BizSugar.com › Strategy › The Ins and Outs of Selling a Small Business

There are more than 26 million small companies in America, most of which employ fewer than 20 people. Baby boomers—the oldest 3.2 million of whom are celebrating their 62nd birthdays this year—run a significant proportion of these companies and just might be ready for a little leisure time. But the process of retiring isn't nearly as easy for the entrepreneurs as it is for boomers with jobs.

No doubt that all retirees confront financial and psychological hurdles. But entrepreneurs face another complication altogether: what to do with their companies. Some small number will pass the business to a child. A minuscule slice will take companies public. But for most owners, selling is the only realistic exit strategy. And that, it turns out, is a full-time job that most entrepreneurs aren't well prepared to do.

Depending upon the industry, the success of a business, the hush-hush nature of the sale, the complications of financing and a number of other factors, it can take six months to three years to sell a company. And many never sell. Of the 50,000 listings on BizBuySell.com (the industry's largest business listing website) at any one time, about 1,000 close every month, says general manager Mike Handelsman.

So what separates owners who sell quickly, for a decent price, from the rest? Smart owners employ several successful strategies: