Followed faithfully, these principles will enable you to obtain the maximum value for your business.

1. Remember, there is a time to sell and a time not to sell.
The time to sell is when the business is doing well and any potential buyer can see opportunity for further growth. A buyer looks for pride of ownership, the ability of paying his debt services, a return on his investment, and a reasonable salary.

2. The largest single reason that a business is not sold is that the owner never made the decision to do so.
The reality is a natural cycle of business that every business will be sold or closed. Statistics show that over 90% of properties that are prepared to sell do sell in the future.

3. Businesses are sold for many different reasons.
The three most common are retirement, burnout, and major illness. Presenting your reason for selling in a positive light enhances the value of the property.

4. Many business owners make the mistake of thinking that the process will be quick and easy.
It is understandable since most sellers have never been involved in the sale of a business. But for every seller there are about 10 buyers, most of whom have already been involved in several previous transactions and are experienced in successful transactions and are experienced in successful business deals. So as you can see, the unprepared seller is at a distinct disadvantage.

5. A basic key to maximizing shareholder value is preparing for what could become a long process.
We advise our Clients to be prepared for an emotional 4 to 8 month experience. Attempts to short-circuit the natural course of events risk the chance of getting less than maximum value in the market place.

6. Most sellers have little experience in business valuations.
Yet no part of the process is subject to more self-deception or disappointment than valuation. The result can be disillusionment and frustration that stems from a false start or resistance in the market to what could be unrealistic expectations of value. Formulating a clear, objective value of the business to be sold is therefore crucial to a successful sale.

7. Don't let your standards slip.
Given the long-time horizon that the sale of a business involves, don't also make the mistake of allowing standards to slip in operating your company. That is particularly important in the restaurant business, as word of a quality decline among fickle restaurant patrons can prove fatal to an establishment's profits.

8. Achieving the best price for your business.
This is quite often a matter of developing an understanding of the likely buyers. Putting yourself in the shoes of the buyers will better enable you to understand a buyer's questions and concerns throughout the negotiating process.

9. Sellers should conduct a due diligence review of the prospective buyer.
The terms of the transaction may require an ongoing relationship with the buyer after the closing. Therefore, it is important to know with whom you are getting involved. The purpose of this "reverse" due diligence would be to evaluate the buyer's credentials and track record, his or her credit worthiness (especially if a portion of the purchase price is contingent on the company's future performance or is deferred in the form of notes or stocks), management style, and integrity.

10. Remember these Four Key Policies:

• Maximize your company's value by effective day-to-day management
• Maintain awareness of trends and developments in your market, the industry, and the economy so that you don't miss an opportune time to sell.
• Prepare yourself and your company before entering the market in order to maximize your market impact.
• Exercise patience and objectivity throughout the process and be prepared to step back from a transaction if things don't seem right.