The Seller's 10 Commandments:

1. Thou Shalt Not be Greedy - Buyers look at many businesses before buying. Offering reasonable price and terms will get a prudent buyer's attention.
2. Thou Shalt Have a Good Reason for Selling - After the buyer asks "How much?" the next question is "Why is the seller, selling?". The reason must be logical . . . to the buyer.
3. Thou Shalt Provide Proof of Profits - All books and records should be clear and readily available.
4. Thou Shalt be Willing to Train - Most of those purchasing a business are first-time buyers and will need a minimum of two weeks training.
5. Thou Shalt Provide a Covenant Not to Compete - Buyers want to make certain they will not be competing with you for the same customers.
6. Thou Shalt Provide a Complete List of Assets - Buyers want to know what they are buying before making an offer.
7. Thou Shalt Keep thy Business in Good Repair - Clean, neat appealing businesses sell.
8. Thou Shalt Prepare the Landlord for the Sale - Landlords can be real 'deal killers' and buyers need to know if the lease will be assigned or a new lease will need to be negotiated.
9. Thou Shalt Avoid Surprises - Surprises tend to destroy the buyer's trust and will send them running, not walking, to another opportunity.
10. Thou Shalt List with an Experienced Business Broker - Because specialist business brokers add value to the process because of their appraisal and negotiating skills and their multi-pronged marketing strategies. Brokers can also "recast" financial statements, qualify buyers, maintain confidentiality and identify hidden 'intangibles'.