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’.