If you’re looking to sell right away, you may not get full value, because it takes a lot of preparation to sell your business before you actually put your company on the market. Many shareholders of businesses usually wait until they are ready to sell their business to start a proper planning for an exit. A lack of planning can cause you a big loss. Business brokers like CBC Brokers help people to get the most of their businesses. Bust still you are the main player of this game.

We have compiled a list of six best practices to follow before you prepare your business for sale.

• Get a business valuation

One of the most important things you should do is obtain a sensible idea of what your business is worth from an impartial source. Getting the help of a professional to get valuation will give you a basis for evaluating buyer offers and will give you a brief idea of what you can expect from the sale. It will also tell you about the market position of your business, financial conditions, strengths and weaknesses in the market.

Good evaluations about your business can be obtained from a number of reliable sources, ranging from professional accounting firms to local business brokers and investment firms. Always make sure the company performing the evaluation has complete access to the current national data regarding the transactions that held in your industry.

• Get your numbers into shape

Buyers generally require at least three years' worth of financial information to evaluate your business. Your financial statements are essential for determining the current value of your company. The more precise your business statements, the better the impression you'll make on your buyers. Make sure to include your current business model and your exit strategy.

• Create a growth plan

Some business owners think that they don't need a growth plan for their business because they are selling it. Business brokers like CBC always suggest their customers to have a growth plan for their businesses because it makes a great impression on buyers, it shows that your business still has many opportunities ahead of it. Buyers wouldn't like to buy a business which is going to just stay flat. Make sure to have a solid growth plan before selling your business.

• Understand the true value of your business

Most of the businesses claim a variety of non-operational debt. Make sure you have all the supporting documentation of these expenses. In addition, there may be occasional expenses you have that you have acquired during the past few years that should be ignored in a buyer's analysis of persisting resources.

• Know your reason for selling

Buyers are always curious to know that why you are selling your business. They will often ask that "If your business was going very well, then why are you selling it?" Make sure to answer these questions wisely.