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The first is that it is now public knowledge that your business is for sale. This means that your employees, clients, competitors, and suppliers are on the alert. That can drive down your sales very quickly and make the business less salable. You may also get lots of tire-kickers-unqualified buyers snooping around, trying either to pilfer your business secrets or have you take a low-ball offer. The second and often more profitable way is to find a qualified, licensed business broker and have him or her handle the sale. Here is how that works.

First, the broker will come out to see you, and should at no charge, go over your financials and determine the market value of the business.

If the broker is major league, a blind ad-approved by you–will be run all over the country, especially on websites. Let’s say you are selling a small bookkeeping business. The ad might say something like this.Attractive, profitable bookkeeping business for sale in city name. Owner has been in business for 7 years doing basic bookkeeping and tax preparation.

Here the broker will start to get inquiries on your business by phone and email. He will sift though the candidates, eliminating any nonsense. He will contact the qualified buyers and discuss your business in general without revealing the name or location. If they are interested, he will have them sign a confidentiality agreement. This legal document protects you by preventing them from talking to your competitors, employees, clients, suppliers, etc. about your business being for sale.

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