Finally selling a business can be the crowning achievement after many years of building a brand. Depending on how it’s done, there’s also a good possibility that mistakes are going to be made along the way that could cost the seller some money. Think about these items and see whether or not you might want to make some adjustments before you put up any for sale signs.

1. Not Paying Off Everything That’s Currently Owed

Managers of companies that are carrying a substantial amount of debt will often try to get rid of them if it’s possible to do so, but this isn’t necessarily a sound plan for those who are selling a successful organization. If there’s only a small amount of debt to pay off, then it may make more sense to clear this up and then put the company up for sale. Taking care of relevant taxes, fees and other costs such as administrative expenses can be a good way to add value to a company. People looking to take over a winning business are certainly more likely to be attracted by one that has everything in order.

2. Forgetting to Use a Business Broker

Owners of sole proprietorships that don’t rely on a professional business broker with an exit plan may not get the most for their business. There’s a good chance that they could miss out on opportunities that might have otherwise been available to them. Some might end up taking the first or second offer they receive since even getting these could be a challenge when trying to sell a business individually. While they’ll be able to get out from under their operation this way, they could be leaving a substantial amount of money on the table.

Perhaps more important is the fact that business brokers tie up all of the legal strings attached to selling a business. Companies that sell out to competitors could potentially run into regulatory hassles. The same is true of those who don’t file all of the required tax documents when transferring the ownership of their organizations. By hiring a broker, current owners can be certain that they’re going to get the best deal possible while also reducing the headaches that they might have otherwise endured.

3. Picking the Wrong Time

It can be tempting to sell a business the moment it generates a certain amount of income, but this might not be the best time to do so. Naturally, you’ll want to sell your business off as soon as possible if it’s causing any personal problems. Otherwise, though, it’s best to take a closer look at how regular business cycles have impacted the market that it’s in. Depending on the type of company and how much market share it enjoys, it could make sense to wait a little while before putting it up for sale. Once again, it’s usually best to speak with a professional who has a better grasp of what the industry is going to look like in the near future.