It’s never too early to start learning about the sale process and to develop relationships with potential buyers. In order to optimize the likelihood of a successful closing and maximize your sale proceeds, you should understand what potential buyers look for, how they value businesses, what are the key metrics, and what, if anything, you can do to enhance the value of your business at exit.

Also important is to develop relationships with potential buyers so you can develop trusting relationships and rapport and know the individuals you are working with during the sale process. The acquisition process is complicated and stressful, and having a good working relationship with your future partner can help pave the way to a successful transaction.

By going through the process, you can get a free valuation of your business, and even if it’s not sufficient to convince you to engage in the sale process, you can gain insight into what you would need to do to achieve your ultimate financial goals.