account for more of the outcome than every other decision combined, and both take months rather than days.
Three and four: evidence and disclosure
Evidence every add back with a document, because an unevidenced adjustment is removed and taints the rest of the file. And disclose problems early: a known issue costs a small discount, a discovered one costs trust in everything else you said, which is far more expensive.
Five and six: the letter of intent and the paperwork
Settle structure, working capital and deferred consideration in the letter of intent while several buyers still exist, because afterwards you negotiate alone. And pay for a lawyer who does business sales. The saving from doing either of these cheaply is the smallest number in the transaction and the risk is the largest.
Questions people ask about advice on selling a business
What is the most common regret?
Signing exclusivity with terms unsettled, followed by not preparing the financial file before marketing.
Is it worth waiting a year?
If that year removes owner dependence or fixes the records, usually yes, because both change the multiple rather than the earnings.
Who should I take advice from?
An accountant for the numbers and the structure, a lawyer for the agreement, and a broker or adviser for the market. Not from one person offering all three.